SEBI Proposes Allowing Online Bond Platforms to Provide Access to Overseas-Listed Debt
SEBI has issued a consultation paper proposing that online bond platforms be permitted to sell debt securities listed overseas and regulated by the International Financial Services Centres Authority (IFSCA). The change would bring bond platforms in line with stock brokers already operating in Gujarat’s GIFT City, expanding investor access to international debt markets. The proposal also includes allowing tax‑saving bonds issued by state‑owned companies to be offered through these platforms. SEBI will accept public comments on the draft until May 26, 2026.
Redfin Economists’ Weekly Take: Volatile Rates Ahead as Fed Turns Hawkish and Energy Shock Builds
Redfin economists warn that interest rates will stay volatile as the Federal Reserve adopts a more cautious, hawkish tone amid rising inflation and an escalating Iran‑related energy shock. Core PCE inflation remains at 3.2% YoY, the highest since late‑2023, while...
Stop Eurobond Breach
Kenyan auditor‑general Nancy Gathungu confirmed that about $222 million of Eurobond proceeds were diverted to cover Treasury bond shortfalls, breaching the bond’s subscription agreement and public finance law. Eurobonds, intended for development projects such as health, education and infrastructure, were misused,...
Bond Yields Are Rising. Why That Could End the Stock Market’s Rally.
U.S. Treasury yields have surged, pushing the 10‑year rate above 4.5% and prompting a pullback in equities. The S&P 500 slipped 0.4% while growth names like Amazon rose modestly and the bond‑focused TLT ETF fell 0.8%. Analysts warn that continued...
Rates Spark: 10yr SOFR Hits the 4% Handle
On Monday the 10‑year SOFR rate climbed to 4%, up 50 basis points from the pre‑Iran‑war level of 3.5%. The rise places the rate in a zone the firm identifies as optimal for receiving fixed in swap‑to‑floating strategies, offering potentially...
JPMorgan Sees Higher NYC Downgrade Risk Amid Tax Pushback
JPMorgan strategists say New York City’s downgrade risk has risen as New York State appears unlikely to approve new revenue measures. The city faces an estimated $5.4 billion two‑year budget gap, prompting rating agencies to flag a negative outlook. Proposals such...
Why I Am Downgrading TIP
iShares TIPS Bond ETF (TIP) was downgraded from Strong Buy to Buy after delivering a 6.6% total return since April 2025, outperforming cash and comparable Treasury ETFs. The downgrade reflects tempered optimism amid attractive breakeven yields of 2.71% (5‑yr), 2.5%...
PIMCO CEF Update: Valuations Compelling, PTY/PCN Strong Buys For 11%+ Yields
PIMCO’s closed‑end fund lineup, especially PTY, PCN and PDI, is trading at the cheap end of its long‑term valuation range while delivering yields above 11%. Leverage across the suite remains below historical averages, giving managers flexibility to boost net investment...
Issuance, Geopolitics Weigh on Muni Market Participants
Municipal‑bond investors enter May facing an unusually large new‑issue calendar, with about $12.2 billion of tax‑exempt supply slated for the week—roughly a third of the 10‑year average compressed into a single month. Analysts expect strong demand for high‑grade issuers, but rate...
Brightline West Bondholders Give Company More Time to Raise Cash
Investors holding $1.8 billion of Brightline West bonds granted the railroad an additional three months to inject equity, moving the deadline to August 1. The company missed its March target to raise $400 million, a critical cash infusion needed to keep construction on...
JPMorgan Sees Higher NYC Downgrade Risk Amid Tax Pushback
JPMorgan Chase strategists say New York City’s credit‑rating downgrade risk has risen. The warning follows a slowdown in New York State’s willingness to approve large personal and corporate tax hikes. Without those revenue streams, the city faces tighter fiscal options...
Goldman's Latest RMBS of PRET Mortgages Raises $390.3 Million
Goldman Sachs is issuing a $390.3 million residential mortgage‑backed security (RMBS) called PRET 2026‑RPL2, backed by 2,417 seasoned and reperforming loans. The AAA‑rated A1 tranche will sell $295.1 million and carries a 20.4% credit enhancement, while the pool features a weighted‑average coupon of...
U.S. RMBS Credit Rating Action Summary - Q1 2026
Morningstar DBRS published its Quarterly U.S. Residential Mortgage‑Backed Securities (RMBS) Credit Rating Action Summary for Q1 2026. The report compiles every rating upgrade, downgrade and watch placement across the U.S. RMBS universe, highlighting that downgrades outpaced upgrades as higher interest rates...
Japan Bond Yields Surge as Inflation Fears Grow
Japanese 10‑year government bond yields jumped to about 2.44%, the highest level in nearly 30 years, as core inflation accelerated to 1.8% in March and geopolitical tensions kept energy prices high. The Bank of Japan has kept its policy rate...
IMF Warns Angola It Could Reach Debt Ceiling
The International Monetary Fund warned that Angola’s public debt will reach its legal ceiling within the next few years. The IMF advises the government to channel an anticipated windfall from oil prices above $100 a barrel into debt reduction and...
Dana-Farber Mega-Deal Pays for Cancer Center and Refunding
Dana‑Farber Cancer Institute issued $1.4 billion of municipal revenue bonds (Series Q and R) to fund half of a new 300‑bed cancer‑hospital tower and to refinance nearly all existing debt. The first tranche of $1.304 billion carries yields from 3.57% to 4.84% and...
Gilt Traders Fear Labour Electoral Losses
Bond traders warn that a sweeping Labour defeat in the 7 May regional elections could shift the UK political landscape leftward, intensifying pressure on government borrowing costs. Polls suggest Labour may lose over 1,000 seats to parties such as the Greens...
The EBRD Is Investing USD 125 Million in Bonds Issued by KTZ
The European Bank for Reconstruction and Development (EBRD) will invest up to $125 million in a Eurobond issued by Kazakhstan’s national railway operator, KTZ. The bond, sized at $1 billion, is listed in London and Kazakhstan and will finance modernisation of passenger...
US Dollar Credit Supply: Supply Continues at Strong Levels
U.S. corporate dollar bond issuance stayed robust in April, reaching $90.5 bn, roughly double the $47 bn issued a year earlier but down from March’s record $178 bn. The technology, media and telecom (TMT) segment dominated, contributing $53.9 bn or about 60% of the...
SCOR Returns with $75m Initial Target for Atlas Capital 2026-1 Multi-Peril Cat Bond
SCOR is re‑entering the catastrophe‑bond market with the Atlas Capital DAC Series 2026‑1, initially targeting $75 million of multi‑peril fully‑collateralized retrocession. The bond provides three‑year coverage for U.S., Caribbean, Canada and Europe storms, earthquakes and European windstorms, maturing in June 2029. Pricing guidance...
Companies Give Bond Street a Pass, Take Bank Route for Funds
Corporate borrowers in India are increasingly turning to banks as rising capital‑market yields erode the cost advantage of issuing bonds. The spread between one‑year bank lending rates and bond yields for AAA‑rated NBFCs has collapsed from 473 basis points in...
‘No Margin for Error’ Sparks Rush for Hedges in Emerging Bonds
Emerging‑market bond prices have rallied for a 12th month, but investors are growing uneasy as the Iran‑related conflict drags on. JPMorgan Chase & Co. is urging clients to hedge with a credit‑default swap index, while Fidelity International and Frontier Road...
Government Borrowings Fall by Nearly 40 Percent in March
The Philippines’ Treasury reported a sharp 39.4% drop in total government borrowings in March, falling to ₱116.66 billion (about $2.1 billion) from ₱192.45 billion a year earlier. The decline was driven by a 70.4% plunge in domestic debt, while external financing more than...
Anchor Loads Up Invesco BulletShares 2029 Corporate Bond ETF With 1.1 Million Shares Bought
Anchor Investment Management purchased 1,104,643 shares of Invesco's BulletShares 2029 Corporate Bond ETF (BSCT), bringing its total holding to 1,139,118 shares valued at roughly $21.3 million. The stake now represents about 1.8% of the fund’s assets under management. BSCT tracks a...
Private Credit's Wobble Could Be Fixed Income's Moment
Private credit is experiencing a noticeable slowdown as fundraising hits its weakest quarterly level and default rates climb, prompting investors to reassess risk. Capital Group observes that the unease is nudging new capital toward public fixed‑income securities, which are perceived...
JPMorgan's Jamie Dimon Issued Vague Credit Recession Warning, but the Bond Market Has More Pressing Issues
JPMorgan CEO Jamie Dimon cautioned that a future credit recession could be far worse than expected, even though he offered no specific market signal. At the same time, the impending appointment of Kevin Warsh as Federal Reserve chair is prompting...
Resilience Through Volatility
Franklin Templeton’s "Resilience Through Volatility" briefing underscores the firm’s philosophy of navigating turbulent markets with disciplined risk management and ESG‑aware strategies. The material is framed by extensive legal disclosures, emphasizing that the content is not personalized investment advice and that...
EVV: This Fund's Distribution May Continue To Decline Going Forward
The Eaton Vance Limited Duration Income Fund (EVV) offers an 8.97% yield by investing in short‑duration bonds to limit interest‑rate risk. Over the past 13 months the fund posted a 4.17% total return, lagging both peers and inflation. Recent NAV...
April: Rebound in Stocks, Carry in Bonds (E260)
In April, U.S. equities staged a strong rebound after March’s war‑related sell‑off, while investment‑grade bonds delivered a modest positive carry despite higher yields. Emerging‑market debt outperformed other credit segments with a 2.7% return, and commodities, led by energy, rose on...
Temperance Street Funding Trust: Presale Report
DBRS Limited (Morningstar DBRS) has assigned a provisional (P) R‑1 high credit rating (sf) to the Series 1 Asset‑Backed Commercial Paper (ABCP) Notes, Class Eagle, issued by Temperance Street Funding Trust. The rating reflects strong credit quality for the newly created ABCP series....
Invesco’s Larosiliere Talks Income, Yield in 2026
At the VettaFi Q2 Market Symposium, Invesco’s Stephanie Larosiliere highlighted a resurgence in fixed‑income ETFs, noting that higher starting yields are opening income opportunities that were unavailable for most of the past decade. She pointed to the Invesco Total Return...
Invesco’s Larosiliere Talks Income, Yield in 2026
At the VettaFi Q2 Market Symposium, Invesco’s head of fixed‑income strategy, Stephanie Larosiliere, highlighted a resurgence in income‑focused bond ETFs as a driver of total return through 2026. She pointed to the Invesco Total Return Bond ETF (GTO), which now...
KBRA Releases Research – The Forward Look—European and UK Credit Views: Q2 2026
KBRA’s Q2 2026 European and UK Credit Views report, authored by macro strategist Gordon Kerr, examines how the Iran‑Hormuz conflict and rising commodity prices are reshaping Europe’s credit outlook. The analysis highlights heightened stagflation risks, delayed growth recovery, and tighter...
Moody's Ratings Lowers Missouri's Outlook to Negative
Moody's Ratings kept Missouri’s Aaa issuer rating but shifted its outlook from stable to negative, citing a large structural deficit and declining fund balances. The outlook change impacts roughly $1.8 billion of the state’s outstanding debt and includes a new Aa2...
Jacksonville Aviation Authority Bringing $222 Million Next Week
Jacksonville Aviation Authority will price $221.7 million of alternate minimum tax‑eligible aviation revenue bonds next week, marking the airport's first publicly available bond issuance in two decades. The bonds are led by J.P. Morgan and co‑managed by BofA Securities, Ramirez & Co., and RBC...
Modernize Fixed Income Portfolios With Income Alternatives
Advisors are expanding traditional fixed‑income portfolios by adding specialized income alternatives, with over 80% planning satellite positions in Q2, according to VettaFi data. Options‑based ETFs are being used by 35.8% of advisors to lower volatility and lift yields, while active...
Morningstar DBRS Confirms Fortis Inc.'s Credit Ratings at A (Low) With Stable Trends
Morningstar DBRS confirmed Fortis Inc.'s issuer and unsecured debenture rating at A (low) with a stable outlook, alongside preferred shares at Pfd‑2 (low) and subordinated notes at BBB. The agency highlighted a supportive regulatory environment across Fortis' North American footprint,...
Amid TIPS Disappointment, This ETF May Be Bond Investors’ Best Friend
Advisors face a fixed‑income dilemma as Treasury Inflation‑Protected Securities (TIPS) underperformed despite rising inflation, while Treasury yields climbed in Q1. The WisdomTree Floating Rate Treasury Fund (USFR) – a $17 billion ETF with a 12‑year history – has outperformed the Bloomberg...
April Muni Issuance Falls, but Remains Above 10-Year Average
April municipal bond issuance slipped 7.8% year‑over‑year to $47.607 bn across 797 issues, yet it remains well above the 10‑year average of $37.323 bn. The decline follows a strong 2025 year, with April 2025 topping $50 bn for only the second time. Tax‑exempt...
Muni Bond Investors: Let’s Talk TAXF
The American Century Diversified Municipal Bond ETF (TAXF) manages $616.6 million and offers active management of intermediate‑term municipal bonds. With a 6.2‑year option‑adjusted duration and 714 holdings, TAXF aims to outperform the S&P National AMT‑Free Municipal Bond Index. Analysts note tightening...
MSRB Approves Amendments to Dealer Supervision Rule
The Municipal Securities Rulemaking Board approved amendments to Rule G‑27, extending the annual business‑day exclusion for non‑primary residences from 30 to 60 days and clarifying the definition of “structuring” for public offerings and private placements. It also issued a request for...
Credit Managers Warn on Iran as Defaults Rise, Spreads Poised to Widen
Credit managers surveyed by the International Association of Credit Portfolio Managers warn that defaults are set to rise sharply, while credit spreads are expected to widen only modestly. The Credit Spread Index fell to -46.2, its lowest level since March...
BGT: The 13% Dividend Yield Is Not Supported By Earnings
BlackRock Floating Rate Income Trust (BGT) continues to trade at a steep discount as its 13.1% dividend yield is not backed by earnings. Distributions for the 2025 period are nearly twice the fund’s net investment income, highlighting a payout gap....
DOT Officials Pushing for More Private Activity Bonds
The U.S. Department of Transportation is urging Congress to lift the $30 billion cap on private‑activity bonds (PABs) and to broaden the Transportation Infrastructure Finance and Innovation Act (TIFIA) to include more airport projects. DOT officials say the current PAB reservoir...
Sovereign Bonds May Get SFDR Reprieve From EU Member States
The EU Council is working toward a draft compromise this month that could let sovereign bonds issued by transitioning economies qualify for Article 7 Sustainable Finance Disclosure Regulation (SFDR) funds. Member states are debating whether to extend the green‑finance label to...
School Fiscal Challenges Are Pressuring Bond Ratings
Credit rating agencies are flagging mounting fiscal pressure on U.S. K‑12 districts and colleges as enrollment declines, rising salary and benefit costs, and limited revenue flexibility erode credit quality. Fitch reported that K‑12 districts accounted for 70% of its downgrades...
Central Asia Green Finance Grows, Led by Kazakhstani Private Sector
Kazakhstan has become the clear leader of Central Asia’s green‑finance market, with roughly $2.9 bn of the region’s $3.5 bn sustainable‑bond pool. The AIFC Green Finance Centre (GFC) acts as the only dual‑accredited verifier, built the regional taxonomy and helped launch the...
Record-Low Spreads on EM Asia High-Grade Debt Show Resilience
Emerging‑market Asian investment‑grade dollar bonds posted a record‑low spread of about 56 basis points on Thursday, the tightest level recorded since Bloomberg began tracking the index in 2009. The compression reflects a sharp drop in new issuance across the region...
Morningstar DBRS Confirms Mexico at BBB, Stable Trend
Morningstar DBRS confirmed Mexico’s long‑term sovereign rating at BBB and short‑term rating at R‑2, both with a Stable trend. The agency highlighted the Sheinbaum administration’s fiscal consolidation, noting the public‑sector borrowing requirement fell to 4.9% of GDP in 2025 and...
Morningstar DBRS Finalizes Provisional Credit Ratings on Towd Point Mortgage Trust 2026-FIX2
Morningstar DBRS finalized provisional ratings for Towd Point Mortgage Trust’s 2026‑FIX2 HELOC securitization, assigning AAA to the $285.8 million Class A1A, $3.6 million Class A1B and $289.4 million Class A1 tranches, and AA to multiple $16.6 million Class A2 series. The transaction pools 3,601...