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.
Sovereign Debt Reset Barely Pauses for Reflection
The IMF and World Bank convened their spring meetings without headline‑grabbing defaults, but sovereign‑debt initiatives dominated the agenda. An official‑private sector forum, born out of the Russia‑Ukraine crisis, reported that five restructuring cases are near completion, with Ethiopia the only holdout. Addis Ababa has yet to sign a swap for its $1 billion 2024 instrument, despite an anticipated 20% haircut and extended maturities. Meanwhile, China trimmed its bilateral deal on undisclosed terms and the EU restored $150 million in aid after a wartime pause.
Blackstone’s Schwarzman Defends Private Credit Amid $20 Billion Redemption Wave
Blackstone CEO Steve Schwarzman told investors the firm is "navigating an intensely negative campaign against the private credit sector" as its private‑credit funds confront roughly $20 billion in redemptions. He emphasized that institutional demand remains robust, citing a $10 billion opportunistic credit...
Foreign Private Capital Now Outpaces Central Banks in Treasuries
Yup, Foreign Private Capital Has Overtaken Central Banks in the Treasury Market h/t Apollo/Slok And @Econimica has the breakdown below https://t.co/O8Md1T2160
Research Puts Numbers on Wildfire Risk and Muni Borrowing Costs
An academic study of 580,000 municipal bonds shows that U.S. communities with higher wildfire risk pay an average 0.36 percentage‑point yield premium on 1‑ to 15‑year issues, costing about $3,800 extra interest per $1 billion issue annually and $4 billion in additional taxes...
Yields Rise as Market Tests New Fed Chair
The market often tests a new Fed chair... Yields up in 3mo after Fed Chair starts. BofA Hartnett https://t.co/uJHPiLrNsf
China Opens Government Bond Futures to Select Foreign Investors in Reform Push
China will permit qualified foreign institutional investors (QFII) to trade government bond futures for hedging, starting Friday. The move expands foreign access to yuan‑denominated derivatives, aiming to broaden investment scope and improve rate‑risk management. China’s bond market exceeds 200 trillion yuan...
Episode 56: Countdown to Treasury Clearing
The ISDA podcast’s Episode 56 spotlights the looming U.S. Treasury clearing mandates, which will become effective in less than nine months. BlackRock’s Tyler Wellensiek and BNY Mellon’s Nate Wuerffel assess how the market is progressing toward mandatory clearing, highlighting operational upgrades and coordination...
PIMCO Extends Over $10 Billion in Private Loans to Gulf States Amid Dollar Shortage
Pacific Investment Management Co. (PIMCO) has lent over $10 billion to sovereign and quasi‑sovereign borrowers in the Gulf, chiefly Abu Dhabi, Qatar and Kuwait, via private placements. The financing surge comes as the war in Iran has strained hard‑currency liquidity, prompting Gulf...
Three Rate Hikes Flatten Curve, Buying Duration Risk
+ 1 ... at more than two hikes priced, the curve really should be flat as a pancake if not inverted (in Z6/Z7 space). At +3 hikes, I think you are buying the belly/duration.
Goldman Sachs AM Brings Active Fixed Income UCITS Lineup in EMEA to 14 With Two New Listings: Global Credit and...
Goldman Sachs Asset Management (GSAM) added two active fixed‑income UCITS ETFs—Global Credit Plus Active (GCPA) and Global Income Bond Opportunities Active (GIBO)—bringing its EMEA active lineup to 14 products and $1.9 billion in assets. GCPA targets a diversified credit mix with...
Eurozone Inflation at 3% Forces ECB to Hold, Stagflation Returns
Decidedly grim survey data in the Eurozone for April nails the ECB's decision for a hold next week, despite another increase in inflation, to around 3%. Stagflation economics is back; did it ever leave?
Argan Prices Debut €500m Green Bond
Argan has priced its inaugural green bond at €500 million, roughly $540 million, marking its entry into the sustainable debt market. The entire proceeds will be used to refinance the company’s 2021 €500 million bond, effectively swapping existing debt for ESG‑linked financing. The...
Financial Markets and Economic Resilience
A recent New York Fed Liberty Street Economics paper classifies emerging markets by MSCI stock‑market maturity, separating a "Core" group of 22 economies from a larger "Periphery" set. The analysis shows Core markets—such as India, Korea and Taiwan—have posted faster...
Mangrove Sponsoring Debut Buttonwood Re Cat Bond, Targeting $100m 2026-1 Issuance
Mangrove Property Insurance, launched in early 2025, is sponsoring its first catastrophe bond through Bermuda‑based Buttonwood Re Ltd. The company aims to raise $100 million across four tranches of the Series 2026‑1 issuance, providing both occurrence and aggregate reinsurance for named storms...
Swiss Re Targets $250m US Named Storm Retro with Matterhorn Re 2026-2 Cat Bond
Swiss Re is issuing a second catastrophe bond this year under its Bermuda‑based Matterhorn Re program, targeting $250 million of U.S. named‑storm retrocession. The deal comprises a $150 million Class A tranche covering the Northeast and a $100 million Class B tranche offering nationwide protection,...
Dim Sum Bond Borrowing Hits Record RMB300bn This Year
FT: "Total borrowing in so-called dim sum bonds — issued outside the mainland, mostly in Hong Kong, and denominated in renminbi — has hit Rmb300bn ($44 bn) so far this year, more than twice the amount at this point in...
Pictet Unveils Active Emerging‑Markets Debt and Equity ETFs for U.S. Investors
Pictet Asset Management has launched two active exchange‑traded funds, the Emerging Markets Debt ETF (EMFI) and the Emerging Markets Rising Economies ETF (RISE), to give U.S. investors direct exposure to sovereign and corporate bonds and equities in emerging economies. The...
Eurex Report Shows Q1 Bond Volatility Fueled by Inflation Fears and Middle East Conflict
Eurex’s Q1 2026 analysis finds bond markets worldwide saw a sudden surge in volatility after energy‑price shocks from the Middle East reignited inflation expectations. The shift forced investors to price in higher yields across both government and corporate bonds, even...
U.S. 10‑Year Treasury Yield Tops 4.3% as Iran Tensions Spur Oil Prices
The 10‑year U.S. Treasury yield climbed to 4.33% on Thursday, driven by renewed U.S.–Iran tensions in the Strait of Hormuz and a jump in oil prices. Short‑term yields also rose, while investors brace for upcoming PMI data and Fed policy...
Brazil Beckoned: China Now Has Stock and Bond ‘Connect’ Schemes in These 5 Regions
China has launched its first emerging‑market bond‑connect with Brazil, linking Chinese investors to Brazilian sovereign debt and vice‑versa. The move expands China’s portfolio of offshore "connect" schemes, which already include Hong Kong, Singapore, the United Kingdom and Switzerland, covering both equity...
An Interesting Corner of the High-Yield Bond Market Beckons
The VanEck Fallen Angel High Yield Bond ETF (ANGL) now manages about $3.07 billion and offers a 30‑day SEC yield of 6.69%, with current yields nudging above 7%. Fallen‑angel bonds—once investment‑grade, now junk—have historically outperformed the broader high‑yield market, and ANGL...
Munis and U.S. Treasuries Grow Cheaper
Municipal bonds slipped on the front end Thursday, creating a modest inversion around the 2028‑2030 segment as Treasury yields continued to fall and equities closed lower. New‑issue activity showed Morgan Stanley pricing $564 million of UMass revenue‑refunding bonds and Round Rock, Texas...
How to Maximize the Benefits of Taxable Munis in Your Portfolio
Jeff Lipton outlines how taxable municipal bonds can boost portfolio yield and diversification amid heightened market volatility. He notes that spreads over tax‑exempt munis have widened to 160‑170 basis points, delivering 7.89% returns in 2025 versus 4.25% for the tax‑exempt...
Oklahoma Justices Reject Challenge to Winter Storm-Related Bonds
The Oklahoma Supreme Court rejected a challenge to $697 million in winter‑storm bonds issued for Public Service Company of Oklahoma, affirming the Oklahoma Corporation Commission’s (OCC) authority to approve rate‑payer‑backed securitizations. The ruling confirms the legality of bonds sold in 2022...
5-Year TIPS Auction Gets a Real Yield of 1.367%
On Tuesday, the U.S. Treasury auctioned 5‑year Treasury Inflation‑Protected Securities (TIPS) with a real yield of 1.367%, marking a modest increase over the prior auction. The offering attracted robust demand, pulling in roughly $38 billion in bids from both domestic and...
Credit Investors Snap up BDC Bonds as Retail Exits Equity
Third BDC bond deal in eight days. All oversubscribed. All priced tighter than talk. Credit investors are buying the liability stack while retail is trying to exit the equity below it
Worst Bond Cycle Makes Credit Rotation Essential
Every portfolio manager has a fund they believe in more than the market does. For me, that's $JOJO. The worst bond cycle in a generation is exactly why credit rotation matters. https://t.co/5FJoUQuUwE
Mass General Brigham Secures Nearly $866M Financing Package For Ongoing Expansion
Mass General Brigham secured a $865.5 million tax‑exempt bond package, led by J.P. Morgan Securities, to fund its ongoing West End campus expansion. The financing will support the 482‑bed Ragon Building, which will boost oncology and cardiovascular services, and add five stories...
Bonds Play a Role in Arlington, Texas, Lease Extension for Dallas Cowboys
Arlington’s City Council approved a master agreement extending the Dallas Cowboys’ lease at AT&T Stadium through 2055, with the team pledging at least $750 million for facility upgrades. The city will reimburse up to $273 million over 20 years for maintenance and...
Conduit Issuer Project-Selection Process in Spotlight
The SEC’s municipal securities director warned that non‑governmental conduit borrowers are driving the bulk of defaults in the municipal bond market. Data from Municipal Market Analytics shows that from Jan 2020 through April 2024, conduit‑backed borrowers accounted for 75% of impairments...
D.C. Nets a Stable Rating Outlook
Moody’s Investors Service changed Washington, D.C.’s credit outlook from negative to stable on April 23, 2026, while reaffirming its Aa1 issuer rating. The shift follows a 2025 downgrade from Aaa to Aa1 and reflects the city’s strong fiscal management amid remote‑work...
ECB's Nagel Says Trump's Fed Attacks Caused Flight to Safety
ECB Governing Council member Joachim Nagel warned that President Donald Trump’s repeated attacks on the Federal Reserve are prompting a flight to safety. Bundesbank research shows the rhetoric has lowered Treasury yields, depressed equity prices, boosted gold and weakened the dollar....
How AI Struggles at Pricing High-Yield Bonds
Artificial intelligence is struggling to price high‑yield municipal bonds because the segment represents only about 7% of the muni market, leaving models with sparse data and volatile credit characteristics. Major players like J.P. Morgan’s PricingDirect have opted to exclude high‑yield bonds...
Private Credit Jitters: Spillover Into CLO ETFs?
The private‑credit market’s rapid expansion hit a snag as a software‑sector sell‑off sparked concerns over liquidity and transparency in a market exceeding $3 trillion. Because software accounts for roughly 15‑20% of direct‑lending portfolios, its volatility has raised questions about spillover risk...
Governor's Yes Risks Investor Credibility Amid Rising Taxes
If the governor says "yes" to this, she should have no credibility with investors in the city's debt. New York's tax revenues are rising. If gimmicks like this are necessary now, what happens when tax revenues stop rising? https://t.co/KGqlxU5QuC https://t.co/0Eah2RLkKQ
Annaly Posts 4.9% Q3 Return, Raises $1.2 B and Seals Rocket Mortgage Sub‑servicing Deal
Annaly Capital Management (NLY) reported a 4.9% economic return for Q3 2024, lifted book value per share to $19.54, and raised $1.2 billion of ATM equity. The REIT also announced a sub‑servicing partnership with Rocket Mortgage, underscoring its strategy to capture...
Monday Double Front-End Auctions Pressure
King Lear's Truth Social musings may be obscuring it a bit, but double front-end auctions on Monday weighing on 2s and 5s
Fed's Balance Sheet Fix: Impact Is Modest
The impact of completely correcting the UST duration holdings of the Fed 101🧵 Despite the warnings and hyperventilation of the usual suspects, correcting the Fed's balance sheet is just not that big a deal. Today the balance sheet has a...
New York State Lawmakers Revive Bill to Curb Distressed Sovereign Debt Lawsuits
New York lawmakers have revived a bill to amend the state’s champerty law, aiming to limit investors’ ability to purchase distressed sovereign debt solely for litigation. The proposal would let courts dismiss claims deemed primarily litigation‑driven and replace the fixed...
JOJO Leverages Utilities Signals for Credit Rotation
Advisors looking for differentiation in fixed income: $JOJO uses utilities sector signals to rotate between risk-on and risk-off credit. Systematic, transparent, and timely. https://t.co/vNSFE0Fce0
FSYD: Junk Bond ETF Blending Ethics And Fundamentals
Fidelity Sustainable High Yield ETF (FSYD) is an actively managed, ESG‑focused junk‑bond fund launched in February 2022. It holds 406 securities, delivers a 12‑month distribution‑rate yield of 6.36%, and charges a 0.55% expense ratio. Since inception, FSYD has outperformed the iShares...
Rate Hike at the Central Bank of the Philippines
On April 23, 2026, the Bangko Sentral ng Pilipinas lifted its benchmark rate by 25 basis points to 4.50%, its first hike since October 2023. The move reverses a 25‑bp cut made two months earlier, bringing the rate back above the...
Jay Leno Is Unusual Guest in Muni Roadshow for Airport Deal
Jay Leno appeared in a video promoting a $379 million revenue‑bond offering for the Burbank‑Glendale‑Pasadena Airport Authority. The bonds will fund a 355,000‑square‑foot terminal slated to open in October, timed for the 2027 Super Bowl and the 2028 Olympics. Fitch Ratings...
Future Default and Severity Rates Drive Private Credit Opportunity
Actually want matters is both the future default rate AND severity rate. Sometimes defaults fault in a greater recovery as when long dated fully collateralized bonds default and the maturity date advances to the day it is restructured.
Alliance
A 33-year-old global high-yield fund. 8% NAV discount — near the widest since 2022. 7.5% yield collected while you wait for the discount to compress. Is AllianceBernstein's AWF the unloved global income play right now? https://t.co/5wNRfc4Lcg
Richard Jones: Unconstrained in the Face of Uncertainty
Advisers face heightened client anxiety as markets wobble, making it hard to keep portfolios fully invested. Richard Jones argues that unconstrained global fixed‑income strategies can broaden opportunity sets while preserving diversification and resilience. By stepping outside traditional benchmarks, these funds...
Morningstar DBRS Releases Monthly North American CMBS Rating Action Summary for March 2026
Morningstar DBRS published its March 2026 Monthly North American CMBS Rating Action Summary, detailing surveillance reviews for a broad range of commercial mortgage‑backed securities. The agency evaluated 338 tranches across 80 transactions, confirming 262 ratings, downgrading 68, and placing 8 under review...
US Class Action Raises Risk for RBC and US Banks
A US$12 bn class action alleging that major banks, including Royal Bank of Canada, kept interest rates on municipal variable‑rate demand obligations (VRDOs) artificially high will move forward after the Supreme Court declined to intervene. The lawsuit, certified as a nationwide...
Morningstar DBRS Confirms North American Construction Group Ltd.'s Issuer Rating and Senior Unsecured Notes at BB (High) With a Stable...
Morningstar DBRS confirmed North American Construction Group Ltd.'s issuer rating and senior unsecured notes at BB (high) with a stable trend. The company’s 2025 revenue grew 10% to roughly C$1.28 billion (≈ $947 million USD), while adjusted EBITDA slipped to C$333 million (≈ $246 million USD),...
North American Construction Group Ltd.: Credit Rating Report
DBRS Limited confirmed that North American Construction Group Ltd. (NACG) retains an Issuer Rating of BB (high) and a Senior Unsecured Notes rating of BB (high). Both ratings carry a Stable trend, indicating DBRS does not anticipate a near‑term upgrade...