Today's Bonds Pulse
Treasury yields spike, short‑term rates breach 5%
U.S. Treasury yields rose across the curve this week, lifting short‑term rates above 5% and long‑term yields near 4.5%. The jump adds pressure on Federal Reserve Chair Kevin Warsh ahead of his first policy meeting, with markets reading the move as a sign of stubborn inflation.
How to Use Pre-Trade Data to Better Target Automation on Rule Builder
Bloomberg’s Rule Builder (RBLD) lets buy‑side firms convert high‑quality pre‑trade data into automated routing and alerting rules for fixed‑income orders. The tool ingests pricing, axes, dealer performance and other signals to prioritize dealers and reduce market impact. A Bloomberg study shows automated trading outperforms manual execution in sovereign and credit markets across the US and Europe. By embedding real‑time intelligence, RBLD helps traders meet best‑execution mandates while scaling without added headcount.
AI Giant Issues $25B Debt to Boost Stock
The AI poster child is issuing $25B in debt to buy back its own stock. Not to invest in AI. Not to acquire capabilities. To support the share price. That's the strategy. $CRM
Options‑implied Fed Hike Odds Surge to 23%
You get a different result from the CME tool (derived from a simple probability-weighted average) if you use options prices in the Atlanta Fed's tracker As of Friday, options prices implied a rate hike had risen to around 23%, from 8%...
Bond Defaults Follow Cook County's Property Tax Delays
Cook County's transition to a new property‑tax software delayed bill issuance and collections, compressing cash flow for local governments. The delay forced East Dundee & Countryside Fire Protection District to miss its Jan 15 principal and interest payment on its 2021...
Rate Cuts Surge, yet Long-Term Yields Climb
fun fact: the @bankofcanada has decreased rates 7 times since September 4th, 2024... both Canada 5-year and 10-year yields are higher since they started... #oops
Treasury Prices Plummet, Rates Surge, Bear
$TLT Monthly. Treasuries have gone down in virtual straight line (and rates up) since initial launch on Iran two Fridays ago. Long-term still strongly bearish. Risk of wipeout https://t.co/0SPsw7B88t
SiriusXM Clears Debt Wall Despite Tender Offer Falling Short
SiriusXM completed a two‑step refinancing that fully retired its $1 billion of 3.125% senior notes due 2026. The tender offer attracted only $498.9 million, leaving $501.1 million of bonds unredeemed. To satisfy those holders, the company deposited U.S. Treasuries with a trustee, effectively...
Oil Dip, Not Economy, Drives 10‑year Yield Drop
10-year yield pulled back from 4.21% to 4.11%. Not because the economy is fine. Because oil retreated and gave the bond market a breath. One headline away from 4.25%. https://t.co/62rQysSFLG
UST 2s Offer Yield Above SOFR Funding Rate
Generally, this has been good value for UST 2s. Chart of yield less funding rate (SOFR) https://t.co/jPLWuxmxaW
Adani Energy Solutions Raises $500 Million From Apollo Global Through Dollar Bonds
Adani Transmission Step‑One Limited, a wholly‑owned arm of Adani Energy Solutions, secured a $500 million dollar‑denominated bond from Apollo Global Management. The proceeds will be used to refinance an equal‑amount of 2016 senior secured bonds that mature in August. Moody’s reaffirmed...
Today's Yield Predicts Bond Returns with 97% Accuracy
Want to know where bond returns are headed? Just look at today’s yield. Over the last 50 years, the correlation between starting yields and forward 7-year returns is 97%. Higher yields = higher future returns. Lower yields = lower future returns. Bond investing is just...
USTs Slide as Record IG Issuance Fuels Supply Pressure
Oddly USTs under pressure ahead of what is expected to be a soft Feb CPI (0.2 core) print. Supply seems to be part of it. Yesterday's 11-deal IG issuance ($66B) was the biggest single session on record.
EMBX: Actively Navigating Iran-Driven Risks in EM Debt>
VanEck’s Emerging Markets Bond ETF (EMBX) trimmed Gulf exposure as Iran‑related tensions heightened, yet bond prices in the region stayed flat, creating a weak risk‑reward profile. The fund now leans toward commodity‑exporting issuers in Latin America and Sub‑Saharan Africa, which...
German 10‑Year Auction Falls Short, Yield Climbs to 2.89%
Good Morning from Germany, where today’s 10y govt bond auction technically failed. Of the €5bn on offer, investors submitted bids for only €4.5bn. In the end, just €3.8bn was placed, at a yield of 2.89%; noticeably higher than the 2.73%...
CACI INTL INC SR NT 144A
The National Securities Clearing Corporation (NSCC) announced that the CUSIP 127190AG1, representing CACI International Inc.'s senior notes issued under a 144A exemption, has been deleted. The notes were originally slated to settle on March 12, 2026, but the underwriter has...
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Understanding Auction Rate Securities (ARS): A Comprehensive Guide
Auction rate securities (ARS) are long‑term debt instruments whose interest rates are reset through frequent Dutch‑auction processes, typically every 7 to 35 days. Before the 2008 market failure, investors had placed roughly $330 billion in ARS, attracted by tax‑exempt, investment‑grade yields....
Resilient-Borrowers-and-Housing-Shortages-Shape-EU-Mortgage-Market
The AFME seminar in London underscored that resilient borrowers and chronic housing shortages are reshaping the EU mortgage market. Even as central banks keep rates elevated, default rates remain low, bolstering strong performance of UK residential mortgage‑backed securities (RMBS). Refinancing...
Warburg-Backed PDG to Raise $5 Billion in Debt for Data Centers
Singapore‑based Princeton Digital Group, backed by Warburg Pincus, announced plans to raise up to $5 billion in debt this year. The proceeds will finance a multi‑country AI data‑center build‑out in India, Indonesia, Malaysia and Japan. PDG already operates AI‑focused facilities in seven...
The Closer – Big Bond Sale, BDC, Housing – 3/10/26
Amazon became the latest investment‑grade borrower to tap the bond market, issuing a tranche that ranks as the fourth‑largest IG bond sale ever to fund its data‑center expansion. The deal adds several billion dollars of capital at a competitive yield,...
Bond Funds Draw Big Inflows Amid Mideast Tensions
Bond fund inflows surged to $5.8 billion in early March as investors fled heightened Middle‑East tensions and the threat to the Strait of Hormuz. Short‑term Treasury ETFs led the rush, with iShares SGOV pulling in $2.27 billion, while international and emerging‑market debt...
Repo Stress Forces UST Basis Trades to Unwind, Cut Duration
Macro: leveraged basis/swap trades in USTs unwind as repo stress. Drivers: regulation, supply surge, margin calls. Risk: disorderly USTs and deleveraging. Trade: reduce duration. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Munis Steady, Investor Confidence Is 'Solid'
Municipal bond markets held steady on Tuesday despite weaker U.S. Treasury yields and mixed equity performance. Muni‑UST ratios stayed near 60% for short maturities and rose to about 90% for the 30‑year, indicating solid relative pricing. Analysts warn that higher...
Oil Rally Tests Diversification Strategy
In this episode, Serena Tang explains how a surge in oil prices could undermine the traditional negative correlation between stocks and bonds that investors rely on for diversification. She outlines how the pandemic-era co‑sell‑off of equities and bonds was driven...
Salesforce to Issue $25B Debt for Share Buyback
Salesforce $CRM is reportedly planning to sell as much as $25 billion worth of debt in order to fund its share buyback plan - Bloomberg
High‑Yield Bonds Still Holding Amid Tight Spreads
$HYG hasn't cracked yet. Credit spreads are tight while equities chop and oil spikes. High yield is either the smartest market in the room or the last one to figure it out. https://t.co/v5eGL2YwEZ
Amplify Targets Tax-Efficient Income With New Municipal CEF Launch
Amplify ETFs launched the Amplify Municipal CEF High Income ETF (YYYM) on March 10, offering a fund‑of‑funds structure that aggregates 30 U.S. municipal bond closed‑end funds. The ETF tracks the Nasdaq Municipal Bond CEF High Income™ Index, emphasizing high yield, NAV...
10-Year Treasury Yield Trades Below Key Level After a Drop in Oil Prices Eased Inflation Fears
U.S. 10-year Treasury yields edged up to about 4.11% on Tuesday, remaining below the 200‑day moving average of 4.20%. The modest rise came as oil prices fluctuated around the $100 per barrel mark, tempering inflation concerns. Investors noted that the...
PAAA: Where It Fits In Mid-Yield And High-Yield Income Portfolios
The PGIM AAA CLO ETF (PAAA) delivers roughly a 5% yield while maintaining an ultra‑low duration of about 0.1 years, positioning it as a cash‑like anchor. It invests exclusively in senior AAA‑rated CLO tranches, offering strong credit protection during market...
PDO: Successfully Navigating Challenging Market Conditions (Rating Upgrade)
PIMCO’s Dynamic Income Opportunities Fund (PDO) received a buy rating upgrade, highlighting its ability to navigate volatile high‑yield markets. The fund’s long‑duration asset mix delivers stable cash flows while rates fluctuate. Analyst Cain Lee recommends a 25% reduction in distributions...
Fayetteville, Arkansas, Voters OK $335.5 Million of Bonds
Fayetteville voters approved a $335.5 million municipal bond, keeping a 1 % special sales tax in place to service the debt. The package earmarks funds for water, sewer, parks, animal services, pedestrian infrastructure, recycling, fire‑safety projects, and allocates $61.9 million to build an...
OXLCI: The Common Equity Is Tricky, The Bonds Are Not
Oxford Lane Capital Corp.'s common equity has slumped sharply, yet its OXLCI baby bonds remain resilient. The bonds carry an 8.75% coupon, delivering a yield‑to‑maturity near 8%, and are backed by coverage ratios above 340%, far exceeding the 300% regulatory...
Amazon Reportedly Targeting Up To $42 Billion In Bond Sale
Amazon filed a preliminary prospectus to raise between $37 billion and $42 billion in a mixed‑currency bond offering, the largest since its $15 billion sale in November. The proceeds are earmarked for Amazon’s aggressive AI push, including massive data‑center construction and a recently...
Busting the Myth of Treasuries as a Haven
Recent market episodes, including the US‑Iran war and the 2022 rally, showed stocks and Treasuries moving together, challenging the notion that Treasuries act as a safe haven in bear markets. Bloomberg’s analysis of data back to 1926 finds near‑zero correlation...
Transcript: Ed Perks, Franklin Income Investors CIO / Franklin Advisers President
Ed Perks, a 40‑year veteran of Franklin Templeton, serves as CIO of Franklin Income Investors and president of its advisory arm. He credits early cross‑asset roles—from equity research to convertible securities—in shaping a disciplined, risk‑focused income philosophy. Perks emphasizes evaluating...
UBS AM Lists New Sustainable Corporate Bond ETF on LSE
UBS Asset Management has listed the UBS BBG MSCI Global Liquid Corp Sustainable UCITS ETF on the London Stock Exchange. The fund tracks the Bloomberg MSCI Global Liquid Corporates Sustainable Bond Index, which excludes the lowest‑rated 20% of securities on...
Seven Developments Shaping US Treasury Clearing
The SEC’s upcoming Treasury clearing mandate is set to make central clearing mandatory for U.S. Treasury securities, prompting firms to re‑engineer trading, risk, and operational frameworks. The Fixed Income Clearing Corporation (FICC) is responding with seven new initiatives, including expanded...
U.S. Treasury Rates Weekly Update for March 6, 2026
U.S. Treasury yields climbed across the board for the week ending March 6, 2026. The benchmark 30‑year rate rose 0.13 percentage points, while the 10‑year advanced 0.18 points to 4.15 %. The 3‑year note settled at 3.59 %, reflecting broader upward pressure on government debt yields....
June Fed Rate‑cut Odds Drop to 28% After Iran Tensions
A different cut of the same idea, using options prices that reference 3-month SOFR via the Atlanta Fed's tracker In the one week between Feb. 27 (the day before the first strikes on Iran) and Mar. 6, the probability of at...
2026 Risk Assets Outlook: Bonds, China Stocks Shine
OUT NOW - Michael Howell @crossbordercap on: - why he expects 2026 to be bad for risk assets - why he's bullish bonds & Chinese stocks - Gold, Bitcoin, & yield curve, and "Turbulence" phase of Liquidity cycle Apple🔊https://t.co/7bjoJLeYdJ Spotify📽️https://t.co/plpNPVQicu https://t.co/1mD9VJPm5e
Flexential Seeking $1.4bn in ABS, Backed by 28 Data Center Sites
Flexential is pursuing a $1.4 billion asset‑backed securities (ABS) issuance. The notes, structured in two series across four classes, will be secured by its 28 data‑center sites spanning 14 markets and roughly 1.8 million sq ft of floor space. Proceeds will cover closing costs...
10‑Year Yield Surges, Treasuries Lose
10-year yield at 4.15%. Up 18 bps in a week. Bonds selling off into a growth scare. That's not supposed to happen. When Treasuries stop being a safe haven, the playbook is broken. https://t.co/yIChc2y0aR
Yield Curve Decoupled, Then Flattened After 10‑year Spike
Curve shape (white) was completely uncorrelated with level of rates through first week of Iran conflict. That trend changed overnight when 10s peaked ~4.20%. Since then, have seen notable flattening. 1/ https://t.co/zHYcDKsXG6
Mayo Clinic to Issue $750 Million of Bonds
Mayo Clinic announced a $750 million bond issuance slated for early to mid‑April, comprising a blend of 30‑year notes and intermediate‑term debt ranging from seven to 15 years. The proceeds will finance the nonprofit’s expansive "Bold. Forward. Unbound." capital program, which...
Record Corporate Debt Signals Potential Credit Bubble
IS THE CREDIT BUBBLE HERE? Record Corporate Debt Explained | Trading Zone Ep. 94 https://t.co/saPNeSSafk
Record Corporate Debt Sparks Credit Bubble Concerns
IS THE CREDIT BUBBLE HERE? Record Corporate Debt Explained | Trading Zone Ep. 94 https://t.co/22SJSkFetj
Bond Supply, Issuance on the Upswing in 2026
The Bond Buyer’s 2026 Predictions report forecasts municipal bond issuance to surpass $500 billion, with many respondents arguing $750 billion or more is required to fund looming infrastructure needs. Overall supply, tax‑exempt and revenue bonds are all expected to grow, driven by...
Global Bonds Tumble as Oil Spikes on Middle East Conflict
LONDON/SINGAPORE, March 9 (Reuters) - Bonds across the globe sank on Monday as a rapidly worsening U.S.-Israeli war with Iran briefly pushed oil prices near $120, heightening investor fears over inflation which they bet may prompt European central banks to...
June Fed Rate‑cut Odds Drop to 40% Amid Oil Surge
Market expectations of a June rate cut from the Fed have fallen to around 40%, close to their lowest levels in months following the run-up in oil prices, according to CME Group https://t.co/1DRbhts0Fk
Fixed Income Electronic Trading Platform Trumid Achieves New Average Daily Volume Milestone in February
Trumid’s electronic fixed‑income marketplace posted a record $10.2 billion average daily volume in February, a 37% year‑over‑year increase and the first time it breached the $10 billion mark. Market share rose 13% YoY, while its RFQ tool surged 148% to a $1.6 billion...
Japan Lifts YCC; Iran Targets UST Market Vulnerability
10y UST yield (blue, RS1) USDJPY * oil (red, LS) USDCNY * oil (green, RS2) Since Japan lifted YCC on 10y JGBs 👇 "Iran doesn't have to beat the US military; it just has to beat the UST market" -Title of 3/3/26...