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 near‑record lows, indicating healthier balance sheets. The survey highlights manufacturing’s ability to offset lingering cost pressures through pricing discipline, even as services enjoy stable, elevated margins. Despite the upbeat fundamentals, consensus earnings forecasts have risen, compressing credit risk premiums and raising the bar for further upside.
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...
Fitch Downgrades Missouri Hospital to ‘D’ Rating
Fitch downgraded John Fitzgibbon Memorial Hospital in Marshall, Missouri to a “D” rating from “C” and withdrew its issuer and bond ratings after the hospital defaulted on required debt payments. The default concerns principal and interest on 2010 bonds, and...
L&G to Maintain Exposure to Catastrophe Bonds Despite Spread Tightening
Legal & General Investment Management will keep its catastrophe‑bond exposure despite recent spread compression. The firm’s portfolio, estimated at a minimum of $400 million, remains in diversified multi‑asset funds while it waits for more attractive entry points. Turner and Dietz note...
Convergence: Navigating the Blurred Lines Between Public and Private Credit
In a recent InsuranceAUM interview, Chris Gudmastad, Head of Private Credit, discusses the growing convergence between public and private credit markets. He highlights how blended financing structures are blurring traditional asset class boundaries and reshaping investment opportunities. The conversation underscores...
Underwriting Spreads Rise in 2025
Underwriting spreads for municipal bonds rose again in 2025, reaching an average of $4.30 per $1,000, up from $4.23 in 2024. Negotiated‑deal spreads increased to $4.64 while competitive‑deal spreads fell to $1.78. The uptick coincides with record issuance volumes—$586 billion in...
Challenger Life’s Cat Bond Investments Beat Benchmark in Last Half-Year
Challenger Life, an Australian life insurer, reported that its catastrophe bond and broader insurance‑linked securities (ILS) investments outperformed the Plenum CAT Bond UCITS Fund Index over the last six months. The cat bond segment delivered a return above the index’s...
Private Credit: Poised For Growth
Asia‑Pacific private credit is entering a rapid expansion phase, with issuance projected to rise from $59 billion in 2024 to $92 billion by 2027. Industry leaders such as SC Lowy and Moody’s cite digitalization, the energy transition, and infrastructure needs as primary catalysts,...
Yen Rises Slightly as JGB Auction Passes Test
The yen edged higher in thin Asian trading as the Japanese currency modestly strengthened. The latest five‑year JGB auction posted a bid‑to‑cover ratio of 3.10, the first rise since September, indicating easing election‑related stress. RBA minutes reinforced a tightening bias...
Fitch Ratings Assigns ‘a’ Rating to Lee County, Florida Airport Revenue Bonds Series 2026
Fitch Ratings assigned an ‘A’ rating to Lee County, Florida’s airport revenue bonds, Series 2026, and affirmed the rating on existing bonds with a stable outlook. The rating reflects a balanced carrier mix serving a leisure‑focused market and enplanements that...
Cohu: Maintaining Bearish Stance Post Q4 Earnings Release
Cohu, Inc. posted a Q4 earnings miss despite a 34% surge in recurring bookings and over 12% revenue growth, keeping operating losses and margins under pressure. The company added $290 million of convertible debt, raising dilution concerns, while one‑time inventory charges...
S&P Global: An Undervalued Dividend King For Long-Term Investors
S&P Global (SPGI) is a $133 billion market‑cap provider of credit ratings, benchmarks, analytics and workflow solutions. The company has raised its dividend for 53 consecutive years and trades at a 21.9× P/E, roughly 20% below its five‑year average, implying undervaluation....
EUREP Expansion and the Euro – Going Global
The European Central Bank announced that, from the third quarter of 2026, it will expand its EUREP euro repo facility to a global €50 billion line available to any central bank that meets AML and sanctions criteria. The repo offers euro...
SPTS: January Job Cuts, Limited CPI Gives Space For Growth Mandate Focus And Cuts
State Street’s SPDR Portfolio Short Term Treasury ETF (SPTS) is gaining attention as its 1.85‑year duration aligns with a lower‑inflation environment, allowing a growth‑focused mandate. The ETF’s exposure to short‑term rate moves helps it sidestep risks tied to long‑term USD...
Tract’s Fleet Data Centers Seeks $3.8bn to Fuel Nevada Build-Out
Fleet Data Centers, the development arm of Tract, announced a $3.8 billion senior secured note issuance to fund a 230 MW data center campus in Reno, Nevada. The facility, built on a 252‑acre site, is 100 percent leased to an unnamed investment‑grade tenant...
TSI: Massive 30% Dividend Raise For This Monthly Income Fund
TCW Strategic Income Fund (TSI) announced a roughly 30% increase in its monthly dividend, pushing its distribution yield to about 6.9%. The closed‑end fund trades at a 7.62% discount to net asset value and carries a Buy rating. TSI’s portfolio...
A U.S. ‘Debt Spiral’ Could Start Soon as the Interest Rate on Government Borrowing Is Poised to Exceed Economic Growth,...
The CBO projects publicly held U.S. debt will surpass 106% of GDP by 2030 and reach 120% by 2036. Average Treasury interest rates are expected to climb to 3.9% by the end of the forecast, outpacing nominal GDP growth that...
VGMS: This New Low-Cost Active Bond ETF Is Growing
Vanguard launched the Multi‑Sector Income Bond ETF (VGMS) in June 2025, offering a 5.19% SEC yield and a low 0.30% expense ratio. Over the past eight months the actively managed fund outperformed the benchmark AGG by 93 basis points, delivering...
FCT: No Near-Term Growth Catalyst
First Trust Senior Floating Rate Income Fund II (FCT) remains a hold as its earnings growth stalls and its 11.7% yield faces pressure. Net investment income is insufficient to fully fund distributions, forcing the fund to rely on realized gains,...
Central Alabama Water Downgraded by S&P
S&P Global Ratings lowered Central Alabama Water’s revenue‑bond rating to AA‑minus from AA and placed the issue on CreditWatch Negative. The downgrade reflects weakening liquidity, high debt levels and aging infrastructure, compounded by delayed budget adoption after a state‑mandated governance...
Figures on Automotive Securitization Tapes: Definitions Report - February 2026
The Fixed‑Asset Securitization Tracker (FAST) released its February 2026 Definitions report, detailing the data fields used in automotive securitization tapes. The document supplies precise definitions, code tables, and cross‑references to related transaction disclosures. By standardizing terminology, the report aims to simplify...
Bond Yields Fall After CPI Report Shows Tamer Inflation
U.S. Treasury yields fell after the January CPI came in cooler than expected, pulling municipal bond yields lower as well. Despite the softer inflation print, analysts say the Federal Reserve will likely keep rates on hold and consider only a...
Fed's Goolsbee Sees Encouraging and Concerning Parts of the CPI Report
Chicago Fed President Austan Goolsbee highlighted a mixed CPI report, noting a modest 0.2% month‑over‑month rise in headline inflation and a steady 2.5% year‑over‑year rate. While core inflation matched expectations, services inflation remains elevated, keeping overall inflation around 3% and...
California Sees Healthy Demand for Water System Revenue Bonds
California’s Department of Water Resources issued a $546 million Central Valley Project water‑revenue bond under a new 2026 resolution, reporting a 4.14 % all‑in true interest cost. The 5 % coupon bonds carry yields from 1.70 % to 4.27 % and mature between 2027 and...
Austin Bond-Related Cases Seek Texas High Court Rulings
Austin’s $1.6 billion convention‑center replacement, financed mainly through revenue bonds, has entered a legal showdown at the Texas Supreme Court. Petitioners seeking to halt demolition argue the city clerk’s signature count fell short, while the city maintains the count was accurate....
Fannie Mae, Freddie Mac Add New Rate Buydown Disclosures
Fannie Mae and Freddie Mac will begin reporting loan‑level interest‑rate buydown information as a new attribute, L‑117, starting April 20 for MBS issued on or after May 1. The disclosures classify loans into five categories—moderate, significant, other, not applicable, and not available—using...
Floaters May Be Fantastic Alternative to T-Bills
Floating‑rate notes are gaining traction as a higher‑yielding alternative to Treasury bills, especially as short‑term rates rise. VanEck's IG Floating Rate ETF (FLTR) offers a 4.28% yield, low duration, and strong credit quality, making it attractive for income‑focused investors. The...
India Bond Traders Seek Buybacks as Yields Climb Despite Switch
Indian bond traders are pressing the government for buybacks as 10‑year yields climb despite a recent debt‑switch operation. The benchmark 10‑year yield rose to 6.6878%, up about five basis points after the Treasury swapped ₹755 billion of FY27 bonds for longer‑term...
RenRe’s New Stratos Fund Is a Managed Cat Bond Account for a Single Institutional Investor
RenaissanceRe launched the Stratos Fund, a $260.4 million catastrophe‑bond segregated account managed exclusively for a single institutional investor. The capital was transferred from the co‑mingled Medici cat‑bond strategy, making Stratos a fund‑of‑one rather than a multi‑investor vehicle. It is the second...
US Dollar Credit Supply: Primary Market Shows Strong Start to 2026
US dollar primary market began 2026 with robust corporate issuance, totaling $56 bn in January, driven largely by technology, media and telecom (TMT) firms contributing $24 bn. Banks led the financial sector, printing $134 bn of senior non‑preferred bonds, a $20 bn year‑to‑date increase...
Rates Spark: Dutch Pension Funds May Prepare Early for 2027 Transitions
Almost €1 trillion of Dutch pension assets are slated to transition by 2027, but early hedge rebalancing has already begun. Smaller funds moved interest‑rate hedges in December 2025, while larger players like PMT and PFZW are timing their flows for the first...
Will Bonds Outperform Stocks in 2026? Why the Timing Might Be Right To Double Down on Bonds.
Bond ETFs are poised to challenge equity returns in 2026 as central banks move from aggressive tightening to policy normalization. The Invesco Equal Weight 0‑30 Year Treasury ETF (GOVI) offers a diversified, lower‑volatility alternative to the long‑duration iShares 20+ Year...
MacroVoices #519 Alex Gurevich: The Next Perfect Trade
Alex Gurevich joins Erik Townsend and Patrick Ceresna on MacroVoices to outline his outlook for fixed‑income markets and the broader macro environment. He argues that the Federal Reserve will keep a restrictive policy stance into 2026, keeping inflation pressures in...
After 25 Years, California Should Rethink Citizen Bond Oversight Committees
California’s Proposition 39 created citizen bond oversight committees (CBOCs) to add accountability to school‑facility bonds, but two‑decades of experience show they have not uncovered fraud. Annual audits remain compliance‑focused, while most fraud cases surface through law‑enforcement or targeted state investigations. The...
SMAs, ETFs Continue to Be Popular with Retail Buyers: Conference Panel
Retail investors are increasingly gravitating toward separately managed accounts (SMAs) and exchange‑traded funds (ETFs) as flexible, tax‑efficient ways to access municipal bonds. Muni SMAs now manage roughly $1.3 trillion across about 180 managers, while ETF holdings in the sector jumped 22.4%...
Amundi Expands Its Bond Offering on the LSE with a New Sterling ETF
Amundi has launched the Amundi Core GBP Corporate Bond UCITS ETF Dist on the London Stock Exchange, beginning trading on 12 February 2026. The fund tracks the Bloomberg Sterling Aggregate Corporate TR Value Unhedged GBP index, providing exposure to investment‑grade UK corporate...
Update on the Procurement for Digital Gilt Instrument (DIGIT) Pilot
The UK Treasury announced an update on the Digital Gilt Instrument (DIGIT) pilot, selecting HSBC’s Orion platform as the technology provider and Ashurst LLP for legal services. The competitive tender, launched in October 2025, aims to test distributed‑ledger technology for...
Fed Should ‘Aggressively’ Be Cutting Rates, Investor Says Amid Jobs Report Release
Anthony Pompliano, CEO of Professional Capital Management, argued on “Making Money” that the Federal Reserve should aggressively cut interest rates following the latest jobs report. He noted that the labor market remains solid but still offers room for monetary easing...
Green Financing of Airports – Swedavia’s New Framework Casts Light on Global Developments
Swedavia, Sweden’s state‑owned airport operator, unveiled a green‑bond framework to fund airport infrastructure through public‑private partnerships. The model ties financing to ESG criteria, requiring projects such as terminals, car parks and people movers to meet strict environmental standards, often incorporating...
Munis Mixed, UST Yields Rise Post-Jobs Report
Municipal bond prices were mixed on Wednesday as U.S. Treasury yields climbed following a stronger‑than‑expected jobs report, prompting market participants to reassess the timing of the Federal Reserve’s next rate cut. The two‑year muni‑UST spread slipped to 59% while longer‑dated...
American Dream Bonds Tumble
Municipal bonds financing New Jersey's American Dream megamall slumped nearly 18% after bondholders sued over a contested property assessment. The 7% PILOT bonds due 2050 traded at 78 cents, the lowest price since issuance in 2017, while similar 6.75% bonds...
Commonwealth Bank of Australia (CMWAY) Q2 2026 Earnings Call Transcript
Commonwealth Bank of Australia reported a solid second‑half 2025 performance, with cash net profit climbing 6% and earnings per share increasing $0.19. The bank highlighted disciplined growth across its core retail and business segments despite cost‑of‑living pressures and global uncertainty....
MLPI: Supercharging MLPs For 15% Yields
NEOS MLP High Income ETF (MLPI) aims to deliver roughly 15% after‑tax yields by layering covered‑call premiums on a portfolio that mirrors the AMLP structure. The fund’s 100% return‑of‑capital distribution model defers taxes, boosting net income for investors. In addition...
MPV: High-Quality Fund But Expensive At This Time
Barings Participation Investors (MPV) is a high‑quality, income‑focused closed‑end fund delivering a 7.8% yield and solid dividend coverage. The fund’s floating‑rate private‑credit portfolio positions it to profit from future interest‑rate cuts. However, shares currently trade at a 21% premium to...
Ladder Capital: No Harm In Positioning Itself Conservatively
Ladder Capital (LADR) continues to position itself as a low‑volatility, conservatively managed CRE REIT, with management holding over 10% of the equity. The Q4 2025 report showed a miss on dividend coverage, yet the portfolio remains anchored by more than...
China Vanke Downsizes Serviced Apartment Business After Record Red Ink
China Vanke, a state‑backed developer, announced a record 82 billion yuan ($11.8 billion) loss for 2025. The loss prompted the company to shrink its serviced‑apartment business, scaling back operations in Shenzhen under the Port Apartment brand. The move is part of a...
FTSE 100 Live: Heathrow Traffic Record; Homebuilders Call for Help
UK’s FTSE 100 slipped 0.3% after a string of negative corporate news. Energy giant BP announced a suspension of its share buyback programme and heightened cost‑cutting targets to fund oil production, while Standard Chartered saw its finance chief Diego De Giorgi...
Voya Strategic Income Opportunities Fund Q4 2025 Commentary
Voya’s Strategic Income Opportunities Fund delivered outperformance in Q4 2025, surpassing its ICE BofA USD 3‑Month Deposit Index benchmark on a net asset value basis. The quarter was marked by heightened policy uncertainty due to a government shutdown, alongside market turbulence driven by a...
Thornburg Municipal Bond Funds Q4 2025 Commentary
U.S. fixed‑income markets ended 2025 on a positive note as Federal Reserve rate cuts and cooling inflation lifted bond prices. Thornburg's municipal bond funds posted mixed returns, with the AAA curve flattening and short‑term yields rising while longer maturities fell....
Tradeweb Markets: Growth Outlook Remains Robust
Tradeweb Markets posted 12.5% year‑over‑year revenue growth in Q4 2025 and expanded its adjusted EBITDA margin to 53.2%, driven by strong volume gains in rates and derivatives. Early 2026 data shows double‑digit daily volume growth, supporting the firm’s high‑teens growth...