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Bond Market News
US Treasury Yields Ease; Trinidad & Tobago Prices $ Bond
July 10, 2026
US Treasury yields eased across the curve by 4-5bp, with crude oil prices moving lower despite continuing US-Iran tensions. The US 30Y Treasury auction saw solid demand with a bid-to-cover of 2.44x (vs. the prior month’s 2.33x) and stopped through the when-issued yield. The week has seen solid auctions across the 3Y, 10Y and 30Y tenors. Separately, initial jobless claims for the prior week came in at 215k, better than expectations of 218k.
Looking at US equity markets, the S&P and Nasdaq rallied by 0.8% and 1.3% respectively. US IG CDS spreads were 0.5bp tighter and HY CDS spreads tightened by 3.5bp. European equity markets ended broadly higher. European IG CDS spreads were 1bp tighter, and Crossover spreads tightened by 5.7bp. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads were 0.7bp tighter.
New Bond Issues
Trinidad & Tobago raised $800mn via a 12Y bond at a yield of 6.341%, 32.5bp inside initial guidance of T+212.5bp area. The senior unsecured note is rated Ba2/BBB-. Proceeds will be used to redeem the 4.50% 2026s and for general budgetary purposes.
New Bonds Pipeline
- Malaysia plans $ sukuk
- ICICI Bank plans up to $500mn bond
- Tata Capital $ 3.5Y bond
Rating Changes
- Uzbekistan-Based Uranium Producer Navoiyuran Upgraded To ‘BB’ On Operating Track Record; Outlook Stable
- Fitch Upgrades First Bancorp to ‘BBB-‘; Outlook Stable
- Oracle Corp. Downgraded To ‘BBB-/A-3’ From ‘BBB/A-2’ On Rising Business Risk And Weaker Cash Flow; Outlook Stable
- Coty Inc. Downgraded To ‘BB’ From ‘BB+’; Ratings Placed On CreditWatch Negative On Gucci Beauty License Termination
- United Rentals Inc. Outlook Revised To Positive On Disciplined Financial Policy And Lower Leverage; All Ratings Affirmed
- Fitch Revises Clarios’ Outlook to Positive; Affirms IDR at ‘B’
Term of the Day: Auction Tails/Stop Throughs
Auction tails and stop throughs are metrics that can help in understanding whether the auction was well bid or not and is to be seen with the bid-cover ratios and other metrics. These are particularly observed in Treasury securities auctions. An auction tail occurs when the final yield of the bond auctioned is higher than the when-issued yield (WI yield) and can indicate that demand was not strong enough even though bid-cover might have been strong. On the other hand, a stop through occurs when the final yield is lower than the when-issued yield (WI yield) and can indicate that demand was particularly strong for that bond.
Talking Heads
On Geopolitical shifts drive sovereign funds towards national priorities, study finds
Javier Capapé, IE University
“This fragmented world has had an impact. Sovereign wealth funds are more and more used by governments to deploy national strategies, develop stronger positions in the global value chains… Non-market factors are having more importance than … in any period since the end of the Cold War”
On China Getting a Chance at Fiscal Rethink After Debt Cleanup Milestone
Wen Laicheng, Central University of Finance and Economics
“Shifting hidden debt onto the government’s books has somewhat reduced pressure on the authorities, but their underlying fiscal burden remains heavy”
On US 30-Year Bond Auction Drawing Highest Yield Since 2007
John Canavan, Oxford Economics
“Fed Governor Warsh has leaned aggressively into the inflation side of the Fed’s mandate, which I think has also helped with the 10-year and 30-year demand as investors view current yield levels as quite attractive if inflation gets pushed back to the Fed’s 2% target”
Top Gainers and Losers- 10-Jul-26*
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