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 33.60% to 8.65%. Initial over‑collateralization is set at 7.65% and a reserve account equals 1% of the pool, while rating agencies project an 11.75% cumulative net loss. The deal closes on May 13, with maturities extending to 2033.
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,...
North Carolina Panel Approves $2.2 Billion in Borrowing
The North Carolina Local Government Commission authorized roughly $2.2 billion in municipal borrowing, targeting a range of infrastructure projects across the state. Charlotte will sell $215 million in bonds to build a fourth runway at its international airport and receive $530 million in...
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS reaffirmed India’s long‑term sovereign rating at BBB with a stable outlook and its short‑term rating at R‑2 (high), also stable. The agency highlighted the country’s resilient macro fundamentals—$700 bn of foreign‑exchange reserves, 3.4% CPI, and a fiscal deficit narrowed...
Morningstar DBRS Confirms India at BBB, Stable Trend
Morningstar DBRS confirmed that India’s long‑term sovereign rating remains at BBB, while its short‑term rating stays at R‑2 (high). Both the foreign and local currency issuer ratings were reaffirmed, and the trend on each rating is Stable. The agency’s assessment...
Kansas Gets Positive Rating Outlook From Moody's
Moody’s upgraded Kansas’s credit outlook from stable to positive, highlighting the state’s strengthened governance, a robust budget‑stabilization fund and higher pension contributions. Governor Laura Kelly said the shift reflects eight years of fiscal discipline, including a $2 billion rainy‑day fund and...
Why Stocks and Bonds Are Responding Differently to the Iran War
The U.S. equity market has surged to fresh highs even as the Iran war pushes oil prices and inflation upward, while the bond market has slipped under the same pressures. Stocks—both domestic and international—have rebounded strongly since the March dip,...
HYBI: A Better Choice In 2026 Than Its Underlying ETFs SPHY, USHY And HYLB
The NEOS Enhanced Income Credit Select ETF (HYBI) targets roughly an 8% annualized distribution by layering a S&P 500 put‑options overlay on high‑yield bond ETFs. Its net yield advantage over the underlying SPHY, USHY, and HYLB is modest—about 50–100 basis points—while...
Morningstar DBRS Confirms Credit Ratings on Two TAGUS - Sociedade De Titularização De Créditos, S.A. (Ulisses Finance)
Morningstar DBRS confirmed the credit ratings on two Portuguese auto‑loan securitizations, Ulisses Finance No.2 and No.3. Senior Class A and B notes in both deals remain at AA (high) while lower tranches range from A to B, with No.3’s Class...
Bill Campbell on Global Bond Markets and Powell's Parting Gift | Bloomberg TV
Bill Campbell of DoubleLine warns that developed‑market sovereign debt is losing its safe‑haven edge as rising deficits and larger social‑safety nets erode fiscal discipline. At the same time, emerging markets have tightened budgets, narrowing the credit quality gap and prompting...
Apollo to Start Reporting Daily Prices for Private Markets
Apollo Global Management announced it will price over $830 billion of its private‑credit assets daily by the end of September, extending daily pricing to all corporate investment‑grade fixed‑income assets by June 30 and to direct‑lending and asset‑backed finance assets by September 30. The...
Gilt Rout Sparks Calls for Bank of England to Slow ‘Unusual’ Bond Sale Programme
The Bank of England’s aggressive quantitative‑tightening (QT) programme has driven UK gilt yields to their highest levels this century, with the 30‑year gilt hitting 5.76% after a sharp sell‑off. A new BoE paper estimates the taxpayer’s cost of unwinding QE...
IQI: Rate Environment Changes With Discount Not Looking Appealing
Invesco Quality Municipal Income Trust (IQI) remains on a “Hold” rating as its narrow discount and a stalled Fed rate‑cut cycle erode appeal. The fund offers a high 7.71% distribution yield, but only about 63% of that is covered by...
Inflation Outlook: Was I Too Pessimistic?
Brian Romanchuk notes that the 5‑year breakeven inflation rate has edged higher but remains well below the spikes seen after the pandemic and the Ukraine war. He argues the recent oil price shock and Gulf tensions represent a one‑off event...
Bolivia Is Tapping Global Bond Markets for First Time Since 2022
Bolivia is re‑entering international capital markets for the first time since 2022, as its newly elected market‑friendly administration seeks fresh financing. The government plans to issue benchmark‑size dollar bonds with a five‑year maturity. Early price talks suggest yields in the...
Eurobonds: Despite Objections, They Are More Needed than Ever
A coalition of the ECB, Bundesbank and several EU governments is backing a proposal to replace up to 25 percent of each member state's debt with Eurobonds. The plan would finance the swap through a revenue transfer of roughly 1 percent of...
ISI Launches Corporate Debt Platform Covering 2,100 Emerging Market Bond Issuers
International Securities Institute (ISI) unveiled a new corporate debt platform that aggregates information on roughly 2,100 emerging‑market bond issuers. The service delivers real‑time pricing, credit analytics, and historical issuance data in a single dashboard. ISI aims to streamline due‑diligence for...
The ‘Perfect Storm’ Hanging Over Britain’s Public Debt
Britain’s 30‑year gilt yield surged above 5.7%, the highest level since 1998, while the 10‑year benchmark hovered near 5%. The rise outpaces U.S. Treasury yields and triples the movement in German bunds, reflecting heightened fiscal pressure, energy‑price shocks from the...
RBI Likely to Hold Rates in June Amid Two Conflicting Objectives, Says HSBC Chief India Economist
The Reserve Bank of India is expected to keep its repo rate unchanged at the June 2026 policy meeting, opting instead to maintain ample liquidity in the banking system. HSBC’s chief India economist warns that the central bank faces a...
Swiss Re Targets Lower Pricing for $250m Matterhorn Re 2026-2 Retro Cat Bond
Swiss Re is pursuing $250 million of US named‑storm retrocession through the Matterhorn Re Series 2026‑2 catastrophe bond, its sixteenth takedown under the Bermuda‑based program. The sponsor has lowered pricing guidance, offering Class A notes at a 5.5‑5.75% spread and Class B notes at...
Amundi Lists Its US Dollar-Denominated Emerging Markets Government Bond ETF on the London Stock Exchange
Amundi will list its USD‑denominated Emerging Markets Government Bond UCITS ETF Acc on the London Stock Exchange starting 7 May 2026. The fund tracks the J.P. Morgan EMBI Global Diversified Select Index, uses a sampled physical replication method and charges a low 0.25%...
SCI-In-Focus:-ECON-Backs-Securitisation-Revamp,-but-Market-Warns-of-'Pyrrhic-Victory'
The European Commission’s ECON unit has unveiled a sweeping revamp of the EU securitisation framework, aiming to modernise standards and unlock €200 bn of new issuance by 2028. The proposal replaces the 2020 rules with a more flexible, risk‑based approach and...
When AI Meets Local Debt
Two recent studies examine how AI investment reshapes local borrowing costs, finding opposite effects in the United States and five OECD countries. In U.S. counties, higher AI‑related job postings are linked to lower municipal bond yields, especially for longer‑maturity and...
AI and the Treasury Debt Market
Two recent papers debate how artificial intelligence will reshape Treasury debt markets. Andrews and Farboodi find that after major AI model releases, long‑term Treasury and corporate yields fell 12 basis points, interpreting the move as market disappointment or relief. In...
Why Are Gilt Yields Rising and What Does It Mean for Your Money?
UK gilt yields surged to their highest levels in nearly three decades, with 30‑year bonds reaching 5.79% and 10‑year yields topping 5% for the first time since 2008. The spike follows heightened geopolitical tension from the Iran conflict and rising...
MarketAxess, Moment to Provide Retail Access to Institutional Fixed-Income Liquidity
MarketAxess Holdings and Moment announced a new interface that lets large wealth managers and registered investment advisors tap MarketAxess’s institutional fixed‑income liquidity directly from the Moment platform. The integration connects Moment’s AI‑driven order flow with MarketAxess’s network of more than...
ORBCOMM Pulls in New Financing, Replaces All Publicly-Traded Debt
ORBCOMM secured a $460 million refinancing that replaces all of its publicly‑traded debt, with financing from Carlyle, Bain Credit’s private‑credit arm and Morgan Stanley Private Credit. The restructuring prompted S&P Global Ratings to withdraw its B‑ rating and negative outlook, while...
Private Activity Bonds to Fund Detroit Mixed-Use Developments
The Michigan Strategic Fund approved a $150 million private‑activity bond issuance for Bedrock TBP, Inc. to fund four mixed‑use developments in Detroit, including the Hudson’s Detroit skyscraper, Book Tower renovation, One Campus Martius expansion, and a COSM immersive‑reality venue. The bonds...
Negative Interest Rates May Be Closer than Hedge Funds Think: Fasanara’s Francesco Filia
Fasanara Capital CEO Francesco Filia warns that soaring public debt, ageing workforces and AI‑driven labour displacement could push central banks into negative‑interest‑rate territory after the next severe recession. He argues that conventional rate cuts may be insufficient once inflation is driven...
Allstate Returns with $200m Target for Florida-Focused Sanders Re III 2026-2 Cat Bond
Allstate is back in the catastrophe‑bond market, targeting a $200 million Florida‑focused issuance under the Sanders Re III 2026‑2 vehicle, with the potential to expand to $400 million if both tranches sell. The deal offers two identical $200 million layers—one with a three‑year term ending...
People’s Trust Targets Mid-Guidance Pricing for Debut $100m GWS Re Cat Bond
People’s Trust Insurance Company, a Florida homeowners specialist, is preparing its debut catastrophe bond issuance through Bermuda‑based GWS Re Limited. The $100 million Series 2026‑1 Class A notes will provide three years of fully‑collateralized Florida named‑storm reinsurance with an indemnity trigger. Pricing guidance...
21shares Launches Strategy Yield ETN: STRC
21shares has launched the Strategy Yield ETN (ticker STRC) on the London Stock Exchange, offering a fee‑free, 11.5% annual yield linked to Strategy Inc.’s bitcoin‑backed perpetual preferred security. The ETN provides monthly, variable cash distributions with a floor tied to short‑term...
SP Group’s Goswami Infratech Receives Debt Downgrade Ahead of $3 Billion Refinancing
CareEdge downgraded Goswami Infratech, a Shapoorji Pallonji unit, to B+ from BB‑ after the firm missed its original $2.8‑$3.1 billion refinancing timetable. The delay stems from rising rupee‑hedging costs and a shift to a mixed dollar‑rupee bond issuance slated for before the...
The End of the Yellen-Era Debt Playbook?
U.S. Treasury is moving away from Janet Yellen's short‑term bill‑heavy issuance strategy as new Treasury Secretary Scott Bessent prepares to confront a $10 trillion debt wall in 2026. Bessent’s “3‑3‑3” plan targets 3 % GDP growth, a 3 %‑of‑GDP deficit by 2028, and...
India Bonds Rise as Oil Eases on Hopes of US-Iran Peace Deal
Indian government bonds rallied on Wednesday as falling crude prices, driven by hopes of a U.S.-Iran peace deal, eased inflation concerns. The benchmark 6.48% 2035 bond yield slipped to 6.9821% from 7.0184% the day before. Brent crude dropped more than...
Leveraged Loan Insight & Analysis – 5/4/2026
US collateralized loan obligation (CLO) issuance fell sharply to $6.2 bn in April, the lowest level since December 2023. The market contracted from $18.1 bn raised across 38 deals in March to just 14 deals in April. The drop reflects tighter credit conditions,...
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Investing in Callable CDs: Pros, Cons, and Key Insights
Callable certificates of deposit (CDs) let banks redeem the instrument early in exchange for higher yields. They feature a call protection period during which the rate is guaranteed, but once that period ends the bank may call the CD if...
Lessons to Be Learned From the Credit Evergreen Redemption Rush
A wave of redemption requests swept through credit evergreen funds in early 2026, exposing liquidity strains in semi‑liquid structures. The surge was driven by heightened market volatility and investors demanding quicker access to capital. Managers scrambled to meet withdrawals, prompting...
Municipalities Planning Large Bond Issues Await Clarity on End-Use Guidelines
The Indian government’s FY27 budget unveiled a ₹100 crore (~$12 million) incentive for municipal bonds larger than ₹1,000 crore (~$120 million), but it has not yet issued detailed end‑use guidelines. Four municipalities—Ahmedabad, Thane, Panvel and Navi Mumbai—are preparing bond issues, while Brihanmumbai Municipal Corporation is...
Moody?s Raises Vietnam Outlook to Positive on Reform Gains- #CapitalMarkets #Finance #Treasury #Finance
Moody’s Investors Service upgraded Vietnam’s sovereign outlook to positive while affirming its Ba2 rating. The agency cited accelerating institutional reforms—such as ministry mergers and streamlined regulations—that are expected to improve credit quality. Vietnam posted 7.0% GDP growth in 2024 and...
Morningstar DBRS Changes Trends on Algonquin Power & Utilities Corp. To Stable From Positive; Confirms Credit Ratings at BBB and...
Morningstar DBRS changed its outlook on Algonquin Power & Utilities Corp. (APUC) from Positive to Stable while reaffirming the company’s BBB issuer rating and its preferred‑share rating of Pfd‑3. The rating rests on the strength of subsidiary Liberty Utilities Finance...
Traders Ramp Up Bets Warsh’s Fed Could Hike Rates Before Cutting
Bond traders are increasingly betting that the Federal Reserve will raise rates before any cuts, with swaps now pricing a greater than 50% chance of a hike by next April. The shift reflects growing hedging activity in SOFR futures and...
Texas City Seeks Court Validation for Bonds
McKinney, Texas is asking a state court to validate $30 million of sales‑tax‑backed bonds that refinance a low‑interest TIFIA loan for the city’s airport expansion. The loan is projected to save roughly $15 million over 30 years. A conservation group sued, claiming the...
Skechers’ Debt Ratings Upgraded on Loan Term Repricing
S&P Global Ratings upgraded the first‑lien debt of Beach Acquisition Co. Parent LLC, the entity behind Skechers U.S.A., from BB‑ to BB following a proposed repricing of its 2032 term loans. The repricing trims the interest rate by 25‑50 basis...
UK Long-Term Borrowing Costs Reach 28-Year High
Long‑term UK government bond yields surged to levels not seen since the late 1990s, with the 30‑year gilt reaching about 5.78% and the 10‑year hitting roughly 5.1%. The spike follows the Iran‑Israel conflict, which has shut the Strait of Hormuz,...
Rates Spark: Triple-Whammy for Gilts
UK 10‑year gilt yields surged to 5.1%, the highest level since the 2008 financial crisis, as higher oil prices and a tight link to US Treasury rates create a double‑whammy for British government bonds. The rise is amplified by a...
California Earthquake Authority Returns to Sponsor $300m Sutter Re 2026-1 Cat Bond
The California Earthquake Authority (CEA) is re‑entering the catastrophe‑bond market, targeting $300 million of fully‑collateralized earthquake reinsurance via the Sutter Re Ltd. Series 2026‑1 issuance. The deal will consist of two tranches—a $200 million Class C at a $5.503 billion attachment and a $100 million Class F...
Rising Bond Yields And Rate-Hike Pricing: Macro Man Podcast
Bloomberg’s Macro Man podcast, hosted by Cameron Crise, examines the recent surge in long‑term Treasury yields and the upward shift in short‑term interest‑rate (STIR) market pricing. The episode argues that the yield rally strengthens the case for additional Federal Reserve...
Sanjay Malhotra: Indian Financial Markets - Resilience and Resurgence
At the 25th FIMMDA‑PDAI Annual Conference, RBI Deputy Governor Sanjay Malhotra highlighted India’s macro‑economic resilience and the ongoing deepening of its financial markets. He noted an average 8.2% GDP growth from 2021‑25, inflation consistently below the 4% target, and foreign‑exchange...
Climate Governance Now Shapes Governments’ Borrowing Costs
New research covering 31 OECD economies shows that sovereign bond markets already embed climate‑transition risk in yields. Investors differentiate between mere climate ambition and credible governance, rewarding countries with strong institutional capacity and green infrastructure with lower borrowing costs. A...