Rates Spark: Hard to See a Ceiling for Gilt Yields
UK gilt yields are climbing as the Bank of England continues aggressive quantitative tightening, shedding roughly £70 bn ($89 bn) of bonds each year and steepening the GBP swap curve by about 60 basis points versus the dollar. Political turbulence surrounding Labour’s leadership adds a fiscal‑risk premium, raising concerns that a new prime minister may increase spending. Across the Atlantic, US Treasury yields are pressured by a 3.8% year‑on‑year April CPI, pushing the 10‑year rate to 4.45% and near the 4.5% threshold. Combined, these forces suggest higher borrowing costs for both governments and heightened volatility in core bond markets.
CHY: Some AI Exposure And A Better Fund Than Most Bond Funds
The Calamos Convertible & High Income Fund (CHY) delivers a 9.35% yield by blending convertible bonds with high‑yield corporates. About 69% of its assets are in convertible securities, offering inflation protection and a hedge away from pure‑play tech stocks. The...
Morningstar DBRS Confirms Credit Ratings of All Classes of Wells Fargo Commercial Mortgage Trust 2015-C28
Morningstar DBRS confirmed the credit ratings for all classes of Wells Fargo Commercial Mortgage Trust 2015‑C28, assigning Class D a CCC rating and Classes E and X‑E a C rating. The agency’s analysis projects $27.9 million in liquidated losses, which would wipe out the...
Morningstar DBRS Finalizes Provisional Credit Ratings on BMW Canada Auto Trust, Series 2026-1
Morningstar DBRS has issued provisional AAA (sf) ratings to the three tranches—Class A-1, A-2 and A-3—of the BMW Canada Auto Trust, Series 2026-1 notes. The ratings are underpinned by a 14.75% credit‑enhancement buffer at closing, a conservative residual‑value advance rate,...
This Inflation-Fighting ETF Is Right for These Times
Inflation pressures and soaring energy prices have revived interest in Treasury Inflation‑Protected Securities (TIPS), but the WisdomTree Inflation Plus Fund (WTIP) distinguishes itself by pairing TIPS with commodities. The ETF has surged 19.07% year‑to‑date, dwarfing the 1.26% gain of the...
Yardeni Stays Calm, Not 'Freaked Out,' As Treasury Yields Surge
Veteran strategist Ed Yardeni told Bloomberg that the recent surge in Treasury yields is not a cause for alarm, viewing 4.25‑4.75% on the 10‑year as "normal." The benchmark 10‑year yield has risen to 4.48% and the 30‑year to 5.03%, each...
Morningstar DBRS Assigns a BBB (High) Credit Rating to Valley National Bancorp's $500 Million Subordinated Debt Issuance
Morningstar DBRS assigned a final BBB (high) rating with a Stable trend to Valley National Bancorp’s $500 million, 6.219% fixed‑to‑floating subordinated notes due 2036. The unsecured notes will be used to repay $300 million of existing 3.00% subordinated notes due 2031 and...
‘How Long Can the Gilt Market Act as the UK’s Political Police?’
The article examines how UK government bonds, or gilts, have become a de‑facto political barometer, reflecting investors' expectations of fiscal policy and election outcomes. It highlights recent yield spikes following contentious budget announcements and the widening spread between gilt yields...
Treasury Yields Rise as Inflation Picks Up Speed
U.S. consumer prices rose 3.8% year‑over‑year in April, pushing core CPI to 2.8% and prompting Treasury yields to climb, with the 10‑year note reaching 4.43% and the two‑year at 3.97%. The stronger inflation reading fuels expectations of a more hawkish...
With Keir Starmer Premiership on the Brink, British Government Debt Tumbl...
British government debt yields spiked as Prime Minister Keir Starmer faced mounting pressure after a poor local‑election showing. The 10‑year gilt rose to 5.10% and the 30‑year to 5.77%, marking the highest yields since the late 1990s. The pound slipped to...
Panda Power: Pakistan to Tap China Debt Market with First Sale of Yuan-Priced Notes
Pakistan will issue up to $250 million of yuan‑denominated panda bonds, the first tranche of a $1 billion program, with AIIB and ADB guaranteeing 95% of the debt. The three‑year sustainable‑development notes aim to tap lower Chinese borrowing costs after Pakistan raised...
OUE Unit Issuing S$150 Million 3.25% Green Notes Due in 2033
OUE Treasury, a wholly‑owned subsidiary of OUE, announced a S$150 million (≈US$111 million) issuance of 3.25% green notes due in 2033. The notes are part of a S$3 billion multicurrency debt programme launched in 2016 and will be unconditionally guaranteed by OUE. OCBC...
Latest-SRTx-Fixings-Released
The Structured Credit Investor released the latest SRTx fixings on 12 May 2026, showing a notable spread recovery across the Significant Risk Transfer market. The improvement is attributed to heightened demand from small‑ and‑medium‑enterprise (SME) issuers seeking capital relief despite...
Sequoia Mortgage Prepares $507.1 Million in Prime RMBS
RWT Holdings is issuing $507.1 million of prime residential mortgage‑backed securities through the Sequoia Mortgage Trust 2026‑INV3. Bank of America Securities leads underwriting, offering twelve rated tranches that mature in May 2056, with the senior A‑9 to A‑21 notes paying a 4.50%...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...
Munis Face Another Week of Robust Supply, Expected Inflows
Municipal bond issuance is set for another week of heavy supply, with estimated issuance of $12.35 billion, including $10.41 billion of negotiated deals and $1.95 billion of competitive issues. Four mega deals—San Francisco airport, New York dormitory, Connecticut general obligation, and Atlanta water...
Bond Traders Brace for Inflation Data as Fed's Powell Era Ends
Bond traders are bracing for the upcoming U.S. CPI report as oil‑driven price pressures keep Treasury yields elevated. Two‑year yields climbed to 3.93% after the U.S.–Iran standoff pushed crude higher, and the market is already pricing a more than 40%...
UK Borrowing Costs Rise as Starmer Speech Fails to Dispel Investor ‘Jitters’
UK gilt yields climbed on Monday, with the 10‑year benchmark reaching 5% and the 30‑year hitting 5.67%, after Prime Minister Keir Starmer’s speech failed to calm market nerves. The rise erases the modest yield drop seen after last week’s local...
How Conduit Multifamily Bonds Can Be Dangerous to Portfolio Health
Conduit‑issued multifamily housing revenue bonds often lack the fiscal oversight, reserve funding, and covenant enforcement that state housing finance agencies provide, making them prone to credit stress. Without strong balance sheets or general‑obligation pledges, these shell issuers expose investors to...
Columbia University, Moving Past Trump Administration Attacks, Sells Bonds
Columbia University is launching a $487 million bond program, split into a $200 million taxable series maturing in 2031‑33 and a $286.9 million tax‑exempt revenue series funding capital projects. The bonds are underwritten by Goldman Sachs, BofA Securities and J.P. Morgan, and the university...
Moody’s Cuts Wabash Rating Third Time in a Year, Execs Eye ‘27 Rebound
Moody’s cut Wabash National’s corporate family rating to B3 on May 5, marking the third downgrade within a year and placing the trailer maker six notches below investment‑grade. The downgrade follows a steep decline in trailer shipments—5,378 units in Q1 2026 versus...
Amazon Prepares Its First Swiss Franc Bond in Six-Part AI-Capex Push
Amazon is preparing its first Swiss franc bond issuance, a six‑tranche program spanning 3‑ to 25‑year maturities, marking its entry into the CHF market. The move follows a broader multi‑currency funding push, after a $37 bn dollar bond and €14.5 bn euro...
Amazon Prepares to Sell First Swiss Franc Bond in AI Push
Amazon.com Inc. is set to launch its first-ever bond offering denominated in Swiss francs. The company has hired BNP Paribas, Deutsche Bank and JPMorgan Chase to manage a six‑part issuance covering maturities from three to 25 years. The proceeds are expected to...
KKR, HASI-Backed Sustainable Infrastructure Platform CarbonCount Raises Over $500 Million
KKR and HA Sustainable Infrastructure Capital expanded their CarbonCount Holdings 1 platform by issuing $508 million in senior unsecured notes, raising total investment capacity to nearly $5 billion. Launched in 2024 with $1 billion commitments from each partner, the platform previously raised $592 million in...
Florida Citizens Now Targets up to $600m of Reinsurance From Everglades Re II 2026-1 Cat Bond
Florida’s Citizens Property Insurance Corp has increased its reinsurance target for the Everglades Re II Ltd. Series 2026‑1 catastrophe bond from $450 million to as much as $600 million. The three tranches—Class A, B and C—have been expanded in size and their...
How the UK Can Use the Bond Markets’ ‘Kindness of Strangers’
The UK now spends over £100 bn (≈ $127 bn) a year on debt interest, roughly 1 in 12 pounds of government spending, despite a lower debt‑to‑GDP ratio than France and Italy. Yield differentials mean the UK pays about 5% on 10‑year gilts...
Australia’s Budget May Lead to Lower Bond Supply, Analysts Say
Australia’s upcoming budget is expected to signal a modest pullback in sovereign debt issuance, with Commonwealth Bank of Australia projecting FY27 bond sales of A$115 billion (about $83 billion) versus A$125 billion this year. Analysts say the Australian Office of Financial Management may...
MONECO Advisors Loads Up on This Defined-Maturity Bond ETF -- Here's Why It Matters
MONECO Advisors bought an additional 138,644 shares of Invesco BulletShares 2032 Corporate Bond ETF (BSCW) in Q1 2026, a transaction worth roughly $2.9 million. The purchase lifted the firm’s total BSCW holding to 1,056,767 shares valued at $21.8 million, representing about 1.7 % of...
Powell Stays…Should the Dot Plot?
Federal Reserve Chairman Jerome Powell announced he will remain a Fed governor through 2028, while Kevin Warsh is set to assume the chairmanship in June. The April FOMC meeting held rates steady but recorded four dissenters—the most since 1992—signaling resistance...
The Federal Government Must Issue More Debt than It Expected as Cash Flow Weakens, and ‘the Bond Market Is Shouting’
The Treasury Department now projects $189 bn of borrowing for the April‑June quarter, roughly $79 bn higher than its February outlook and $122 bn above the figure adjusted for the quarter’s opening cash balance. The uptick occurs despite the spring filing season’s usual...
The Federal Government Must Issue More Debt than It Expected as Cash Flow Weakens, and ‘the Bond Market Is Shouting’
The Treasury Department now projects $189 billion in borrowing for the April‑June quarter, $79 billion more than its February forecast and $122 billion higher after adjusting for the opening cash balance. Weaker cash flow reflects new tax breaks and up to $166 billion in...
FLMI: Not Too Much Signs Of Stress, But Inflation Coming Back
The Franklin Dynamic Municipal Bond ETF (FLMI) is confronting heightened yield pressure as inflation expectations climb, driven in part by geopolitical tensions that are lifting energy prices. Its 7‑year duration makes the fund especially sensitive to upward shifts in the...
PDI: Change Your Thinking
The PIMCO Dynamic Income Fund (PDI) is trading at more than a 10% premium to its net asset value despite recent NAV erosion. It delivers a high monthly distribution around 15%, though part of that may be return of capital,...
How to Build a ‘Gilt Ladder’
UK long‑bond yields have surged above 5%, prompting retirees and advisors to revisit gilt ladders – a DIY strategy of buying individual low‑coupon gilts that mature over 10‑15 years. Discounted gilts, many trading at 30‑70% of par, offer capital‑gain‑free appreciation...
Morningstar DBRS Discontinues and Withdraws Rating on San Bernardino County Transportation Authority I-10 Express Lanes Project
Morningstar DBRS withdrew its credit rating on the $225 million 2021 TIFIA loan financing the San Bernardino County Transportation Authority I‑10 Express Lanes Project, acting at the issuer’s request. The loan, maturing on December 31, 2057, was rated under DBRS’s public‑private partnership and TIFIA‑specific...
Munis Steady, USTs Largely Ignore Jobs Report
Municipal bond yields held steady across maturities on Friday despite a stronger‑than‑expected 115,000 nonfarm payroll increase in April. Treasury yields edged lower, falling up to three basis points, as investors remained more focused on geopolitical developments in the Middle East...
Morningstar DBRS Confirms Republic of Poland at "A", Negative Trend
Morningstar DBRS confirmed Poland’s long‑term sovereign rating at A with a Negative outlook, while short‑term ratings remain R‑1 (low) and stable. The agency highlighted a widening fiscal deficit of about 6.7% of GDP and a public‑debt trajectory that could climb...
Morningstar DBRS Confirms Federal Republic of Germany at AAA, Stable Trend
Morningstar DBRS reaffirmed Germany’s long‑term sovereign rating at AAA and its short‑term rating at R‑1, with a stable outlook. The agency noted that despite widening fiscal deficits and a modest growth forecast of 0.5% for 2026, Germany’s credit fundamentals remain...
Morningstar DBRS Confirms Federal Republic of Germany at AAA, Stable Trend
Morningstar DBRS confirmed that the Federal Republic of Germany’s long‑term foreign and local currency issuer ratings remain at AAA, the highest possible grade. The agency also reaffirmed Germany’s short‑term rating at R‑1 (high), indicating robust liquidity. All rating trends were...
Cash, Debt, Budget and Disclosure in Uncertain Times
Unpredictable federal actions in 2025‑2026—shutdowns, grant terminations and funding freezes—have left municipalities scrambling to align cash inflows with budgeted expenditures. Public‑finance professionals are urged to adopt real‑time treasury solutions that track actual bank activity, forecast variances, and enable rapid response...
ONDO Surges 68% in a Week Amid US Tokenization Push
Ondo Finance’s native token ONDO surged 68% over the past week, reaching $0.45 and a $2.2 billion market cap after the DTCC named the firm in its tokenization working group. The DTCC plans to begin production trades of tokenized U.S. Treasuries...
Hong Kong Raises €750m From First Green Bond in 2026
Hong Kong’s monetary authority issued a €750 million ($882 million) green bond, marking the city’s first sovereign green issuance in 2026. The bond, the largest sovereign sustainable debt in the Asia‑Pacific region, is earmarked for renewable energy, clean transport and climate‑resilience projects....
Fed Data Suggest Japan Sold U.S. Debt Amid Intervention
The Federal Reserve reported a $8.7 billion drop in its custody of marketable U.S. Treasuries, bringing the total to $2.73 trillion for the week ending May 6. The decline coincides with Japan’s Ministry of Finance spending roughly $55 billion to support the yen, suggesting...
Why Unconstrained Bonds Matter Now for Asia’s Wealth Investors
BNP Paribas Asset Management’s global absolute‑return bond strategy is positioned as a core, evergreen solution for Asian wealth investors facing heightened market volatility and geopolitical uncertainty. The unconstrained mandate targets a soft 12‑month drawdown ceiling of ‑2.5 % while seeking positive returns in...
UCITS Cat Bond Fund Assets Rise 6.5% YTD in 2026, Near $20.5bn After April
UCITS catastrophe bond funds added $650 million in April, pushing total assets under management to $20.5 bn, a 6.5% year‑to‑date increase. The sector, now composed of 20 pure UCITS funds, has grown 133% since the end of 2022 and accounts for roughly...
Tax Exemption, Medicaid Funding Are Top Muni Pros' Concerns
The Bond Buyer’s 2026 Policy Pulse Survey of 82 municipal finance professionals reveals deep anxiety over federal policy, especially the tax‑exempt status of muni bonds, Medicaid funding volatility, and trade‑tariff shifts. Roughly 75% of respondents see a negative impact on...
With Fixed Income, It’s Time to Think About Outcomes
Passive bond ETFs tied to the Bloomberg U.S. Aggregate Index have long been the go‑to for risk‑averse investors, but their static composition leaves out key segments such as floating‑rate debt and non‑agency credits. Janus Henderson argues that the index’s heavy...
China Hongqiao Group Issues Rmb10.2bn Convertible Bond
China Hongqiao Group, the HKEX‑listed aluminium giant, issued RMB 10.2 billion (≈US$1.49 billion) of zero‑coupon, US‑dollar‑settled convertible bonds due 2027. The issuance was completed on May 5 alongside a concurrent share‑repurchase program. Hongqiao plans to use the proceeds to stockpile bauxite, refinance existing debt,...
Westlake Automobile's Latest ABS Raises $1.4 Billion
Westlake Services has launched a $1.4 billion asset‑backed security (ABS) backed by subprime auto loans, marketed under the Westlake Automobile Receivables Trust 2026‑2. The transaction features eight tranches, with class A notes carrying a 40.85% credit enhancement and subordinate tranches B‑E ranging from...
ETF of the Week: Invesco Emerging Markets Sovereign Debt ETF (PCY)
In the latest "ETF of the Week" podcast, VettaFi’s Head of Research Todd Rosenbluth and Money Life host Chuck Jaffe dissect Invesco’s Emerging Markets Sovereign Debt ETF (PCY). The discussion highlights PCY’s focus on a diversified basket of emerging‑market government bonds,...