Matt Levine, Columnist

Prediction Market Structured Notes

Also BDC redemptions, private credit bid/ask, GLP-1 marketing and Jamie Dimon Media.

April 2, 2026 at 6:23 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Yessss here’s a trade:

What is this trade, from your perspective? Well, I mean, it’s sort of like you have bought a bond from me, and the bond pays interest, and you have wagered all of your interest on the outcome of the Super Bowl. It’s a bond plus a football bet.