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.
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 aim to capture yield across sovereign, corporate, and emerging‑market debt. The approach is positioned as a way to meet long‑term objectives despite short‑term volatility.
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
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...
Bruce Power L.P.: Credit Rating Report
On April 7, 2026 DBRS Limited upgraded Bruce Power L.P.’s issuer rating and the rating on its senior unsecured notes to BBB (high) from BBB, shifting the outlook from Positive to Stable. The rating agency cited stronger cash‑flow generation from the plant’s nuclear...
Are Treasuries Losing Their Luster?
The article argues that warnings from the IMF and former Treasury Secretary Hank Paulson about rising U.S. debt do not signal an imminent loss of Treasury market credibility. It notes that the 10‑year yield at roughly 4.25% sits within the...
Warsh's Push to Cut Fed Liquidity Tests Rate Limits
Curious, if Warsh wants to trade in fiscal dominance for fiscal discipline - removing to start the $300B/yr Fed liquidity program Powell approved to ease REPO volatility - how low do rates go & how does he get them down...
UK Yields Rise as BoE Shuns Gilt Buying, Unlike ECB
In Oct. '22, the Bank of England refused to keep buying gilts, in contrast the ECB that capitulated to Italy and Spain, capping their yields that summer. Markets now price yield caps for Italy and Spain, but not for the...
A Patent Cliff Everyone Sees, and Bonds That May Be Pricing Too Much Fear
Pfizer reported full‑year 2025 revenue of $62.6 billion, a modest 2% decline but a 6% rise when COVID products are excluded. The company’s non‑COVID portfolio, bolstered by Seagen, Biohaven and Metsera assets, generated $10.2 billion and grew about 14% operationally. Leverage sits...
SONAR Data Indicates Potential New TL Rate Supercycle
After a bullish KNX call, UBS asks about "another TL rate supercycle?" Indeed. SONAR's data certainly suggests so.... https://t.co/yqFfD1X8AW
AA Financial Adds $7.8M DFGX Position, Signaling Shift to Global Bond Exposure
AA Financial Advisors, LLC disclosed a new $7.81 million stake in Dimensional Global ex‑US Core Fixed Income ETF (DFGX), acquiring 147,515 shares and raising its non‑U.S. bond exposure to 1.09% of AUM. The move follows a simultaneous $8.3 million purchase of DFGP,...
Yields Climb as U.S.-Iran Tension Meets PMI Watch
JUST IN: Treasury yields rise amid ongoing U.S.-Iran tensions, with investors eyeing April PMI data.
AllianceBernstein Enters the Active ETF Market in Europe with Three UCITS Bond ETFs
AllianceBernstein (AB) announced the launch of three actively managed UCITS bond ETFs in Europe, covering global, USD‑denominated and EUR‑denominated corporate credit. The funds will trade on the London Stock Exchange, Borsa Italiana, Xetra and SIX Swiss Exchange, expanding AB’s systematic...
Debt Markets Platform 9fin Expands Into Asia-Pacific
9fin, the global debt‑market intelligence platform, has launched its services across the Asia‑Pacific region, extending its footprint beyond its Hong Kong hub. The rollout provides APAC credit professionals with real‑time news, proprietary data and AI‑driven analytics covering over 1,800 issuers...
Bloomberg's Argentina Report Beats Bank Sales Pitch
Some excellent reporting here from Bloomberg (on Argentina) More hard hitting that a lot of investment bank research/ bonds salesmanship 1/ https://t.co/fM2uaDPWmh
Not Even Iran War’s Oil Shock Will Help China Reflate
China’s ten‑year sovereign bond yields briefly rose after the Iran‑related oil shock but fell back, underscoring persistent deflationary pressure. The People’s Bank of China kept benchmark rates unchanged for 11 months, while fiscal stimulus remained modest and focused on capacity‑building...
Figure Lending's HELOC Pool Supports $383.4 Million in RMBS
Figure Lending is launching a $383.4 million residential mortgage‑backed securities (RMBS) transaction backed by a pool of home‑equity line of credit (HELOC) contracts. The FIGRE Trust 2026‑HE4 will issue seven tranches, ranging from AAA‑rated Class A to B‑rated Class F, each with distinct...
Fed Chair Sees Rate Cuts, Markets Delay Until 2027
The new Fed Chair thinks productivity gains mean rates should fall. Markets aren't pricing in a single cut until late 2027. 🔒 Members-Only https://t.co/1jwtVXGFZX
Japan 10‑Year Yield Holds Near 2.4% as BOJ Policy Outlook Remains Unclear
Japan's 10‑year government bond yield steadied at roughly 2.4% on Wednesday, as investors weighed the Bank of Japan's likely hold on rates and the prospect of a policy shift as early as June. The sideways action follows weaker‑than‑expected trade surplus...
PBOC Injects $1.4 Billion, Extending China Bond Rally
The People’s Bank of China pumped a net 9.5 billion yuan ($1.4 billion) into the banking system through seven‑day reverse repos on April 21‑22, a move that surprised markets given already abundant liquidity. The injection lifted 10‑year futures for a third straight...
Fidelity’s FIGB Beats iShares IEI Yield but Carries Higher Expense Ratio
Fidelity’s Investment‑Grade Bond ETF (FIGB) delivers a 4.1% distribution yield, outpacing iShares’ 3‑7 Year Treasury ETF (IEI) at 3.6%, but it charges a 0.36% expense ratio—more than twice IEI’s 0.15% fee. The trade‑off pits higher income against higher cost and...
US 20‑Year Treasury Auction Pushes Yield to 4.883%, Edges Higher to 4.886%
The U.S. Treasury’s 20‑year bond auction on April 22 lifted the benchmark yield to 4.883%, up from 4.817% in the prior issue. Within minutes the yield nudged higher to 4.886%, reflecting dealer activity and broader macro factors.
Two-Mortgage-SRTs-Test-Market-Resilience
Two €500 million mortgage Structured Risk Transfer (SRT) deals were launched in April 2026, pricing at 3.2% and 3.5% yields. The transactions attracted a mix of European banks, insurers and U.S. pension funds, and were structured with a 97% senior‑tranche coverage...
Sherman Says: The Dirty Secret in the Bond Market
DoubleLine debuted its "Sherman Says" podcast with Deputy CIO Jeffrey Sherman and strategist Ryan Kimmel discussing today’s macro backdrop. They highlighted persistent inflation from energy price swings, tariffs and elevated services costs, which keep the Federal Reserve’s policy path uncertain....
Munis and USTs Show Little Movement Despite Ceasefire Announcement
Municipal bond yields held steady on Wednesday after President Donald Trump announced an extension to the Iran cease‑fire, while U.S. Treasury yields barely moved and equity markets closed higher. Credit analyst Mohammed Murad noted the extension may signal a longer‑term...
Online Financial Marketplace Munivestor Sets Summer Launch
Munivestor is set to launch a digital municipal bond marketplace this summer, allowing cities to issue bonds of $50 million or less directly to a broad pool of investors, including retail participants. The platform digitizes the issuance workflow with a 30‑day...
The Public Finance Authority's Troubled Ownership Program
The Public Finance Authority (PFA) of Wisconsin, a major municipal conduit issuer, operates a little‑known asset‑ownership program that now holds roughly $1.2 billion of tax‑exempt bonds, nine of which are in default. The distressed portfolio includes four proton‑therapy centers, a failed...
High Leverage Brings Negative Outlook to San Diego Sewer Bonds
San Diego’s Public Facilities Financing Authority received mixed ratings as it prepares to issue new sewer revenue bonds for its Pure Water project. Fitch downgraded the outlook on the sewer bonds to negative, citing leverage climbing to 8.2 times and projected...
Inflation, Not Growth, Is the Issue—For Now
Oil‑driven inflation fears have pushed nominal Treasury yields higher, yet the real yield on the 10‑year Treasury has climbed 43 basis points since the Iran conflict began in February. Real yield, which strips out inflation expectations, mirrors the market’s view...
Trump Presses Fed Nominee Kevin Warsh to Cut Rates Amid Inflation Fight
President Donald Trump told CNBC he’d be disappointed if Fed chair nominee Kevin Warsh doesn’t cut rates right away. Warsh, testifying before the Senate Banking Committee, denied any promise to the White House and pledged to fight inflation, setting up...
OneAscent Financial Puts $20.8 Million Into iShares iBonds Dec 2026 Treasury ETF
OneAscent Financial Services LLC disclosed a new $20.75 million holding in the iShares iBonds Dec 2026 Term Treasury ETF, buying 906,070 shares that now account for about 1.12% of its reportable assets. The move marks the fund’s first exposure to a term‑maturity...
Yield Caps Shift Fiscal Strain to Yen, Raise Rates
There's no free lunch in macro. The Yen keeps falling because Japan uses the BoJ to cap yields. That doesn't make fiscal strain go away. It just transfers it from the bond market to the Yen. The way out is...
Kyrgyz Republic & Tajikistan Parametric Cat Bonds From the ADB Could Upsize Slightly
The Asian Development Bank is upsizing its first parametric catastrophe bonds for the Kyrgyz Republic and Tajikistan to between $75 million and $80 million each. The earthquake sub‑limit will rise to $65‑70 million while the extreme‑precipitation cover remains at $10 million. Investor risk margin...
NAIC Overhauls Insurer Investment Rules, Redefines Bonds and CLO Capital
The National Association of Insurance Commissioners has restructured its investment oversight bodies and launched a principles‑based bond definition that takes effect on Jan. 1, 2025. The changes also move the CLO capital model closer to implementation, forcing insurers to reclassify holdings and...
MTR Issues Record HK$18.8bn Green Bond, First Local Dollar Issuance
MTR Corporation (0066) has priced its HK$18.8 billion corporate green bonds, marking its inaugural local dollar public bond issuance and the largest bond transaction in the Hong Kong dollar market.
Judge Enforces Absolute Priority Amid $500M Trump Priming
so you have Trump’s priming $500mn, the ad hoc bondholder group, and a federal judge sworn to uphold the absolute priority rule 🍿: https://t.co/nLx7Z4Tz0f https://t.co/ddFVAt6bSH
Rates Spark: Still Positioned for a Short-Lived Shock
ING rates strategist Michiel Tukker notes that European markets expect a brief inflationary shock, keeping the 10‑year EUR swap range tight between 3.0% and 3.1% over the past month. Oil price movements continue to drive the short end of the...
Iran War Inflation Drives Rates Despite Upcoming UST Auction Schedule
It has been almost two weeks since the last UST coupon auction. Today's 20y starts up a bunched up schedule in the next week that is another headwind for rates. Of course, the Iran war inflation remains the...
Tight Spreads Signal Risk, Not Safety
2007: Spreads were tight. Everyone was comfortable. Then Bear Stearns. Then Lehman. The lesson? Tight spreads are a setup, not a safety net. $JOJO knows the playbook. https://t.co/snHkbOgCAJ
Credit Crunch: Around the World of Global Credit in 60 Minutes
In this 60‑minute special, Bloomberg Intelligence’s global credit team walks through the latest dynamics across regions, starting with the Gulf Cooperation Council (GCC) where Basel Al‑Wakayan notes a surprisingly resilient credit market post‑ceasefire, tighter sovereign spreads and a shift toward...
5-Year Yield Rises Toward Downtrend Line
Interest rates worth watching here. 5-year yield pushing up into the recent downtrend line after holding support last week https://t.co/n0HhB2UYKx
Fed’s Rate Tightening Always Ends With Credit Cracks
The Fed's core dilemma: inflation requires higher rates. Credit breaks at higher rates. Every tightening cycle ends when something cracks — not when inflation hits target. 1982: S&L stress. 2007: housing. 2023: banks. Always the same story. $TLT https://t.co/Ogvr0NZVik
Q2 2026 Fixed Income Perspectives
The Q2 2026 Fixed Income Perspectives note a shift from early‑year optimism—driven by resilient growth and easing inflation—to a landscape dominated by geopolitical volatility, especially the Iran conflict, and rising energy prices. These forces are pushing rates higher, widening credit spreads,...
China Appears to Be Offloading US Treasury Holdings
China's been selling treasuries, it looks like. At least from what the https://t.co/2NINP4wNc9 data seems to be saying. https://t.co/fPbYm8T3Wf
Muni Bonds: Underrated Gem for Savvy Investors
Muni bonds don't get discussed all that often, but for the right investor, they make a ton of sense. Great look at it all from @gilbert3142 on our team. https://t.co/3RC2usnSOx
Long-End Traders Market Holds Tight
Long end has been a traders market since the initial sell-off after the Iran war started. Ultras (UB) with a relatively clean 1 point (ish) range that continues to hold https://t.co/PQ1Ar1xzTA
UK's Yield Strategy Beats Japan's Yield Caps
The UK gets a lot of guff for being a fiscal basket case due to its high yields, but that's not right. The counter-example is Japan, which caps yields using the BoJ (lhs), sending the Yen into a depreciation spiral....
China's Biggest HK Yuan Bond Sale Hits Record‑low Yields
Bloomberg: "China’s biggest yuan bond sale in Hong Kong since 2023 drew record-low yields for both two- and 15-year debt, with two-year debt selling at a yield of 1.32% and 15-year debt at 2.08%." https://t.co/Q9FDkpbbJE