New Participant in the Netting System of the Government Securities Division of FICC: KeyBank National Association – GSD #9405
KeyBank National Association has been added as a new participant (ID 9405) in the Fixed Income Clearing Corporation’s Government Securities Division netting system, effective March 19, 2026. The change applies to Netting (Buy/Sell), Repo Netting, and the Government Central Fund services. All eligible trades involving KeyBank must now be submitted to FICC for clearing. Contact Michael Longmore at KeyBank for activation questions, and DTCC relationship managers for notice inquiries.
China’s 30-Year Yields Set for Highest Close Since 2024 on Oil
China’s 30‑year government bond yields climbed to 2.4%, the highest closing level since September 2024, as oil prices surged amid the Iran‑Israel conflict. The 10‑year benchmark also edged higher to 1.83%, reflecting broader inflation concerns. Futures on the 30‑year bond fell...
PS Quarterly Interview: Desmond Lachman
In a recent Project Syndicate interview, economist Desmond Lachman warns that President Donald Trump’s increasingly aggressive foreign policy could revive bond‑market vigilantes and destabilize the U.S. Treasury market. He argues that such stress may puncture the soaring AI‑related equity rally and...
GCC Bond, Sukuk Issuances Plunge Amid Iran War- #CapitalMarkets #Finance #Treasury #Finance
GCC dollar‑denominated bond and sukuk issuances have plunged since the Iran war erupted, despite the region’s strong credit fundamentals earlier in 2026. The GCC still represents roughly 40% of all emerging‑market dollar issuance this year, with outstanding DCM at $1.2 trillion....
Mounting Interest Costs Pushed Debt Service Bill to P2.1 Trillion
The Philippines’ debt service bill surged to P2.1 trillion in 2025, a 4 percent increase over the previous year and 2.44 percent above the government’s P2.05‑trillion target. Interest payments jumped 11.8 percent to P854.1 billion, representing 19.4 percent of total revenues and 14.3 percent of expenditures. Domestic...
Northern Funds Multi-Manager Emerging Markets Debt Opportunity Fund Q4 2025 Commentary
Northern Funds’ Multi‑Manager Emerging Markets Debt Opportunity Fund matched its blended benchmark in Q4 2025, delivering an 8.63% return versus 8.62% for the index. The fund’s outperformance stemmed from a zero‑weight position in Egypt’s local‑currency debt and overweight exposure to sovereign...
Never Cutters, Part 2: 5 More High-Yield CEFs That Have Never Cut The Distribution
The article spotlights five high‑yield closed‑end funds—BIT, BME, BST, BUI and GLU—that have never reduced their distributions in at least ten years, making them attractive for income‑focused retirees. BIT offers nearly 12% yield but shows weakening earnings coverage and rising...
JPMorgan Makes Bold Push to Offload Huge LBO Debt
JPMorgan Chase is preparing to place more than $30 billion of leveraged‑finance debt for upcoming buyouts, including Electronic Arts, Sealed Air and a pending Qualtrics transaction. The bank’s effort follows CEO Jamie Dimon’s warnings that the credit cycle could turn sour,...
Brazil’s Corporate Debt Drama Is Entering a New Chapter
Brazilian corporations have re‑entered the spotlight as two major firms announced out‑of‑court restructurings covering roughly $13.5 billion of debt. The moves, reported by Bloomberg’s The Brink, signal a shift from judicial to market‑driven solutions amid Brazil’s lingering economic slowdown. Investment banks...
BOJ Seen Waiting Till April for Rate Hike Amid Iran War Turbulence
The Bank of Japan is expected to keep its policy rate at 0.75% at the March 2026 meeting, postponing any hike until at least April. Market participants cite heightened volatility from the Iran‑Israel conflict and surging energy prices as key...
Financial Services Roundup: Market Talk
European bank credit default swap (CDS) spreads rose as risk‑off sentiment intensified amid the ongoing Middle East war, according to Swissquote analyst Ipek Ozkardeskaya. The iTraxx Europe Senior Financial index climbed 2 basis points to 69 bps, while the sub‑financials index...
Morningstar DBRS Confirms the Kingdom of Norway at AAA, Stable Trend
Morningstar DBRS confirmed Norway’s long‑term sovereign ratings at AAA for both foreign and local currency on March 13, 2026, while its short‑term ratings were affirmed at R‑1 (high). All four ratings retained a stable trend, indicating no change in outlook....
Morningstar DBRS Confirms Republic of Ireland at AA, Stable Trend
Morningstar DBRS reaffirmed Ireland’s long‑term sovereign rating at AA with a stable outlook, and its short‑term rating at R‑1 (high). The agency highlighted a 4.9% rise in real modified domestic demand and a 12.3% surge in real GDP in 2025,...
U.S. Debt Is Like a Hallmark Movie Boyfriend Who Eventually Gets Dumped for a Small Town Firefighter, Budget Watchdog Warns
U.S. publicly held debt has ballooned to roughly the size of the nation’s GDP and is set to surpass the post‑World War II record as baby‑boomers retire and entitlement spending climbs. Yale Budget Lab’s Martha Gimbel warned that investors currently accept...
Mississippi's Outlook Revised up to Stable by S&P
S&P Global Ratings lifted Mississippi’s general‑obligation bond outlook to stable from negative and reaffirmed its AA rating, citing structurally balanced budgets and healthier reserves. The state posted an 8% revenue surplus in fiscal 2025 and its cash‑stabilization reserve reached $667 million,...
Braccan Mortgage Funding 2026-1: Presale Report
Morningstar DBRS has issued provisional credit ratings for the residential mortgage‑backed securities of Braccan Mortgage Funding 2026‑1. The senior Class A tranche received a (P) AAA rating, Class B a (P) AA rating, while lower tranches were rated (P) A, (P) BBB‑high and (P) BBB‑low respectively. All ratings...
FIGRE Trust Issues $335.7 Million From Pool of HELOC
FIGRE Trust is launching the 2026‑HF3 securitization, selling $335.7 million of revolving home‑equity lines of credit (HELOC) in eight SOFR‑linked tranches. The A1A tranche holds $164.3 million and receives a 44.5% credit‑enhancement cushion, while lower tranches have progressively smaller enhancements. The underlying...
Eutelsat Completes Its Re-Financing Plan, Closing €1.5bn Bond Offering
Eutelsat announced the completion of its €5 billion financing plan by closing a €1.5 billion senior note issuance, the final step of a multi‑year equity and debt strategy. The proceeds will fund the deployment of OneWeb’s low‑Earth‑orbit satellites and support Europe’s IRIS²...
What to Know About a $6 Billion Mortgage Bond ETF That Became This Fund's Largest Holding
Harvest Investment Services added 319,467 shares of the First Trust Low Duration Opportunities ETF, valued at about $16 million, raising its stake to roughly 7 % of the manager’s reported AUM. The ETF, LMBS, manages about $6 billion, offers a 4 % yield and...
P3 Backers Urge Easing of Tax-Exempt Bond Rules on Asset Leases
Public‑private partnership advocates are urging the IRS to scrap the defeasance rule that forces tax‑exempt bonds to be retired when a government leases an asset to a private operator. They argue the regulation inflates financing costs and discourages asset‑recycling deals...
Fitch Raises Oklahoma's Rating a Notch to AA-Plus
Oklahoma’s sovereign credit rating was raised by Fitch to AA‑plus with a stable outlook, marking the state’s third upgrade since 2024 after similar moves by S&P and Moody’s. The agency cited sustained fiscal discipline, robust operating reserves and low long‑term...
Public Banks And Municipal Bonds
The article critiques the notion that municipal governments can substantially expand fiscal space by having local public banks purchase their own bonds. It argues that a new bank must first raise equity, limiting its initial balance sheet, and that banks...
Euronext Oslo Børs – Farsund Kommune - Received Application for Listing of Bonds
Norwegian municipal authority Farsund kommune has submitted an application to list its bonds on the Euronext Oslo Børs, receiving ISIN NO0013738286. The listing will bring the bonds under the EU Market Abuse Regulation, imposing immediate disclosure obligations on the issuer....
RBI Net Buys Record $6.2 Billion Debt to Shield Bonds From War Shockwaves
The Reserve Bank of India purchased a record 572.10 billion rupees (about $6.2 billion) of government bonds in the week ending 6 March, marking its third straight week of net buying. The purchases are part of a broader liquidity infusion strategy aimed at...
Global Investors Unwilling to Let Go of Adani Bonds Despite Global Uncertainty
Global investors are holding onto Adani Group’s dollar‑denominated bonds despite heightened market uncertainty from the West Asia crisis. On March 12, Adani Ports and Special Economic Zone Ltd (APSEZ) launched a cash tender to buy back up to $495 million of senior...
China’s Credit Shows Surprise Growth as Firms Step Up Borrowing
China’s aggregate financing surged 2.4 trillion yuan in February, outpacing the Bloomberg‑survey median forecast of 2 trillion yuan. The People’s Bank of China reported that banks extended 900 billion yuan of new corporate loans, also beating expectations. The growth was driven by stronger...
Submission of Rule Filing SR-FICC-2026-005 – Establish Implementation Timeframe for Enhancement of Correlation Calculation for Bond Haircut Models
On March 13, 2026 the Fixed Income Clearing Corporation (FICC) submitted rule filing SR‑FICC‑2026‑005 to the SEC, seeking to set a delayed implementation schedule for enhancements to the correlation calculation used in bond haircut models. The filing amends the QRM Methodology Document...
SCI-CLO-100:-Market-Matures-as-Equity-Returns-Compress-and-Captive-Capital-Dominates
The inaugural SCI CLO 100 event in London highlighted a maturing collateralized loan obligation market, where equity tranche returns are compressing and captive capital from banks now dominates funding. Managers reported a pronounced bifurcation between high‑quality and lower‑quality loan assets, while...
University of California Backs Plan for $23 Billion Research Bond
University of California is backing S.B. 895, a bipartisan bill proposing a $23 billion general‑obligation bond to fund research across the state. The bond would create the California Foundation for Science and Health Research to award grants and loans to universities,...
IRS Clearing up Arbitrage Rules
The Internal Revenue Service issued a six‑page notice proposing amendments to the tax‑exempt refunding bond regulations. The changes would formally include 90‑day Treasury certificates in the definition of tax‑exempt bonds, clarifying how proceeds moved from State and Local Government Series...
Austin City Council OKs up to $575 Million of Water System Bonds
The Austin City Council approved up to $575 million in water and wastewater revenue‑refunding and improvement bonds. $450 million will refinance short‑term commercial paper into long‑term debt, while $75 million will refund callable Series 2015 A bonds and $50 million will fund capital projects at the...
S&P Upgrades Vancouver Airport Authority’s Rating to AA
S&P Global Ratings has raised the long‑term issuer credit and senior unsecured debt rating for the Vancouver Airport Authority from AA‑ to AA, with a stable outlook. The upgrade cites Vancouver International Airport’s robust market position, strategic capital‑investment plan, and...
ULM Properties' Student Housing Bonds Downgraded to B3 by Moody's
Moody's downgraded the University of Louisiana at Monroe student‑housing revenue bonds (Series 2019A) from B2 to B3, citing weak demand and an 85% occupancy rate. The debt‑service coverage ratio slipped to 0.98× as of December 2024, forcing draws on the debt‑service reserve....
With Active Security Selection, Airport Bonds Can Add Ballast as Geopolitics Rattle Markets
The airport municipal bond sector has demonstrated strong credit resilience, weathering crises such as 9/11, COVID‑19, and recent geopolitical turbulence. Federal relief via the CARES Act prevented mass downgrades, and General Aviation Revenue Bonds (GARBs) have maintained stable, investment‑grade ratings...
Gundlach Unlocked: Positioning for Inflation and a Weaker Dollar
In the inaugural Gundlach Unlocked webcast, DoubleLine CEO Jeffrey Gundlach warned that inflation is likely to stay above the Fed’s 2 % target, long‑term rates remain elevated despite recent cuts, and the U.S. dollar may enter a weaker phase. He outlined...
UK Raises $8.4 Billion in First Green Bond Offering to Include Nuclear Energy as Eligible Use of Proceeds
The UK Debt Management Office completed a £6.25 billion (US$8.4 billion) Green Gilt offering maturing in 2037, the first new green gilt since 2021. The issuance brings total green gilt proceeds to £55.8 billion since the program’s launch and introduces a dedicated green...
Don’t Take All the Credit
The article by WisdomTree analysts Jeff Weniger and Kevin Flanagan examines the state of U.S. credit markets amid lingering Middle‑East conflict concerns. It notes that investment‑grade and high‑yield spreads entered 2026 at the low end of historical ranges, briefly widened when the...
Olivier Blanchard on Eurobonds and Optimism for Europe's Future
Senior economist Olivier Blanchard will discuss Europe’s Eurobonds proposal at a virtual Peterson Institute event on April 14, 2026. He will examine how the bond framework could deepen fiscal integration and address rising defense expenditures. Blanchard also addresses broader challenges...
Tokio Marine Targets Mid-Guidance Pricing for $100m Kizuna Re Quake Cat Bond
Tokio Marine & Nichido Fire is targeting mid‑guidance pricing for its $100 million Kizuna Re III catastrophe bond, which provides earthquake reinsurance for the Tokio Marine group. The bond, issued through a Singapore‑based SPV, carries a three‑year rolling aggregate trigger and a...
Bolivia Pledges to Meet Debt Payments as Swap Talks Move Ahead
Bolivia’s finance ministry announced it will honor $356 million in interest and principal on its 2028 dollar‑denominated bonds due in late March, following the recent coupon payment on its $850 million 2030 issue. The government also confirmed plans to swap roughly 67%...
Another Contract Extension for Haven
Jacktel announced that Equinor has extended the Draupner offshore contract by six weeks, now ending on May 27, 2026. Upon completion, the Haven vessel will be redeployed to a new location for a 15‑month firm charter. The extension eliminates the...
Heavy Metal Equipment & Rentals: Credit Rating Report
On February 18, 2026, DBRS Limited confirmed Heavy Metal Equipment & Rentals' long‑term issuer and senior debt ratings at BB (high) with a Stable outlook. The rating reflects the company's robust cash‑flow generation from its equipment leasing portfolio and disciplined...
Morningstar DBRS Assigns Provisional Credit Ratings to Freddie Mac MSCR Trust MN13
Morningstar DBRS has issued provisional credit ratings for Freddie Mac’s Multifamily Structured Credit Risk Notes, Series 2026‑MN13. Class M‑1 receives a (P) BBB‑low rating while Class M‑2 is assigned (P) BB‑low, both with a Stable trend. The trust will fund...
BNP, Bradesco, Rabobank Named Among Raízen Top Creditors
Brazilian energy giant Raízen SA is seeking to restructure roughly $12.6 billion of debt out of court. Major European and Latin American banks—BNP Paribas, Banco Bradesco and Rabobank—have been identified as some of the company’s largest creditors. The restructuring plan is expected...
Strait of Hormuz Strikes Fuel Fresh Fears over Bond Volatility
Bond market volatility spiked on Wednesday after three cargo vessels were struck near the Strait of Hormuz, pushing 10‑year U.S. Treasury yields from just above 4.14% to near 4.20%. The attacks revive concerns over oil‑supply disruptions, keeping Brent crude roughly...
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...
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...
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...
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...
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...