Today's Bonds Pulse
WBD bondholders approve covenant changes to clear path for Paramount merger
Warner Bros. Discovery obtained bondholder and lender consent to amend its fiscal covenants, removing a key obstacle to the $110.9 billion Paramount Skydance acquisition. The vote covered $16.6 billion of debt, with approval rates ranging from 79 % to 99 % across note classes. Paramount will pay a $2.50 cash bonus per $1,000 of debt, a cost it will assume entirely.
ORBCOMM Pulls in New Financing, Replaces All Publicly-Traded Debt
ORBCOMM secured a $460 million refinancing that replaces all of its publicly‑traded debt, with financing from Carlyle, Bain Credit’s private‑credit arm and Morgan Stanley Private Credit. The restructuring prompted S&P Global Ratings to withdraw its B‑ rating and negative outlook, while Moody’s kept a Caa1 rating citing a debt‑to‑EBITDA ratio above 10×. ORBCOMM’s 2024 revenue is roughly $310 million, projected to dip below $300 million, underscoring ongoing leverage challenges. The deal provides committed capital and flexibility but leaves credit risk concerns unresolved.
Policymakers' Stock Market Control Sparks New Inflation Risk
Introducing the Yield Smile. Just like the dollar smile, but for bond yields in a fiscal-dominant world. Move too far down in stocks and deficits blow out, move to strong in the economy and inflation remains persistent. Policymakers are now directly managing...
Private Activity Bonds to Fund Detroit Mixed-Use Developments
The Michigan Strategic Fund approved a $150 million private‑activity bond issuance for Bedrock TBP, Inc. to fund four mixed‑use developments in Detroit, including the Hudson’s Detroit skyscraper, Book Tower renovation, One Campus Martius expansion, and a COSM immersive‑reality venue. The bonds...
ING Secures Over €8 Billion in Orders for €3.25 Billion Senior Bond Issue
ING received more than €8 billion ($8.7 billion) in orders for a three‑part senior bond issuance totalling €3.25 billion ($3.54 billion). The oversubscription highlights robust investor appetite for Dutch bank debt and signals confidence in ING's balance‑sheet strength.
Negative Interest Rates May Be Closer than Hedge Funds Think: Fasanara’s Francesco Filia
Fasanara Capital CEO Francesco Filia warns that soaring public debt, ageing workforces and AI‑driven labour displacement could push central banks into negative‑interest‑rate territory after the next severe recession. He argues that conventional rate cuts may be insufficient once inflation is driven...
US 30‑Year Treasury Yield Tops 5% as Investors Rush to High‑Yield Bonds
The 30‑year U.S. Treasury yield climbed to 5.03% before settling at 5.01%, the first breach of the 5% threshold in a year. Investors poured into long‑dated bonds seeking the rare high coupon, while analysts warn the level could become a...
Allstate Returns with $200m Target for Florida-Focused Sanders Re III 2026-2 Cat Bond
Allstate is back in the catastrophe‑bond market, targeting a $200 million Florida‑focused issuance under the Sanders Re III 2026‑2 vehicle, with the potential to expand to $400 million if both tranches sell. The deal offers two identical $200 million layers—one with a three‑year term ending...
UK Gilts Rise on Oil Dip Amid US‑Iran Deal Hopes
A better morning for UK gilts as oil prices fall sharply after a US media report that America and Iran are “very close” to a deal. While the drop in yields is welcome, expect continued volatility in the days ahead, driven...
US Yield Rise Pressures Indian Stocks, Watch 10‑Year
Rising US bond yields have had a negative effect on Indian stock markets in the recent period since 2024. This pattern may persist till it does not. Right now US yields are nudging higher and that is a pressure point...
People’s Trust Targets Mid-Guidance Pricing for Debut $100m GWS Re Cat Bond
People’s Trust Insurance Company, a Florida homeowners specialist, is preparing its debut catastrophe bond issuance through Bermuda‑based GWS Re Limited. The $100 million Series 2026‑1 Class A notes will provide three years of fully‑collateralized Florida named‑storm reinsurance with an indemnity trigger. Pricing guidance...
Sandisk Beats 30‑Year Treasury Over 30% of 2026
Sandisk’s return has exceeded the peak 30Y Treasury yield year-to-date (5.03%) on more than 30% of trading days in 2026! Think that dynamic is one of the reasons why it’s been difficult to see anyone get jazzed up about rotating...
Easing Tensions Historically Trigger Bond Price Declines
i'm old enough to remember the days when headlines suggesting easing tensions and less uncertainty would mean bond prices fell... https://t.co/KaynvMrU0Q
21shares Launches Strategy Yield ETN: STRC
21shares has launched the Strategy Yield ETN (ticker STRC) on the London Stock Exchange, offering a fee‑free, 11.5% annual yield linked to Strategy Inc.’s bitcoin‑backed perpetual preferred security. The ETN provides monthly, variable cash distributions with a floor tied to short‑term...
UK Long-Term Borrowing Costs Reach 1998 High
UK long-term borrowing costs hit their HIGHEST LEVELS since 1998. RUSSOPHOBE STARMER IS CAPTAINING A SINKING SHIP. https://t.co/BBGoJG8ZMz
SP Group’s Goswami Infratech Receives Debt Downgrade Ahead of $3 Billion Refinancing
CareEdge downgraded Goswami Infratech, a Shapoorji Pallonji unit, to B+ from BB‑ after the firm missed its original $2.8‑$3.1 billion refinancing timetable. The delay stems from rising rupee‑hedging costs and a shift to a mixed dollar‑rupee bond issuance slated for before the...
The End of the Yellen-Era Debt Playbook?
U.S. Treasury is moving away from Janet Yellen's short‑term bill‑heavy issuance strategy as new Treasury Secretary Scott Bessent prepares to confront a $10 trillion debt wall in 2026. Bessent’s “3‑3‑3” plan targets 3 % GDP growth, a 3 %‑of‑GDP deficit by 2028, and...
India Bonds Rise as Oil Eases on Hopes of US-Iran Peace Deal
Indian government bonds rallied on Wednesday as falling crude prices, driven by hopes of a U.S.-Iran peace deal, eased inflation concerns. The benchmark 6.48% 2035 bond yield slipped to 6.9821% from 7.0184% the day before. Brent crude dropped more than...
Leveraged Loan Insight & Analysis – 5/4/2026
US collateralized loan obligation (CLO) issuance fell sharply to $6.2 bn in April, the lowest level since December 2023. The market contracted from $18.1 bn raised across 38 deals in March to just 14 deals in April. The drop reflects tighter credit conditions,...
GraniteShares Adds Biotech, Financials, Tech and Long‑treasury YieldBOOST ETFs
GraniteShares launched four new YieldBOOST ETFs on May 5, 2026, covering biotech, financials, technology and 20‑year U.S. Treasuries. The products use a put‑selling strategy on 3‑times‑leveraged sector ETFs to seek higher weekly income, aiming at investors who want sector‑specific yield in...
BlackRock Positions ETFs as Liquidity Lifeline for Private‑Credit Investors
BlackRock executives argued in a new report that exchange‑traded funds can serve as a daily‑liquidity buffer for investors exposed to private‑credit assets. The firm says bond ETFs act as a “liquid ballast” amid growing allocations to private credit among high‑net‑worth...
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Investing in Callable CDs: Pros, Cons, and Key Insights
Callable certificates of deposit (CDs) let banks redeem the instrument early in exchange for higher yields. They feature a call protection period during which the rate is guaranteed, but once that period ends the bank may call the CD if...
Lessons to Be Learned From the Credit Evergreen Redemption Rush
A wave of redemption requests swept through credit evergreen funds in early 2026, exposing liquidity strains in semi‑liquid structures. The surge was driven by heightened market volatility and investors demanding quicker access to capital. Managers scrambled to meet withdrawals, prompting...
U.S. Treasury Lifts Q2 Borrowing Estimate to $189 B Amid Weaker Cash Flows
The U.S. Treasury increased its net borrowing projection for the April‑June quarter to $189 billion, up $79 billion from its February estimate. The revision reflects weaker-than-expected cash inflows and sets the stage for a $671 billion borrowing outlook for the July‑September quarter.
Municipalities Planning Large Bond Issues Await Clarity on End-Use Guidelines
The Indian government’s FY27 budget unveiled a ₹100 crore (~$12 million) incentive for municipal bonds larger than ₹1,000 crore (~$120 million), but it has not yet issued detailed end‑use guidelines. Four municipalities—Ahmedabad, Thane, Panvel and Navi Mumbai—are preparing bond issues, while Brihanmumbai Municipal Corporation is...
Moody?s Raises Vietnam Outlook to Positive on Reform Gains- #CapitalMarkets #Finance #Treasury #Finance
Moody’s Investors Service upgraded Vietnam’s sovereign outlook to positive while affirming its Ba2 rating. The agency cited accelerating institutional reforms—such as ministry mergers and streamlined regulations—that are expected to improve credit quality. Vietnam posted 7.0% GDP growth in 2024 and...
Bonds Still Offer Real Returns and Diversification
Man advisors are so insanely negative on bonds. Bad takes everywhere... Facts: - Yes, stock/bond correlations have become positive at time. Yet the concept of diversification doesn’t hinge on perfect negative correlation. It simply requires that assets behave differently, and even today,...
Morningstar DBRS Changes Trends on Algonquin Power & Utilities Corp. To Stable From Positive; Confirms Credit Ratings at BBB and...
Morningstar DBRS changed its outlook on Algonquin Power & Utilities Corp. (APUC) from Positive to Stable while reaffirming the company’s BBB issuer rating and its preferred‑share rating of Pfd‑3. The rating rests on the strength of subsidiary Liberty Utilities Finance...
THE 69-MONTH BOND MARKET CATASTROPHE: The Longest Drawdown in History, the 120% Debt to GDP Trap & Why Foreign Central...
The Bloomberg U.S. Aggregate Bond Index has entered a 69‑month drawdown, eclipsing the previous 16‑month record from 1980‑81. This decline coincides with a U.S. debt‑to‑GDP ratio of roughly 120%, forcing the Treasury to continuously issue new bonds. For the first...
Traders Ramp Up Bets Warsh’s Fed Could Hike Rates Before Cutting
Bond traders are increasingly betting that the Federal Reserve will raise rates before any cuts, with swaps now pricing a greater than 50% chance of a hike by next April. The shift reflects growing hedging activity in SOFR futures and...
Office Distress Drives 12% CMBS Stress as New $750M Deal Highlights Risks
CRED iQ’s April data shows office loans at a 17% distress rate, lifting overall CMBS stress to 12.2% across the 50 largest U.S. metros. Trepp reports the headline CMBS delinquency rate slipped to 7.54% in April, but large office loans...
Meta's $13 B Data‑Center SPV Sends CDS Spread to Record High
Meta is assembling a $13 billion special purpose vehicle, dubbed Sopaipilla, to finance a gigawatt‑scale data center in El Paso, Texas. The move has pushed the company's credit‑default‑swap spread to a record level, underscoring investor anxiety over the tech giant's off‑balance‑sheet debt...
ADP Prices $1 Billion 5% Senior Notes Due 2036 in Public Offering
Automatic Data Processing (ADP) priced a $1 billion public offering of 5.000% senior notes due 2036 on May 4, 2026. The company expects net proceeds by May 7 to support general corporate purposes, including share repurchases under its existing program. The issuance adds...
Texas City Seeks Court Validation for Bonds
McKinney, Texas is asking a state court to validate $30 million of sales‑tax‑backed bonds that refinance a low‑interest TIFIA loan for the city’s airport expansion. The loan is projected to save roughly $15 million over 30 years. A conservation group sued, claiming the...
Credit Spreads Vary 42x Across Data Center Firms
The credit market is the harshest judge of risk. Looking at credit default swaps of data center companies, a few things stand out: • The market is starting to believe there is less risk (although still very high) for Nebius and CoreWeave...
Skechers’ Debt Ratings Upgraded on Loan Term Repricing
S&P Global Ratings upgraded the first‑lien debt of Beach Acquisition Co. Parent LLC, the entity behind Skechers U.S.A., from BB‑ to BB following a proposed repricing of its 2032 term loans. The repricing trims the interest rate by 25‑50 basis...
QRA's Pause Fuels Asset Rallies, Inflates Debt
The last time the QRA mattered we pivoted from short to long when Janet decided to stop increasing coupon issuance. Every QRA since has left issuance unchanged. Tomorrow will be no different. It's suppressed bond yields from going...
Blue Line Signals Urgent Need for Rate Cuts
Narrative status That blue dotted line needs rate cuts or coupon auction cuts SOON Following that purple line now 28 days. Dipping east south east https://t.co/mcOBDLMz1a
UK Long-Term Borrowing Costs Reach 28-Year High
Long‑term UK government bond yields surged to levels not seen since the late 1990s, with the 30‑year gilt reaching about 5.78% and the 10‑year hitting roughly 5.1%. The spike follows the Iran‑Israel conflict, which has shut the Strait of Hormuz,...
UK Long‑dated Yields Hit 28‑year High on BoE Hike Bets
The yield on long-dated UK debt climbed to a 28-year high as traders bet on more Bank of England interest-rate hikes https://t.co/1j1HJapqBI
Rates Spark: Triple-Whammy for Gilts
UK 10‑year gilt yields surged to 5.1%, the highest level since the 2008 financial crisis, as higher oil prices and a tight link to US Treasury rates create a double‑whammy for British government bonds. The rise is amplified by a...
Brookwood Trims $3 Million From TCW Flexible Income ETF
Brookwood Investment Group LLC sold 76,190 shares of the TCW Flexible Income ETF (FLXR), cutting the position by roughly $3 million in the first quarter. The trim leaves Brookwood with about $5.8 million in FLXR, or 0.7% of its reportable assets under...
Potential Multi‑Rate Hikes Create UST & SOFR Opportunities
Should the Fed in the next 12 months decide that it needs to hike rates, high odds it will need to hike more than once and more than 25 bps. UST and SOFR curves offering interesting opportunities
California Earthquake Authority Returns to Sponsor $300m Sutter Re 2026-1 Cat Bond
The California Earthquake Authority (CEA) is re‑entering the catastrophe‑bond market, targeting $300 million of fully‑collateralized earthquake reinsurance via the Sutter Re Ltd. Series 2026‑1 issuance. The deal will consist of two tranches—a $200 million Class C at a $5.503 billion attachment and a $100 million Class F...
Rising Bond Yields And Rate-Hike Pricing: Macro Man Podcast
Bloomberg’s Macro Man podcast, hosted by Cameron Crise, examines the recent surge in long‑term Treasury yields and the upward shift in short‑term interest‑rate (STIR) market pricing. The episode argues that the yield rally strengthens the case for additional Federal Reserve...
UK 30‑Year Yield Hits Highest Level Since 1998
UK bond selloff pushes 30-year yield to the highest since 1998 https://t.co/CNMg8iGy9M via @highisland https://t.co/jvM4S0LRPZ
IFC Advisors Puts $62 Million Into Angel Oak Income ETF Amid High‑Yield Bond Surge
IFC Advisors LLC acquired roughly 2.97 million shares of Angel Oak Income ETF (CARY) for an estimated $62.2 million, representing 8.8% of its reportable U.S. equity assets. The move, disclosed in an SEC filing on May 4, 2026, underscores growing investor appetite for...
Sanjay Malhotra: Indian Financial Markets - Resilience and Resurgence
At the 25th FIMMDA‑PDAI Annual Conference, RBI Deputy Governor Sanjay Malhotra highlighted India’s macro‑economic resilience and the ongoing deepening of its financial markets. He noted an average 8.2% GDP growth from 2021‑25, inflation consistently below the 4% target, and foreign‑exchange...
Climate Governance Now Shapes Governments’ Borrowing Costs
New research covering 31 OECD economies shows that sovereign bond markets already embed climate‑transition risk in yields. Investors differentiate between mere climate ambition and credible governance, rewarding countries with strong institutional capacity and green infrastructure with lower borrowing costs. A...
From Near‑Zero to 6%: Bond Yields Surge
In 2020, with global interest rates near 0%, Austria sold this hundred-year bond to investors. Today, the United Kingdom is offering almost 6% (5.77%) for 30 years, think about that. https://t.co/6DDMRv4cEL
UK 30‑Year Yield Peaks at 5.76%, Highest Since 1998
*UK 30-YEAR YIELD CLIMBS TO 5.76%, HIGHEST SINCE 1998 -- On September 27, 2022, the 30-year UK hit 4.99%. This was so intolerable that UK Prime Minister Liz Truss was forced to resign. Today, the UK's 30-year yield is 77 bps higher. https://t.co/NotUU2B1Gv