Senior loans, like airport lounges, are losing their elite status
First-lien is not so special any more due to changes in leveraged finance markets
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Trump’s foreign policy will only push China and Russia closer together
Beijing and Moscow look to one another for energy and economic security amid geopolitical turbulence
How soaring petrol prices are testing US voters’ patience
Also in today’s newsletter, investors trim bets on number of interest rate cuts this year
Does SoftBank’s $33bn US power plant justify the price tag?
The Ohio project would be the biggest gas plant in the world by some distance
Worthwhile American initiative (on bank regulation)
For once, some constructive ideas are coming out of Washington