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Bond Markets
Everything Briefed has filed against Bond Markets, most recent first.
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China reopens its offshore bond loophole, this time with a lockShanghai Electric Global Capital just raised roughly 1.5 billion yuan through a Shanghai free-trade-zone bond, the first from a nonfinancial issuer in nearly three years, since Beijing shut the mar…The Sell America trade is back, and this time it has receiptsDollar bears got quiet after the spring tariff panic faded, but the underlying complaint never actually went away: foreign holders of US assets are recalculating what Washington's policy volatility…NYSE's owner just bought its way into the bond marketIntercontinental Exchange paying roughly $5.7bn for MarketAxess is a wager that electronic trading in corporate bonds, still dominated by phone calls and dealer relationships compared to equities, …PBOC's biggest liquidity push in five months exposes Beijing's nervesCentral banks inject cash at this scale when growth data is softer than headline GDP prints suggest, not when things are fine. This is the largest liquidity addition since February, pointing to wea…Japanese bonds are earning the nickname that once bankrupted tradersThe widow-maker trade got its name in the 1990s and 2000s from investors who repeatedly shorted Japanese government bonds expecting yields to rise, only to be wiped out as the Bank of Japan kept bu…Thai bonds are quietly outperforming all of AsiaThailand's government bonds have delivered the region's best returns this year as the Bank of Thailand cut rates to support a tourism-dependent economy still below pre-pandemic visitor numbers, and…A $76 billion JGB flood is coming if Japan's pension giant rebalancesJapan's Government Pension Investment Fund is the largest pool of retirement capital on earth, and even a routine rebalancing from it moves global bond markets. SocGen estimates GPIF could buy up t…Japan's 30-year bond yield just hit a three-decade high. The global rate reckoning has a new front.Japan's long-end yields are doing something they haven't done since the mid-1990s, and the mechanism matters more than the headline number. The Bank of Japan's gradual exit from yield curve control…Japan's convertible bond comeback is a direct consequence of the Bank of Japan's rate normalisationConvertible bonds are back in favour in Japan as rates continue to rise, and the logic is not complicated: as fixed-income yields climb, the equity-upside optionality embedded in convertibles looks…Bond investors are positioning for a Warsh era at the Fed. The sweet spot is two to five year paper.Kevin Warsh as the incoming Fed chair is being read by major fixed income managers as a structurally hawkish signal, not a cyclical one. The implication is that the long end of the US yield curve s…India's bond rally has stalled. The RBI is the reason the short end is now vulnerable.India's government bond market has spent the last several months repricing the limits of RBI support. The 10-year yield spread over the policy repo rate reached a two-year high after the RBI's June…US exceptionalism is back in the dollar trade, and the BoE is watching today's inflation print carefullySpeculative long-dollar positioning has hit its most bullish level since February 2025, driven by a US economy that keeps refusing to slow on schedule: firm retail control-group sales, sticky core …Green economy revenues are growing at twice the rate of conventional ones, and oil is heading toward a glutThe global green economy now exceeds $5 trillion in annual value and is tracking toward $7 trillion by 2030, with green revenues growing at roughly twice the pace of conventional business lines and…Treasury clashes with No 10 over war bonds proposalTensions have emerged between HM Treasury and Downing Street over proposals to issue new "war bonds" to finance increased defence spending, with officials split on whether symbolic retail debt inst…Barcelona ABS conference hits record attendanceGlobal ABS 2026 recorded over 5,570 attendees in Barcelona, with Day 2 panels pivoting from Europe's securitisation scale-up to navigating geopolitical risk and private credit's evolution into a "n…Bond traders bet on CPI surge that keeps Fed hawkishFixed income markets are positioning for the strongest consumer price reading in years, with traders betting the data will force the Federal Reserve to stay restrictive longer than expected. The po…Investec debuts $43m bail-in bonds under South Africa's new bank rulesSouth Africa's specialist bank just became the latest to test investor appetite for loss-absorbing debt, raising $43 million in securities that can be bailed in if the bank fails. The debut issuanc…Mumbai's BMC plans near-$1bn municipal bond debutIndia's wealthiest civic body is preparing to tap capital markets for the first time with a ₹95 billion ($992 million) municipal bond program, potentially the largest local authority debt issuance …Indian bond investors tap soaring swap rates to juice returnsIndian debt fund managers are layering interest rate swaps over bond portfolios as swap rates hit multi-year highs above comparable government bond yields. Five-year swaps are trading around 6.58% …Southeast Asian yield curves may steepen on oil-driven fiscal pressureRising energy prices are widening the spread between short and long-term government bond yields across Indonesia, Thailand, Malaysia and the Philippines as markets price higher inflation and larger…Global banks fill Australia's A$40bn AT1 voidUBS issued the first AT1 bond in Australian dollars since APRA decided to phase out domestic bank hybrids, and the deal was heavily oversubscribed. Australian banks cannot issue new AT1 capital aft…US long bond yield hits 5.14% as inflation fears returnThe 20-year Treasury yield spiked to 5.14% on Thursday, its highest level since August 2023, as markets price in a world where inflation never really dies. Traders now assign almost two-thirds prob…Korean stocks near correction as bond yields hit 4.25%South Korea's equity rally is running into a brick wall as 10-year government bond yields surge to 4.25%, their highest level in over two years. The market that delivered 200%+ returns in some equi…NTT Finance delays yen bond as JGB yields spikeNTT Finance has postponed a planned yen bond issue until June or later, becoming the latest casualty of Japan's savage government bond selloff. The delay comes as JGB yields have climbed sharply, m…Japan's bond vigilantes break 27-year yield ceilingThe last time Japanese 20-year bonds yielded 3.44%, Tony Blair was starting his first term. Yesterday's breach of the 1997 high signals the end of Japan's ultra-low rate era, driven by oil prices s…Asia bond surge marks strongest April in five yearsA brief Iran ceasefire opened the floodgates for Asian issuance, delivering the region's strongest April in five years. Japan's 20-year government bond auction recorded its strongest demand since 2…Asian credit hits record tight spreads as money chases yieldAsian investment-grade bond spreads have reached historic lows, with the JACI IG index posting 1.08% returns year-to-date as spreads barely widened 9 basis points. The compression reflects genuine …MTR tests Hong Kong dollar bond market revivalHong Kong's MTR Corporation launched its first public HK dollar bond in three years, testing appetite for local currency debt as capital flight concerns ease. The transport operator is seeking HK$2…Australia Treasury reverses debt office reviewAustralia's Treasury just called for an independent review of its debt management office after initially resisting external oversight. The reversal suggests internal concerns about the office's $60…Pimco buys entire $400m Blue Owl BDC bond salePimco just bought all $400m worth of bonds from Blue Owl's business development company, signalling institutional appetite for private credit exposure without the direct lending hassle. When the wo…