Bonds

The government closure that began on Oct. 1 has delayed the release of official data that traders rely on to assess growth and inflation and gauge the Fed's next steps, after it eased last month for the first time this year.

Treasuries climbed across the curve, driving two-year yields down three basis points to 3.51%. Money markets almost fully priced in three Fed reductions by the end of 2025.

U.S. consumers probably experienced a slight pickup in underlying inflation in July as retailers gradually raised prices on a variety of items subject to higher import duties.

Oneok plans to sell three-part, dollar-denominated senior unsecured notes while BMW is looking to price dollar-denominated debt in a four-tranche offering.

The insurance-linked market's rapid growth continues as natural catastrophes grow

Portfolio managers are selling default protection at an increasing pace, a signal they see little risk on the horizon. Their position on the main investment-grade U.S. credit-default swap index now amounts to over $105 billion, the most in at least three years, based on data compiled by Barclays Plc and Bloomberg. It's a similar picture in Europe.

Managers of collateralized loan obligations are struggling to make the numbers work after high demand from investors enabled borrowers to squeeze their interest margins.

Barclays led the sale, which consisted of three investment grade rated bonds and one rated junk.

Treasuries tumbled after a stronger-than-expected jobs report for June prompted traders to exit bets on an interest-rate cut by the Federal Reserve this month.

Bond investors are on alert for hints on when the Federal Reserve will deliver the two 2025 interest-rate cuts officials projected at their latest policy meeting.

The dollar bond would be the largest ever issued by SNB, Saudi Arabia's second-biggest bank by market capitalization.

Wary of America's swelling federal budget gap and debt burden, the money manager is part of a wave of investment firms steering away from the longest-dated U.S. government bonds.

The deal priced at 335 over, beating expectations for the transaction to price at 350 over, due to bond market volatility.

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The US 10-year term premium — or the extra return investors demand to own longer-term debt instead of a series of shorter ones — has climbed to near 1%, a level last seen in 2014.

The alternative-asset manager also sees the risk of a "structurally" weaker dollar as President Donald Trump seeks to reshape global trade. The dollar is about 15% overvalued.

The selling comes after overseas investors made record purchases of US corporate debt in 2024. Official data shows the demand slowing in February.

Fixed-income trading was hit in the first two weeks of April and only returned to a "healthy" performance after that, the CFO said.

The move comes as bonds Saks sold to finance its $2.7 billion acquisition last year have lost more than a third of their value since they were issued in December.

It's bringing back memories of the basis-trade unwinds at the onset of the pandemic — when widespread deleveraging sparked blowups of the popular hedge fund strategy that sent bonds tumbling.