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.
Intel US$6.5 Billion Bond Sale Signals Investor Hope in Turnaround
Intel raised $6.5 bn in a new bond offering that attracted roughly $50 bn of investor orders, the strongest demand seen this year. The proceeds will be used to repurchase a 49% stake in its Fab 34 joint venture in Ireland, a move aimed at securing capacity for AI‑focused Xeon processors. The bonds were priced only 0–0.05 percentage points above existing debt, and credit‑default‑swap spreads fell to 0.6%, signaling improving credit perception. The strong response follows a better‑than‑expected sales forecast and record‑high Intel shares.
US Treasury Yields Jump as Middle East Tensions and Oil Prices Surge Ahead of Fed Week
U.S. Treasury yields rose on Monday, with the two‑year hitting 3.80% and the 10‑year reaching 4.32% as oil prices hovered near $108 a barrel and geopolitical risk in the Middle East intensified. The move comes just before the Federal Reserve’s...
Fed Expected to Hold Rates as Treasury Yields Hover Near 4.3% Amid Chairmanship Drama
The Federal Reserve is projected to leave interest rates unchanged this week while the 10‑year Treasury yield steadied at 4.318%. The outlook comes as a Justice Department decision clears the path for Kevin Warsh’s confirmation to replace Jerome Powell, intensifying...
Rates Spark: Snail’s Pace, but Getting There
The US 10‑year breakeven inflation rate has risen to 2.45%, edging toward the critical 2.5% level as oil prices climb amid the ongoing virtual closure of the Strait of Hormuz. Short‑term breakevens are outpacing longer tenors, reflecting heightened near‑term inflation...
Active ETFs Gain Market Share, Grow in Number
Active municipal bond ETFs are eclipsing passive offerings, with 110 active funds versus 56 passive as of 2025. Since 2020, more active ETFs have launched each year, and 2023 saw 23 new active products compared with nine passive. Although passive...
SoFi Raises $688.5 Million From Consumer ABS
SoFi has launched a $688.5 million consumer asset‑backed securities (ABS) program, SCLP 2026‑2, backed by a pool of near‑prime unsecured loans. The transaction is underwritten by BofA Securities and consists of four fixed‑rate note classes, with Class A AAA‑rated notes accounting for $515.9 million....
Q1 Highlights Appeal of Active Bond ETFs
The first quarter of 2026 saw broad losses across U.S. bond categories, leaving passive aggregate bond funds underwhelming investors. Morningstar highlighted that long‑term core bonds and high‑yield issues were the worst performers amid AI‑related risk aversion and the Iran conflict....
IShares Urges Savers to Swap Low‑yield Accounts for Short‑duration Treasury ETF
BlackRock's iShares released a March 30, 2026 note warning that the average U.S. savings account returns just 0.39% while one‑year Treasury yields sit at 3.47%. The firm recommends short‑duration Treasury ETFs such as SGOV as higher‑yield, low‑risk alternatives for cash‑rich...
FOMC Preview: What Comes After Powell and What Should Investors Do?
The Federal Open Market Committee is expected to leave the fed‑funds target unchanged at 3.50%‑3.75% during its Tuesday‑Wednesday meeting, which will likely be the last chaired by Jerome Powell. Analysts focus on the upcoming transition to nominee Kevin Warsh, whose...
S&P Upgrades Ceconomy Credit Rating to BB and Maintains CreditWatch Positive
Ceconomy, the German owner of MediaMarkt and Saturn, received an upgrade from Standard & Poor’s, moving its long‑term credit rating from BB‑ to BB. The agency cited a sustained profitable growth trajectory and a stronger standalone risk profile. While the...
UAE Mulls Formal Dollar Swap Request as US Swap Lines Face Scrutiny
UAE Central Bank Governor Khaled Mohamed Balama has floated a formal request for a dollar‑swap line with the US Treasury, prompting debate over the impact on Gulf sovereign bonds. The move comes as the Federal Reserve’s swap facilities, revived after...
Calamos Brings Award-Winning Autocallable Income ETF Strategy to Global Investors with Launch of World’s First Autocallable UCITS ETF
Calamos announced the launch of the world’s first autocallable UCITS ETF, the Calamos Autocallable Income UCITS ETF, on April 27, 2026. The fund offers a single‑ticker, swap‑based exposure to a laddered portfolio of more than 52 autocallable notes, delivering an...
Firms Staff Up EM Bond Desks as Demand Grows
Emerging‑market bond ETFs are seeing a surge in institutional demand, prompting asset managers to expand dedicated teams. Allspring Global Investments recently acquired a GIA Partners group to oversee $1.1 billion of EM assets, joining PPM America and Lazard in similar hires....
Northeast Universities Find Bond Investors Amid Rocky Sector Trends
Northeast universities are tapping the municipal bond market despite a volatile April environment. The University of Massachusetts priced a $560 million refunding deal with yields from 2.5% to 3.8%, Quinnipiac issued $180 million of revenue bonds, and Adelphi raised $106 million, albeit after...
World Bank Launches $120 Million Ecosystem Restoration Bond Backed by Amazon Carbon Removal Deal
The World Bank raised $120 million through a new Spekboom Restoration Outcome Bond, the institution’s longest‑dated outcome bond maturing in 2040. The bond combines principal protection, a fixed coupon and extra returns tied to carbon credit sales under an Amazon offtake...
Amundi to Manage New €3 Billion EU-Backed Green Bond Blended Finance Fund
Amundi has been selected to manage the EU‑backed Global Green Bond Initiative (GGBI) Fund, a blended‑finance vehicle targeting up to €3 billion ($3.24 billion). The fund will combine roughly €1 billion ($1.08 billion) of equity from multilateral development banks with a goal of crowding...
Private Credit Surpasses Junk Bonds as Fast‑Growing Corner of PE Market
Bloomberg reports that the private credit market has expanded so rapidly it now exceeds the size of the junk‑rated corporate bond market. The surge, driven by private‑equity firms and insurers, is altering corporate debt dynamics while prompting worries about higher...
Cayman Considers Catastrophe Bond, More Parametric Insurance to Expand Hurricane Protection
The Cayman Islands government is weighing a new catastrophe bond and expanded parametric insurance to strengthen hurricane protection as the 2026 season nears. Finance Minister Rolston Anglin said the review reflects higher exposure from population growth and increased assets. Options...
Credit Spreads Rebound, Easing Crash Concerns
Nice report from @scottcharts this morning. This one stood out, as credit spreads have quickly recovered. Even four weeks ago, one of the reasons we didn't expect a major crash like so many was spreads were still relatively calm. Follow credit...
Dalio Warns Warsh's Fed Appointment Would Risk Premature Rate Cuts
Ray Dalio thinks “it would be a mistake” if Kevin Warsh comes to the Fed and tries to cut rates now https://t.co/WruNFHVCli
Seven Central Banks Set Policy in 72‑Hour Sprint, Shaping Global Liquidity
A packed week of monetary policy sees the Bank of Japan, Bank of Canada, Federal Reserve, Brazil's Copom, European Central Bank, Bank of England and BanRep all announcing decisions within 72 hours. Markets will watch the Fed's statement language and...
AI‑driven Growth Outpaces Bond Market Optimism
Thrilled to have @BasilHalperin join the podcast. Three big points discussed: (1) AI could supercharge growth, but bond markets aren’t buying the hype as evidence by real interest rates; (2) inflation targeting not an optimal response to AI supercharged growth......
Yield‑Yen Trade‑off Fuels Accelerating Inflation Pressure
Yields and yen are most important here. Policymakers have been suppressing 5% US 30yr and 160 USDJPY at the cost of increasing inflation. Inflation pressures are now boiling at a faster rate and will force policymakers to choose one or...
Stagflation Test for Bond ETFs: BND, TIP and SGOV Face Diverging Risks
Vanguard's Total Bond Market ETF (BND) fell 13% in the 2022 rate‑shock, while iShares TIPS (TIP) and short‑term Treasury (SGOV) showed modest gains. A fresh stagflation scenario would likely punish BND, favor TIP over the longer run, and leave SGOV...
Coupon UST Auctions Surge Ahead as Front‑End Pressure Eases
With FOMC on Wed, coupon UST auctions pulled ahead with double trouble today (2s and 5s). A bit of front-end pressure overnight that seems to be easing. Should go well with Warsh's nomination back on track
WeightWatchers Cuts $40M Debt, Saves $5M Interest
Weightwatchers to pay down $40m in debt. This is material for owner earnings as it should lead to annual interest expense savings of ~$5 million. $WW https://t.co/QVs2CKLPKy
Standard Life Targets First CLO Deal Amid Structured Credit Push
Standard Life, the UK‑based insurer, is actively courting collateralised loan obligation (CLO) managers as it prepares to launch its first CLO investment. The move is part of a broader push into structured credit and private‑debt assets, complementing its existing fund‑finance...
Japan 10‑Year Yield Hits New Cycle High
Too much politics for Tourists to focus on the entire picture of the universe, but Japan's 10yr Yield just ramped to new Cycle Highs https://t.co/tchYLfwtl8
G7 Central Banks Poised to Hold Borrowing Costs Amid Concerns over Prolonged Iran War
G7 central banks are expected to keep borrowing costs steady this week as the Iran war intensifies inflationary pressures worldwide. The Federal Reserve, likely in Jerome Powell’s final meeting, is projected to hold rates unchanged, while the Bank of England,...
Buy These 3 High-Yield Bond Funds for Impressive Returns
Zacks Investment Research highlights three top‑ranked high‑yield bond funds—Neuberger Berman Floating Rate Income (NFIAX), Franklin High Income (FHAIX) and AB High Income (AGDAX)—each earning a Zacks Rank #1 Strong Buy. Over the past three years these funds delivered annualized returns...
Always Summer Targets All-Season Returns in Credit
Always Summer Asset Management, co‑founded by former Atlant Fonder partner Taner Pikdöken, has launched its inaugural fund, Always Opportunities, an absolute‑return credit strategy focused on the Nordic corporate bond market. The fund will hold 50‑70 diversified bond positions and employ derivatives...
China’s Sovereign Debt to Debut in SE Asia’s Largest Economy
China and Indonesia have signed a reciprocal sovereign bond agreement allowing China to issue yuan‑denominated bonds in Indonesia’s domestic market and Indonesia to sell rupiah‑denominated bonds in China. The deal marks the first institutionalized opening between two of Asia’s largest...
Louisiana Citizens Targets Slightly Lower Pricing for $150m Bayou Re 2026-1 Cat Bond
Louisiana Citizens Property Insurance Corporation is pursuing a $150 million named‑storm reinsurance program through the Bayou Re Ltd. Series 2026‑1 catastrophe bond, its twelfth such sponsorship. The insurer’s target amount remains unchanged, but price guidance for the Class A tranche has been nudged...
The Good, The Bad, and The Ugly: A Year Marked to Market
Manveer Sahota’s one‑year Substack review shows a strong macro‑driven performance built on forced‑flow trades. Calls on gold versus the dollar, Japanese bond dynamics, vol‑control strategies and a European bank re‑rating generated outsized gains, with the gold trade alone delivering over...
TFLO: Cash Is King In A Fragile Geopolitical Moment
The iShares Treasury Floating Rate Bond ETF (TFLO) functions as a near‑zero‑duration, floating‑rate cash equivalent, offering investors a safe alternative to equities and long‑duration bonds. Amid rising oil prices, a tenuous cease‑fire in key regions, and persistent inflation, cash‑like assets...
JMBS: Strong High-Quality MBS ETF, 5.5% Dividend Yield
Janus Henderson’s Mortgage‑Backed Securities ETF (JMBS) is an actively managed fund that concentrates on high‑quality agency mortgage‑backed securities with moderate duration. The portfolio’s emphasis on credit quality translates into lower‑than‑average drawdowns and volatility compared with peers. Investors benefit from an...
Oracle Secures $16.3 B Data‑Centre Debt Deal, PIMCO Anchors $10 B as Banks Step Back
Oracle completed a $16.3 billion financing for a gigawatt‑scale data centre in Saline Township, Michigan, the biggest single‑facility technology debt package assembled this year. PIMCO anchored roughly $10 billion of the bond tranche after U.S. banks declined participation, highlighting a shift toward...
UBS Forecasts ECB to Hold Deposit Rate at 2% on April 30, Eyes June and September Hikes
UBS Global Research projects the European Central Bank will keep its deposit rate at 2% during the April 30 policy meeting, citing recent comments from ECB President Christine Lagarde and board member Isabel Schnabel. The bank still anticipates two 25‑basis‑point hikes in...
WHY DID THE FRONT-END GET HAMMERED SO BADLY?
The article dissects the sharp decline in the front‑end development market during Q2 2024, linking it to a confluence of macroeconomic pressure, AI‑driven low‑code platforms, and a strategic pivot toward back‑end infrastructure. It highlights a 40% drop in front‑end job postings,...
Treasury Sales Surge, Inflation Beats T‑Bill Yields
US Government Sold $524 Billion of Treasury Securities this Week. Inflation to Surpass T-Bill Yields. Brutal Bond Math The effects of Tax Day. The 10-Year Treasury yield rose to 4.31%, 30-Year Treasury yield to 4.91% https://t.co/NSPwUq5RC8 https://t.co/v0dwKukdIK
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Fitch Turns Negative on Taiwan’s CPC
Fitch Ratings downgraded the outlook on Taiwan’s CPC Corporation’s foreign‑currency issuer rating to negative, while keeping its AA rating unchanged. The move reflects concerns that CPC’s interest‑coverage ratio will slip below the 4.0× threshold amid soaring oil prices and limited...
U.S. Treasury Issues Record $524 Billion of Securities in One Week, Pressuring Yields
The U.S. Treasury sold $524 billion of Treasury bills, notes and bonds in eight auctions this week, the biggest weekly issuance on record. The surge reflects a post‑Tax Day cash influx and a strategic shift in Treasury bill supply, pushing 10‑year...
ICMA Publishes Version 2.0 of the Bond Data Taxonomy, Reflecting Growing Market Adoption
The International Capital Market Association released version 2.0 of its Bond Data Taxonomy (BDT), a machine‑readable standard for bond terms. The update expands coverage to multi‑series, class and tranche structures and adds flexibility for emerging‑market and distributed‑ledger use cases. Adoption...
Spring-Surge-Drives-CLO-Equity-BWIC,-but-IRRs-Lag-Distributions
Spring‑time buying revived activity in the collateralized loan obligation (CLO) equity market, pushing the latest Best‑Worth‑Indicating‑Competition (BWIC) to its highest weekly volume in over a year. CLO research analyst Poh‑Heng Tan reported a roughly 30% jump in equity BWIC orders,...
Philippines Treasury to Auction up to $648 M in T‑bills as BSP Signals More Rate Hikes
The Philippine Bureau of the Treasury announced a P36 bn ($648 m) T‑bill auction and a P60 bn ($1.08 bn) dual‑tenor bond offering, while the Bangko Sentral ng Pilipinas (BSP) signaled additional rate hikes. The moves come after the central bank’s first hike in...
Bond Traders Await Powell Update, Slate of US Treasury Auctions
U.S. Treasury traders are zeroing in on this week’s Federal Reserve meeting to assess inflation pressures as Middle‑East tensions keep oil prices elevated. The consensus is that the Fed will hold rates steady on Wednesday, but market participants are increasingly...
Goldman Predicts Two More Fed Cuts, Dismisses Hikes
GS: Our Probability-Weighted Fed Forecast Is Much More Dovish Than Market Pricing Because We Expect Two More Cuts This Year and Because We Think That Rate Hikes Are Quite Unlikely https://t.co/JZZ2VNnLfU
Is China Selling US Treasuries? AI View, Consensus View, the Right View
China’s official reserve portfolio shows a continued pullback from U.S. Treasuries, with holdings now around $694 billion—the lowest level since 2008. The sell‑off is driven by a mix of reserve diversification, yuan‑support policies, and geopolitical risk concerns, while much of the...
Raízen Adds Cash in Offer to Creditors, Balks at Board Changes
Raízen SA submitted an alternative restructuring proposal to its creditors, aiming to resolve a 65 billion‑real ($13 billion) debt. The plan includes raising between 2.5 billion and 5 billion reais ($0.5‑$1 billion) in new capital, a figure lower than the creditors' request for an 8 billion‑real...
1-Year Inflation Swap Peaks; Stocks Hit All-Time Highs
The 1-year inflation swap is now at the highest level since last September Stocks all-time highs. @augurinfinity https://t.co/HrFvA54Sd7