Today's Bonds Pulse
Bond Yields Surge to 19-Year High, Sparking Stock Market Concerns
The 30‑year Treasury yield climbed to a 19‑year peak while the 10‑year rose from 4.03% to 4.69% before easing to about 4.5%. Goldman Sachs research notes that half‑percentage‑point spikes in yields typically turn short‑term S&P 500 returns negative, heightening correction risk. Inflation is running at 3.8% year‑over‑year, fueling the sell‑off.
Austin to Sell $1.18 Billion of Revenue Bonds for Airport Expansion
Austin is issuing $1.18 billion in revenue bonds, the largest ever for its airport, to fund a $5.5 billion expansion program. The issuance splits into $874.6 million of AMT bonds and $306.35 million of non‑AMT debt, all rated A1/A+/AA‑ with stable outlooks. The plan adds a midfield Concourse B, expands jet‑bridge gates from 33 to 60 by 2031, and relies on bond financing for 83% of the project, with $4.17 billion slated for future issuances. Airline gate‑lease commitments and strong cash‑flow coverage underpin the credit ratings.
Herbalife Issues $800M Notes, Boosts Credit Outlook
Herbalife plans $800M 2033 secured notes to refinance costlier debt and extend maturities. 78% gross margin, $253M FCF, S&P upgrade support credit. Risk: leverage. Trade accumulate on pullbacks. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Golden Goose Looks to Bond Sale to Fund Private Equity Buyout
Golden Goose Group is marketing an €880 million ($1.04 billion) bond issuance to finance its acquisition by Chinese private‑equity firm HSG. The offering includes seven‑year fixed‑rate notes yielding in the mid‑to‑high 6% range and floating‑rate notes priced at Euribor + 400‑425 bps, with a minimum...
Blue Owl Capital Raises $400 Million in Private‑Credit Bond Deal Amid Market Stress
Blue Owl Capital Inc. closed a $400 million private‑credit bond offering on Monday, the first sizable issuance in more than a month. The investment‑grade notes, maturing in 2028, were priced at a 6.5% yield, underscoring lingering stress in the high‑yield private‑credit...
One Good Call?
A financial advisor demonstrated the value of active macro management during the 2022 bond market crash by moving a client’s portfolio into ultra‑short duration bonds and cash, thereby avoiding a 13% drawdown. The firm later rotated back into short‑ and...
RBI Sets SGB Premature Redemption for 15 April: Check Profit on 10 Units
The Reserve Bank of India announced that the Sovereign Gold Bond (SGB) 2019‑20 Series‑V can be redeemed early on 15 April 2026 at a price of ₹15,009 per unit (approximately $181). The price is based on the three‑day average of 999‑purity gold...
Skip IGSB ETF; T‑Bills Give Similar Yield, Lower Risk
Thinking short-term bonds? Analysis says skip IGSB ETF for now. Re-inflation risks could hurt returns, while T-Bills offer similar yield with less risk. Investing
Catastrophe Bonds Highlighted as a Critical Tool for Impact-Focused Fixed Income
Catastrophe bonds, a subset of insurance‑linked securities, are gaining attention as an impact‑focused fixed‑income tool. As climate‑driven disasters increase, these bonds transfer disaster risk to capital markets, delivering rapid liquidity for sovereign and sub‑sovereign issuers such as Mexico and Jamaica....
Capitalising on the Emerging Market Resurgence
BlueBay Emerging Market Unconstrained Bond Fund won the Hedge Journal’s 2026 UCITS Hedge Award for best risk‑adjusted returns in the emerging‑market credit space. The fund posted mid‑to‑high‑teens annual returns in 2023, 2024 and 2025—about three times its cash‑plus‑4‑6% target—while expanding...
M&A Boom in Japan Is Fuelling Record Corporate Bond Sales
Japan's corporate bond market is set to break records as M&A activity drives unprecedented funding demand. Yen‑denominated issuance surged 94% year‑over‑year in March, and Daiwa estimates total sales will reach ¥16.5 trillion (about $110 billion) this fiscal year, up from ¥15.9 trillion last...
TLT Trading Volume Hits Three-Year Low, Signaling Waning Bond Interest
TLT is a good proxy for bond market interest. And interest (volume) is now at a 3+ year low. * $TLT's volume today was 12.720M shares, the lowest daily volume since January 2023 (and this INCLUDES holidays) * The 5-day average volume...
Active IG Issuance Day; USTs Face Pressure Post‑rally
Looking to be an active IG issuance day. USTs feeling a bit of pressure after a nice overnight rally
Fed Demands Detailed Private‑Credit Data From Top Banks, Targeting $1.8 T Market
The Federal Reserve has asked America’s largest banks to submit detailed information on their private‑credit holdings, a move aimed at gauging stress in the $1.8 trillion private‑credit market. The request follows a wave of redemptions from private‑credit funds and rising defaults,...
UK 10‑Year Bond Draws Record Demand, Yields Spike
The good news for the UK: the country had record amounts of investor demand for a 10-year bond offering. The bad news: they had to offer a high premium, selling the debt at the highest yield since 2008 at 4.9%....
Treasury Yields Drop Amid Ongoing Middle East Conflict
JUST IN: U.S. Treasury yields are sliding lower with Middle East conflict still front and center.
Nomura Sees 60% Chance of BSP Rate Hikes
Nomura estimates a 60% chance that the Bangko Sentral ng Pilipinas will raise its benchmark rate this year, potentially adding 0.5 percentage points. The first quarter‑point hike could be announced at the April 23 Monetary Board meeting, with a second increase...
China's Finance Ministry Mulls Special Treasury Bond Issue
JUST IN: China's finance ministry is discussing a special treasury bond issuance plan with underwriters.
U.S. Treasury Rates Weekly Update for April 10, 2026
U.S. Treasury yields softened across most maturities for the week ending April 10, 2026, with the benchmark 10‑year rate slipping 0.04 percentage points to 4.31%. The 3‑year note posted a yield of 3.80%, while the 30‑year Treasury held steady at...
Goldman Extends Borrowing Run with $6.5 Billion Bond Sale
Goldman Sachs raised $6.5 billion through a two‑tranche U.S. investment‑grade bond sale, extending a borrowing run that began with a record $16 billion offering earlier this year. Pricing tightened by roughly 0.25 percentage point, leaving the 2034 tranche at a 1 % spread over...
Social Security Trust Fund Yields $58 Billion a Year on $2.5 Trillion Portfolio
Social Security’s Old Age and Survivors Insurance trust holds $2.3 trillion and the Disability Insurance trust $230 billion, together generating roughly $58 billion a year at a 2.52% average yield. The low‑yield, government‑only portfolio and rising program deficits put pressure on wealth managers...
$1.009 Billion Automobile‑Receivables ABS Filing Adds New Supply to Corporate Bond Market
EFCAR, LLC filed a 424(b)(5) prospectus for $1.009 billion of automobile‑receivables backed notes, with a closing set for April 20, 2022. The issuance, underwritten by Deutsche Bank and Wells Fargo, will be delivered in book‑entry form and includes a 5% credit‑risk retention by the...
UK Bond Market Losers Identified, Risks Explained, Solutions Offered
Posted earlier today: FYI, here’s the link to my column on who lost the UK bond market—the what, why, and so what... and also what to do about it: https://www.ft.com/content/4b258818-4935-4507-b554-bccc5fd05b66 #economy #markets #bonds #uk @financialtimes
Upgrade 40% Bond Allocation with Active Defense
The 60/40 portfolio needs an upgrade on the 40 side. Static bond allocations don't position well in credit events. $JOJO adds an active layer of defense. https://t.co/r7U1174Vtd
Bonds Are In 2026 What Stocks Were In 2008
Investors are eyeing bonds as aggressively as they chased stocks in 2008, driven by Treasury yields approaching 5% and 2‑year CD rates near 4%. The author notes that a sustained 5‑5.5% yield on 10‑20‑year insured municipal bonds would be compelling...
Buy Front-End On
Solid strategy to buy the front end when pricing hikes. Trump generally turns it around with a positive spin. 5s up more than 10 ticks since the Globex Sunday night open.
30‑
The average 30-year fixed mortgage rate today: 6.41% Same day last year: 7.07% --------------------- 10-year Treasury yield today: 4.31% Spread today: 210 bps
S&P Goes Negative on DeKalb Co., Ga., Water and Sewer Bonds
S&P Global Ratings lowered the outlook on DeKalb County, Georgia’s water and sewer senior lien bonds to negative while affirming the AA‑minus rating, affecting $1.28 billion of debt. The agency cited weakening debt‑service coverage, projected at 1.2‑1.4× over the next three...
Vanguard VGIT Trumps Fidelity FIGB on Fees, Yet FIGB Delivers Higher Yield
Vanguard's Intermediate-Term Treasury ETF (VGIT) costs just 0.03% annually, far below Fidelity's Investment Grade Bond ETF (FIGB) at 0.36%. While VGIT offers lower volatility and $48.5 billion in assets, FIGB provides a higher dividend yield and a broader mix of 180...
Alex Morris on Dual Share Class Funds, Fixed Income, & More
Alex Morris, CEO of F/m Investments, discussed the volatile inflation backdrop and its impact on fixed‑income strategies, emphasizing Treasury‑bill exposure and TIPS as inflation hedges. He explained the firm’s pioneering dual‑share class structure for the TBIL fund, which offers both...
China Bond Yields Drop as Reflation Narrative Faces Investor Skepticism
Investors betting on a China reflation trade saw sovereign bond yields slide, with the one-year benchmark down 5.5 basis points over three weeks and the 10-year down 1.6 bps. The move underscores lingering doubts about demand recovery even as producer...
Rates Spark: Equities Are Back, but Bonds Are Not - Why?
Equities have largely rebounded from the February‑28 Middle East turmoil, with the S&P 500 regaining roughly 80% of its losses, while high‑yield spreads have normalized. Bond markets remain under pressure as long‑tenor yields stay elevated, driven by stubborn inflation and higher...
Fed Still Plans Rate Cuts Despite Geopolitical Uncertainty
I predicted in a couple interviews the Fed will LOWER interest rates this year, not raise them. Now March minutes show... "Federal Reserve officials still expect to lower interest rates this year, even with high uncertainty from the Iran war and...
High‑yield PIMCO Fund Trades at Premium—Worth It?
PIMCO's best bond manager runs a fund yielding 11.6%. It's never cut its distribution. It raised it once. It terminates in 2033 — meaning the discount can't stay wide forever. Right now it trades at a 3% premium. Is that still worth paying? https://t.co/lKK7LPqnns
PIMCO Puts Its Best Credit Manager in a CEF. The 11.6% Yield Comes With a Clock.
PIMCO’s Dynamic Income Opportunities Fund (PDO) trades at a modest 3.1% premium and delivers an annualized 11.6% distribution yield, supported by roughly 35% effective leverage. The closed‑end fund, launched in 2021, is managed by PIMCO’s top credit team, including Dan...
After a Rough March, Municipal Bonds May Be Offering Value
Municipal bond indices posted their steepest decline in nearly three years, slipping more than 2% in March as Treasury yields rose amid heightened geopolitical tension from the Iran conflict. The ALPS Intermediate Municipal Bond ETF (MNBD) weathered the sell‑off better...
CloudHQ Seeks $1.4 Billion in ABS Funding
Data‑center operator CloudHQ announced a $1.4 billion asset‑backed securities (ABS) offering, the first of its kind for the company. The ABS are secured by two leased, triple‑net facilities in Ashburn, Virginia, delivering a combined 160 MW of power across 403,410 sq ft. Both sites...
US Treasury Yields Rise to 4.33% as Dollar Surges After US‑Iran Talks Collapse
The collapse of US‑Iran peace talks and President Trump's threat to blockade the Strait of Hormuz sent the dollar higher and triggered a safe‑haven rally in bonds. US 10‑year Treasury yields jumped 2 basis points to 4.33%, while European sovereign...
Nordstrom Debt Ratings Outlook Revised to Positive
S&P Global Ratings changed Nordstrom’s credit outlook to positive after the department store exceeded its 2025 operating targets. Same‑store sales grew 5% at the Nordstrom banner and 8.5% at Nordstrom Rack, while the company fully repaid the incremental debt taken...
Massachusetts Will Bring $1 Billion GO Deal Competitively
Massachusetts is set to launch a $1.08 billion general‑obligation bond sale on April 22, divided into four series ranging from $185 million to $360 million. The competitive offering targets eight to ten banks per series and includes a refundable component that can be withdrawn...
Rising Price Risks Boost Case for Bond Ladder ETFs
Rising inflation risk, highlighted by February's CPI showing a 0.3% monthly and 2.4% annual increase, is prompting investors to seek more resilient income strategies. Bond ladder exchange‑traded funds, especially those that distribute principal, are positioned as a hedge against sticky...
7 High-Yield Fixed Income CEFs Trading At Wide Discounts
Seven high‑yield fixed‑income closed‑end funds—ARDC, BGH, BIT, GHY, KIO, OPP and WDI—are trading at discounts wider than their historical averages, delivering yields between 10% and 14%. Market anxiety over private‑credit exposure and broader macro uncertainty has depressed prices, while distributions...
3 Top-Ranked Municipal Bond Funds to Reduce Your Portfolio Risk
Municipal bond mutual funds offer tax‑free income and capital preservation for risk‑averse investors. Zacks has identified three funds—SEI Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX), Franklin High Yield Tax‑Free Income Fund (FRHIX) and Vanguard High‑Yield Tax‑Exempt Fund (VWAHX)—each holding...
Iran War May Widen 10-Year Yield’s Market Premium Vs. Fair Value
The US 10‑year Treasury yield remains above the Capital Spectator’s fair‑value estimate of roughly 4.0%, closing at 4.34% after a brief rise to 4.50% in late March. A market premium that spiked over a percentage point during the 2022‑23 inflation...
Called Early, Paid in Full
Eagle Point Income Company’s Series C term preferred was called on April 3, 2026, exactly on its first‑call date. Investors who bought at $25.09 earned seven monthly distributions totaling about $1.17 per share, offsetting the $0.09 price loss when the...
Muni Bond ETFs: Beyond Tax Season Fundamentals
Municipal bond exchange‑traded funds captured $12 billion of new assets in the first quarter of 2026, with $4.4 billion flowing in during March alone. While the low‑cost passive leader iShares MUB still dominates at $43 billion, active offerings such as Capital Group’s CGMU,...
US Inflation Stays High, No Fed Cut Yet
Bond Market Message = #HFL = Higher For Longer on US Inflation with no Fed Rate Cut bailout (yet)
US Treasury Yields Tick Higher as Core CPI Misses Forecasts
Core consumer price inflation in the United States came in below analysts' forecasts, easing concerns about persistent price pressures. The softer reading prompted a modest rise in both the 2‑year and 10‑year Treasury yields, marking the day's most notable move...
S&P Dow Jones Launches New CDS Index Facilitating Bets Against Private Credit
S&P Dow Jones has launched a credit‑default‑swap (CDS) index that tracks a basket of private‑credit issuers, giving investors a standardized way to hedge or short exposure to the fast‑growing private debt market. The index, which aggregates roughly 30 mid‑market loan...
Louisiana Citizens Seeks $150m Named Storm Reinsurance with Bayou Re 2026-1 Cat Bond
Louisiana Citizens Property Insurance Corporation, the state’s non‑profit insurer for high‑risk homeowners, is issuing a $150 million Class A tranche cat bond through Bayou Re Ltd. Series 2026‑1. The deal, its twelfth cat‑bond sponsorship and seventh consecutive year of new issuances, will replace...
Wildfire Explosion Leads to Higher Financing Costs for Vulnerable Cities
A University of Iowa study finds that municipalities with high wildfire risk pay about 0.36% more on municipal bonds, translating to roughly $4 billion in extra taxpayer costs between 2000 and 2022. The premium, roughly two‑thirds of the sea‑level‑rise bond premium,...