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Bond Market News
UST 10Y and 30Y Reach Multi-Year Highs
October 6, 2026
US Treasury yields continued to selloff, with the 10Y and 30Y yields reaching multi-decade highs of 5.34% and 5.70%, respectively. On the data front, the ISM Services PMI eased to 54.9 in September from 55.4, broadly in line with expectations of 55.0. Meanwhile, Gulf oil exports recovered above pre-war levels, with the seven-day moving average reaching 18.3mn bpd at the end of September. However, continued attacks on tankers and logistical constraints remain key risks to sustaining higher export volumes.
Looking at equity markets, the S&P and the Nasdaq closed higher by 0.7% and 1.1% with Nasdaq again breaching it’s all time high lifted by a rally in tech stocks. US IG CDS spreads tightened by 1.0bp, while HY CDS spreads tightened by 5.2bp. European equity markets also ended higher. European IG CDS spreads were 0.3bp tighter, and Crossover spreads were 1.3bp tighter. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads tightened by 0.9bp.
Rating Changes
- Moody’s Ratings upgrades Kyrgyz Republic’s ratings to B2 and changes outlook to stable
- Titan S.A. Ratings Raised To ‘BBB-/A-3’ On Solid Performance And Low Leverage; Outlook Stable
- Fitch Downgrades Paramount Skydance and Warner Bros. to ‘BB’ After Acquisition Close
- Nike Inc. Downgraded To ‘A’ On Protracted Turnaround And Expected Steep Cash Flow Declines; Outlook Negative
- Telefonica Moviles Chile S.A. Downgraded To ‘B+’ On Persistent Business Challenges, Cash Flow Pressure; Outlook Stable
Term of the Day: Senior Non-Preferred (SNP) Bond
Senior non-preferred (SNP) notes are type of debt security that banks issue as part of their Tier 3 capital. These bonds have an inherent bail-in feature where in the case of bankruptcy, creditors holding these notes may be subject to conversion into shares. In a liquidation scenario, SNP bonds are ranked higher than Subordinated Bonds. However, they rank inferior to Senior Preferred Bonds or Senior Unsecured Bonds.
Talking Heads
On US High-Grade Credit Rallying as Supply Falls – JP Morgan
“Taking stock of it all, yields are at or close to fresh cycle highs, credit fundamentals are in very good shape and the supply & demand balance should improve throughout Q4,”
On Long Bond Heading Toward ‘Inevitable’ 6% Yield – Earl Davis, BMO
“What makes it inevitable? The market only has the ability to focus on one thing at a time, whether that be inflation or growth or things that impact interest rates,” Davis said Monday on Bloomberg Television’s Surveillance. And now, he added, investors are “actually focused on the interest rate.”
“As deal sizes grow and borrowers push for more competitive pricing, banks will be increasingly important,… But GPU financing also exposes lenders to ‘rapid depreciation, technology obsolescence and volatile rental rates’ due to how quickly the technology changes”
Top Gainers and Losers- 06-Oct-26*
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