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Bond Market News
Mizuho Launches $ Bonds
June 29, 2026
US Treasury yields were broadly unchanged. US President Donald Trump said on Saturday that they struck an Iranian missile and drone storage locations after accusing Iran of violating the ceasefire by attacking commercial vessels. However, both countries stopped attacks and agreed to continue talks in Doha on Tuesday. Minneapolis Fed President, Neel Kashkari said that the widespread inflation caused him to project one rate hike this year.
Looking at US equity markets, the S&P ended nearly unchanged while the Nasdaq ended lower by 0.2%. US IG CDS spreads were wider by 0.1bp while HY CDS spreads tightened by 0.2bp. European equity markets ended lower. European IG CDS spreads were 0.2bp wider and Crossover spreads tightened by 0.5bp. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads widened by 0.8bp.
New Bond Issues
- Mizuho Financial Group $ 4NC3/4NC3 FRN/6NC5/6NC5 FRN/11NC10/21NC20 at T+100/SOFR eq/T+110-115 /SOFR eq/T+120-125/T+120-125bp areas
New Bonds Pipeline
- Bank of Baroda $ 3Y or 5Y bond
Rating Changes
- Georgia Global Utilities Upgraded To ‘BB’ On Continued Strong Performance; Outlook Stable
- Fitch Downgrades Braskem’s IDR to ‘C’
- Braskem S.A. Downgraded To ‘D’ From ‘CCC-‘ After Receiving Protection From Creditors
- Moody’s Ratings downgrades Grupo Antolin’s CFR to Caa2 and instrument ratings on existing senior secured notes to Caa3; outlook remains negative
- Fitch Revises Boeing’s Outlook to Positive; Affirms IDR at ‘BBB-‘
Term of the Day: War Bonds
A war bond is a bond issued by a government to finance military operations during times of war or conflict. As per Bloomberg, the UK’s soon-to-be prime minister Andrew Burnham may consider issuing war bonds to attract voters and fund the country’s defense sector
Talking Heads
On Hawkish Fed Throwing Down Challenge for Emerging-Market Bond Rally
Philip Fielding, Fidelity International
“The path for US interest rates has been repriced much higher. This has led to broad-based US dollar strength, creating an obvious headwind for dollar-funded emerging-market local currency positions.”
Kamakshya Trivedi and Danny Suwanapruti, Goldman Sachs
“Close on the heels of the signing of a US-Iran agreement to end the war, EM local rates are now fighting a new adversary – a hawkish Fed”
Luis Costa, Citigroup
“The baton of risk factors will only get passed from oil to Fed and El Nino”
“So I think moving away from these strong forms of forward guidance is entirely appropriate. Saying there is no forward guidance, I don’t think that is actually the case ever. You do it explicitly, or implicitly, the market is going to form a view”
On debt, AI boom and fragilities raising global risks
Pablo Hernandez de Cos, BIS
“The readiness to act if the central banks observe that there is the anchoring of inflation expectations is the main message that we want to set”
Frank Smets, BIS
“The new fiscal-financial stability nexus may mean more frequent and sharper drops in sovereign bond values”
Top Gainers and Losers- 29-Jun-26*
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