Global Parametrics Highlights How Parametric Products & Cat Bonds Can Scale Humanitarian Risk Financing
Global Parametrics’ new whitepaper argues that catastrophe bonds and parametric insurance can help bridge the widening humanitarian financing gap, which stands at roughly 36% of the projected $50 billion need in 2024. The report highlights that multi‑year cat bonds can unlock large pools of private capital, offering longer‑term protection than traditional reinsurance. It also notes that several NGOs, including UNICEF and IFRC, have already piloted climate‑linked insurance, while cat bonds remain nascent in the sector. The firm cautions that higher costs, payout speed, and operational complexity must be weighed against the benefits.
Debt Restructuring Is Senegal’s Best Bet
Senegal’s public debt has surged to roughly 132% of GDP, placing the country in a severe fiscal bind. With limited access to cheap financing, the government faces a stark choice between costly debt service and a structured debt‑restructuring process. Analysts...
LGT Reinsurer Lumen Re Secures $175m of Retro From Debut Photon Re 2026-1 Cat Bond
Lumen Re, the reinsurance arm of LGT ILS Partners, completed its debut Photon Re Series 2026‑1 catastrophe bond, locking in $175 million of fully‑collateralized retrocession protection against North American peak perils. The issuance was priced below the original guidance, with the...
CHY: Well-Supported 10% Dividend Yield
Calamos Convertible & High Income Fund (CHY) trades near fair value while delivering a roughly 10 % distribution yield. Earnings consistently exceed the cash paid out, supporting NAV growth despite negative net investment income. The fund’s portfolio—about 69 % convertibles and 23 %...
Rising-Liquidity-and-PDs-Open-Door-to-Secondary-SRT-Plays
Rising market liquidity and higher probability‑of‑default (PD) levels are unlocking new opportunities in the secondary market for Significant Risk Transfer (SRT) instruments. Early stress signals in loan portfolios have prompted investors to shift capital toward buying and selling existing SRT...
In the $3 Trillion Private Credit Market, the ‘Shadow Default’ Rate Is Increasing as More Money Chases Lower-Quality Deals
Lincoln International’s Private Market Index shows the $3 trillion private‑credit sector is growing in size but slipping in quality. Enterprise value rose 1.9% while EBITDA growth slowed and the “shadow default” rate more than doubled to 6.4% over the past year....
Vedanta Resources Mobilises $350 Million in Fresh Borrowing
Vedanta Resources secured a $350 million, 3.5‑year revolving credit facility from a consortium of six banks, including First Abu Dhabi Bank, Mashreq, Standard Chartered, Deutsche Bank and JPMorgan. The loan, priced at SOFR + 435 bps, will refinance existing maturities, fund interest payments and...
New Econ on Top for the Week, Curve Steeper Friday on Tariffs (E251)
DoubleLine strategists Ryan Kimmel and Mark Kimbrough highlighted a sector rotation this week, with communications services, financials and industrials gaining while traditional “old economy” sectors such as utilities and real estate fell. In fixed income, investment‑grade yields edged higher, but...
Fannie Mae, Freddie Mac Profits Decline in 2025
Fannie Mae and Freddie Mac reported a sharp decline in 2025 net earnings, falling roughly 12% year‑over‑year. The drop coincides with an 8% contraction in bank holdings of agency residential mortgage‑backed securities in Q4 and a reduced share of correspondent...
Rep. Hill Unimpressed by Trump’s GSE ‘IPO’ Plan
Representative Hill voiced strong skepticism toward President Trump’s proposal to launch an initial public offering of the government‑sponsored enterprises, Fannie Mae and Freddie Mac. He warned that a rushed IPO could destabilize the secondary mortgage market and raise borrowing costs...
J.P. Morgan Securities Fined $140,000 by FINRA
J.P. Morgan Securities LLC agreed to pay a $140,000 fine after FINRA found the firm violated MSRB Rule G‑32 and Rule G‑27. The violations involved inaccurate or incomplete Form G‑32 filings for 718 municipal bond offerings and late submission of 26 offering documents...
Prime Mortgages Secure a $321.2 Million RMBS From Goldman
Goldman Sachs has launched the GS Mortgage‑Backed Securities Trust 2026‑PJ2, a $321.2 million residential mortgage‑backed security backed by a pool of 255 first‑lien, fixed‑rate prime mortgages. The structure features a senior‑subordinate, shifting‑interest hierarchy with class A AAA‑rated notes and several lower‑rated tranches,...
Louisiana Commission Approves $400M GOs
Louisiana’s State Bond Commission authorized up to $400 million in general‑obligation bonds, to be sold by competitive bid on April 16. The issuance will raise about $383.7 million, with roughly 67 % earmarked for state‑government capital projects, 26 % for local governments and the remainder...
Tariff Slapdown: What the Markets Say
The U.S. Supreme Court struck down President Trump’s IEEPA tariffs, sending U.S. equities up about 0.7% and lifting the 10‑year Treasury yield back to roughly 4.10%. The decision removes a source of tariff‑derived revenue, reviving fiscal‑deficit concerns and creating upside...
ESMA Publishes List of Supplementary Deferrals for Sovereign Bonds
The European Securities and Markets Authority (ESMA) and most EU national competent authorities have released a list of supplementary deferrals that extend the MiFIR transparency regime for sovereign bonds. The new rule permits the omission of volume publication for medium‑size...
High-Yield Deals Are Testing the Market and Finding Demand
The high‑yield municipal bond market is heating up early in 2024, with $2.3 billion of speculative‑grade issuance recorded YTD, representing roughly 3.4% of total municipal issuance. Strong investor appetite and a tight primary‑market supply have driven several previously shelved deals back...
Vanguard Eyes Non-U.S. Markets To Hedge High-Grade Debt Exposure
WDI May Benefit From Shifting Interest Rate Policy
Western Asset Diversified Income Fund (WDI) trades at a 3.04% discount to NAV and offers a 12.41% yield, positioning it as a high‑yield income vehicle. The fund’s portfolio is heavily weighted toward high‑yield corporate bonds and a sizable floating‑rate component,...
Virtus Newfleet Multi-Sector Bond ETF Q4 2025 Commentary
The Virtus Newfleet Multi‑Sector Bond ETF posted a 1.64% NAV return in Q4 2025, beating the Bloomberg U.S. Aggregate Bond Index’s 1.10% gain. The fund’s deliberate underweight to U.S. Treasuries captured excess returns as spread‑rich sectors outperformed. Management continued to fine‑tune...
RSBT ETF: It's A Directional Bet, Not A Diversification Vehicle
The Return Stacked Bonds & Managed Futures ETF (RSBT) posted a 12.25% year‑over‑year price gain after a tough 2022‑23 inflation cycle. The fund allocates capital between the AGG bond ETF and a suite of trend‑following managed‑futures strategies, positioning it as...
Global Market | Japan’s Tightening Cycle Could Redraw the Map of Global Market Liquidity
The Bank of Japan has ended its ultra‑easy stance, pushing policy rates to the highest level in decades and pricing in another hike. Higher domestic yields are likely to trigger repatriation of Japanese savings, cutting the flow of low‑cost funding...
ICMA Responds to FCA Consultation on Improving the UK Transaction Reporting Regime
ICMA responded to the FCA’s CP25/32 consultation on improving the UK transaction‑reporting regime, focusing on MiFIR cash‑bond reporting and the SFTR repo reporting framework. The feedback was produced by two dedicated ICMA working groups—a newly formed MiFIR Transaction Reporting Taskforce...
TIP Solar Raises $179.7 Million in ABS From Residential Solar, PPA Leases
TIP Solar, backed by GoodLeap’s residential solar leases and PPAs, has issued $179.7 million in asset‑backed securities. The ABS are collateralized by 7,812 leases held by Jaguar Solar Owner 2026‑1 and structured into A‑ and B‑tranches with anticipated repayments through March 2033 and...
How Bond Ladder ETFs Reimagine Retirement Income Strategies
Bond ladder ETFs are emerging as a transparent alternative for retirees seeking steady, inflation‑protected income. The Northern Trust 2045 Inflation‑Linked Distributing Ladder ETF (TIPC) structures a 20‑year ladder of TIPS, delivering annual principal payouts as each rung matures. By evenly...
CLO ETFs: The “Arms Race” Heats Up
CLO ETFs have surged into the mainstream, pulling in $4 billion of net inflows in the first six weeks of 2026. Total assets now top $35 billion, more than doubling in just over a year, with most money flowing into AAA‑rated funds....
SageSure Moves up to Third in Our Cat Bond Sponsor Leaderboard, as Largest Gateway Re Closes
SageSure has risen to third place on the Artemis catastrophe‑bond sponsor leaderboard after closing its largest Gateway Re issuance, a $670 million multi‑peril cat bond. The transaction brings the MGU’s outstanding risk capital to just over $3.1 billion across 12 issuances. The...
The Link Between Interest Rates and Exchange Rates : The Uncovered Interest Parity
The post examines how the 10‑year US‑German bond yield spread correlates with the USD/EUR exchange rate, showing that higher US yields usually coincide with dollar appreciation. A notable exception occurred after April 2 2025, when a sharp US yield rise was followed...
Bloomberg Indices Expands Futures-Based Index Offering
Bloomberg announced the Bloomberg Eris SOFR Swap Futures Tracker Indices, a suite of 11 new rules‑based indices that track the performance of Eris SOFR swap futures across the U.S. dollar interest‑rate curve. The indices span tenors from one‑year to 30‑year...
IIFM and ICMA Formalise Strategic Partnership to Standardise Islamic Repo Markets
The International Islamic Financial Market (IIFM) and the International Capital Market Association (ICMA) have signed a Memorandum of Understanding to create a global, Shari’ah‑compliant repo master agreement. Leveraging ICMA’s Global Master Repurchase Agreement expertise and IIFM’s Islamic‑finance standards, the project...
Sprite to Issue $495 Million in Aviation ABS Notes
Sprite’s aviation securitization platform is launching a $495 million asset‑backed securities (ABS) program backed by lease contracts on 30 aircraft. The issuance comprises three fixed‑rate tranches with an anticipated repayment date in March 2033 and a final legal maturity in March 2041. World...
2026 Global Bond Credit Outlook: Q&A
European investment‑grade credit remains resilient in early 2026 despite a 2% YoY dip in EBITDA growth and modest leverage creep. Interest‑coverage ratios have stabilised and rating upgrades in Spain and Italy bolster the sector’s outlook. Spreads have tightened to historic...
Northeast Issuers Juggle Crumbling Infrastructure, Increasing Costs
Northeast public issuers are grappling with crumbling infrastructure, rising construction costs and a wave of federal funding cuts. Tariffs and buy‑American requirements are inflating bus purchases for NJ Transit, while the Gateway tunnel project remains stalled after a $205 million funding...
Corpus Christi to Tap Future Bond Proceeds for Water Project Costs
The Corpus Christi City Council approved a resolution to tap up to $410 million in future water revenue bonds, slated for issuance as late as 2027, to reimburse current cash outlays for critical water‑supply projects. The plan funds a $175 million containerized...
PFM Partners up with DebtBook
PFM announced a partnership with DebtBook to embed artificial‑intelligence capabilities into public‑sector treasury operations, leveraging PFM's Synario financial‑modeling platform alongside DebtBook's debt‑management suite. The alliance aims to automate cash‑flow, leasing and investment tracking, freeing municipal finance teams to focus on...
Japan Accounting Group Seeks to Ease Insurer Bond Loss Rule
The Japanese Institute of Certified Public Accountants (JICPA) has proposed treating life insurers' government‑bond holdings as held‑to‑maturity, removing the need for impairment accounting when certain criteria are met. Under current rules insurers must record a loss if market value falls...
Rates Spark: Pressures Rebuild for Long Dates
Equity volatility in the US is easing, opening the door for a near‑term rally in 10‑year euro swap rates that sit about 20 basis points below their January peak. Market participants expect a bear‑steepening move as the front end of...
The Big Four Recession Indicators: Industrial Production
Industrial production rose 0.7% in January, outpacing the 0.4% forecast, and posted a 2.3% year‑over‑year gain. Utilities output surged 2.1% month‑over‑month, while mining slipped 0.2% and manufacturing climbed 0.6%. The index’s current level is at or below the start‑of‑recession threshold...
ASR Nederland N.V. (ARNNY) Q4 2025 Earnings Call Transcript
ASR Nederland N.V. held its Q4 2025 earnings call on February 18, 2026, presenting full‑year results and outlining progress on its multi‑year strategy. CEO J.P.M. Baeten highlighted stronger underwriting performance and a rise in net profit, while CFO Ewout Hollegien detailed improvements in...
Russell Investments Expands Canadian ETF Lineup With Five New Offerings
Russell Investments Canada Limited announced the launch of five new exchange‑traded funds on the Toronto Stock Exchange, adding two fixed‑income products (HALO and RBND) and three multi‑factor equity funds (RQCA, RQUS, RQIN). The fixed‑income ETFs carry a 0.35% management fee,...
Debtwire Middle-Market – 2/16/2026
The VanEck BDC Income ETF is yielding 12.3% as of 12 February, just below its five‑year high of 12.8% reached in April 2025. In contrast, the BofA Merrill Lynch US High Yield index has slipped to 6.6%, down from an 8.5%...
FTSE 100 Live: Inflation Falls to Near Year-Low; BAE Leads Stock Rally
UK inflation eased to a near‑year low, with the CPI falling to 3% year‑on‑year in January 2026, down from 3.4% in December. The slowdown, driven by lower petrol, airfares and food prices, has revived expectations that the Bank of England...
Overseas Investors Tap Brakes on JGB Selling Post-Election
The Liberal Democratic Party’s landslide victory in Japan’s snap election has steadied the government‑bond market, halting a sharp rise in long‑term yields. Foreign institutional investors, who had been offloading JGBs, have paused sales and begun modest buying. Domestic investors are...
Stop Overpaying For PDI
The PIMCO Dynamic Income Fund (PDI) is trading at roughly a 12% premium to its net asset value, delivering a near‑14% yield and monthly distributions. While its strong distribution history appeals to income investors, the fund’s leverage and sensitivity to...
Leveraged Loan Insight & Analysis – 2/16/2026
Business development companies (BDCs) have seen their share price to net asset value (NAV) ratios slip lower as investors anticipate reduced base rates and grapple with heightened software sector exposure. The average price‑to‑NAV now sits below 95%, reflecting a widening...
ICMA Publishes Guide to Repo Markets: South Africa
ICMA has published an open‑access guide to South Africa’s repurchase (repo) market, the ninth edition in its global series of market‑specific manuals. The guide outlines the market’s structure, collateral types, counterparties, infrastructure, and the legal‑regulatory framework. Funding came from Strate’s...
VPLS: Another Look At This Solid, Vanilla Vanguard Bond ETF
Vanguard’s Core‑Plus Bond ETF (VPLS) is an actively managed fund that targets investment‑grade bonds, Treasuries, and mortgage‑backed securities while holding modest amounts of foreign and high‑yield debt. Compared with its passive benchmark, the Vanguard Total Bond Market ETF (BND), VPLS...
US Treasuries Slip as Rally Loses Steam on Steady Labor Data
U.S. Treasury yields edged higher on Tuesday, halting a recent rally as steady private‑payroll data reinforced expectations of a still‑robust labor market. The benchmark 10‑year yield closed at 4.06%, while the two‑year rose to 3.43%, reflecting market pricing of two...
PRESS RELEASE: BIGBEN ANNOUNCES IMPORTANT INFORMATION REGARDING THE PARTIAL REPAYMENT OF ITS BOND LOAN
Bigben Interactive announced that its banking pool unexpectedly refused to honor a drawdown notice for the partial refinancing of its senior bonds, leaving the company unable to execute the planned €43 million partial repayment on the February 19 maturity date. The...
Corporate Health Outlook: Improvement Broadens as Expectations Rise
Loomis Sayles’ Credit Analyst Diffusion Indices (CANDIs) survey shows analyst optimism at its highest in several quarters, driven by stronger profit margins and declining leverage across most industries. Margin expectations rose sharply for both services and manufacturing, while leverage fell to...
SwapsInfo Full Year 2025 and the Fourth Quarter of 2025 Review
SwapsInfo reports a 46.1% jump in interest‑rate‑derivatives (IRD) notional to $536.5 trillion in 2025, with trade count rising 22.9% to 3.3 million. Short‑dated contracts dominate, representing 71.5% of IRD notional, while cleared transactions account for 86.6% of total notional. Swap execution facilities...