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Muni market faces pressure from fragile cease‑fire and $13.5B new‑issue slate
Analysts warn that a tentative cease‑fire in the Middle East and a hefty $13.5 billion municipal new‑issue calendar will strain the market next week. The issuance slate is led by $2.3 billion of taxable general‑obligation bonds from New York City and $1.5 billion from another major issuer, keeping supply high amid geopolitical uncertainty.
DBRS, Inc. assigned provisional credit ratings to the upcoming HLTN Commercial Mortgage Trust 2026‑DPLO series of commercial mortgage pass‑through certificates. Class A received a (P) AAA rating, while the lower‑tier classes range down to (P) B for Class F and the HRR tranche. All ratings are marked stable and provisional‑new, reflecting DBRS’s initial confidence pending final issuance. The rating spread across seven classes creates a tiered risk profile for the new CMBS offering.
Bond trustee UMB Bank NA has filed a lawsuit in Indiana seeking a court‑appointed receiver for two addiction‑treatment centers financed with $117 million of tax‑exempt municipal bonds. The suit targets Wisconsin’s Public Finance Authority (PFA) and three healthcare managers, alleging financial...
The US‑Israeli war in Iran has pushed U.S. Treasury yields higher, adding roughly $4.4 billion to Africa’s annual debt burden. With $149 billion of Eurobonds outstanding, the continent now faces $900 million to $1.2 billion of extra fiscal pressure each year. The increase stems...
One Alliance North America Insurance Company has increased the size of its debut catastrophe bond, One Shield Re Ltd. Series 2026-1, to as much as $125 million. The bond will provide three years of multi‑peril reinsurance covering named storms in six...
Hong Kong's government plans to raise its borrowing ceiling for the Sustainable and Infrastructure Bond programmes from HK$700 billion to HK$900 billion (approximately US$115 billion). The increase is intended to fund major infrastructure projects, notably the Northern Metropolis megaproject, over the next two...
Mapfre Re is launching its third catastrophe bond through the Ireland‑based Recoletos Re DAC, targeting at least $200 million of US named‑storm protection on an indemnity, per‑occurrence basis. The Series 2026‑1 Class A notes attach at $150 million of losses, exhaust at $350 million, and...
Once again, the UK financial markets are dominated by the “high beta” character of government bonds. (Please see Bloomberg data below.) This isn't just about rate volatility in the national benchmark; it’s also about how that volatility undermines market liquidity, complicates...
National Savings and Investments re‑launched its Green Savings Bonds this week, offering a higher fixed annual equivalent rate of 3.82% over a three‑year term. The bonds, which fund renewable, clean‑technology and now nuclear projects, require a minimum £100 investment and...
Capri Global Capital announced a ₹500 crore non‑convertible debenture (NCD) issuance, comprising a ₹100 crore base issue and a ₹400 crore green‑shoe option. The NCDs offer tenures of 24, 36, 60 and 120 months with coupons up to 9.5% per annum and will...
A guest on @business questioned this morning why anyone would buy gold when you can buy inflation protected securities yielding 2.7%. Excellent question. A few answers: First, maybe I misheard him, but TIPS yields are currently just a tad under 2%...
Well that is a problem given that in the last couple weeks, the MOVE Volatility Index and US policymakers’ actions (TACO’d every single time 10y hit 4.4%) empirically showed that the US & world cannot handle >4.4% on the 10y. #YouDownWithYCCYeahYouKnowMe
The announcement of a two‑week ceasefire between the United States and Iran sent U.S. 10‑year Treasury yields down 8 basis points to 4.23% and sparked a broad rally in sovereign bonds worldwide. The move erased a sizable risk premium on...
Bond issuance is surging. More supply into already tight spreads. That math doesn't work forever. When the dam breaks, you want a fund that rotates. $JOJO. https://t.co/rq34u6KTHX
That’s the thing about treasury bills man, there’s $8t that rolls over every year And the world keeps spinning every year despite it!
CoreWeave is issuing $1.25 billion of junk‑bond notes due 2031 after expanding its AI compute agreement with Meta Platforms. The private placement will fund general corporate purposes and refinance existing debt. The move highlights CoreWeave’s confidence in scaling AI‑focused cloud services...
Between tomorrow's CPI and today’s 30-year auction, Treasuries are feeling the heat. That ceasefire euphoria has already faded - 30s are back north of 4.90%
Two topics that get 100x more airtime than they deserve on fintwit: 1) Trillions in Tbills constantly maturing and getting bought again by the same balance sheets that hold them now. 2) The Treasury issuing some on-the-run debt to buy back some...
City Developments Ltd (CDL) announced a S$2 billion (~$1.48 billion USD) multicurrency perpetual securities issuance programme. The net proceeds will fund general working capital, corporate funding for CDL and its subsidiaries, and refinance existing borrowings. The perpetual securities carry no fixed maturity,...
oil up, or oil down, risk on, or risk off... one thing remains clear... stocks $SPX vs. bonds $TLT are in a multi-year uptrend... https://t.co/7V1yxCbBNO
The Euro got hijacked by high-debt countries to foster the illusion they're solvent. But yield caps don't confer fiscal space, which is why - when a shock like Ukraine hits - Spain (ES), Italy (IT) and France (FR) can't help....
After the ceasefire announcement, market pricing shows a broadly dovish repricing of interest‑rate expectations as inflation worries ease. The Fed now shows a 7‑basis‑point cut probability with a 98% chance of holding rates at the next meeting. Most other central...
Hey @grok, what happens to interest payments when the U.S. government has to refinance $8 trillion of debt next year at higher interest rates?
The Congressional Budget Office reports that the U.S. Treasury paid roughly $529 billion in net interest during the first six months of FY2025‑26, about $88 billion each month. This interest outlay matches the combined spending of the Defense and Education departments and...
Fixed Income Beacon highlights a fixed‑to‑floating subordinated note issued by a consistently profitable regional bank. The security trades at a spread of more than 230 basis points, delivering a yield to maturity above 6.2%, and features an early‑call option that...
"A wall of debt maturities is looming for the private markets industry, with more than $330 billion of high yield, leveraged loan and business development company-linked software and technology debt coming due for repayment through 2028." https://t.co/tbaFKL3oym
TREPP's March CMBS report shows the delinquency rate climbing to 7.55%, the highest level since COVID‑19. The surge is driven by lodging, office and multifamily loans, with $5.1 bn of new delinquencies and $2 bn concentrated in the five largest loans, underscoring...
Moody's and S&P Global Ratings both raised the outlook on Echo Global Logistics to positive after its $5.2 billion acquisition of ITS Logistics. The agencies kept the underlying B‑grade ratings but projected the combined firm’s debt‑to‑EBITDA ratio to fall into the...
The U.S. Treasury auctioned $39 bn of ten‑year notes on April 8, 2026, achieving a high yield of 4.282% and a bid‑to‑cover ratio of 2.43, below the ten‑auction average of 2.50. Direct domestic demand rebounded, but softer indirect (foreign) participation points to...
Florida Peninsula Insurance Company has raised the target size of its Palm Re Ltd. Series 2026-1 catastrophe bond to $250 million, marking a second increase since the deal’s launch. The insurer also cut the price guidance for the Class A notes to...
French rolling‑stock specialist Akiem completed a €1.52 billion ($1.66 billion) green senior debt refinancing, converting all existing borrowings to sustainable financing. The deal combines 7‑ and 10‑year bank loans with 15‑ and 20‑year private placements, extending maturities to two decades. A €700 million...
Indian government bond yields rose after the Reserve Bank of India left the repo rate unchanged, while crude oil rebounded toward $98 per barrel amid renewed doubts over the US‑Iran ceasefire. The benchmark 2035 bond yield climbed 4 basis points...
The Federal Open Market Committee kept its policy rate at 3.5%‑3.75% during the March meeting, citing uncertainty from the recent US‑Iran conflict. Minutes reveal a split among officials: some fear lingering inflation could demand hikes, while others see labor‑market risks...
Buckler Securities LLC has been approved as a Submitting Member/Agent Clearing Member of the Fixed Income Clearing Corporation’s Government Securities Division, effective April 20, 2026. The new status, listed as GSD Member #94C G, permits Buckler to submit transactions for novation on behalf...
TelevisaUnivision’s wholly‑owned subsidiary Univision Communications has launched a cash tender offer for its 8.0% senior secured notes due 2028, covering up to $1.44 billion of outstanding principal. The offer provides a $50 per $1,000 early‑offer premium and a fixed spread of...
Mayberry Investments Limited announced a secured bond offering of $2 bn to $3 bn at a 10.5% interest rate, aiming to refinance a recently matured $2.06 bn tranche and fund its transformation plan. The 18‑month issue will be listed on the Jamaica Stock...
T. Rowe Price, which oversees $1.80 trillion in client assets, announced its entry into the U.S. collateralized loan obligation (CLO) market by launching its first CLO fund. The move expands the firm’s fixed‑income platform and positions it among a growing cohort...
The U.S. Structured Risk Transfer (SRT) market is set to benefit from newly introduced clean‑up call provisions and an updated p‑factor methodology, collectively dubbed the B3E redux framework. These rules allow issuers to trigger early redemption of residual tranches if...
Bill Campbell, head of DoubleLine’s Global Sovereign & Emerging Markets team, warned that the Iran conflict – dubbed Operation Epic Fury – is injecting new inflation and growth risks into the global economy. He highlighted rising risk premiums for energy,...
On April 1, 2026, DBRS Limited confirmed Energir, L.P.'s issuer rating and First Mortgage Bonds at “A” and its Commercial Paper at R‑1 (low). The same “A” rating and stable trend were also confirmed for Energir Inc.'s issuer rating, First Mortgage Bonds, and Senior...
The PIMCO Multisector Bond Active ETF (PYLD) now manages about $12.54 billion in assets and posted a 6% total return over the past year. While the fund remains overweight in investment‑grade and securitized holdings with a 4.7‑year duration, its volatility and...
The Iran‑driven crisis and the temporary closure of the Strait of Hormuz sparked warnings of the largest geopolitical oil shock in history, with the Dallas Federal Reserve estimating a disruption two to three times larger than the 1973, 1979 and...
Morningstar DBRS confirmed credit ratings for New Mountain Guardian IV Rated Feeder III's floating‑rate notes due 2037. The Class A‑2a senior secured notes received an AA (low) rating with a 56% cumulative advance rate, the Class A‑2b notes were rated...
On April 1, 2026 the Board of Trustees of ETF Opportunities Trust announced the closure and liquidation of the REX Bitcoin Corporate Treasury Convertible Bond ETF (ticker BMAX). Trading will cease on April 13, 2026 and the fund will be liquidated by...
Blackstone Strategic Credit 2027 Term is trading at a discount that has widened to over 5.5%, pushing it above the analyst’s buy threshold. The fund’s floating‑rate, senior‑secured loan portfolio offers diversification but carries leveraged below‑investment‑grade credit risk. A large institutional...
The year is June 2027. First Brands’ new money ultra-priority DIP Tranche AA just traded down to 50 cents. Great news though - the QofE just hit. Finally, the global refi can commence.
10Y–2Y yield curve keeps grinding lower, but the type of flattening has shifted from “bear” (short rates up) to “bull” (long rates getting bid). That suggests the bond market is growing more cautious about US economic growth, while the Fed...
It is remarkable that the NZ 2-year yield saw little adjustment with the RBNZ's hawkish shift. The NZ-US 2-year spread was essentially unchanged despite the $NZUSD rally. Remarkable
“I think the most interesting thing about today is that bonds haven’t reacted as strongly as the rest of the market,” said Eric Wallerstein, chief macro strategist at Clocktower Group @MarketWatch https://t.co/Eyc4GpGRzX
The 2yr yield is currently just 14bps above the Fed Funds Rate That's historically tight - it has averaged +0.3ppts since 1976 @sonusvarghese https://t.co/lbr63DqekD
$HYG Daily. High Yield Corporate Bond ETF gapping up to 200-day moving average. With Fed Minutes today, then major macro rest of week, am watching to see late-cycle concerns reappear https://t.co/s1J9PRXCS5
