Jay Leno Is Unusual Guest in Muni Roadshow for Airport Deal
Jay Leno appeared in a video promoting a $379 million revenue‑bond offering for the Burbank‑Glendale‑Pasadena Airport Authority. The bonds will fund a 355,000‑square‑foot terminal slated to open in October, timed for the 2027 Super Bowl and the 2028 Olympics. Fitch Ratings recently assigned the authority an A‑ rating, and Bank of America is the lead underwriter. Pricing is expected around May 5, subject to market and geopolitical conditions.
Richard Jones: Unconstrained in the Face of Uncertainty
Advisers face heightened client anxiety as markets wobble, making it hard to keep portfolios fully invested. Richard Jones argues that unconstrained global fixed‑income strategies can broaden opportunity sets while preserving diversification and resilience. By stepping outside traditional benchmarks, these funds...
Morningstar DBRS Releases Monthly North American CMBS Rating Action Summary for March 2026
Morningstar DBRS published its March 2026 Monthly North American CMBS Rating Action Summary, detailing surveillance reviews for a broad range of commercial mortgage‑backed securities. The agency evaluated 338 tranches across 80 transactions, confirming 262 ratings, downgrading 68, and placing 8 under review...
US Class Action Raises Risk for RBC and US Banks
A US$12 bn class action alleging that major banks, including Royal Bank of Canada, kept interest rates on municipal variable‑rate demand obligations (VRDOs) artificially high will move forward after the Supreme Court declined to intervene. The lawsuit, certified as a nationwide...
Morningstar DBRS Confirms North American Construction Group Ltd.'s Issuer Rating and Senior Unsecured Notes at BB (High) With a Stable...
Morningstar DBRS confirmed North American Construction Group Ltd.'s issuer rating and senior unsecured notes at BB (high) with a stable trend. The company’s 2025 revenue grew 10% to roughly C$1.28 billion (≈ $947 million USD), while adjusted EBITDA slipped to C$333 million (≈ $246 million USD),...
North American Construction Group Ltd.: Credit Rating Report
DBRS Limited confirmed that North American Construction Group Ltd. (NACG) retains an Issuer Rating of BB (high) and a Senior Unsecured Notes rating of BB (high). Both ratings carry a Stable trend, indicating DBRS does not anticipate a near‑term upgrade...
Bruce Power L.P.: Credit Rating Report
On April 7, 2026 DBRS Limited upgraded Bruce Power L.P.’s issuer rating and the rating on its senior unsecured notes to BBB (high) from BBB, shifting the outlook from Positive to Stable. The rating agency cited stronger cash‑flow generation from the plant’s nuclear...
Are Treasuries Losing Their Luster?
The article argues that warnings from the IMF and former Treasury Secretary Hank Paulson about rising U.S. debt do not signal an imminent loss of Treasury market credibility. It notes that the 10‑year yield at roughly 4.25% sits within the...
AllianceBernstein Enters the Active ETF Market in Europe with Three UCITS Bond ETFs
AllianceBernstein (AB) announced the launch of three actively managed UCITS bond ETFs in Europe, covering global, USD‑denominated and EUR‑denominated corporate credit. The funds will trade on the London Stock Exchange, Borsa Italiana, Xetra and SIX Swiss Exchange, expanding AB’s systematic...
Debt Markets Platform 9fin Expands Into Asia-Pacific
9fin, the global debt‑market intelligence platform, has launched its services across the Asia‑Pacific region, extending its footprint beyond its Hong Kong hub. The rollout provides APAC credit professionals with real‑time news, proprietary data and AI‑driven analytics covering over 1,800 issuers...
Figure Lending's HELOC Pool Supports $383.4 Million in RMBS
Figure Lending is launching a $383.4 million residential mortgage‑backed securities (RMBS) transaction backed by a pool of home‑equity line of credit (HELOC) contracts. The FIGRE Trust 2026‑HE4 will issue seven tranches, ranging from AAA‑rated Class A to B‑rated Class F, each with distinct...
Two-Mortgage-SRTs-Test-Market-Resilience
Two €500 million mortgage Structured Risk Transfer (SRT) deals were launched in April 2026, pricing at 3.2% and 3.5% yields. The transactions attracted a mix of European banks, insurers and U.S. pension funds, and were structured with a 97% senior‑tranche coverage...
Sherman Says: The Dirty Secret in the Bond Market
DoubleLine debuted its "Sherman Says" podcast with Deputy CIO Jeffrey Sherman and strategist Ryan Kimmel discussing today’s macro backdrop. They highlighted persistent inflation from energy price swings, tariffs and elevated services costs, which keep the Federal Reserve’s policy path uncertain....
Munis and USTs Show Little Movement Despite Ceasefire Announcement
Municipal bond yields held steady on Wednesday after President Donald Trump announced an extension to the Iran cease‑fire, while U.S. Treasury yields barely moved and equity markets closed higher. Credit analyst Mohammed Murad noted the extension may signal a longer‑term...
Online Financial Marketplace Munivestor Sets Summer Launch
Munivestor is set to launch a digital municipal bond marketplace this summer, allowing cities to issue bonds of $50 million or less directly to a broad pool of investors, including retail participants. The platform digitizes the issuance workflow with a 30‑day...
The Public Finance Authority's Troubled Ownership Program
The Public Finance Authority (PFA) of Wisconsin, a major municipal conduit issuer, operates a little‑known asset‑ownership program that now holds roughly $1.2 billion of tax‑exempt bonds, nine of which are in default. The distressed portfolio includes four proton‑therapy centers, a failed...
High Leverage Brings Negative Outlook to San Diego Sewer Bonds
San Diego’s Public Facilities Financing Authority received mixed ratings as it prepares to issue new sewer revenue bonds for its Pure Water project. Fitch downgraded the outlook on the sewer bonds to negative, citing leverage climbing to 8.2 times and projected...
Inflation, Not Growth, Is the Issue—For Now
Oil‑driven inflation fears have pushed nominal Treasury yields higher, yet the real yield on the 10‑year Treasury has climbed 43 basis points since the Iran conflict began in February. Real yield, which strips out inflation expectations, mirrors the market’s view...
Kyrgyz Republic & Tajikistan Parametric Cat Bonds From the ADB Could Upsize Slightly
The Asian Development Bank is upsizing its first parametric catastrophe bonds for the Kyrgyz Republic and Tajikistan to between $75 million and $80 million each. The earthquake sub‑limit will rise to $65‑70 million while the extreme‑precipitation cover remains at $10 million. Investor risk margin...
Rates Spark: Still Positioned for a Short-Lived Shock
ING rates strategist Michiel Tukker notes that European markets expect a brief inflationary shock, keeping the 10‑year EUR swap range tight between 3.0% and 3.1% over the past month. Oil price movements continue to drive the short end of the...
Q2 2026 Fixed Income Perspectives
The Q2 2026 Fixed Income Perspectives note a shift from early‑year optimism—driven by resilient growth and easing inflation—to a landscape dominated by geopolitical volatility, especially the Iran conflict, and rising energy prices. These forces are pushing rates higher, widening credit spreads,...
Oceânica to Fund Buyback with New Bonds
Oceânica Engenharia announced a tender offer to repurchase up to $400 million of its $525 million 13 % senior secured notes due 2029. Investors will receive $1,080 per $1,000 face value if they tender by May 1, dropping to $1,040 through May 18. The buyback...
Aegea Gets Another Downgrade
Aegea Saneamento, one of Brazil's largest water utilities, received a second S&P downgrade in three weeks, slipping to a B rating with a negative outlook. The downgrade follows the release of its delayed 2025 financials, which showed a debt‑to‑EBITDA ratio...
Unravelling Hedge Fund Trade Derails Boom in Taiwan Convertibles
Regulatory changes and foreign‑exchange volatility have upended the offshore hedge‑fund trade that once kept Taiwanese convertible bonds cheap, leaving about $2.7 billion of planned USD‑denominated issuances stalled. Insurers have withdrawn from currency‑hedging, raising the cost for hedge funds and prompting issuers...
FBND: Higher Quality Fixed-Income Exposure, Monthly Pay With ~4.7% Yield
Fidelity’s Total Bond ETF (FBND) offers an actively managed, high‑quality fixed‑income portfolio with a low 0.36% expense ratio and roughly $25 billion in assets. The fund leans heavily toward U.S. Treasuries and government debt, delivering a 4.68% yield and a 6.02‑year...
GGP Trust 2026-2PAK: Presale Report
Morningstar DBRS adjusted its provisional credit ratings for GGP Trust 2026‑2PAK CMBS on April 21, 2026. Class B was downgraded from (P) AA (sf) to (P) AA (low sf), while Class E and Class HRR received upgrades to (P) BB (high sf) and (P) BB (sf) respectively. Classes A, C and D retained their existing ratings of (P) AAA, (P) A (low)...
U.S. CMBS Q1 2026 Maturity Research
The payoff rate for fixed‑rate CMBS loans maturing in Q1 2026 slipped to 60.0%, down from 61.7% in the prior quarter. Retail‑backed loans lagged further, posting a 51.2% payoff rate. Morningstar projects Q2 2026 payoff to fall between 55% and 60%, with...
Bonds Could Lag Stocks for the Rest of 2026, According to This Contrarian Signal
Bond mutual funds and ETFs have recorded ten consecutive months of net inflows, reaching a record pace in Q1 2026. Academic research shows that ETFs with the highest monthly inflows typically underperform the following month by about 1.8%, making fund...
Vanguard Scoops Up Treasuries as Iran Conflict Lifts Yields
Vanguard is expanding its long‑duration Treasury holdings as 10‑year yields climbed to about 4.3%, surpassing its fair‑value range of 3.75‑4.25%. The asset manager’s fixed‑income team sees higher yields as a chance to lock in rates and bolster portfolio resilience amid...
GSST: Goldman Fund Delivering On Its Promises
Goldman Sachs’ Ultra Short Bond ETF (GSST) is delivering a modest yield premium—roughly 20 to 80 basis points over Treasury bills—while maintaining a low‑volatility profile suited for cash‑parking. The fund’s blend of credit and duration management helps preserve capital in...
Munis See Weakness on Short-End, Outperform USTs
Municipal bonds weakened on the short end Tuesday as U.S. Treasuries fell and equities closed lower. Analysts cited a mix of spiking oil prices, stalled U.S.-Iran peace talks, and hawkish Fed chair comments as possible drivers. Despite the short‑term dip,...
RBC Among Banks that Lose Appeal in U.S. Municipal Bond Lawsuit
A U.S. appeals court denied a motion to dismiss a class action accusing Royal Bank of Canada and eight other major banks of colluding to keep interest rates on more than 12,000 variable‑rate demand obligations (VRDOs) artificially high. The lawsuit,...
Ethiopia Risks UK Courts over Failed Bond Restructuring
Ethiopia’s sole $1 billion international bond restructuring collapsed after official creditors rejected a draft deal, citing comparability of treatment concerns. The bondholder steering committee responded with a pre‑action letter, warning it will seek enforcement in English courts in May. Negotiations on...
Warsh Signals Evolution, Not Revolution at the Fed
Kevin Warsh’s Senate testimony highlighted a push for gradual, not radical, changes at the Federal Reserve. He reiterated long‑held criticism of the Fed’s oversized balance sheet and advocated slow, predictable reductions while relying on interest‑rate tools rather than balance‑sheet adjustments....
SPHY: Excellent ETF, Wrong Time To Buy, Hold For Now
The SPDR Portfolio High Yield Bond ETF (SPHY) is rated a Hold as its 7% coupon and short 2.74‑year duration are offset by a compressed spread environment and an OAS of roughly 267 basis points. While the fund offers strong...
BOJ to Skip Rate Hike Next Week; June Seen as Next Window
The Bank of Japan is expected to keep its policy rate at 0.75% during the April 28 meeting, postponing any further tightening. Governor Kazuo Ueda cited recent disruptions to Middle‑East oil supplies as a key factor, seeking more data on...
JP Morgan Closes $57m Sustainable Bond ETF After Three Years
JP Morgan Asset Management announced the shutdown of its sustainable bond exchange‑traded fund, which held roughly $57 million in assets after three years of operation. The ETF targeted short‑duration green, social and sustainability‑linked bonds, a niche segment of the broader ESG...
Eiffel Launches New Short Term Green Bond Fund
Paris‑based Eiffel Investment Group has launched Eiffel Short Term Green Bonds, a euro‑denominated short‑duration fund classified as Article 9 under the EU SFDR. The fund targets at least 75% green‑bond exposure, aims to beat the €STER benchmark by 0.10% over a...
Standard Life Sees Growing Demand for International Bond Amid Tax Changes
Standard Life reports a surge in demand for its UK International Bond as 2025 tax reforms—particularly changes to capital gains tax and inheritance tax—prompt advisers to recommend tax‑efficient solutions to a broader client base. The insurer expects the strongest growth...
Why Conflict Makes Interest Rates More Volatile, and How Advisors Can Manage
Franklin Templeton Fixed Income portfolio manager Naveed Sunderji says recent Middle‑East conflict has reignited interest‑rate volatility in Canada, pushing market expectations for Bank of Canada hikes higher. The shift follows a March peak where investors priced three 25‑basis‑point hikes in...
EM Lens: Identifying Alpha Opportunities in EM Fixed Income
Creditors are re‑entering emerging‑market (EM) fixed income as technical supply‑demand dynamics, positive rating momentum, and wide real‑yield differentials create a supportive backdrop. Ninety‑One portfolio manager Thys Louw and Bloomberg Intelligence strategist Damian Sassower discuss how these factors generate alpha in...
Liquid Dodges Debt Crunch – at a Hefty Price
Liquid Intelligent Technologies completed a $660 million refinancing that eliminates its near‑term default risk. The deal centers on a $300 million senior secured bond at a 10.75% coupon, replacing a 5.5% bond due in September. Additional financing includes a $150 million syndicated term...
Rates Spark: Bonds Losing Their Edge as a Hedge
Bonds are losing their appeal as a hedge against equities as correlations between German Bunds and stock indices hit record highs, while long‑end inflation expectations remain anchored. Front‑end rates are volatile amid lingering Middle East tensions, but the longer end...
Indian Debt Funds Cut Hedges as Oil Risks Inflate Rate-Hike Bets
Indian debt fund managers, including Bandhan AMC and ICICI Prudential, are unwinding overnight indexed swap (OIS) hedges as soaring oil prices and the Iran conflict push market expectations for higher interest rates. The two‑year swap rate remains near 6%, roughly...
New Sponsoring Member of the Government Securities Division of FICC: Nomura Securities International, Inc./Omnibus CiL– GSD #94DK
FICC announced that Nomura Securities International will become a sponsoring member of its Government Securities Division Collateral‑in‑Lieu (CIL) service effective April 24, 2026. The new status lets Nomura sponsor eligible cash lenders into GSD membership, allowing them to execute Sponsored GC CIL...
CLO-Spreads-Stay-Wide-as-Uncertainty-Around-Iran-War-Persists
Two months after the Iran war began, CLO primary market spreads remain wide, especially for lower‑rated tranches. US issuance has fallen 40% and Europe 60% since the conflict, with the European market nearly halted. Reset activity has collapsed, prompting a...
Recent Large Taxable GO Deals Show Continued Demand
Large taxable general‑obligation bonds have re‑energized the muni market, with New York City issuing $2.25 billion and Hawaii $1.5 billion in high‑grade deals last week. The combined $4 billion‑plus weekly issuance is the strongest since March 2023, offering investment‑grade buyers liquidity and attractive credit spreads. Analysts...
Some EM Debt May Be Getting More Attractive, Says Gramercy
Gramercy Capital notes that emerging‑market (EM) sovereign and corporate debt is becoming more attractive as elections in three major economies are likely to trigger structural reforms. The firm expects policy shifts to improve fiscal discipline, reduce currency volatility, and deepen...
How Municipal Financial Advisors Evolved Over Time
A new study in Public Budgeting & Finance examines how municipal financial advisors have transformed over the past two decades. The research shows advisor involvement in bond issuances climbing from roughly half of deals in 2000 to over 80% today,...
Los Angeles School Bond Outlook Dropped to Negative by Fitch, Moody's
Fitch Ratings and Moody’s have both changed the outlook for Los Angeles Unified School District (LAUSD) to negative as the district prepares to issue roughly $1.09 billion of new bonds. While the district’s general‑obligation (GO) bonds keep a AAA rating, the...