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Fixed Income

Global Macro Playbook
Country Garden Proposes $11.6 Billion Debt Reduction Deal

Country Garden, once China's largest property developer, has proposed a deal to its offshore creditors that would slash its debt by $11.6 billion, Reuters reports. This move aims to secure more time from the Hong Kong high court to implement a restructuring plan.

The deal, reached with

Global Macro Playbook
China to Sharply Increase Treasury Bond Funding to Spur Growth in 2025

China plans to significantly increase funding from ultra-long treasury bonds in 2025 to stimulate business investment and consumer spending, Nikkei Asia reports. This move aims to revitalize the faltering economy.

Yuan Da, deputy secretary-general of the National Development and Reform Commission (NDRC), announced the plan at a press conference. Special

Global Macro Playbook
China Dividend ETFs Soar as Investors Ditch Bonds

Chinese investors are flocking to dividend-paying stocks as 2024 draws to a close, propelling two of the largest dividend exchange-traded funds (ETFs) in the country to record-breaking inflows, reports Bloomberg.

The Huatai PB CSI Bonus Low Fluctuation ETF and Huatai-PineBridge SSE Dividend Index ETF saw a combined 9.4 billion

Global Macro Playbook
China Expands Local Bond Funding to Boost Non-Real Estate Growth

China is broadening the use of special bond funding by local governments to stimulate economic growth beyond the struggling property market, reports Nikkei Asia. The State Council, China's cabinet, announced on Wednesday that proceeds from special bond issues can now be used for a wider range of projects,

Global Macro Playbook
Indonesia's Bond Market Liquidity at Risk as Central Bank's Stake Soars

Investors in Indonesia are expressing growing concern over potential strain in the nation's bond markets as Bank Indonesia (BI) significantly increases its debt holdings, according to Bloomberg. BI's bond ownership has surged to approximately 25% of outstanding bonds, a sharp increase from just 5% pre-pandemic, driven

Global Macro Playbook
Chinese Government Bonds Soar to Decade-High Returns, With More Gains Expected in 2025

Chinese government bonds are experiencing an unprecedented surge, poised to deliver their best annual performance since 2014, as reported by Bloomberg. Local fund managers and strategists anticipate continued gains in 2025, driven by a confluence of factors including economic uncertainty and accommodative monetary policy.

A Bloomberg index, excluding currency fluctuations,

Global Macro Playbook
Japan Approves Record $730 Billion Budget with Reduced Bond Issuance

Japan's cabinet is set to approve a record ¥115.54 trillion ($731.28 billion) general-account budget for fiscal 2025 on Friday, according to Nikkei Asia. While this represents a significant increase from the previous year, the government plans to finance a smaller portion of the budget with

Global Macro Playbook
Record $600 Billion Floods Global Bond Funds as Investors Bet on Rate Cuts

Global bond funds experienced record inflows exceeding $600 billion in 2024, driven by investor bets on easing monetary policy from major central banks worldwide, as reported by the Financial Times. This surpasses the previous record of nearly $500 billion set in 2021.

"This was the year that investors bet

Reuters
Stocks up slightly with bond yields up; economy, rates in focus
MSCI's global equity index was up slightly on Monday and U.S. Treasury yields climbed with the dollar after data released at the start of a short trading week showed deterioration in U.S. consumer ...
Bloomberg
John Miller’s New High-Yield Muni Fund Dominates Market in 2024
It’s been a banner year for high-yield municipal bonds, and in particular the category’s star money manager, John Miller, who joined First Eagle Investments in January after nearly three decades at ...
Bloomberg
US Treasury Yields Edge Higher With Long-Term Debt Out of Favor
Treasury yields rose on Monday as traders continue to see a slower pace of interest rate reductions by the Federal Reserve next year and the potential worsening of country’s fiscal backdrop under ...
Reuters
Bumpy ride for US corporate bond spreads expected in 2025
It could be a bumpy ride for U.S. corporate bond spreads in 2025, with investors and strategists expecting more market volatility, as the new Trump administration implements a reform agenda that could ...
Morningstar
10-year Treasury yield ends at 7-month high to kick off holiday-shortened week
Treasury yields advanced on Monday, with the key 10-year rate approaching 4.6% after data showed U.S. consumer confidence pulled back in December. It's a holiday-shortened week, with the bond market ...
Morningstar
2-Year Treasury Yield Rises to 4.345% — Data Talk
The 2-year yield rose 0.034 percentage point to 4.345% today. The price fell 2/32 to 99 26/32. --Snaps a two-trading-day streak of falling yields --Yield is off 0.698 percentage point from its 52-week ...
Reuters
Stocks gain with bond yields, dollar up; economy, rates in focus
A global equity index rose on Monday with help from Wall Street, and U.S. Treasury yields climbed to an almost seven-month high while data showed a deterioration in U.S. consumer confidence and ...
Morningstar
30-Year Treasury Yield Rises to 4.781% — Data Talk
The 30-year yield rose 0.066 percentage point to 4.781% today. The price fell 1 to 95 18/32. --Yield is off 0.038 percentage point from its 52-week high of 4.819% hit Thursday, April 25, 2024 ...
Reuters
Asia shares rise, dollar underpinned by elevated bond yields
Asian stocks edged up on Tuesday, though moves were subdued in a holiday-curtailed week, while the greenback held near a two-year high helped by elevated U.S. Treasury yields as investors prepared for ...
Global Macro Playbook
Wall Street Bets on Lower US Bond Yields in 2025, Despite Trump Uncertainty

Wall Street expects lower US bond yields in 2025, despite uncertainty around Donald Trump's potential policy impact, reports Bloomberg.

Strategists, in their annual outlooks, are forecasting a significant drop in short-term Treasury yields, particularly the two-year note, aligning with the Federal Reserve's current stance. This consensus

Global Macro Playbook
Cat Bond Market Hits Record High as Insurers Offload Climate Risk

The market for catastrophe bonds (cat bonds) surged to a record high in 2024, reaching almost $50 billion, as insurers sought to shed risk associated with mounting losses from climate-related disasters, reports Bloomberg.

Issuance of cat bonds, designed to provide supplemental insurance coverage for events like hurricanes, earthquakes, and wildfires,

Reuters
Rupee to hover near record low amid rise in US Treasury yields
The Indian rupee may open near its all-time low on Tuesday and continue to trade with a mild depreciation bias, pressured by a rise in U.S. bond yields, with traders expecting the domestic central ...
Reuters
Exclusive: China plans $411 bln special treasury bond issuance next year, sources say
Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, two sources said, which would be the highest on record, as Beijing ramps up fiscal ...
Reuters
Exclusive-China plans $411 billion special treasury bond issuance next year, sources say
The plan for 2025 sovereign debt issuance would be a sharp increase from this year's 1 trillion yuan and comes as Beijing prepares to soften the blow from of an expected increase in U.S. tariffs on ...
Bloomberg
Bond Traders Turn to 2025 Amid Most Agonizing Easing in Decades
Bond traders have rarely suffered so much from a Federal Reserve easing cycle. Now they fear 2025 threatens more of the same.
Reuters
Who is Stephen Miran? Trump taps ex-Treasury official as chair of Council of Economic Advisers
Donald Trump said that Stephen Miran, a Treasury Department adviser in his first administration, would be the chair of his Council of Economic Advisers.
Bloomberg
Japan’s Bond Market Is Set to Absorb Biggest Supply in a Decade
Investors are set to face the largest supply of Japanese sovereign bonds in at least a decade as the central bank plans to shrink its balance sheet, adding to debtholders’ woes from rising interest ...
Global Macro Playbook
Japan's Bond Market Brace for Decade-High Supply as BOJ Tapers Purchases

Get ready for a flood of Japanese government bonds. Investors are facing a perfect storm of rising interest rates and a massive increase in bond supply as the Bank of Japan (BOJ) scales back its bond purchases, reports Bloomberg.

The Ministry of Finance typically releases its debt issuance plans in

Reuters
Euro zone bond yields edge up to one-month high
Euro zone bond yields ticked up to their highest level in around a month on Monday before dipping slightly as investors continued to try to gauge the outlook for central bank rate cuts in 2025. The ...
MarketWatch
10-year Treasury yield near 7-month high to kick off holiday-shortened week
Treasury yields edged higher Monday, with the key 10-year rate above 4.5% after last week hitting its highest since late May as the Federal Reserve reined in expectations for rate cuts in 2025.
Bloomberg
Wall Street Sides With Fed and Sees Lower US Bond Yields in 2025
Wall Street is taking its cues from the Federal Reserve, forecasting short-term US Treasury yields to fall in 2025 despite the looming threat of President-elect Donald Trump’s trade and tax policies ...
MarketWatch
Stocks are mostly lower. A rising dollar and higher Treasury yields aren't helping.
Stocks were mostly lower after a mixed start Monday morning, slipping to early session lows after data showed a drop in U.S. consumer confidence this month. The U.S. dollar and Treasury yields were ...
MarketWatch
10-year Treasury yield edges up to kick off holiday-shortened week
Treasury yields edged higher Monday, with the key 10-year rate above 4.5% after last week hitting its highest since late May as the Federal Reserve reined in expectations for rate cuts in 2025.
Financial Times
Record $600bn pours into global bond funds in 2024
Bond funds attracted more than $600bn in inflows so far this year, according to data provider EPFR, topping the previous high of almost $500bn in 2021, as investors sensed that slowing inflation would ...
Financial Times
Wall Street banks see gains ahead for stocks and bonds
On average, strategists expect the US 10-year yield to fall to around 4.1 per cent from current levels of around 4.49 per cent. Morgan Stanley has set out a more bullish base case of 3.6 per cent, but ...
Global Macro Playbook
China's Short-Term Bond Yields Plunge to 2009 Low Amidst Easing Policy

China's short-term sovereign bond yields have plummeted to their lowest levels since the 2008 global financial crisis, reports the Financial Times, as concerns over weak domestic demand bolster bets on further central bank easing. The yield on one-year bonds fell to 0.92%, marking a 14-year low, while

Global Macro Playbook
UK Bond Market in Turmoil as BOE Rate Path Remains Unclear

Long-term UK government borrowing costs are approaching their highest levels since 1998, with investors grappling with uncertainty over the extent to which the Bank of England (BOE) will cut interest rates next year, reports Bloomberg.

The yield on 30-year bonds surged to 5.16% on Friday, marking the highest close

Morningstar
30-Year Treasury Yield Rises to 4.715% This Week — Data Talk
The 30-year yield rose 0.102 percentage point to 4.715% this week. The price fell 1 19/32 to 96 18/32. --Yield is up 0.385 percentage point over the last two weeks ...
Global Macro Playbook
Italy's Bonds Poised for Gains as German and French Uncertainty Grows

While Italy's economic growth stalls and its debt burden continues to rise, investors are increasingly drawn to the country's government bonds, reports Reuters. This unexpected shift in sentiment stems from a growing perception that Rome's political landscape is far more stable than those in

Reuters
TSX down for sixth day as higher bond yields weigh
Canada's main stock index fell for the sixth straight session on Thursday, as rising bond yields weighed on economically sensitive sectors such as industrials and real estate. The Toronto Stock ...
MarketWatch
How this Treasury-market dynamic could lead to the next big leg lower in stocks
The rise in yields seen in the long end of the Treasury curve is the product of what’s known as a bear-steepener trade. Bear refers to the sentiment behind the trade, which is to sell the 10-year note ...
Reuters
Wall Street rebounds, Treasury yields rise as markets digest Fed's slowdown signal
Wall Street rebounded on Thursday and benchmark U.S. Treasury yields hit their highest level since May as stocks recovered in the wake of the Federal Reserve's hawkish outlook. Crude prices dipped and gold rallied as investors grew accustomed to the reality that the central bank will take a slower,
Morningstar
10-Year Treasury Yield Rises to 4.569% — Data Talk
The 10-year yield rose 0.075 percentage point to 4.569% today. The price fell 19/32 to 97 15/32. --Yield is up for two consecutive trading days --Yield is up 0.185 percentage point over the last two ...
Morningstar
2-Year Treasury Yield Falls to 4.316% — Data Talk
The 2-year yield declined 0.034 percentage point to 4.316% today. The price rose 2/32 to 99 28/32. --Yield is off 0.727 percentage point from its 52-week high of 5.043% hit Tuesday, April 30, 2024 ...
CNBC
Kelly Evans: Elon Musk: the ultimate Bond Vigilante
Let’s start with what happened to markets after the Fed’s rate cut yesterday. It wasn’t pretty. The Dow dropped 1,100 points. The S&P fell 3%. The Nasdaq dropped 3.5%. The Russell 2000 small-caps fell ...
Reuters
Wall St rebounds, dollar stalls as markets digest Fed's slowdown signal
Wall Street rebounded and U.S. Treasury yields resumed their climb on Thursday as stocks recovered from their steep dive in the wake of the Federal Reserve's hawkish outlook. The dollar gave back some of Wednesday's gains and gold rallied as investors grew accustomed to the reality that the central bank will take a slower,
Reuters
Wall Street ends mixed, Treasury yields rise as markets mull Fed's slowdown signal
Wall Street stumbled to a close Thursday, ending nearly flat after an earlier rally ran out of steam late in the session as investors continued to parse the Federal Reserve's hawkish outlook. Benchmark U.
Bloomberg
China One-Year Yield Sinks to 1% for First Time Since 2009
China’s short-term bond yields slumped further to reach the psychological milestone of 1% for the first time since the global financial crisis, as traders ramped up bets on monetary easing.
Bloomberg
UK Bond Market Takes Another Hit With BOE Rate Path in Doubt
Long-term UK government borrowing costs are approaching the highest level since 1998 as investors struggle to work out how much the Bank of England will cut interest rates next year.
CNBC
10-year Treasury yield is little changed as investors await Fed’s preferred inflation gauge
Treasury yield remained little changed on Friday as investors anticipated the release of a key inflation gauge.
CNBC
10-year Treasury yield is little changed as investors await Fed's preferred inflation gauge
Treasury yield remained little changed on Friday as investors anticipated the release of a key inflation gauge.

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