Saturday
Out on Friday evening, so lazy morning… woke up and did Washington Post crossword. Pottered around then a boiled egg – no fried eggs anymore or I’d have to drink a gallon of Benecol for the cholesterol… Morning ripping up underlay and grippers for wife’s new Pilates studio and then it was a cheeky McDonald’s with daughter, no Benecol to-hand. Then picked my son up from school and an went for MRI on my daughter’s foot. All the while checking the footy scores with some cheering in car when QPR got their late equaliser with 10 men. A stop off at Waitrose for some sirloin for steak dinner.
Sunday
Peloton for 20 mins. Then it was another boiled egg to atone for food consumption on Saturday. Off to coach my lad in his under-16 football cup game against a team in higher division. Got the lads to go looking for goals after going one down and ended up losing 5-1. Was super proud of their attitude versus tough opposition.
Off for pizza and supposedly onto daughter’s game against the mighty Bromley girls u13 coached by ex-Wales captain Ashley Williams but it’s called off. So, race over to Frant to play for Tunbridge Wells FC vets in a decisive 5-2 win. I was close to playing non-league football after leaving university but got a proper job instead.
Sunday night watched another sporting passion, the NFL. With kids and wife in bed by 9pm I had three hours to watch my team the 49ers duff up the Dolphins. Another top weekend.
Monday
Wrote the group morning bonds comment, a daily well-read state of play email….Snippet: The rally in Gilts never lasted long after the BoE gave us some cheer on Thursday, as Friday saw yields rising through the day, albeit the long end more anchored than previous sell-offs over this year, so maybe the QT changes have made a difference.
Full day at a divisional commercial excellence day, with sneaky look at markets and reporting in and out with the team on the desk.
Home to change for a pairs’ darts tournament at my local sports club but had to cancel as the local sub-station blew up, causing an out-of-control fire, no electricity and possibility of evacuating the house.
Tuesday
6am and up before the alarm clock, so down to desk to write company bonds comment.
Drive to local village station avoiding numerous potholes. Cancelled train…. here we go. Nothing unusual with UK’s hopeless infrastructure. Watched last night’s Giants vs RAMS NFL highlights that I’d downloaded… noting I was in Kansas City last week for Chiefs vs Broncos. A few other games booked this year including in NY at Christmas for Giants vs 49ers. I have supported the 49ers since I was at primary school.
Work…New issues: BUPA came at least 20bp plus wide, so we are in deal, and Nuveen’s new deal came 10bp wider than Schroders who they are acquiring and so we participated in that.
Sushi takeaway back at desk for fund analyst prep meeting for Friday and to see how we got allocated in the new deals. Checked out inflow/outflow which looked like a decent day.
Train home and some more NFL catch-up with eyes drifting and requiring match sticks.
Out coaching under-16 footy training 8pm-9m, back home by 10pm and a bit of TV – crash!
Wednesday
Up at 5am to write group bonds comment. Snippet: Trump told the UN he might annihilate Iran. He also said he had a very good meeting with Iranian leaders.
Mrs gave me a lift to station as out tonight with clients. Train journey from hell. 8:16am train and reached office at 10am. I won’t be investing in any UK railway bonds if they ever issue any.
Looked at new issues during journey leading to jokes from team that the bonds will have matured by the time I got in. Today Stuart Chilvers and I did a call on one of our funds to the group.
Then watched the gilt market and UST market get butchered by very strong US PMI numbers.
After work drinks for an industry friend’s/ex SAS 60th birthday.
Missed the 10:07pm from London Bridge and waited an eon for the connecting train at East Croydon. Then cab back home and in bed just before my clothes turned to rags and the taxi into pumpkin. Meanwhile Stuart was picking up the RSMR best sustainable bond fund award for the Rathbone Ethical Bond fund.
Thursday
7am start.. bonds comment snippet: Some moves yesterday in rates. Having been umming and ahhing about shortening our rates book we did only one trade shorter as technical was not quite where we wanted it. Barely scratch on the surface. Yesterday saw a persistent rise Gilt yields and US treasury yields started on back foot and yields rose further on strong economic data. This was the largest rise in the 10-year yield since Liberation Day in 2025. It was primarily driven by the US PMI data.
At lunch, check out the venue for the day rave (ELEVAT3) my son is putting on in October. Little known fact that between 1989 and 1996, I DJ’d across the UK, mostly in the Midlands – even featuring on the same fliers as some greats including Carl Cox and Brandon Block, so I jumped at the chance to play.
Markets a bit quieter today after yesterday’s blow out in rates, but it feels more of the same with rates selling-off across the curve in the morning. We put in for a new Nordic Deal for the Rathbone Strategic Bond fund, but there’s more naval gazing as we search for solace in the rise in yields. To be fair whilst the rates malaise has been going on ever since Trump dropped the first bomb in the Middle East, our returns on the year are flat in absolute terms. The benefits of carry.
It’s been a tough year since the Middle East conflict started, but we’re only missing a few bp this year, with long-term performance still robust relative to the index and sector.
After work the first game of this season in the COLDA darts league, after being promoted from Silver to Gold last season, albeit not been throwing as much lately, so a little rusty. Lost 9 vs 6 but the 100 checkout a good highlight.
Friday
Up before 5am. Bonds comment done.
Calls with MDIF, and climate bonds initiative. Baked potato for lunch, after screen break morning swim
Then a business continuity approvals call, catch up Shilen (fixed income director for our discretionary business) and a meeting with fund house analyst we prepped for early in week.
My eldest son came over in evening with his mates for DJing, sirloin steak, nice red wine and darts in the carport. Another week of work, rest, and play. Might aim for more of the “rest” next week.
