Today's Bonds Pulse
US Treasury market steadies after Iran conflict sparks volatility
The US Treasury market has settled back to pre‑war calm following turbulence triggered by the Iran conflict, and expectations for bond‑market swings have fallen to near their lowest level of the year. Meanwhile, 30‑year Treasury yields slipped from a 19‑year high as optimism builds.
North Carolina Panel Approves $2.2 Billion in Borrowing
The North Carolina Local Government Commission authorized roughly $2.2 billion in municipal borrowing, targeting a range of infrastructure projects across the state. Charlotte will sell $215 million in bonds to build a fourth runway at its international airport and receive $530 million in three‑year BANs for water and sewer upgrades, plus $500 million in bonds to refinance existing water‑system debt. Additional allocations include $175 million in BANs for airport master‑plan work, $350 million for electric‑service revenue bonds, and sizable issuances for Raleigh, Johnston County and Henderson County. The approvals come with strong credit ratings from Moody’s, Fitch and S&P, but state auditor Dave Boliek warned of mounting debt pressures.
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS reaffirmed India’s long‑term sovereign rating at BBB with a stable outlook and its short‑term rating at R‑2 (high), also stable. The agency highlighted the country’s resilient macro fundamentals—$700 bn of foreign‑exchange reserves, 3.4% CPI, and a fiscal deficit narrowed...
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS confirmed that India’s long‑term sovereign rating remains at BBB, while its short‑term rating stays at R‑2 (high). Both the foreign and local currency issuer ratings were reaffirmed, and the trend on each rating is Stable. The agency’s assessment...
Kansas Gets Positive Rating Outlook From Moody's
Moody’s upgraded Kansas’s credit outlook from stable to positive, highlighting the state’s strengthened governance, a robust budget‑stabilization fund and higher pension contributions. Governor Laura Kelly said the shift reflects eight years of fiscal discipline, including a $2 billion rainy‑day fund and...
Why Stocks and Bonds Are Responding Differently to the Iran War
The U.S. equity market has surged to fresh highs even as the Iran war pushes oil prices and inflation upward, while the bond market has slipped under the same pressures. Stocks—both domestic and international—have rebounded strongly since the March dip,...
EM Fixed Income: Parsing Peace Talks and Payrolls
In this episode of Emerging Market Fixed Income, JPMorgan strategists Aneska Christovova, Ben Ramsey, and Tanya Escobedo dissect the latest Middle East cease‑fire talks, U.S. non‑farm payroll data, and their ripple effects across EM FX, sovereign credit spreads, and local...
HYBI: A Better Choice In 2026 Than Its Underlying ETFs SPHY, USHY And HYLB
The NEOS Enhanced Income Credit Select ETF (HYBI) targets roughly an 8% annualized distribution by layering a S&P 500 put‑options overlay on high‑yield bond ETFs. Its net yield advantage over the underlying SPHY, USHY, and HYLB is modest—about 50–100 basis points—while...
ECB Report Shows Euro‑Area Financial Integration Gains Amid Ongoing Market Fragmentation
The European Central Bank released a new report today indicating that euro‑area financial integration has improved markedly since late 2022, driven by higher cross‑border debt holdings and interbank lending. At the same time, equity market fragmentation and weak external financing...
Foreign Demand for U.S. Treasuries Stalls as Investors Shift to Other Sovereigns
The Institute of International Finance said foreign investors have stopped adding to U.S. Treasury holdings, keeping net purchases flat this year while increasing purchases of Japanese and European sovereign debt. The shift reflects growing concerns over the United States’ mounting...
Morningstar DBRS Confirms Credit Ratings on Two TAGUS - Sociedade De Titularização De Créditos, S.A. (Ulisses Finance)
Morningstar DBRS confirmed the credit ratings on two Portuguese auto‑loan securitizations, Ulisses Finance No.2 and No.3. Senior Class A and B notes in both deals remain at AA (high) while lower tranches range from A to B, with No.3’s Class...
Macro Matters: BI’s Ira Jersey Talks Fed & US Rates Outlook
In this 11‑minute Macro Matters episode, Bloomberg Intelligence chief interest‑rate strategist Ira Jersey outlines the Fed’s likely stance over the next two to six months, predicting a hold on policy through at least September and noting the difficulty of cutting...
Bill Campbell on Global Bond Markets and Powell's Parting Gift | Bloomberg TV
Bill Campbell of DoubleLine warns that developed‑market sovereign debt is losing its safe‑haven edge as rising deficits and larger social‑safety nets erode fiscal discipline. At the same time, emerging markets have tightened budgets, narrowing the credit quality gap and prompting...
Apollo to Start Reporting Daily Prices for Private Markets
Apollo Global Management announced it will price over $830 billion of its private‑credit assets daily by the end of September, extending daily pricing to all corporate investment‑grade fixed‑income assets by June 30 and to direct‑lending and asset‑backed finance assets by September 30. The...
Gilt Rout Sparks Calls for Bank of England to Slow ‘Unusual’ Bond Sale Programme
The Bank of England’s aggressive quantitative‑tightening (QT) programme has driven UK gilt yields to their highest levels this century, with the 30‑year gilt hitting 5.76% after a sharp sell‑off. A new BoE paper estimates the taxpayer’s cost of unwinding QE...
IQI: Rate Environment Changes With Discount Not Looking Appealing
Invesco Quality Municipal Income Trust (IQI) remains on a “Hold” rating as its narrow discount and a stalled Fed rate‑cut cycle erode appeal. The fund offers a high 7.71% distribution yield, but only about 63% of that is covered by...
Inflation Outlook: Was I Too Pessimistic?
Brian Romanchuk notes that the 5‑year breakeven inflation rate has edged higher but remains well below the spikes seen after the pandemic and the Ukraine war. He argues the recent oil price shock and Gulf tensions represent a one‑off event...
Bolivia Is Tapping Global Bond Markets for First Time Since 2022
Bolivia is re‑entering international capital markets for the first time since 2022, as its newly elected market‑friendly administration seeks fresh financing. The government plans to issue benchmark‑size dollar bonds with a five‑year maturity. Early price talks suggest yields in the...
Alphabet Launches €9 Bn Eurobond and C$8.5 Bn Canadian Dollar Bond
Alphabet Inc. filed concurrent SEC‑registered offerings of €9 bn in euro‑denominated senior notes and C$8.5 bn in Canadian‑dollar senior notes, slated to close on May 11, 2026. The dual‑currency issuance, the largest sovereign‑currency bond program by a tech giant this year, will...
Kin Insurance Issues $335 Million Catastrophe Bond, Expanding Storm Coverage Nationwide
Kin Insurance closed a $335 million catastrophe bond, its biggest ever, to secure multi‑year storm protection for homeowners beyond Florida. The deal, its fourth CAT bond, attracted record pricing and investor demand, underscoring the rising role of capital markets in insurance...
Airbus Leads Record Euro‑Bond Surge with First Issue in Six Years
Airbus SE issued its first corporate bond in nearly six years, anchoring a record‑breaking day in Europe’s bond market where 17 companies sold 24 tranches. The surge reflects heightened demand for euro‑denominated funding as investors brace for higher rates amid...
Treasury Repo Debate Triggers Surge in SOFR‑Fed Funds Spread Trading
A heated discussion within the Treasury Borrowing Advisory Committee over using excess cash in the overnight repo market has driven a sharp widening of the SOFR‑Fed Funds spread. Traders responded with a wave of derivative positions betting on further easing...
Eurobonds: Despite Objections, They Are More Needed than Ever
A coalition of the ECB, Bundesbank and several EU governments is backing a proposal to replace up to 25 percent of each member state's debt with Eurobonds. The plan would finance the swap through a revenue transfer of roughly 1 percent of...
Bonds Trend Lower – Precious Metals Set Up – Uranium Forms Bullish Pattern
The provided TrendInvestorPro page is a subscriber‑only portal that offers systematic trading strategies, market‑timing models, and premium content on stocks, ETFs, and commodities. No actual market data or analysis on bonds, precious metals, or uranium is presented in the publicly...
ISI Launches Corporate Debt Platform Covering 2,100 Emerging Market Bond Issuers
International Securities Institute (ISI) unveiled a new corporate debt platform that aggregates information on roughly 2,100 emerging‑market bond issuers. The service delivers real‑time pricing, credit analytics, and historical issuance data in a single dashboard. ISI aims to streamline due‑diligence for...
Fed Chicago President Austan Goolsbee Warns Inflation Risk, Cautions Against Reflexive Rate Cuts
Federal Reserve Bank of Chicago President Austan Goolsbee warned that inflation has not continued to cool toward the 2% target and cautioned against reflexively cutting rates. His comments signal heightened scrutiny of monetary policy as the labor market stays stable...
Eli Lilly Raises $9 Billion in Record Investment‑Grade Bond Offering to Finance Acquisitions
Eli Lilly & Co. sold $9 billion of investment‑grade bonds in an eight‑tranche offering, the biggest issuance in the company's history. The proceeds are earmarked for a series of planned acquisitions, underscoring the pharma giant's push to expand its pipeline through...
Norway Hikes Rates 25bps; Earnings up, Inflation Risk Flagged
Norway raise their Interest rates by 25bps. Enjoy the earnings but bear in mind flag 2 due to inflation risk. Monitoring closely. Always getting ahead of the curve with data.
No Rate Cuts
Until the conflict ends, no rate cuts. You would need to see a big rise with duration with jobless claims data for the hawks to budge now
Norges Bank Raises Deposit Rate to 4.25%, First European Hike Since 2023
Norges Bank lifted its key deposit rate by a quarter point to 4.25% on Thursday, marking the first rate hike in western Europe since 2023. The surprise move was forecast by only five of 17 economists and is intended to...
BoE Embraces Rising Yields, Forces Tough Fiscal Choices
Rising yields are the only way governments will ever make unpopular decisions to bring fiscal policy under control. The Bank of England is alone among the G10 central banks in letting this play out and deserves kudos. The UK will...
U.S. Treasury Holds Auction Sizes Steady Through 2027, Signaling Stable Borrowing Strategy
The U.S. Treasury confirmed it will keep nominal note and bond auction sizes unchanged for at least the next several quarters, extending the policy through FY2027. Treasury officials say the current volumes are sufficient to meet fiscal needs despite rising...
The Asset Class Buffett Owns That You Probably Don't
Buffett’s Berkshire Hathaway reported $339.3 billion in three‑month U.S. Treasury bills and $51.5 billion in cash, totaling $390.8 billion in liquid reserves as of March 31 2026. The short‑duration T‑bills earn about 3.69% annualized and are exempt from state taxes, outperforming most high‑yield savings accounts...
The ‘Perfect Storm’ Hanging Over Britain’s Public Debt
Britain’s 30‑year gilt yield surged above 5.7%, the highest level since 1998, while the 10‑year benchmark hovered near 5%. The rise outpaces U.S. Treasury yields and triples the movement in German bunds, reflecting heightened fiscal pressure, energy‑price shocks from the...
RBI Likely to Hold Rates in June Amid Two Conflicting Objectives, Says HSBC Chief India Economist
The Reserve Bank of India is expected to keep its repo rate unchanged at the June 2026 policy meeting, opting instead to maintain ample liquidity in the banking system. HSBC’s chief India economist warns that the central bank faces a...
Swiss Re Targets Lower Pricing for $250m Matterhorn Re 2026-2 Retro Cat Bond
Swiss Re is pursuing $250 million of US named‑storm retrocession through the Matterhorn Re Series 2026‑2 catastrophe bond, its sixteenth takedown under the Bermuda‑based program. The sponsor has lowered pricing guidance, offering Class A notes at a 5.5‑5.75% spread and Class B notes at...
Amundi Lists Its US Dollar-Denominated Emerging Markets Government Bond ETF on the London Stock Exchange
Amundi will list its USD‑denominated Emerging Markets Government Bond UCITS ETF Acc on the London Stock Exchange starting 7 May 2026. The fund tracks the J.P. Morgan EMBI Global Diversified Select Index, uses a sampled physical replication method and charges a low 0.25%...
JPMorgan and Ripple Execute First Tokenized Treasury Redemption
Ripple and JPMorgan just completed the first cross-border tokenized Treasury redemption on the XRP Ledger. This is a big real-world use case for on-chain Treasuries. Big institutions are now settling real money directly on blockchain. RWA momentum is speeding up. https://t.co/00UFITs8d9
Alphabet Finances AI Expansion Again with Billion-Euro Bonds in Europe
Alphabet tapped the euro bond market in early May 2026, issuing a six‑tranche offering worth at least €3 billion (≈ $3.2 billion). This adds to roughly $32 billion of debt raised earlier in the year across dollar, pound and franc issues. The proceeds will...
Dalio Warns Investors About Mounting Debt Pressures
Ray Dalio told investors that mounting debt burdens, rising yields and widening fiscal deficits are reshaping the macro environment. He outlined five systemic forces—monetary, debt, political, social and geopolitical—that will drive market dynamics. While mega‑cap technology firms, especially AI players,...
BNY Mellon Says FX Volatility Keeps Opportunistic Bond Buyers Home
BNY Mellon warned that heightened foreign‑exchange risk is prompting opportunistic investors to focus on domestic government bonds, even as 30‑year Treasury yields breach 5% in the United States and comparable long‑term yields climb to multi‑decade highs in the UK and...
US Jobs Report Set to Test Fed Rate Outlook, Boosting Tech and Healthcare Stocks
The forthcoming U.S. employment report will shape expectations for Federal Reserve policy, with investors weighing whether a resilient labor market justifies keeping rates steady. Robust job creation and low unemployment have already lifted several high‑growth stocks, while persistent inflation keeps...
SCI-In-Focus:-ECON-Backs-Securitisation-Revamp,-but-Market-Warns-of-'Pyrrhic-Victory'
The European Commission’s ECON unit has unveiled a sweeping revamp of the EU securitisation framework, aiming to modernise standards and unlock €200 bn of new issuance by 2028. The proposal replaces the 2020 rules with a more flexible, risk‑based approach and...
When AI Meets Local Debt
Two recent studies examine how AI investment reshapes local borrowing costs, finding opposite effects in the United States and five OECD countries. In U.S. counties, higher AI‑related job postings are linked to lower municipal bond yields, especially for longer‑maturity and...
US Government Borrowing Now Mirrors External Deficits
"net US liabilities reached 24 per cent of global output in 2024 against a mere 6 per cent in 2008, and... the US private sector has moved into balance. So, the domestic counterpart of its external deficits today is borrowing...
AI and the Treasury Debt Market
Two recent papers debate how artificial intelligence will reshape Treasury debt markets. Andrews and Farboodi find that after major AI model releases, long‑term Treasury and corporate yields fell 12 basis points, interpreting the move as market disappointment or relief. In...
Series I Bonds Jump to 4.26% as Inflation Rises, Experts Split on Buying
The U.S. Treasury raised the annual interest rate on newly issued Series I bonds to 4.26% through Oct. 31, up from 4.03%. The move has sparked a debate among personal‑finance experts about whether the near‑risk‑free asset is now a top choice...
Euro Steadies at $1.17 as Weak US Data and Lower Yields Pressure the Dollar
The euro held near 1.1701 against the U.S. dollar on Tuesday, buoyed by a dip in Treasury yields and softer U.S. labor data. Traders also factored in Middle‑East flare‑ups and mixed signals from the ECB, keeping the pair in a...
UK 30‑Year Gilt Yield Hits 5.78%, Highest Since 1998 Amid Election and Energy Shock
The yield on Britain’s 30‑year government bond jumped to 5.78%, the highest level since 1998, as investors priced in Bank of England rate‑hike expectations, record oil prices and uncertainty surrounding local elections. The move pushes long‑term borrowing costs to a...
Why Are Gilt Yields Rising and What Does It Mean for Your Money?
UK gilt yields surged to their highest levels in nearly three decades, with 30‑year bonds reaching 5.79% and 10‑year yields topping 5% for the first time since 2008. The spike follows heightened geopolitical tension from the Iran conflict and rising...
Skipping Low-Rate Debt Terming Proved Costly
And NO terming out the debt when rates were low was NOT a good idea