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.
Could Fed Liquidity Plunge By Half?
The Federal Reserve has outlined a plan to shrink its balance sheet by roughly $1.7 trillion, effectively halving the liquidity it provides to markets. The proposal assumes a high degree of coordination between the Treasury and the Fed, as well as stable demand from the private sector—conditions that historically prove elusive. Michael Howell argues that such a reduction is not a neutral policy move and could destabilize credit markets. The analysis cautions investors and policymakers to scrutinize the practical feasibility of the Fed’s technical blueprint.
Cat Bonds Not as Soft as a Quarter Ago, but Falling Prices Erode some Returns: Lane Financial
Lane Financial’s latest ILS report shows that non‑impaired natural catastrophe bond yields have risen from 5.14% to 5.98% in Q1 2026, lifting the underwriting margin by 77 basis points. However, higher yields have pushed average secondary‑market prices down to $101.7 from...
DLY: This High-Yielding Fund Could Struggle Along With The Rest Of The Bond Market
DoubleLine Yield Opportunities Fund (DLY) offers a 10.37% distribution yield but has lagged peer and index performance, delivering disappointing recent returns. The fund’s diversified debt portfolio remains exposed to overall bond‑market weakness and a waning safe‑haven appeal of U.S. Treasuries....
Debtwire Middle-Market – 3/30/2026
The VanEck BDC Income ETF (BIZD) posted a dividend yield of 13.4% on March 30, up 157 basis points from the end of 2025. This rise reflects a broad repricing of business development companies, many now trading below net asset value as...
Fed President Signals Rate Hold, Open to Adjustments
St. Louis Fed President Alberto Musalem: “I expect the current setting of the policy rate will remain appropriate for some time.” "I could support additional easing if a greater risk of a weakening labor market becomes apparent, provided inflation and inflation...
Nigeria's Debt to Surge Past N155 Trillion After Senate OKs $6 Bn Loan
President Bola Tinubu’s request for a $6 billion foreign‑currency loan was approved by the Senate in under four hours, pushing Nigeria’s total sovereign debt to N155.1 trillion (about $111 billion). The borrowing, split between a $5 bn structured swap with First Abu Dhabi Bank...
WEEKLY WEBCAST: Bond Vigilantes Are Mobilizing Globally
A wave of bond‑vigilante activity is reshaping yield curves globally after the Middle‑East war triggered an unprecedented oil‑supply shock. Investors are aggressively repricing short‑term rates, with the U.S. front end appearing especially oversold. Dr. Ed and contributing editor Elias Griepentrog...
Each Dollar of Debt Increases Rate Risk, Reduces Crisis Flex
From the @wsj “the safety of Treasury debt is a function of math and confidence…. There is no magic number where U.S. debt becomes unsustainable, but every tick upward leaves the government more exposed to interest-rate fluctuations and less able...
US Bond Market Endures Record 68‑Month Drawdown
The US Bond Market has now been in a drawdown for 68 months, by far the longest in history. https://t.co/iK6GQkwPgq
A High-Conviction Short-Duration Income Trade (CFO Told Us the Answer)
Fixed Income Beacon highlights a preferred‑stock issue from a well‑capitalized regional bank holding company as a high‑conviction, short‑duration income trade. The bank’s deposit quality has improved dramatically, with wholesale funding cut nearly in half and non‑interest‑bearing demand deposits now exceeding...
High‑Yield Bonds Diverge, Falling While Risk Rally Persists
$HYG Daily. Biggest early divergence to the rally in risk is high yield/junk and some private credit names in the red. Here, high yield corporate bonds gapping down. Trump speech tonight on tap https://t.co/9x0hkcFmtd
Morningstar DBRS Finalises Provisional Credit Ratings on NewDay Partnership Master Issuer Plc, Series 2026-1 and Discontinued Credit Ratings on the...
Morningstar DBRS issued provisional ratings for NewDay Partnership Master Issuer plc’s Series 2026‑1 notes, assigning AAA to Class A, AA to Class B and BBB to Class C. The notes are secured by a pool of co‑branded UK credit‑card receivables, recently bolstered by high‑performing...
France’s Budget Cuts Hit Ardian‑Backed AD Education and Fortress‑Owned Firms
Macron’s tightened apprenticeship funding has forced AD Education’s debt to trade at 67 cents on the euro, just months after Ardian‑backed firm raised €700 million. The policy shift also rattles Fortress Investment‑owned Brightline Trains Florida and retailer Poundstretcher, underscoring sovereign fiscal risk...
Gilts, Euro Bonds Rally as Oil Slumps on Iran Optimism
Gilts and European bonds surge as oil drops on Iran war optimism https://t.co/FkSGPhfdFv via @alicegledhill1 @highisland https://t.co/pKqalXyzEV
Cash Flows
Jyske Realkredit has filed detailed cash‑flow data for its outstanding bonds with Nasdaq Copenhagen, complying with Section 24 of Denmark’s Capital Markets Act. The data, provided in an attachment, is also posted on the lender’s website for public access. The...
New Hampshire Issues Bitcoin-Backed Municipal Bond with Ba2 Rating: Moody's
New Hampshire became the first U.S. municipality to issue a Bitcoin‑backed municipal bond, receiving a Ba2 rating from Moody’s on April 1, 2026. The bond is the inaugural public‑finance instrument backed by cryptocurrency assets and is classified as upper‑medium‑grade, reflecting moderate credit...
Gilts and European Bonds Surge as Oil Drops on Iran War Optimism
UK and European government bond yields plunged as oil prices fell 5% on optimism that the Iran war could end soon. German 10‑year yields slipped to 2.94%, the lowest level since March 18, while French and Italian yields each dropped more...
DNeX to Issue RM3bil Sukuk for Growth, Capex
DNeX (Dagang NeXchange Bhd) announced a sukuk programme worth up to RM3 billion (approximately $630 million) to fund working capital, investments and capital expenditure. The programme, structured under the Wakalah Bi Al‑Istithmar principle, will issue both senior medium‑term notes and subordinated perpetual notes, with...
WEEK: Ideal Fixed-Income Strategy For Unallocated Funds
The Roundhill Weekly T‑Bill ETF (WEEK) provides investors with weekly cash distributions by investing exclusively in 0‑3‑month Treasury bills. Its active management aims to capture short‑term yield while keeping duration risk minimal. At a 19‑basis‑point expense ratio, WEEK offers tight...
China Accelerates Local Debt Cleanup via Central Debt Swap
1/4 Yicai: "China’s local debt cleanup is moving faster, with the central government’s debt swap program simultaneously lowering borrowing costs and shrinking the implicit debt pile." https://t.co/Ru3dUFDjL5
NMZ: Aligned To Benefit From Lower Interest Rates
Nuveen Municipal High Income Opportunity Fund (NMZ) offers a 7.8% yield while trading at a 1.57% discount to NAV, attracting income‑focused investors. The fund employs aggressive leverage—about 40% of assets—into unrated municipal bonds, which magnifies both returns and risk in...
The Macro Butler IG Portfolio (March 2026)
The Macro Butler IG Portfolio released its March 2026 performance snapshot, inviting investors to view detailed results via a subscription‑only factsheet and trade alerts. The newsletter also promotes the upcoming Macro Butler World Economic Summit 2026 and a partnership with XHK Asia,...
SGX to Launch Asia-Pacific Government Bond Futures- #Wealth #AssetManagement #AssetFinance
The Singapore Exchange (SGX) will debut Asia‑Pacific government bond futures on 20 April, covering sovereign bonds from India, Indonesia, Malaysia, Thailand and the Philippines. The contracts, margined and settled in US dollars, offer three maturities—three, five and ten years—based on FTSE Russell’s...
FTSE Russell Unveils Asia Liquid Government Bond Index Series- #Wealth #AssetManagement #AssetFinance
FTSE Russell has launched the FTSE Asia Pacific Liquid Government Bond Index Series, a new suite of local‑currency benchmarks covering India, Indonesia, Malaysia, the Philippines and Thailand. The series tracks the two or three most recently issued or reopened sovereign...
Iran War Threatens Trump Dream of Lower Interest Rates
The Iran‑Russia war has reignited a supply‑side shock, pushing 10‑year Treasury yields up about 35 basis points to roughly 4.30%, the steepest monthly decline since President Trump returned to the White House. The closure of the Hormuz Strait, which carries...
XCCC: Surprisingly Robust Performance From CCC Credits
The BondBloxx CCC Rated USD High‑Yield Corporate Bond ETF (XCCC) posted a modest 4% total‑return decline in 2026, outperforming many leveraged peers. Its resilience stems from low duration and moderate CCC credit spreads, which currently sit at 10.13%, near historical...
Bureau Veritas Expands Climate Bonds Verifier Network to Asia and Europe
Bureau Veritas announced that its Climate Bonds Standard approved verifier coverage now includes offices in China, Japan, India and France, extending its global footprint beyond Brazil. The move aims to meet rising demand for third‑party assurance on green‑bond issuances and...
Texas Local Officials Cite Bonding Needs, State Impediments
Texas city leaders warned that recent state actions are tightening access to municipal bond markets and curbing competition for procurement contracts. Austin Mayor Kirk Watson highlighted billions of dollars in upcoming projects—a $1.5 billion wastewater‑treatment plant, a $5 billion airport expansion, and...
Reconciliation Revives Tax Exemption Threat
Congress is weighing a second budget reconciliation bill that could strip the tax‑exempt status of municipal bonds, a move floated by House Budget Chairman Jodey Arrington and Senate Budget Chairman Lindsey Graham. The proposal, linked to fraud‑targeting tax cuts and...
Mativ's 95¢ Pricing Ranks Among Deepest US Lev Discounts
Mativ priced at 95 cents. Only 2 US lev loans have priced at deeper discounts this year.
ADG 3/31: Interval Training
U.S. banks are tightening credit for private‑credit vehicles as borrowing costs for business development companies have risen to roughly 2% above the Secured Overnight Financing Rate, squeezing fund managers' interest income. At the same time, redemption pressure on non‑public BDCs...
Four Bond ETFs Gain Spotlight as Rate Uncertainty Persists
With the Federal Reserve’s 175‑basis‑point rate cuts since 2024 and 10‑year Treasury yields hovering around 4.4%, analysts highlight four bond ETFs—Vanguard Total Bond Market (BND), Vanguard Short‑Term Corporate (VCSH), iShares TIPS (TIP) and Vanguard Intermediate‑Term Treasury (VGIT)—as leading options for...
Middle East Conflict Drives US Treasury Rally as Yields Slip 7 Bps Amid Oil Surge
Heightened risk from Iran‑related fighting sent investors into safe‑haven Treasuries, pulling the 2‑year yield down 5 basis points to 3.87% and the 10‑year to 4.36%. The rally unfolded even as Brent crude rose about 2% to over $100 per barrel,...
March 2026 PFF Rebalance
The Fixed Income Beacon predicts that the iShares Preferred Stock ETF (PFF) will act as a 4‑to‑5‑times net seller in March 2026, indicating strong selling pressure across most of its holdings. While the fund is shedding positions, it will also...
Finding Opportunity in Today’s Euro Credit Markets
Loomis Sayles portfolio manager Luuk Cummins highlights fresh opportunities in the Euro credit market, focusing on high‑growth "rising‑star" issuers and select non‑rated companies. He notes that tighter spreads and a shifting ECB rate outlook are creating pockets of attractive yield. The...
Green Bond ‘Maturity Wall’ May Prove Tricky for Zurich Climate Solutions Goal
Zurich Insurance Group faces a looming "green‑bond maturity wall" as a large tranche of its climate‑focused debt comes due in the next few years. The insurer’s interim emissions‑reduction target could be jeopardized if market volatility hampers the refinancing of these...
Barclays Predicts Growing Treasury Market Will Need Bailouts
Barclays strategists warn that the U.S. Treasury market, now worth roughly $31 trillion, has expanded faster than bank capital, creating a structural liquidity gap. Since 2009 the market has grown about 9% annually, while bank capital has risen only 3.8% per...
10‑Year Treasury Yield Rises to 4.4%, Investors Misread Market Signals
The 10‑year U.S. Treasury yield jumped to 4.4% after a volatile climb, prompting investors to overreact to the move. Analysts say the rise reflects lingering inflation worries and a market that has abandoned hopes for rapid Fed rate cuts, while...
Investors Rush Short‑Term Treasuries Amid Equity‑Gold Decline
With equities down and gold in the gutter (zero corr can be a nasty surprise), investors are PILING into treasury ETFs, which took in about $30b in March, over double recent monthly avg, namely ultra short like $SGOV and $BIL...
Foreign Central Banks Dump US Treasuries Amid Iran Conflict
"Foreign central banks sell US Treasuries in wake of Iran war" https://t.co/B4oQiLaXmS "Foreign central banks are selling US bonds at a time when the Treasury market is already under pressure as traders worry that the Middle East conflict could drive...
Upgrades Outpace Downgrades in Moody's Special Purpose District Review
Moody's latest special purpose district rating review, launched in December, recorded 158 upgrades, 57 downgrades and 60 confirmations across 164 Texas utility districts, 39 Colorado metro districts and 22 other states. Upgrades were mainly one‑notch and stemmed from stronger financial...
Foreign Central Banks Slash Treasury Holdings to 2012 Low
Foreign central banks have cut their holdings of Treasuries at the New York Fed to the lowest level since 2012. The selling has come as oil importers like Turkey, Thailand and India raise cash through asset sales to prop up...
Interest on Debt Outpaces Entire U.S. Defense Budget
$39T national debt. 10Y yield: 4.44%. Annual interest: ~$1.1T. That exceeds the entire defense budget. The US is paying more to service its past than to defend its future. There is no clean exit from a fiscal spiral at this scale. --- https://t.co/maHJkCjSBw
TED Talk
The article revisits the TED spread— the gap between LIBOR and U.S. Treasury bills—as a historic gauge of inter‑bank trust that foreshadowed the 2007 financial crisis. It argues that today’s equivalent warning signal is the crack spread, particularly the jet‑fuel...
NY Fed Custodial Treasury Holdings Drop Significantly
The FT has a good article on the recent fall in the Treasuries held by the New York Fed's custodial account 1/ https://t.co/q3XrJ1bvlZ
April Tax Season Squeezes Liquidity, Hits USTs
It's quarter-end with a smallish duration extension later today. More importantly a reminder that April is the cruelest month for USTs as tax payment season liquidity squeeze generally pressures financial assets https://t.co/k7egjG0Wku
Powell’s Inflation Reassurance Sends Gold Up 1% and Eases Rate‑Hike Fears
Fed Chair Jerome Powell told investors that inflation expectations remain well anchored and that the Fed will “wait and see” on policy, prompting spot gold to rise nearly 1% to $4,560 an ounce and pushing Treasury yields lower. The remarks...
Initiating Long Bond Shorts to Bet on Steepening
I am also beginning to leg into long bond shorts against a portion of this position to play for a steepener.
Foreign Central Banks Cut UST Holdings to 2012 Low
"Foreign central bank holdings of USTs at NY Fed fall to lowest level since 2012 in wake of Iran war" Via @seaniechaos https://t.co/VIiwJqrZAY
Franklin Templeton Launches Tokenised Bond ETFs as Investors Chase Fixed‑income Amid Volatile Yields
Franklin Templeton announced a partnership with Ondo Finance to issue five tokenised exchange‑traded funds, among them a high‑yield corporate bond ETF. The move comes as bond yields climb and investors seek fixed‑income exposure through blockchain‑based products.