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Municipal bond market faces pressure from fragile cease‑fire and $13.5B new‑issue slate
Analysts warn that a fragile cease‑fire in the Middle East and a $13.5 billion new‑issue calendar will pressure the municipal bond 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 other issuers. While the cease‑fire may offer short‑term comfort, the risk of renewed conflict remains high.
The Reserve Bank of India (RBI) kept its benchmark policy repo rate steady at 5.25% and reiterated a neutral stance on April 8, 2026. The decision came as the RBI’s Monetary Policy Committee cited resilient macro fundamentals despite heightened geopolitical tensions, and it was immediately reflected in a rally on Indian equities and a modest appreciation of the rupee.
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...
Morningstar DBRS withdrew both issuer and term‑loan credit ratings for seven solar power projects owned by Concord Solar Energy Inc. The discontinued loans total roughly CAD $374 million (about US $277 million) and mature between 2032 and 2035. The rating removal was...
🌍 Global News Update: ⦿ Brazil's 10-year bond yield tumbled toward 13.7% as crude oil prices plunged, improving the inflation outlook. ⦿ US crude inventories rose by 3.1 million barrels to 464.7 million barrels in the week ended April 3. ⦿ US 10-year...
Nice move lower today for bond yields. Should result in 30-year fixed mortgage rates back around ~6.375% or lower. But they remain about 0.375% above late February lows and the ceasefire appears tenuous. Actually surprised things haven't already turned higher again...
A ceasefire in Iran was announced, prompting immediate market reactions. Treasury yields opened higher, preserving bullish gaps and compressing the Federal Reserve’s rate‑cut outlook from an 18‑month to a 15‑month horizon. Technical analysis identifies narrow 3‑5‑basis‑point target ranges for the...
Forget US Treasuries, Chinese bonds are the new safe-haven trade Since the start of the war, foreigners have: - Dumped $82B of Treasuries - Piled into panda bonds The math makes sense: - US 10-year yield: 4.4% - China 10-year yield: 1.8% In the midst of the...
Hannover Re has renewed its Cumulus Re (Series 2026-1) parametric cloud‑outage catastrophe bond, increasing retrocessional cyber‑reinsurance capacity to $35 million, up from $20 million in the 2025 issuance. The bond, designed by Parametrix Analytics, uses a parametric trigger based on sustained downtime...
In February, high‑yield bond issuance topped institutional leveraged‑loan issuance for the first time in recent months. HY bonds reached $29.7 bn, slightly above the $28.6 bn of leveraged loans, according to Debtwire. The shift reflects investors' appetite for higher‑yield debt amid tightening...
Morningstar DBRS assigned a provisional (P) AAA (sf) rating to the Class A Notes of Advanzia Master Issuer Compartment 2, marking the first public issuance from the Luxembourg‑based bank’s master‑trust structure. The notes are backed by German consumer credit‑card receivables, with the agency...
Franklin Templeton Investment Solutions kept its overweight stance on catastrophe bonds, noting that despite compressed yields and spreads, the asset class remains fundamentally sound. Q1 2026 saw a record $6.7 bn of cat‑bond issuance across 35 transactions, with new and repeat sponsors...
A good day for the #bond market and #mortgagerares for a change. #economics #housing #realestate
$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
TT International’s head of emerging‑markets debt, Jean‑Charles Sambor, highlighted the firm’s growing role in diversified investor portfolios during the Funds to Watch Asia video interview. He noted that the firm’s emerging‑markets debt funds have generated roughly 7% net return year‑to‑date,...
The market priced as a short-term shock, not structural change: bond yields rose, but long-term inflation expectations did not -> real yields moved rose, a headwind to price of gold.
Followed by everyone, and it does seem like everyone in EZ rate space, who has been long ERZ6 since 97 and change.
JPMorgan Income ETF (JPIE) posted a 6.9% total return over the past 12 months while delivering less than half the volatility of the Bloomberg U.S. Aggregate Bond Index. The fund currently yields 5.6% and benefits from a flexible, multi‑sector mandate...
It's a fragile truce so I am surprised how confident the UST rally has been overnight. I guess taking cues from Trump who seems to have his own favored take on developments
Tplex: Dimes also fired up this morning +23/32nd's 10 Yr Notes below 4.25% (4.238% -10.5 bp's)
Traders have sharply revised expectations for Bank of England policy, now pricing in only a single 25‑basis‑point rate hike after a cease‑fire between the US, Israel and Iran eased Middle‑East tensions. The two‑year gilt yield fell to 4.1%, down from...
Good day to gross up and broaden our new short position in US Treasuries (ahead of CPI) $TLT
UK and European Bond Yields straight down alongside Oil, but their TREND Signals are still up
Nuveen Preferred and Income ETF (NPFI) provides institutional investors with actively managed preferred‑stock exposure, featuring roughly 81% investment‑grade holdings and a 51.5% non‑U.S. issuer mix. The fund’s global diversification leans heavily toward systemically important banks, delivering a 2025 return of...
Bond Market Volatility doesn't get to just "trade" on an euphoric US Stock Market open today - it needs to deal with CPI ripping higher on Friday too https://t.co/DM64FBQn7l
German 10y (nominal) yields plunge 15bps (w/10y inflation expectations down 10bps) on Iran ceasefire. https://t.co/TN4TRdNdX1
Fixed Income Clearing Corporation’s Government Securities Division announced that Hilltop Securities Inc. has been added as a new participant in its netting system, assigned participant number 9687. The activation becomes effective with trade date Friday, April 17, 2026, requiring all GSD members...
Indian government bond yields dropped sharply on Wednesday as oil prices plunged following a U.S.-brokered two‑week cease‑fire with Iran. The benchmark 2035 bond yield fell to 6.9177%, down from 7.0458% the previous day, just before the Reserve Bank of India’s...
Tripadvisor, Inc. paid $345.4 million to retire its 0.25% convertible senior notes due 2026, using cash on hand. No noteholders elected to convert, and the company did not issue any new equity, preserving its capital structure as it moves into a...
U.S. Treasury yields erased an early rally after an Iranian official declared the newly announced two‑week ceasefire with the United States was violated. The ceasefire, which had initially driven oil prices lower and softened inflation concerns, sparked a brief surge...
Two-week ceasefire leads to drops in oil and bond yields. #oil #bonds #economics #mortgagerates #chartdaddy
Municipal bonds held steady with modest gains in select sectors on Tuesday, even as President Donald Trump warned of a deadline for Iran to reopen the Strait of Hormuz. The market’s calmness contrasted with heightened volatility in Treasury yields and...
Milwaukee’s Wisconsin Center District is reviewing a consultant report that recommends a 650‑room, publicly financed hotel attached to the Baird Center. The plan seeks to close a 418‑room gap with rival Columbus and recapture lost conventions worth $5‑9 million each. Officials...
The Illinois Commission on Government Forecasting and Accountability projects $3.2 billion in bond issuances for FY2027, pushing total outstanding debt to $29.9 billion. Improved credit ratings have lowered true interest costs to about 4.95% for taxable bonds, down from 5.35% earlier in...
Houston Treasurer Vernon Lewis announced the city will attempt to re‑enter the market with a speculative‑grade United Airlines bond issuance worth roughly $400 million. The deal, originally slated for November, was shelved twice—first due to weak investor interest and later because...
Afri Fund Capital announced a $6 billion cross‑listed debt issuance to fund the final phase of the LAPSSET Corridor, linking Ethiopia to Kenya’s Lamu Port. The bonds will be listed on the Nairobi and London exchanges, with a third listing in...
Trump’s Iran ultimatum is basically the only story for bond traders today. USTs have seen a volatile morning, swinging back and forth in reaction to the news and moves in crude oil prices. They are now recovering from the early...
Yahoo kicking off a $1.6B refi. S+550 at 98.5. Mid-to-high 9s. Apollo paid $5B for this in 2021. Existing debt matures in 2027. Let’s see how this goes
New Hampshire postponed the refunding portion of its annual $83 million general obligation (GO) bond sale, citing unfavorable market conditions. The state proceeded with a $60 million tranche sold to TD Bank at a true interest cost of 3.5723%, while the $23 million...
See my 10Y yield targets then read this quote by Jeff Gundlach: “Well, I think my base case is that the long-term interest rates on treasuries will move higher until such time as they get to a level that is difficult...
Should we be concerned that bond yields and mortgage rates are flat/down in the midst of current events? Especially on the back of a hot jobs report... You can call it "wait or see" or maybe things are a lot worse...
UBS chief strategist Bhanu Baweja warns bond traders that markets are pricing a 2022‑style, coordinated central‑bank tightening in response to the Iran war, which may be unrealistic. He argues that the Federal Reserve, European Central Bank and Bank of England...
Today's podcast discusses #mortgage spreads and how the #housing market is holding up with wartime #economics @housingwire @sarahteresa6 #housing #chartdaddy
Almost one year ago right now on April 8th the 10-year nearly hit 5% and futures were crashing. That next day we had 🌮 s and it was the start of a 10-month win streak for the Dow. Something about early April...
Anchorage Digital, a federally chartered digital‑asset bank, announced it will custody USDM1, a U.S.‑dollar‑denominated sovereign debt instrument issued on the blockchain by the Republic of the Marshall Islands. The debt is collateralized one‑to‑one with U.S. Treasury securities and is issued...
Lawyer for state AGs says Nexstar failed to redact the $150 million bond request in one of its filings that was not filed under seal
According to Fedlock, today's speech from Fed Governor Jefferson was his most hawkish since 2023 https://t.co/rgs6erEO5l
The International Monetary Fund warned that emerging‑market economies are becoming increasingly exposed to sudden capital outflows from hedge funds that can shift positions quickly. Hedge funds have expanded their holdings of sovereign and corporate debt in these markets, often using...
The average 30-year fixed mortgage rate today: 6.44% Same day last year: 6.82% ------------------- 10-year Treasury yield today: 4.33% Spread today: 212 bps
Trifecta of a hawkish Fed, slowing wage growth and surging energy prices seems like a bad combo at a time when household debt delinquencies were already mounting. The 10-year Treasury yield hasn't been this high relative to the growth rate...
