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.
Mortgage Rates Spike to 6.46%, Sending MBS Yields Higher and Housing Market Reeling
U.S. mortgage rates jumped to 6.46% amid geopolitical tension, lifting yields on mortgage‑backed securities and tightening credit conditions for homebuyers. The surge reverses a brief decline that had raised hopes for a strong spring housing market in Greater Boston.
Oil Shock Inflation Temporary, Fed Should Keep Cutting Rates
Kevin Hassett tells @MariaBartiromo the inflation from the oil-price shock will be temporary and should allow the Fed to continue cutting interest rates: "There are a lot of people who are currently at the Federal Reserve that understand that, that this...
Munis Showed up Throughout a Volatile First Quarter
Jeff Lipton of The Bond Buyer notes that the municipal bond market weathered Q1 volatility driven by the Iran‑Israel conflict and soaring oil prices. Issuance remained robust, posting an 8% year‑over‑year increase with March volume up 20% YoY. Yields rose...
Morningstar DBRS Releases Monthly Canadian Commercial Paper Report for January 2026
Morningstar DBRS released its January 2026 Canadian commercial paper report, offering a detailed snapshot of short‑term debt issuance for the month. The publication includes data on total issuance volume, issuer credit ratings, and sector breakdowns. The report is publicly available on the...
KBRA Revises Outlook Upward on CTA TIFIA Loans
KBRA has upgraded its outlook on the Chicago Transit Authority’s 2015‑2016 TIFIA loans to stable, affirming an AA‑minus long‑term rating. The change follows Illinois Senate Bill 2111, which injects over $500 million in annual sales‑tax revenue into the CTA starting FY 2026....
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Understanding Open Market Operations: The Fed's Tool for Monetary Policy
Open market operations (OMOs) are the Federal Reserve’s primary tool for adjusting the money supply by buying or selling Treasury securities. Permanent OMOs involve outright purchases or sales to shape long‑term rates, while temporary OMOs use repos and reverse repos...
The Rise of Digital Debt Securities in the Middle East
The Gulf Cooperation Council (GCC) is accelerating the adoption of digital debt securities, with several banks issuing digitally native bonds on blockchain platforms. Notable issuances include First Abu Dhabi Bank’s $100 million note, Qatar National Bank’s $500 million digital bond, Doha Bank’s...
Reconciliation Becomes More Real
Congressional insiders see a shift toward a second, possibly third, budget‑reconciliation bill as the House eyes new revenue sources, including making municipal bonds taxable. The effort must clear the Senate's Byrd Rule and stay within the Ways and Means Committee's revenue focus....
Univision Moves Ahead With 2028 Tender Offer
TelevisaUnivision’s domestic arm, Univision Communications, has initiated a tender offer for its outstanding 8% senior secured notes due 2028. The offer allows eligible debtholders to tender up to a maximum amount, which has not been disclosed. By targeting the entire...
Unedic Raises €3bn From Social Bond
Unedic announced the issuance of a €3 billion social bond on 9 April 2026, marking one of the largest ESG‑linked financings in Europe this year. The proceeds are earmarked for affordable‑housing construction, renewable‑energy retrofits, and community development projects across the continent. The bond...
HLTN Commercial Mortgage Trust 2026-DPLO: Presale Report
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...
UMB Sues Public Finance Authority, Addiction Center Manager After 'Collapse'
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...
America’s War Is Adding to Africa’s Debt Burden
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 Lifts Target for One Shield Re Cat Bond to as Much as $125m
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 Seeks to Raise Bond Issuance Ceiling to HK$900 Billion
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 Seeks $200m US Named Storm Cover with Third Recoletos Re Catastrophe Bond
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...
UK Bond Volatility Undermines Liquidity and Mortgage Availability
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...
NS&I Puts Green Savings Bonds Back on Sale with Improved Interest Rate
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 to Raise ₹500 Crore Through Debenture Issue
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...
Gold’s Dip Tied to Rising Yields, Not Inflation Fears
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%...
Fed's 2% Target Deemed Myth; No Near-Term Hikes
JPMorgan’s Bob Michele went on to say that the Fed’s 2% target is increasingly a “myth,” and that US central bankers are tacitly accepting a higher rate as acceptable. So even if inflation stays sticky, he doesn’t see rate hikes...
U.S.–Iran Ceasefire Triggers Global Bond Rally, 10‑Year Yields Drop 8 Bps
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...
Core CPI Must Rescue Markets Amid 0.9% Crude Spike
CPI hedging dominating now after 30y auction. Crude driven headline expected to print at an eye-popping 0.9% so it will be up to core to save us
Israel-Lebanon Talks Boost Treasury Gains, Optimism Rises
Another does of optimism after Israel agreed to direct talks with Lebanon. USTs reversed earlier losses and surged higher with long-end lagging before 30y auction. WIs 4.88
CoreWeave Tapping Junk Debt Market After Meta AI Computing Deal
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...
10‑Year Yield Above 4.4% Proves Unmanageable
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
Rising Bond Supply Threatens Tight Spreads, Rotate Funds
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
CDL Sets up S$2 Billion Multicurrency Perpetual Securities Issuance Programme
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,...
Eight Trillion Dollars of T‑Bills Rollover Every Year
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!
Treasury Yields Surge Above 4.9% Amid CPI, Auction Pressure
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%
How Have Interest Rate Expectations Changed After the Ceasefire Announcement?
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...
Treasury Bill Rollovers & Debt Swaps Overhyped on FinTwit
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...
Stocks and Bonds Both Riding Multi-Year Uptrend
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 U.S. Government Is Spending $88 Billion a Month in Interest on National Debt—Equal to Spending on Defense and Education...
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...
Euro's Debt Charade Leaves Spain, Italy, France Vulnerable
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....
Refinancing $8 Trillion Will Spike U.S. Interest Costs
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?
Paid to Wait With a Coupon That Gets Better When Everything Else Gets Worse
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...
Private Markets Face $330B Debt Maturity Crunch by 2028
"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
CMBS Delinquencies Hit 7.55% in March, Matching Pandemic Peaks
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, S&P Boost Echo-ITS $5.2B Freight Merger with Positive Outlook
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...
US Treasury 10‑Year Auction Draws $39 Bn at 4.28% Yield, Bid‑to‑Cover Falls Below Average
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 Raises Palm Re 2026-1 Cat Bond Target Again, to $250m
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...
Akiem Secures EUR 1.52 Billion Green Refinancing
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...
Bond Market Strategy: How Investors Should Position After RBI Policy, US-Iran Ceasefire Talks
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...
To Raise or Not to Raise Interest Rates? ‘Several’ Fed Policymakers Are Divided on Rate Hikes, March Minutes Show
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...
New Agent Clearing Member of the Government Securities Division of FICC: Buckler Securities LLC/ACM Omnibus – GSD Member #94CG
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 Anuncia Oferta Pública De Aquisição À Vista Para Seus Títulos Seniores Garantidos De 8,000% Com Vencimento Em 2028
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 Launches $3 Billion Secured Bond to Refinance $2 Billion Debt
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-Makes-US-CLO-Market-Debut
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...
New-Clean-up-Call-Rules-to-Help-US-SRT
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...