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Bond Market News
IIFL Finance Launches $ 4Y; ISM Manufacturing Softens to 53.3
July 2, 2026
US Treasury yields were trading stable across the curve. The ISM Manufacturing PMI for June came-in at 53.3, down from May’s print of 54.0 and analysts’ expectations of 53.9. Fed Chairman Kevin Warsh in a conference, indicated that inflation risks had recently declined, although he acknowledged that it was currently “too high”. However, he refrained from offering any hints regarding the FOMC’s July decision. On the geopolitical front, the US and Iran are said to have made positive progress as part of their talks in Doha.
Looking at US equity markets, the S&P and Nasdaq ended lower by 0.2% and 0.7% respectively. US IG CDS spreads were tighter by 0.3bp and HY CDS spreads tightened by 2.1bp. European equity markets ended lower. European IG CDS spreads were 0.3bp tighter, while Crossover spreads widened by 0.2bp. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads were flat.
New Bond Issues
- IIFL Finance $ 4Y at 7.85% area
SocGen raised €2bn via a two-part deal. It raised €1.25bn via a 2Y FRN at 3m Euribor+38bp, 22bp inside initial guidance of 3m Euribor+60bp area. It also raised €750mn via a 5Y bond at a yield of 3.419%, ~29.5bp inside initial guidance of MS+95/100bp area. The senior preferred notes are rated A1/A/A+.
New Bonds Pipeline
- KEPCO $ 3Y/3Y FRN and/or 5Y/5Y FRN
- KT Corp $ 3.5Y/5Y bonds
Rating Changes
- Moody’s Ratings assigns Baa3 issuer rating to JSW Infrastructure Limited; outlook stable; withdraws Ba1 CFR
- Fitch Upgrades Eurobank to ‘BBB’; Outlook Stable
- Fitch Upgrades National Bank of Greece to ‘BBB’; Outlook Stable
- Dish DBS Corp. Downgraded To ‘D’ From ‘CCC+’ On Chapter 11 Filing
- Fitch Downgrades Vestel to ‘CCC-‘; Places on Rating Watch Negative
- Fitch Revises Piraeus’s Outlook to Positive; Affirms at ‘BBB-‘
- Rolls-Royce Holdings PLC Outlook Revised To Positive On Solid Operating Performance, ‘BBB+’ Ratings Affirmed
Term of the Day: Chapter 11
There are different types of bankruptcies in the US. Chapter 11 is know as the “reorganization” bankruptcy and is available to individuals, sole proprietorship, partnerships and corporations. Corporations file for chapter 11 so that they can continue to operate while being protected from creditors claims to collection activities and property repossession.
Petitions to file for Chapter 11 can be voluntary or involuntary. In the case of a voluntary filing, the debtor must provide a schedule that provides details of its financial position. Upon filing a voluntary petition for relief under Chapter 11 or, in an involuntary case, the entry of an order for relief, the debtor automatically assumes an additional identity as the “debtor in possession.” Once the petition is filed, there is an automatic stay order that suspends all judgments, foreclosures, collection activities, and property repossessions by creditors that arose before the petition.
The bankruptcy court requires debtors to propose a restructuring plan within 120 days from the date of filing, which then grants the debtor another 180 days to obtain confirmation of the restructuring plan. The plan is deemed to have been accepted by courts if it is accepted by creditors with at least two-thirds in amount and at least half of the number of allowed claims.
Talking Heads
On Signaling Long Road Ahead for a Smaller Fed Balance Sheet
Kevin Warsh, Fed Chairman
“It took us about 18 years to find our way into this big balance sheet — which again, in my biased view, borders on fiscal policy. It’ll take us more than 18 weeks to bring it down to size”
On Past Defaults, Next Election Cap Argentina Rally – Pablo Goldberg, BlackRock
“If you look at the picture, Argentina’s fundamentals would suggest a much better rating. But when you watch the whole movie, the past still weighs on it… Every election in Argentina appears to be so binary. Until the swings of the past are gone and there is a more sustainable path forward, the market will continue to trade with a bit of a premium to get paid for that volatility”
On Foreign Buying of Indian Bonds Hits Record After Tax Break
Dhiraj Nim, ANZ Banking Group
“The number of steps — tax cuts, currency stability, delayed hike expectations and receding fiscal risks — may have all given a good reason for foreign investors to purchase Indian bonds”… may not sustain “if global financial conditions and US rates continue to tighten.”
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