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Bond Market News
Oil Marches Lower, UST and Equities Rally
September 22, 2026
Long-end of the US Treasury yields eased by 4-5bp, with the 2Y remaining broadly steady. Brent crude fell for a fourth consecutive session to ~$101/bbl, as signs of rising Saudi exports through the Strait of Hormuz eased supply concerns. Separately, Chicago Fed President Austan Goolsbee said Fed’s response to the persistent supply shocks need not be as aggressive as for demand-driven inflation, but the road to 2% inflation target will not be painless. St. Louis Fed President Alberto Musalem said further rate hikes may be needed to bring inflation back to target and described the current 3.75-4.00% range of Fed funds rate as “on the accommodative side”.
Looking at equity markets, the S&P and the Nasdaq closed higher by 1.5% and 2.3% respectively. US IG CDS spreads were 5.4bp wider, while HY CDS spreads tightened by 5.7bp. European equity markets also ended higher. European IG CDS spreads were 1.8bp wider, and Crossover spreads widened by 23.7bp. Asian equity markets have opened higher this morning. Asia ex-Japan CDS spreads widened by 5.5bp.
Rating Changes
- Latam Airlines Group S.A. Upgraded To ‘BB+’ From ‘BB’ On Strong Performance Despite Market Volatility, Outlook Stable
- Moody’s Ratings upgraded AMC’s CFR to B3; B1 rating assigned to new first lien TLs and notes; outlook positive
- ONEOK Inc. Ratings Raised To ‘BBB+’, Removed From CreditWatch Positive; Outlook Stable
- Moody’s Ratings affirms Lendlease’s ratings; changes outlook to negative
Term of the Day
Tender Offer
A tender offer is an offer made by an issuer to bondholders to buyback their bonds. In return, the bondholders could get either cash or new bonds of equivalent value at a specified price. The issuer does this to retire some of its old debt and can use retained earnings to fund the purchases without affecting the liquidity position of the company. Tender offers have a deadline date before which holders must tender their bonds back.
Talking Heads
On Markets Can Handle a Hawkish Fed, Not Uncertainty – Emmanuel Cau, Barclays
“It is difficult to see rates and equities fully stabilizing until energy-related inflation pressures ease,… Nevertheless, the positive development is that Fed independence and credibility have been reaffirmed, providing clarity on its reaction function.”
On Ready to Sell Yen If Japan Intervenes Again – Kevin Zhao, UBS
“The fundamental policy for a weaker yen hasn’t changed,… Dollar-yen will probably trade higher from here, and then at some point, the authorities will intervene again, because otherwise they would be losing face.”
On Where to Invest in Climate as AI Trade, High Rates Dominate – Ulrik Fugmann, BNP Paribas
“The recent selloff in AI-related names has brought down multiples significantly in the clean energy space despite a very strong market for power infrastructure,”
Top Gainers and Losers- 22-Sep-26*
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