Bonds

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.

Bessent had repeatedly criticized then-Treasury Secretary Janet Yellen for boosting the share of bills in US debt.

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Long-maturity yields rose as much as four basis points, with the 10-year note's stalling at around 4.53%. A gauge of the dollar held steady after two days of gains.

It took until Thursday for the president to indicate he'd follow through on some of his tariff threats, meaning investors who had been bracing for levies to be imposed on day one of his term had a couple weeks of relief.

The legendary investor weighed in on the "irrationality of markets" during the recent AI-fueled rally.

The yield on 10-year US notes fell as much as 12.5 basis points — the most intraday in almost two weeks — to 4.50%, before paring the decline.