Bonds Blogs and Articles
Bonds Blogs and Articles
Bonds Pulse
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Every morning
Weekly
Tuesday recap
Guggenheim Strategic Opportunities Fund (GOF) now yields about 20.6% annualized, trading at $10.61 per share—a near‑zero discount to its $10.64 NAV. After five years of premiums that topped 36%, the premium has collapsed, offering investors a price‑aligned entry point. The $2.8 billion closed‑end fund holds 1,483 diversified credit positions across high‑yield bonds, loans, CLOs, MBS and equity exposure. Managed by Guggenheim’s $85 billion fixed‑income platform, GOF combines short duration with flexible allocation limits.
In the first quarter, Gulf region debt markets posted a flat to –1% performance, while equities managed a modest sub‑5% gain. The local equity index, previously buoyed by a decade‑high optimism, fell sharply after the dollar’s 10% decline against emerging‑market...
A bond is a debt instrument where investors lend money to governments, corporations, or municipalities in exchange for periodic interest payments and return of principal at maturity. The article explains core features such as face value, coupon rate, maturity, and...
The five‑year U.S. Treasury credit default swap (CDS) curve has surged since late 2024, spiking amid heightened geopolitical tension and domestic policy scrutiny. The graph shows a sharp rise around July 2025, coinciding with the investigation into Fed Chair Jay Powell,...
The Iran war with the United States and Israel has triggered a sharp risk‑off shift, prompting private‑credit managers such as Ares and Apollo to cap redemptions as investor cash‑out requests surge. Direct‑lending defaults are projected to climb from 5.6% to...
Bond market volatility is accelerating, with the MOVE index climbing to 103.01 by mid‑2026. The surge coincides with a sharp rise in U.S. 10‑year Treasury yields, signaling heightened uncertainty in fixed‑income markets. Simultaneously, the equity‑focused VIX index mirrors this turbulence,...
Barclays predicts the European Central Bank will begin tightening as early as next month, with two rate hikes anticipated in 2024, driven by a renewed energy‑inflation shock stemming from the Middle East conflict. In contrast, the Federal Reserve is expected...
Throughout 2025, the research team issued a series of baby bond and preferred share target updates, adding new securities such as CIMP, AGNCZ, RITM‑E, NYMTH, TWOD, NYMTI, NYMTG, MITN, and MITP. The updates were released on June 11, July 9, September 30, and...
Canada’s 5‑year government bond yield surged from 2.6% to 3.2% within weeks, while the 30‑year benchmark climbed to 4%, reflecting heightened inflation fears tied to the Ukraine war, soaring energy costs and lingering tariff pressures. The yield jump has already...
U.S. Treasury yields rose for a third consecutive week, with the 30‑year rate up 0.06 percentage points and the 10‑year climbing 0.11 points to 4.39%. The 3‑year Treasury held steady at 3.90%. The upward movement reflects market expectations of sustained...
High‑yield bonds are trading at historically tight spreads, curbing any further price appreciation and leaving carry as the main source of return. Portfolio managers, like Veritas' Ville Iso‑Mustajärvi, warn that while the asset class still offers modest diversification, its downside...
The ATAC Credit Rotation ETF ($JOJO) challenges the common belief that bond exposure should stay static, proposing a dynamic credit‑rotation framework. Portfolio manager Michael Gayed will detail this approach in a CE‑credit approved webinar on March 24, covering credit‑vs‑duration risk, utilities...
The Iran‑related war in the Middle East has effectively halted new sovereign bond issuance in Francophone Sub‑Saharan Africa, leaving the region with only $6 billion of fresh issuance—half of last year’s pace. Credit spreads have surged to 375 basis points, and...
The article spotlights Tortoise Energy Infrastructure Corp. (TYG), an 11.69% yielding closed‑end fund positioned to profit from the AI‑driven surge in U.S. electricity demand. Macro data shows data‑center power needs could hit 74 GW by 2028, outpacing current capacity and prompting...
Russell Napier warns that investors face a "great portfolio reset" as bond markets lose appeal, U.S. equities become riskier, and financial repression intensifies. He argues that prolonged low‑interest rates will erode fixed‑income returns, prompting a shift toward real assets and...
The article warns of an imminent credit crisis as bond yields climb amid rising inflation expectations. It argues that expanding quantitative easing and war‑related spending will erode fiat currencies, prompting a historic wealth shift from creditors to debtors. Meanwhile, gold...
Global liquidity, which peaked in the fall, is now on a downward trajectory, pushing markets into a risk‑off stance. Iranian geopolitical tensions and volatile oil prices have amplified investor anxiety, but the liquidity slowdown was already evident. Despite aggressive central‑bank...
Operation ‘Rage Flip’ erupted in late March, exposing extreme price volatility as a chart‑driven rally flipped a steep decline into a rapid surge. Traders on the floor, including Stephen Walton, described the move as a herd‑culling event that overwhelmed typical...
The U.S. dollar posted mixed moves, gaining against the yen and won while slipping versus the euro, sterling and Canadian dollar. U.S. Treasury yields rose five basis points, outpacing modest increases in Japan, Spain, Switzerland and Germany, while all four...
The Atlanta Federal Reserve’s Market Probability Tracker released a revised three‑month average SOFR outlook covering June 2026 through December 2028. The new projection lifts the expected rate path relative to the February 27 forecast, placing the current target range at 350‑375 basis points....
The Treasury announced a reopening of the 10‑year TIPS auction, delivering a real yield of 1.896%. The yield jumped noticeably, signaling heightened market sensitivity ahead of the weekend. Investors appeared reluctant to hold positions, prompting some traders to sit out...
Bayport Financial Services Mozambique issued a MZN 600 million dual‑tranche bond in October 2025, earning the Best Local Currency Bond – Financial Institutions award from Global Banking & Markets. Standard Bank acted as co‑arranger and bookrunner, guiding the structure and securing regulatory approvals....
A new VoxEU column by Jiang, Lustig, Van Nieuwerburgh and Xiaolan examines three centuries of U.S. and U.K. war and pandemic episodes. Their analysis shows that sovereign bonds, traditionally viewed as safe havens, have repeatedly suffered large real‑term losses during...
The five‑year Treasury‑TIPS breakeven inflation rate has climbed to 2.66%, marking a 0.26‑percentage‑point increase since the onset of the war. The rise is captured alongside the DKW model’s inflation expectations, both plotted against the Treasury spread. A parallel chart links...
Crypto exchange Kraken has put its planned IPO on hold, citing weak market conditions, after dismissing its CFO earlier this year. Meanwhile, a consortium of banks led by JPMorgan launched an $18 billion debt package to finance Electronic Arts’ $55 billion leveraged...
The Federal Open Market Committee convened an atypical session this week, delivering a surprise 25‑basis‑point rate increase despite a modest dip in headline inflation. The decision broke with the consensus of many analysts who had expected a pause, reflecting the...
A senior unsecured note issued by a globally recognized technology infrastructure firm, rated BBB, is highlighted for its strong free cash flow and a nine‑figure order backlog that secures revenue for upcoming quarters. The bond currently trades at a spread...
The Federal Open Market Committee is expected to keep its target federal funds rate at 3.5‑3.75% during the March 17‑18 meeting. AIER’s Monetary Rules Report shows that several rule‑based frameworks, including the Taylor rule and nominal‑GDP rules, imply a rate...
The U.S. Treasury auctioned $13 bn of 20‑year notes at a 4.817% yield, stopping 0.7 bps through the issue price. Bid‑to‑cover climbed to 2.76, outpacing the six‑auction average. Foreign indirect demand surged to 69.2%, the highest since April 2025, while direct bidder participation...
Kevin Muir, known as “the macro tourist,” announced a sizable short position against corporate credit spreads, buying distressed pink‑ticket bonds as a hedge. He argues that rising interest rates, slowing global growth, and tightening credit conditions will force high‑yield spreads...
War‑driven uncertainty in Europe and the Middle East has pushed the 10‑year Treasury Inflation‑Protected Securities (TIPS) real yield to its highest level in a decade, setting the stage for this week’s Treasury auction. The surge reflects heightened inflation expectations and...
An A+ rated corporate bond is trading 50 basis points wider than its credit rating suggests, reflecting a rare disconnect between market perception and fundamentals. The issuer’s balance sheet shows liquid assets exceeding total debt, and fee‑related earnings cover interest...
U.S. Treasury markets experienced a sharp front‑end rally this week, with two‑year yields climbing roughly 20 basis points while ten‑year yields added about 12 basis points. The differential move produced a bear‑flattened curve, indicating heightened short‑term rate pressure. Market participants...
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...
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,...
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...
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....
Friday’s 5‑year Treasury‑TIPS breakeven spread sits above the Federal Reserve’s 2 % inflation target, mirroring the Federal Reserve’s Dodd‑Katz‑Wright (DKW) expected inflation series. Both metrics suggest market participants price in CPI inflation well above 2 % for the medium term. Kalshi’s latest...
Mortgage rates remained relatively flat this week despite opposing forces in the bond market. A sharp surge in oil prices initially pushed rates higher by stoking inflation concerns, but a surprisingly weak jobs report later that day pulled yields down....
Peter Conti‑Brown outlines three separate Fed‑Treasury accords: one freeing the Treasury from setting monetary policy, a second keeping the Fed out of partisan politics, and a third enhancing collaboration on public‑debt management. He traces the historic 1951 Accord that granted...
February was a strong month for Nordic CTA managers, making CTAs the top‑performing sub‑strategy in the Nordic Hedge Index. Gains were anchored by fixed‑income and soft‑commodity profits, with all trend‑following managers posting positive returns. Several non‑trend managers also delivered gains,...
An asset manager’s bonds are priced 50‑75 basis points wider than those of its major peers. Rating agencies signal potential upgrades, while the bond market doubts the firm’s credit health. The company’s fourth‑quarter results revealed record fundraising, growing margins, and...
PensionDanmark has shifted the bulk of its emerging market debt portfolio from external managers to an internal team, now overseeing most hard‑currency and local‑currency sovereign exposure. The fund employs a core‑satellite framework, using the internal core for broad beta and...
In the latest Net Interest Extra episode, sociologist Sarah Quinn discusses her book *American Bonds*, which argues that credit markets have been a foundational force in shaping the United States. Quinn traces how borrowing practices influenced industrial growth, urbanization, and...
The U.S. dollar is strengthening across major G10 pairs as the Middle East conflict fuels risk aversion, pushing the euro, yen, and sterling lower. Emerging market currencies such as the peso, yuan and real also slide, while equity markets suffer...
Kraft Fondene’s high‑yield funds posted double‑digit returns in 2025 despite a market shift toward tighter spreads and lower dispersion. Leveraging a strong 2024 portfolio, the team rotated out of over‑compressed positions such as Heimstaden Bostad and reduced exposure to subordinated...
U.S. Treasury yields slipped across the curve for the week ending February 27, 2026. The 30‑year note fell 0.08 percentage points, while the benchmark 10‑year yield dropped 0.11 points to 3.97%. The 3‑year Treasury rate held at 3.39%, indicating modest...
The Federal Reserve is expected to keep interest rates steady, prompting the dollar index to climb and Treasury 10‑year yields to rise about nine basis points. Higher yields reflect tighter monetary expectations, while the 10‑year TIPS also edged up six...
Mortgage rates slipped back above the 6% threshold after the Iran attack, with the 30‑year fixed climbing to 6.12%—a 13‑basis‑point jump. Ten‑year Treasury yields rose nine basis points, and mortgage‑backed‑security prices fell, feeding the rate increase. Simultaneously, oil prices spiked...
T‑Mobile delivered an 8% jump in 2025 service revenue to $71.3 billion, while core adjusted EBITDA rose 7% to $33.9 billion and free cash flow hit $18.0 billion. The carrier added 3.3 million post‑paid phones and 7.8 million total post‑paid lines, keeping churn under 1%...
