First Victim Of Basis-Trade Blow-Up Emerges

Last week, in the immediate aftermath of the basis trade implosion, we predicted that "any minute" now we are going to start hearing about catastrophic losses at multi-strat hedge funds.

Any minute now we are going to start hearing about catastrophic losses at multi strat hedge funds

— zerohedge (@zerohedge) April 9, 2025

In retrospect we had to wait quite a few minutes, almost a week's worth, but finally the first victim of the basis trade blow up has emerged.