Austin to Sell $1.18 Billion of Revenue Bonds for Airport Expansion
Austin is issuing $1.18 billion in revenue bonds, the largest ever for its airport, to fund a $5.5 billion expansion program. The issuance splits into $874.6 million of AMT bonds and $306.35 million of non‑AMT debt, all rated A1/A+/AA‑ with stable outlooks. The plan adds a midfield Concourse B, expands jet‑bridge gates from 33 to 60 by 2031, and relies on bond financing for 83% of the project, with $4.17 billion slated for future issuances. Airline gate‑lease commitments and strong cash‑flow coverage underpin the credit ratings.
Golden Goose Looks to Bond Sale to Fund Private Equity Buyout
Golden Goose Group is marketing an €880 million ($1.04 billion) bond issuance to finance its acquisition by Chinese private‑equity firm HSG. The offering includes seven‑year fixed‑rate notes yielding in the mid‑to‑high 6% range and floating‑rate notes priced at Euribor + 400‑425 bps, with a minimum...
RBI Sets SGB Premature Redemption for 15 April: Check Profit on 10 Units
The Reserve Bank of India announced that the Sovereign Gold Bond (SGB) 2019‑20 Series‑V can be redeemed early on 15 April 2026 at a price of ₹15,009 per unit (approximately $181). The price is based on the three‑day average of 999‑purity gold...
Catastrophe Bonds Highlighted as a Critical Tool for Impact-Focused Fixed Income
Catastrophe bonds, a subset of insurance‑linked securities, are gaining attention as an impact‑focused fixed‑income tool. As climate‑driven disasters increase, these bonds transfer disaster risk to capital markets, delivering rapid liquidity for sovereign and sub‑sovereign issuers such as Mexico and Jamaica....
M&A Boom in Japan Is Fuelling Record Corporate Bond Sales
Japan's corporate bond market is set to break records as M&A activity drives unprecedented funding demand. Yen‑denominated issuance surged 94% year‑over‑year in March, and Daiwa estimates total sales will reach ¥16.5 trillion (about $110 billion) this fiscal year, up from ¥15.9 trillion last...
Nomura Sees 60% Chance of BSP Rate Hikes
Nomura estimates a 60% chance that the Bangko Sentral ng Pilipinas will raise its benchmark rate this year, potentially adding 0.5 percentage points. The first quarter‑point hike could be announced at the April 23 Monetary Board meeting, with a second increase...
Goldman Extends Borrowing Run with $6.5 Billion Bond Sale
Goldman Sachs raised $6.5 billion through a two‑tranche U.S. investment‑grade bond sale, extending a borrowing run that began with a record $16 billion offering earlier this year. Pricing tightened by roughly 0.25 percentage point, leaving the 2034 tranche at a 1 % spread over...
S&P Goes Negative on DeKalb Co., Ga., Water and Sewer Bonds
S&P Global Ratings lowered the outlook on DeKalb County, Georgia’s water and sewer senior lien bonds to negative while affirming the AA‑minus rating, affecting $1.28 billion of debt. The agency cited weakening debt‑service coverage, projected at 1.2‑1.4× over the next three...
Alex Morris on Dual Share Class Funds, Fixed Income, & More
Alex Morris, CEO of F/m Investments, discussed the volatile inflation backdrop and its impact on fixed‑income strategies, emphasizing Treasury‑bill exposure and TIPS as inflation hedges. He explained the firm’s pioneering dual‑share class structure for the TBIL fund, which offers both...
Rates Spark: Equities Are Back, but Bonds Are Not - Why?
Equities have largely rebounded from the February‑28 Middle East turmoil, with the S&P 500 regaining roughly 80% of its losses, while high‑yield spreads have normalized. Bond markets remain under pressure as long‑tenor yields stay elevated, driven by stubborn inflation and higher...
After a Rough March, Municipal Bonds May Be Offering Value
Municipal bond indices posted their steepest decline in nearly three years, slipping more than 2% in March as Treasury yields rose amid heightened geopolitical tension from the Iran conflict. The ALPS Intermediate Municipal Bond ETF (MNBD) weathered the sell‑off better...
CloudHQ Seeks $1.4 Billion in ABS Funding
Data‑center operator CloudHQ announced a $1.4 billion asset‑backed securities (ABS) offering, the first of its kind for the company. The ABS are secured by two leased, triple‑net facilities in Ashburn, Virginia, delivering a combined 160 MW of power across 403,410 sq ft. Both sites...
Nordstrom Debt Ratings Outlook Revised to Positive
S&P Global Ratings changed Nordstrom’s credit outlook to positive after the department store exceeded its 2025 operating targets. Same‑store sales grew 5% at the Nordstrom banner and 8.5% at Nordstrom Rack, while the company fully repaid the incremental debt taken...
Massachusetts Will Bring $1 Billion GO Deal Competitively
Massachusetts is set to launch a $1.08 billion general‑obligation bond sale on April 22, divided into four series ranging from $185 million to $360 million. The competitive offering targets eight to ten banks per series and includes a refundable component that can be withdrawn...
Rising Price Risks Boost Case for Bond Ladder ETFs
Rising inflation risk, highlighted by February's CPI showing a 0.3% monthly and 2.4% annual increase, is prompting investors to seek more resilient income strategies. Bond ladder exchange‑traded funds, especially those that distribute principal, are positioned as a hedge against sticky...
7 High-Yield Fixed Income CEFs Trading At Wide Discounts
Seven high‑yield fixed‑income closed‑end funds—ARDC, BGH, BIT, GHY, KIO, OPP and WDI—are trading at discounts wider than their historical averages, delivering yields between 10% and 14%. Market anxiety over private‑credit exposure and broader macro uncertainty has depressed prices, while distributions...
3 Top-Ranked Municipal Bond Funds to Reduce Your Portfolio Risk
Municipal bond mutual funds offer tax‑free income and capital preservation for risk‑averse investors. Zacks has identified three funds—SEI Asset Allocation Trust Conservative Strategy Allocation Fund (SMGAX), Franklin High Yield Tax‑Free Income Fund (FRHIX) and Vanguard High‑Yield Tax‑Exempt Fund (VWAHX)—each holding...
Muni Bond ETFs: Beyond Tax Season Fundamentals
Municipal bond exchange‑traded funds captured $12 billion of new assets in the first quarter of 2026, with $4.4 billion flowing in during March alone. While the low‑cost passive leader iShares MUB still dominates at $43 billion, active offerings such as Capital Group’s CGMU,...
S&P Dow Jones Launches New CDS Index Facilitating Bets Against Private Credit
S&P Dow Jones has launched a credit‑default‑swap (CDS) index that tracks a basket of private‑credit issuers, giving investors a standardized way to hedge or short exposure to the fast‑growing private debt market. The index, which aggregates roughly 30 mid‑market loan...
Louisiana Citizens Seeks $150m Named Storm Reinsurance with Bayou Re 2026-1 Cat Bond
Louisiana Citizens Property Insurance Corporation, the state’s non‑profit insurer for high‑risk homeowners, is issuing a $150 million Class A tranche cat bond through Bayou Re Ltd. Series 2026‑1. The deal, its twelfth cat‑bond sponsorship and seventh consecutive year of new issuances, will replace...
Wildfire Explosion Leads to Higher Financing Costs for Vulnerable Cities
A University of Iowa study finds that municipalities with high wildfire risk pay about 0.36% more on municipal bonds, translating to roughly $4 billion in extra taxpayer costs between 2000 and 2022. The premium, roughly two‑thirds of the sea‑level‑rise bond premium,...
Japan’s Benchmark Bond Yield Jumps to 29-Year High as US-Iran Talks Collapse
Japan’s benchmark 10‑year government bond yield jumped 5.5 basis points to 2.49%, the highest level since June 1997, as the collapse of U.S.–Iran peace talks sent oil prices soaring. The five‑year yield also hit a record 1.90%, reflecting heightened inflation...
Gov’t Borrowings Jumped 41% in February to P 478.8B
The Philippines’ Treasury reported a 41% jump in total government borrowings in February, reaching P 478.8 billion (≈ $8.7 billion). Domestic financing accounted for 98% of the amount, with a fresh 10‑year Treasury bond raising P 235 billion (≈ $4.3 billion) and Treasury bills climbing to P 55.3 billion (≈ $1.0 billion). External...
Better Bond ETF: Fidelity's FIGB Vs. IShares' IEI
Fidelity’s Investment Grade Bond ETF (FIGB) and iShares’ 3‑7 Year Treasury ETF (IEI) are pitted against each other on cost, yield and risk. FIGB carries a 0.36% expense ratio and delivers a 4.1% dividend yield, while IEI is cheaper at 0.15%...
Interest Rates Are Headed Lower — Real Yields Suggest a Half-Point Fed Cut Is Coming
U.S. Treasury real yields have risen to their highest level since the 2008 financial crisis, signaling that nominal rates may soon ease. Economists’ natural‑rate (r‑star) estimates place the neutral rate near 0.9%, well below the current Fed funds rate of...
I Am Sharing Two Of My Retirement High-Yield Gems
Rida Morwa highlights two high‑yield retirement investments that together generate roughly 7% annual distribution yields. The first is a preferred‑share exchange‑traded fund, while the second is a short‑duration municipal bond fund offering tax‑free income. Both are positioned as steady‑income anchors...
DMB: Vulnerable To High Interest Rates
BNY Mellon Municipal Bond Infrastructure Fund (DMB) remains on Hold as its high‑interest‑rate sensitivity and 35% leverage pressure NAV. The fund offers a 4.6% tax‑exempt yield, appealing to high‑income investors, but its long‑dated revenue bonds limit upside in equity rallies....
MUC: Has Seen A Great Return, With More Gains Likely To Come
The BlackRock MuniHoldings California Quality Fund (MUC) has recently outperformed both its municipal‑bond peers and the S&P 500, a rare achievement for a muni fund. The fund trades at a sizable discount to net asset value while delivering a high‑income stream...
Big US Banks Set to Temper Bond Sales After Strong 2026 Debut
The six largest U.S. banks are set to scale back bond issuance in the second quarter, targeting $35‑$45 billion of high‑grade securities after a record $65.8 billion sold in Q1 2026. The Q1 surge was driven by a $16 billion Goldman Sachs deal...
S&P’s Lower Philippine Outlook Not a Surprise–Nomura
S&P Global Ratings downgraded the Philippines sovereign outlook to "stable," echoing concerns over twin budget and current‑account deficits. Nomura analysts said the move was anticipated after the flood‑control corruption scandal and an energy shock from the Middle East war heightened...
BINC Can Help Stabilize The Portfolio's Future Returns
iShares Flexible Income Active ETF (BINC) is an actively managed multisector bond fund that seeks higher yields through discretionary sector rotation, credit selection, and duration management. The ETF has delivered strong risk‑adjusted returns despite recent macro headwinds and a compressed...
Where Fixed Income Investors Are Finding Yield as Geopolitical Risk Rattles Markets
Geopolitical tension from the Iran war has rattled fixed‑income markets, pushing Treasury yields higher and driving a 9% drop in broad equity indices. Strategists advise investors to focus on the "belly" of the Treasury curve (2‑10 years) while maintaining short‑to‑neutral...
Morningstar DBRS Confirms Credit Ratings on Ontario Power Generation Inc. At A (Low) and R-1 (Low) With Stable Trends
Morningstar DBRS reaffirmed Ontario Power Generation’s issuer rating at A‑low and its commercial paper rating at R‑1, both with stable trends. The agency highlighted OPG’s regulated nuclear and hydroelectric portfolio, which delivers predictable cash flow under the Ontario Energy Board’s...
Morningstar DBRS Assigns Credit Ratings of BBB With Stable Trends to Dream Summit Industrial LP's Series I Senior Unsecured Debentures
Morningstar DBRS assigned a BBB rating with a stable trend to Dream Summit Industrial LP’s newly issued $250 million Canadian (≈$185 million USD) Series I senior unsecured debentures, bearing a 3.959% coupon and maturing on April 10, 2029. The rating mirrors that of an...
Morningstar DBRS Confirms Federal National Mortgage Association's Long-Term Credit Ratings of AAA With Stable Trends
Morningstar DBRS reaffirmed Fannie Mae’s long‑term issuer and senior debt ratings at AAA with a stable outlook, equalizing them with the United States’ sovereign rating. The agency highlighted the company’s conservatorship status, implicit Treasury backing of up to $113.9 billion through 2025,...
Munis Steady, New-Issue Calendar Grows to $13.5B
Municipal bond prices held steady on Friday as U.S. Treasury yields slipped back into the 4.20‑4.30% range, a level BofA strategists deem neutral for muni performance. The softer‑than‑expected March CPI added modest support to equities, while the fragile U.S.–Iran cease‑fire...
Morningstar DBRS Confirms Republic of Malta at A (High), Stable Trend
Morningstar DBRS confirmed Malta’s sovereign ratings at A (high) for long‑term foreign and local currency debt and R‑1 (middle) for short‑term debt, with a Stable outlook. Real GDP expanded 4.0% in 2025, while the fiscal deficit narrowed to roughly 3%...
Morningstar DBRS Confirms Republic of Lithuania at A (High), Stable Trend
Morningstar DBRS confirmed Lithuania's long‑term sovereign rating at A (high) and short‑term rating at R‑1, maintaining a stable outlook. The agency highlighted solid fiscal discipline, a modest public‑debt ratio of about 39.5% of GDP and 2.9% real GDP growth in...
Morningstar DBRS Confirms Republic of Malta at A (High), Stable Trend
Morningstar DBRS confirmed that the Republic of Malta’s long‑term foreign and local currency sovereign ratings remain at A (high), while its short‑term foreign and local currency ratings stay at R‑1 (middle). All four ratings carry a Stable trend, indicating no...
Morningstar DBRS Confirms Republic of Lithuania at A (High), Stable Trend
Morningstar DBRS confirmed that Lithuania’s long‑term sovereign ratings in both foreign and local currency remain at A (high), while its short‑term ratings stay at R‑1 (middle). All four ratings were reaffirmed on April 10, 2026, with a stable trend. The...
DBL: Slight Discount Opens Up For This Fixed-Income Monthly Payer
DoubleLine Opportunistic Credit Fund (DBL) is now trading at a modest discount after previously holding a premium, making it more attractive to income‑seeking investors. The fund continues to offer a 9.12% distribution yield, with net investment income coverage improving to...
New Orleans’ Credit Rating Slashed by S&P on Financial Troubles
S&P Global Ratings downgraded New Orleans’ credit rating by one notch, citing deep structural and operational imbalances and dwindling reserves. The city is leaning on short‑term fixes such as a $125 million payroll loan, employee furloughs and a hiring freeze to...
Sallie Mae Raises $2.3 Billion in SLABS From Its Smart Option Pool
Sallie Mae Bank is issuing $2.3 billion of asset‑backed securities backed by its Smart Option student‑loan pool. The ABS will be sold in five tranches, with the A‑1B tranche floating at rates tied to the 30‑day average SOFR and repayments starting...
Fragile Ceasefire, Larger New-Issue Calendar Will Impact Muni Market
A fragile cease‑fire in the Middle East and a hefty $13.5 billion new‑issue calendar are set to pressure the municipal bond market next week. Analysts note that while the cease‑fire could provide short‑term comfort, the risk of renewed conflict remains high....
LA Metro Deal Funds Rail Transit Service Expansion
Los Angeles County Metropolitan Transportation Authority (LA Metro) sold approximately $900 million of senior‑lien Measure R bonds, rated AAA by S&P and Aa1 by Moody’s, to refinance older debt and fund capital projects. The bonds carry a 5% coupon and were priced...
Military Housing Bonds Dropped to Ba1 by Moody's
Moody's downgraded Southeast Housing’s military‑housing revenue bonds to Ba1, a junk‑grade rating, affecting $350 million of 2007 Series I bonds. The cut reflects weakened fiscal 2025 performance driven by costly environmental remediation at Naval Air Station‑Key West, which pushed the coverage ratio...
How Advisors Are Rewiring Fixed Income Portfolios
Advisors are reconfiguring the fixed‑income portion of 60/40 portfolios as sticky inflation and shifting Fed expectations compress yields. A VettaFi survey shows 34% of advisors struggle most with finding yield without excess credit risk, while 31% worry about duration. Eighty‑eight...
US Minerals Deal Helps Congo Raise $1.25bn in Maiden Bond
The Democratic Republic of Congo completed its inaugural sovereign Eurobond, raising $1.25 bn. The issue comprised $600 m of 2032 notes at an 8.75% yield and $650 m of 2037 notes at 9.50%, with order books reaching $2 bn and $2.8 bn respectively, allowing tighter...
San Diego Community Power Prepay First to Involve REIT
Realty Income became the first REIT to fund a prepaid‑energy municipal bond, backing San Diego Community Power's $687.2 million revenue‑bond issuance. The deal, priced on March 10 through the California Community Choice Financing Authority, was heavily oversubscribed despite market volatility from the...
Iran’s Impact on Markets: Where There Is Volatility, There Is Opportunity
François Collet, CIO of DNCA, says the Iran conflict will act as a short‑term inflationary shock, lifting European inflation expectations above 3% and keeping U.S. inflation near 3.25% over the next year. He forecasts GDP growth could be trimmed by 10‑30...