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Bond Market News
OPEC+ Approves Further Increase in Oil Output
July 6, 2026
US Treasury yields are currently 1-2bp lower across the curve. The OPEC+ approved a further increase in oil output from August amid the gradual reopening of the Strait of Hormuz, with exports recovering. US equity and CDS markets were closed on Friday due to a national holiday. European equity markets ended higher. European IG CDS spreads were 0.9bp tighter, and Crossover spreads tightened by 1bp. Asian equity markets have opened mostly higher this morning. Asia ex-Japan IG CDS spreads were 0.6bp tighter.
New Bond Issues
- Korea East-West Power $ 5.5Y at T+90bp area
- KT Corp $ 3.5Y at T+85bp area
New Bonds Pipeline
- ICICI Bank plans up to $500mn bond
- Tata Capital $ 3.5Y bond
- US Steel $ 5Y/10Y bond
- Fubon Bank Ltd $ 10NC5 bond
Rating Changes
- Telecom Operator Iliad Upgraded To ‘BB+’ On Stronger Credit Metrics; Outlook Stable
- Siemens Energy Upgraded To ‘BBB+’ On Transition To Structurally Stronger Profitability; Outlook Stable
- Fitch Upgrades Shanghai Pudong Development Bank’s IDR to ‘BBB+’, Viability Rating to ‘bb’
- Moody’s Ratings affirms Alcoa of Australia Limited’s Baa3 rating and changes the outlook to negative from stable
- Nexa Resources S.A. ‘BBB-‘ Ratings Placed On CreditWatch Negative On Potential Change Of Control
Term of the Day: FCNR (B) Account
A Foreign Currency Non-Resident Bank, or FCNR (B) account, is a facility offered by Indian banks for specific kinds of individuals to hold their deposits (in foreign currency) with the bank in the form of a fixed deposit. Since the account is maintained in foreign currency, it secures their funds against currency fluctuations during the tenure of the deposit. This facility is available for a Non-Resident Indian (NRI)/Person of Indian Origin (PIO)/Overseas Citizen of India (OCI). The interest earned is tax-free in India. Eligible currencies include the USD, GBP), JPY, EUR, CAD, AUD, DKK, CHF and SEK. There is no restriction on the amount of money that can be deposited in the FCNR (B) accounts. Moreover, the principal amount and interest earned are fully repatriable.
Talking Heads
On Bonds No Longer a Hedge, Cuts From Some Pension Funds – AMP
“The main thing that we’ve done in recent times is to really reduce our weightings to government bonds… that we’re in a long-term, structurally difficult market for bonds — and we’re not convinced that they will provide the diversification benefits”
On Wall Street Bets Rallying Markets Will Absorb Every Market Blow
Raphael Thuin, Tikehau Capital
“Record earnings growth and AI-driven enthusiasm have pushed risk assets to new highs”
Stephen Dover and Larry Hatheway, Franklin Templeton Institute
“The outlook coalesces around a single organizing idea: resilience”
Jean Boivin, BlackRock Investment Institute
“We prefer earning income in short-term maturities, especially euro-area government bonds, over relying on long bonds with high duration or sensitivity to rate moves”
On SpaceX Bond a Red Card for ‘Very Sloppy’ Performance – Matt Brill, Invesco
“That deal has been a really really disappointing one… I don’t know if it was mistake on the banks’ part or just a lack of demand from traditional pension plans and insurance companies”
Top Gainers and Losers- 06-Jul-26*
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