Cbonds’ Post

💼𝗖𝗯𝗼𝗻𝗱𝘀 𝗪𝗲𝗲𝗸𝗹𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 – all the latest updates in the world of Eurobonds 📊After the nervous start of the last week, the 𝗯𝗼𝗻𝗱 𝘆𝗶𝗲𝗹𝗱𝘀 relatively 𝘀𝘁𝗮𝗯𝗶𝗹𝗶𝘇𝗲𝗱. After more than a week of consecutive falls in the US Treasury yields the trend has reversed with values of the US yield curve rising for all maturities, but remaining 20-40 basis points lower than a month ago. 📈📉In emerging markets, the 𝗺𝗮𝗶𝗻 𝗹𝗼𝘀𝗲𝗿𝘀 last week were concentrated in 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 while the 𝗺𝗮𝗶𝗻 𝗴𝗮𝗶𝗻𝗲𝗿𝘀 were scattered 𝗮𝗰𝗿𝗼𝘀𝘀 𝗿𝗲𝗴𝗶𝗼𝗻𝘀. Top gainers feature several companies from the resource extraction sector. The 𝗘𝗠 𝗬𝗧𝗠 𝗜𝗻𝗱𝗲𝘅, calculated by Cbonds, increased by 6 basis points. 🏙In developed markets, 𝗖𝗮𝗻𝗮𝗱𝗶𝗮𝗻 𝗣𝗮𝗰𝗶𝗳𝗶𝗰 𝗥𝗮𝗶𝗹𝘄𝗮𝘆 𝗖𝗼 was the main price loser last week: its bonds plunged in value as the rail shutdown is expected on August 22 amid the tough bargaining on the collective agreement. 𝗜𝗻𝘁𝗲𝗹 suffered price losses as well after its financial results for Q2 2024 fell a way short of market expectations causing its share price to collapse by 27%. On the gainers' side, the bond of Canadian 𝗕𝗮𝘂𝘀𝗰𝗵 𝗛𝗲𝗮𝗹𝘁𝗵 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 appreciated owing to strong financial reporting published recently. 💬The main theme of the discussions around the bond market last week was its reaction to the US economy dynamic. Currently, there is no panic prevailing in the opinions yet the pressure for more and deeper rate cuts is mounting for the Fed. Interestingly, even against this background USD issuing activity in the US market remains high. #bondmarket #cbonds #finances #bonds #eurobonds #emergingmarkets #fixedincome

Global bond yields are rising as investors reconsider US interest rate cut expectations due to strong economic data and political forecasts, risking debt markets globally. #BondMarket #InterestRates #Investing

Among the highlighted reports prepared by the Cbonds team last week are: Cbonds Weekly Review (https://lnkd.in/ehxhek2q) – our weekly eurobond Gainers & Losers report showing the main gainers concentrated in Asia and Mexican companies continuing to lead the losers list amid political uncertainty and currency depreciation. Additionally, we covered the hottest European news this week – the weakening of French bonds, both sovereign and corporate, following the announcement of snap parliamentary elections by the French President. Emerging Markets Sovereign Debt Placement in May – all eyes on growing issuances by #Algeria, #SouthAfrica, #Brazil, and #China. (https://lnkd.in/e3QWqJHR) Our weekly Italian news - for Italian speakers only! - (https://lnkd.in/e2Eig_t9) focused on the consequences and opportunities the disalignment of monetary policy between the #Fed and #ECB brings for European investors. We also covered a new, but increasingly popular type of issuance in Italy, represented by UniCredit this April (IT0005592818).

💼𝗖𝗯𝗼𝗻𝗱𝘀 𝗪𝗲𝗲𝗸𝗹𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 – all the latest updates in the world of Eurobonds 📉𝗧𝗵𝗲 𝗙𝗲𝗱 𝗿𝗮𝘁𝗲 𝗰𝘂𝘁 had a limited effect on the fixed income market as the uncertainty over the future rate trajectory looms. 📈Values of the 𝗨𝗦 𝘆𝗶𝗲𝗹𝗱 𝗰𝘂𝗿𝘃𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 for 1Y maturity and moved slightly up for the longer ones indicating the normalization of the yield curve. USD international bond issuance declined after a powerful dynamic of the past two weeks. 🌍In emerging markets, oil producers were traded higher last week as the 𝗕𝗿𝗲𝗻𝘁 crude oil price exhibited an 𝘂𝗽𝘄𝗮𝗿𝗱 𝘁𝗿𝗲𝗻𝗱. Mexico and China dominated the top losers' list. A decline in the value of the bonds of 𝗚𝗿𝘂𝗽𝗼 𝗧𝗲𝗹𝗲𝘃𝗶𝘀𝗮 can be attributed to a rating outlook downgrade on account of the operational problems the country's largest telecom group is facing. 📊In developed markets, bonds of 𝗜𝗻𝘁𝗲𝗹 rose after the announcement of a large AI chip deal with Amazon. 𝗢𝗿𝗮𝗰𝗹𝗲's market performance remains strong with a spillover from the shares into fixed-income securities. For 𝗕𝗼𝗲𝗶𝗻𝗴, the gains of the previous week were reversed as the prospects of the strike conclusion did not materialize with over USD 100 mln in daily losses. 🔍A prevailing theme in the bond market news is the pace of the current 𝗿𝗮𝘁𝗲-𝗰𝘂𝘁 𝗰𝘆𝗰𝗹𝗲 in the US. The overall expectation is that the Fed’s actions will be measured without putting excessive faith in the economic downturn scenario while staying vigilant toward inflation. 📚As for the research highlights of the last week, 𝗢𝗖𝗕𝗖 delved into the recently published set of domestic consumption data sending worrying signals. Meanwhile, the paper points out that 𝗖𝗵𝗶𝗻𝗲𝘀𝗲 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗯𝗼𝗻𝗱 𝘆𝗶𝗲𝗹𝗱𝘀 are dipping lower to the current year minimums despite the strong sovereign issuing activity. #bondmarket #cbonds #finances #bonds #eurobonds #emergingmarkets #fixedincome

Bond yields, especially in the US, have risen following a swift decline, opening up an attractive buying opportunity for those without exposure in their portfolios.   This trend is not confined to the US but is being observed globally. Both US and European rates are on the rise. In perspective, the US 10-year rate has climbed from around 3.9% to 4.15%, with European rates showing similar increments.   To improve your decision-making, our analysts review the profitability of bond markets globally and advise you on the best place to invest. See more: https://lnkd.in/d_kCHAuk   #Investment #BondYields #MarketTrends

In a week that capped off the end of the first quarter, equity markets finished slightly higher ahead of the Easter break. However, the main moves of the week were within commodity markets, where gold and oil prices continued to strengthen.