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Bond Market News
US Treasury Yields Jump Higher Amid Rising Geopolitical Tensions
July 13, 2026
US Treasury yields moved higher across the curve by 4-6bp as US-Iran tensions esacalated. Media reports noted that the US struck Iran, after the latter launched retaliatory attacks on military bases in at least five Arab nations. The US said that the Strait of Hormuz is open to all vessels, although Iran said that it was closed until further notice.
Looking at US equity markets, the S&P and Nasdaq rallied by 0.4% and 0.3%. US IG CDS spreads were 0.4bp wider and HY CDS spreads widened by 1bp. European equity markets ended mixed. European IG CDS spreads were 0.4bp wider, and Crossover spreads widened by 1.2bp. Asian equity markets have opened in the red this morning. Asia ex-Japan CDS spreads were 0.4bp tighter.
New Bond Issues
- Kexim $ 3Y/5Y at T+44bp/T+47bp area
- KT&G Group $ 3.5Y at T+95bp area
- SMBC Aviation Capital $ 3Y/5Y/10Y at T+100-105bp/T+115-120bp/T+140-145bp areas
- KEPCO $ 3Y FRN/5Y at SOFR+95bp/T+80bp areas
New Bonds Pipeline
- Malaysia plans $ sukuk
- ICICI Bank plans up to $500mn bond
- Tata Capital $ 3.5Y bond
Rating Changes
- Fitch Upgrades Jababeka to ‘B’/’BBB+(idn)’; Outlook Stable
- Fitch Upgrades Syngenta AG to ‘A-‘; Outlook Stable
- Fitch Downgrades Amaggi’s IDR to ‘B+’; Outlook Stable
- Moody’s Ratings changes Prosus’ outlook to positive from stable; affirms Baa2 rating
- Fitch Revises Moody’s Outlook to Positive; Affirms IDR at ‘BBB+’
Term of the Day: TIPS
TIPS or Treasury Inflation-Protected Securities are fixed income securities issued by the US Treasury whose returns are linked to the inflation rate. TIPS provide investors protection against inflation by adjusting the principal higher with inflation and lower with deflation, as measured by the Consumer Price Index (CPI). At maturity, investors are paid the higher of the adjusted principal or the original principal. Interest on TIPS is fixed, paid out twice a year and is applied to the adjusted principal. As investors expect inflation in the US to climb higher, demand for TIPS is likely to increase.
Talking Heads
On Buying Inflation-Protected Bonds on an Oil-Market Oddity – Vanguard
“Because of the high correlation to oil prices, crack spreads are normally an afterthought, but prices for gasoline, jet fuel, diesel and fuel oil are all behaving very differently to oil prices… The question is whether the spread will normalize, or will the low correlation become a more structural feature which could impact inflation risks”
On Big Tech Doubling Debt Load to $350bn in AI Spending Spree
Gil Luria, DA Davidson & Co.
“The nature of these businesses is changing very dramatically, and it’s changing abruptly. That’s why their cash flow is so depressed right now.”
Jason Pompeii, Fitch Ratings
“I don’t know that we know whether Amazon, Google, Microsoft and Meta are actually going to get a return on investment on this”
On Warning Euro Credit Too Expensive, Favoring Dollar Debt – Rufaro Chiriseri, RBC Wealth
“We just don’t think it’s the time to be overweight given how tight spreads are. Spreads have the potential to widen into year-end, so we’re comfortable with that underweight position for now”
Top Gainers and Losers- 13-Jul-26*
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