D.E. Shaw among hedge funds buying blind pools of bank risk
D.E. Shaw is purchasing credit-linked notes sold by banks that transfer the risk to the buyer in exchange for a coupon payment, while keeping the assets on the lender's balance sheet.
Bonds
Pimco sees swelling deficit dragging bonds ‘back to the future’
Stickier inflation and deteriorating budget estimates "could start to reverse the 40-year downtrend" of a key measure of how much bond investors are compensated for holding long-term debt.
Bond traders brace for another U.S. selloff, unwind bullish bets
The trend gained momentum this week, when there was strong demand for contracts wagering that 10-year yields will breach 4.5%, a level they haven't exceeded since November.
NY’s $260 billion pension fund is dropping Exxon, other energy company holdings
The public retirement fund, one of the biggest in the US, said four years ago it would review all of its fossil-fuel holdings as it sought to reduce investment risks linked to climate change.
Wall Street caught off guard by ‘sticky’ CPI signs: markets wrap
Treasuries sold off, with two-year yields hitting the highest since before the December central bank "pivot." Swap traders ratcheted down their expectations for a Fed cut before July.
Treasuries retreat despite solid $25 billion sale: markets wrap
Indeed, investors are also positioning for Friday's consumer-price index revisions because of what happened a year ago: the update was significant enough to cast doubt on overall inflation progress.
Värde Partners bets on private credit approach in 2024 strategy
Investors tightening their credit pocketbooks is creating opportunities for lenders. Firms like Värde can step into the gap, buying assets from banks and investing in fixed income.
Puerto Rico utility’s future revenue at risk in bondholder fight
The debate centers around whether the island's main energy supplier, Electric Power Authority or Prepa, must repay its creditors more than just the roughly $19 million sitting in reserve accounts.
Truist, Fifth Third add to bank bond spree With $4.5 billion
Truist sold $3.5 billion of bonds in two parts. The longest portion, an 11-year fixed-to-floating rate security, yields 162 basis points above comparable Treasuries.
Deutsche Bank says U.S. 20-year bond ‘comeback’ merits more supply
Stronger demand for auctions and the recent popularity of the 20-year could already be compelling the department to consider increasing the size the bank's strategists say.
Pimco predicts equity-like returns from bonds even after rally
Focused on the next six to 12 months, Pimco looks for the bond market's recent gains to be sustained but not extended in a way that would warrant increasing exposure to interest rates.
Bond traders are resolute on 2024 Fed cuts as data whips yields
Yields moved in tandem — rising sharply in the immediate aftermath of the employment data before going on to swoon as investors used the rise in yields to snap up Treasuries.
Asia mixed as stocks, bonds dip on pared rate bets: markets wrap
Treasuries dipped across the curve as investors re-calibrated Federal Reserve rate cut forecasts on strong jobs data. The 10-year yield hit 4% after data showed U.S. companies ramped up hiring in December.
Fed sees rates staying high for some time with cuts eyed in 2024
That said, officials "reaffirmed that it would be appropriate for policy to remain at a restrictive stance for some time until inflation was clearly moving down sustainably."
RBC: Rally makes stocks vulnerable, U.S. recession still likely
The U.S. may be less rate-sensitive than other countries due to its long-term mortgages but could face tighter credit from hard-hit financial institutions.
Bond yields drop as jobs data embolden Fed wagers: Markets Wrap
Yields dropped across the US curve after data showed job openings fell to the lowest level since March 2021. Concerns about investors being too fast in anticipating policy easing have resurfaced.
Treasuries extend blockbuster rally on Fed wagers: Markets Wrap
A $55 billion auction of five-year bonds saw strong demand, following a soft $54 billion sale of two-year notes. Benchmark 10-year yields dropped to around 4.4%.
If you’re in cash, you risk missing out, bond managers of $2.5 trillion say
Asset managers said in interviews last week that they're comfortable buying Treasuries and other high-quality bonds at levels they finally see as attractive.
Rivian to issue up to $15 billion of debt for Georgia plant
The bonds will be backed by rental payments made by Rivian as part of an incentive package to woo the carmaker. Rivian will purchase the bonds as they are issued.
The rapid bond rally is looking fragile
Long-dated Treasury yields had reached the lowest levels in more than a month just a day earlier, attributed to investors and traders positioning for the end of the Fed's historically aggressive tightening cycle.
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