Today's Bonds Pulse
US Treasury market steadies after Iran conflict sparks volatility
The US Treasury market has settled back to pre‑war calm following turbulence triggered by the Iran conflict, and expectations for bond‑market swings have fallen to near their lowest level of the year. Meanwhile, 30‑year Treasury yields slipped from a 19‑year high as optimism builds.
AI‑Driven Data‑Centre Bonds Surge to $40 Bn, Redefining High‑Yield Market
AI‑related high‑yield bond issuance has exploded to nearly $40 bn, with about $30 bn issued since the start of the year. The new subsector now accounts for roughly 1.6% of the global and 2.6% of the U.S. high‑yield bond indices, prompting active managers to reassess risk and return dynamics.
‘How Long Can the Gilt Market Act as the UK’s Political Police?’
The article examines how UK government bonds, or gilts, have become a de‑facto political barometer, reflecting investors' expectations of fiscal policy and election outcomes. It highlights recent yield spikes following contentious budget announcements and the widening spread between gilt yields...
Treasury Yields Rise as Inflation Picks Up Speed
U.S. consumer prices rose 3.8% year‑over‑year in April, pushing core CPI to 2.8% and prompting Treasury yields to climb, with the 10‑year note reaching 4.43% and the two‑year at 3.97%. The stronger inflation reading fuels expectations of a more hawkish...
Europe's Banks Deploy Smart Bond Contracts on Blockchain
European milestones for natively digital debt: 1️⃣ 🇩🇪: DZ BANK & KfW mapped the full lifecycle of a crypto bond on a public blockchain - proving Smart Bond Contracts can autonomously handle payments. https://t.co/3WAevr3yBs 2️⃣🇨🇭: Keyrock issued an on-chain corporate bond via Sygnum...
Bailard Inc. Dumps $27.9 M of iShares iBonds Dec 2026 ETF, Cutting Stake to 0.85% of AUM
Bailard Inc. filed an SEC report on May 11, 2026 showing it sold 1,218,026 shares of the iShares iBonds Dec 2026 Term Treasury ETF (IBTG) for an estimated $27.89 million. The divestiture lowered the fund’s weight in Bailard’s portfolio to 0.85% of...
UK Political Uncertainty Drives Gilts Yield to 5.10%
Uncertain British politics = another step up in UK government bond yields. (This morning's selloff is sizeable, pushing the 10-year yield to 5.10%.) #economy #Markets #Gilts #UKEconomy #bonds #uk
Warsh Nomination Pushes 10‑Year Treasury Yield to 4.4%
The Senate is set to confirm Kevin Warsh as Federal Reserve chair, a move that lifted the 10‑year Treasury yield to 4.39%—its highest level in weeks. Warsh, a former Fed governor favored by President Trump for aggressive rate cuts, faces...
UK Faces Finance Crisis: Yields Spike, Pound Falls
The "Liz Truss moment" of 2022 has turned into the UK's political reality, with 30-year yields soaring to their highest levels since 1998 and the pound weakening. "No matter who is in power, no matter their political leaning, there does...
USTs Enter Depression Phase, Accept Potential Rate Hike Cycle
Looks like USTs are past denial, anger and bargaining, and well on their way to depression and acceptance of the possibility of a hike cycle.
With Keir Starmer Premiership on the Brink, British Government Debt Tumbl...
British government debt yields spiked as Prime Minister Keir Starmer faced mounting pressure after a poor local‑election showing. The 10‑year gilt rose to 5.10% and the 30‑year to 5.77%, marking the highest yields since the late 1990s. The pound slipped to...
UK Bond Yields Surge to Cycle Highs
CHART OF THE DAY: UK Bond Yields Continue To Ramp To Cycle Highs https://t.co/1BC0xEY8uF via @hedgeye
April CPI Won’t Shift Fed, New Chair Faces Tough Odds
April CPI won't change minds at the Fed. But more of this will complicate the dovish case, which has already flipped away from arguing for cuts and towards arguing against toying with hikes. It's a tough inheritance for a new Fed...
Alphabet Taps Banks to Explore Multi‑billion Yen Bond Issuance
Alphabet hired leading investment banks to evaluate a potential yen‑denominated bond offering. While the size and timing of the deal were not disclosed, the move highlights growing appetite for yen‑linked financing among tech giants. The initiative could reshape fee opportunities...
UK 30-Year Gilt Yield Hits 1998 High
The yield on the UK 30-year gilt is at its highest level since 1998 https://t.co/zXuKq5q17b
Dollar Weakens, Yields Rise: Loose Policy Warning
Dollar down, yields up. In normal times these are positively correlated. When they diverge and the currency weakens while bonds sell off, it's telling you policy is too loose. Japan has been ground zero for this dynamic. Watch closely to see...
Panda Power: Pakistan to Tap China Debt Market with First Sale of Yuan-Priced Notes
Pakistan will issue up to $250 million of yuan‑denominated panda bonds, the first tranche of a $1 billion program, with AIIB and ADB guaranteeing 95% of the debt. The three‑year sustainable‑development notes aim to tap lower Chinese borrowing costs after Pakistan raised...
Geopolitical Turmoil and Political Instability Drive Global Yield Surge
The rise in long-term gov't bond yields isn't about any one thing. There's unstable global geopolitics, with Iran the latest symptom. There's the collapse in politics as usual, with the UK in focus. All this pushes up 10y10y forward yields...
UK Bond Yields Breakout Finally Arrives After Three Months
Macro Tourist Topic Of The Day = "UK Bond Yields" We've only been signaling this breakout for the last 3 months Go back to bed
OUE Unit Issuing S$150 Million 3.25% Green Notes Due in 2033
OUE Treasury, a wholly‑owned subsidiary of OUE, announced a S$150 million (≈US$111 million) issuance of 3.25% green notes due in 2033. The notes are part of a S$3 billion multicurrency debt programme launched in 2016 and will be unconditionally guaranteed by OUE. OCBC...
UK Investors' Two‑month Nightmare Finally Hits Market
Literally the thing every UK investor has been worrying about for the past two months...
Expect Another Surge in Long-Term U.S. Rates
The Factor Report continues to note the potential for another higher thrust in long-term U.S. rates. Updates will be provided via the weekly Factor Update $ZB_F The Factor Report provides commentary on my personal positions as traded by Factor LLC. https://t.co/gDeM5nTRIY https://t.co/ST0wow86Xi
ECB Vice‑President Luis De Guindos Urges Caution on Future Rate Hikes
In a Financial Times interview, ECB Vice‑President Luis de Guindos cautioned that the central bank should move carefully on any further interest‑rate increases. His remarks have sharpened market focus on the June policy meeting and added volatility to Euro‑Stoxx 50 equities...
Private‑Credit Returns Slip as Fed Rate Cuts Erode High‑Rate Edge
Private‑credit managers across the United States are reporting lower yields as the Federal Reserve’s recent rate‑cutting cycle diminishes the floating‑rate premium that powered the sector during the high‑rate era. The compression stems from SOFR‑linked loans and tighter credit spreads, raising...
Latest-SRTx-Fixings-Released
The Structured Credit Investor released the latest SRTx fixings on 12 May 2026, showing a notable spread recovery across the Significant Risk Transfer market. The improvement is attributed to heightened demand from small‑ and‑medium‑enterprise (SME) issuers seeking capital relief despite...
Warsh Nomination Sparks Fed Politicization, Prompting 10Y Selloff
Macro: Warsh nomination raises Fed politicization. Key: White House pressure, rate path, balance-sheet plans. Risk: policy uncertainty. Trade: shorten duration—sell 10Y Treasuries into June meeting. — Viktor Kopylov, PhD, CFA More insights: t.me/si14Kopylov
Sequoia Mortgage Prepares $507.1 Million in Prime RMBS
RWT Holdings is issuing $507.1 million of prime residential mortgage‑backed securities through the Sequoia Mortgage Trust 2026‑INV3. Bank of America Securities leads underwriting, offering twelve rated tranches that mature in May 2056, with the senior A‑9 to A‑21 notes paying a 4.50%...
Kin Insurance Raises Record $335 Million Catastrophe Bond to Boost Homeowner Coverage
Kin Insurance closed a $335 million Hestia Re Series 2026-1 catastrophe bond, the largest in its history, to broaden protection for homeowners in storm‑ and wildfire‑prone areas. The deal taps institutional capital, giving the digital‑first carrier a stronger buffer against extreme‑weather...
Bond Traders Brace for Inflation Data as Fed Powell Era Ends, Yields Near 4%
Investors are positioning for a pivotal U.S. inflation report while the Federal Reserve prepares for a leadership change from Jerome Powell to Kevin Warsh. Two‑year Treasury yields rose to about 3.9% as oil prices stay high, and market participants are...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...
Munis Face Another Week of Robust Supply, Expected Inflows
Municipal bond issuance is set for another week of heavy supply, with estimated issuance of $12.35 billion, including $10.41 billion of negotiated deals and $1.95 billion of competitive issues. Four mega deals—San Francisco airport, New York dormitory, Connecticut general obligation, and Atlanta water...
Fitch Raises Ghana’s Sovereign Rating to ‘B’ on Debt Cut and Reserve Gains
Fitch Ratings upgraded Ghana’s long‑term foreign‑currency sovereign rating from B‑ to B, keeping a positive outlook. The agency highlighted a 21‑percentage‑point drop in debt‑to‑GDP, a $5.4 bn rise in reserves and record fiscal surpluses as proof of a stabilising economy.
US Treasury Yields Rise as Middle East Talks Stall, Oil Near $100
US Treasury yields jumped on Monday, with the 10‑year note up 3 basis points to 4.394% after President Trump rejected Iran’s counter‑proposal and oil prices surged toward $100 a barrel. The move echoed similar spikes in Indian government bonds, underscoring...
Bond Traders Brace for Inflation Data as Fed's Powell Era Ends
Bond traders are bracing for the upcoming U.S. CPI report as oil‑driven price pressures keep Treasury yields elevated. Two‑year yields climbed to 3.93% after the U.S.–Iran standoff pushed crude higher, and the market is already pricing a more than 40%...
AT&T's Debt Cut and 4.4% Dividend Boost Turnaround Outlook
AT&T has slashed its long‑term debt since its 2022 peak, regained an investment‑grade BBB rating and revived a 4.4% dividend. The telecom now trades below 11 times its projected 2026 earnings, with analysts forecasting double‑digit EPS growth through 2028.
UK Matching Adjustment 2025 Review: Gilt-Y Pleasures
The UK’s 2025 Matching Adjustment (MA) review highlights a growing appetite among life insurers for sovereign‑bond strategies, particularly UK gilts. Insurers are allocating a larger share of their MA‑eligible portfolios to government debt, while only a modest fraction are exploiting...
UK Borrowing Costs Rise as Starmer Speech Fails to Dispel Investor ‘Jitters’
UK gilt yields climbed on Monday, with the 10‑year benchmark reaching 5% and the 30‑year hitting 5.67%, after Prime Minister Keir Starmer’s speech failed to calm market nerves. The rise erases the modest yield drop seen after last week’s local...
KKR Injects $150M, Backs FSK Amid Q1 Slump
$FSK Q1'26: > NAV -9.9% > Non-accruals: 3.4% -> 4.2% > Dividend cut from 48c to 42c KKR's response? $150M in preferred equity. $150M tender offer at $11. Plus a $300M buyback authorization and KKR waiving its incentive fees for 4 quarters.
Lenders Convert to Owners, Inject $100M Into Medallia
Somehow I missed this. The lenders are writing a $100M equity check into Medallia. Started as senior secured creditors. Now they own the company and are putting more money in. Never a good sign.
UK Life Insurers Push Leverage on Structured Gilt Trades to 4x Amid Rising Funding Costs
UK life insurers have increased leverage on structured gilt asset‑swap trades to as much as four times, responding to higher financing costs and an uncertain economic outlook. The move deepens risk exposure while supporting pricing on pension‑buyout transactions.
Fed Signals Cuts, Market Expects 2027 Hike—New Chair Faces Mismatch
The blue line is what the Fed is communicating. 2 rate cuts this year. The orange line is what the market is pricing in, a rate HIKE by Summer 2027. Warsh starts as Fed Chairman on Friday. High on his agenda...
Credit Spreads Hit Record Lows, Fueling Bull Market
Credit spreads continue to make new lows, which continues to support the overall bull market. Nice one in @scottcharts note today. https://t.co/hBCAXw2vsD
How Conduit Multifamily Bonds Can Be Dangerous to Portfolio Health
Conduit‑issued multifamily housing revenue bonds often lack the fiscal oversight, reserve funding, and covenant enforcement that state housing finance agencies provide, making them prone to credit stress. Without strong balance sheets or general‑obligation pledges, these shell issuers expose investors to...
Commodity Boom Highlights Hidden QE via Treasury Mandate
One Year Silver $SLV +161% Copper Miners $COPX +124% Gold Miners $GDX +94% Uranium $URNM +80% Forcing the U.S. banks to buy $1T of Treasuries while claiming to reduce the Fed’s balance sheet is still QE. Financial repression.
10-Year Note Forms Bullish Cup‑Handle, Breakout Loom
$TNX Daily. Index for Rates on 10-Year Note. Chart patterns can & often do morph. Here, consolidation morphs to bullish cup & handle. Back over at least 4.7% threatens breakout https://t.co/gQXIqXWRgI
Global Debt Surges to $353 Trillion, Debt‑to‑GDP Hits 305% Amid Rising Fiscal Strain
The Institute of International Finance’s latest Global Debt Monitor shows total sovereign and corporate debt climbing to $353 trillion, pushing the debt‑to‑GDP ratio to roughly 305%. The surge, driven largely by the United States and China, raises alarms about fiscal sustainability,...
Gilts Tumble Amid Mounting Calls for Starmer’s Resignation
Gilts slide as calls grow for UK Prime Minister Starmer to step down https://t.co/ZbMuuzqQf2 via @alicegledhill1 @highisland https://t.co/ghgLaN250d
Powell’s Final Day Signals Shift to Neutral Policy as New Fed Chair Looms
Jerome Powell will close his tenure as Federal Reserve chair on May 15 with a nine‑word comment that the policy “center is moving toward a more neutral place.” The remark, delivered after an April 29 FOMC meeting that recorded the...
Columbia University, Moving Past Trump Administration Attacks, Sells Bonds
Columbia University is launching a $487 million bond program, split into a $200 million taxable series maturing in 2031‑33 and a $286.9 million tax‑exempt revenue series funding capital projects. The bonds are underwritten by Goldman Sachs, BofA Securities and J.P. Morgan, and the university...
Moody’s Cuts Wabash Rating Third Time in a Year, Execs Eye ‘27 Rebound
Moody’s cut Wabash National’s corporate family rating to B3 on May 5, marking the third downgrade within a year and placing the trailer maker six notches below investment‑grade. The downgrade follows a steep decline in trailer shipments—5,378 units in Q1 2026 versus...
Powell’s Exit, Dollar Weakness and Inflation Data Shape Fed’s Next Move
Jerome Powell will step down as Federal Reserve chair on May 15 after eight turbulent years, just as the dollar slips more than a quarter‑percent against a basket of currencies. Investors are watching the April CPI report and a surprisingly...