Global firm appoints Joanna Suna as structured finance partner
Suna is the second structured finance partner to join Hogan Lovells Cadwalader in the last month.
Suna is the second structured finance partner to join Hogan Lovells Cadwalader in the last month.
An in-line reading of the consumer price index helped US Treasuries keep their gains on Wednesday, with the two-year yield lower by three basis points to 4.18%.
Over the course of a week, he took steps that they see as aimed at easing pressure on the Treasury market after long-term rates surged to a 19-year high.
The 10-year Treasury yield rose to the highest level in more than 18 months last week after Fed Chair Kevin Warsh gave conflicting signals about the US central bank's plans to control inflation.
An industry sentiment index hit a new low, with 45% of investors saying the current business environment has worsened compared to a year ago.
Officials expect to maintain current sales amounts for nominal interest-bearing securities — coupons — and floating rate notes "for at least the next several quarters."
Yields fell across maturities by four to six basis points, with the yield on the two-year note reaching the lowest level since July 20 and the benchmark 10-year yield at 4.62%.
Shah said relying on markets to tighten financial conditions risks creating a negative feedback loop. Higher long-term borrowing costs encourage the Fed to wait longer before raising rates.
With worries that the Fed may not act quickly enough to tamp down inflation pushing 30-year yields to their highest level since 2007 in recent days, the cost of hedging against deeper losses is growing.
The property market has been held back in recent months by elevated borrowing costs, which had fallen below 6% in late February before the Middle East conflict boosted energy prices.
Some market participants are taking a 'hawkish hold' FOMC reading coming out of the July meeting, even as they adapt to a quieter intermeeting chairman.
A hike would establish Warsh's inflation-fighting credibility, leading some, like Citadel Securities and PGIM, to assign a higher chance of an increase this week.
US 10-year yields fell for a third day, down three basis points to 4.62%, reducing their premium over two-year peers to the lowest in almost four weeks.
Given Barnard's stature, and since the new leadership structure is not yet in place, Titan Square Mile said it would remove the funds from its Academy of Funds.
Coming into 2026, State Street expected yields to fall toward 3.5% or lower this year, but instead they've been on the rise.
Shareholders of XAI Floating Rate & Alternative Income should not support Octagon's removal as the fund's sub-adviser, Egan-Jones said, citing limited benefits to shareholders.
With Treasury yields out to the 10-year trading well above 4% and longer maturities sitting above 5%, investors are getting better compensated for holding bonds.
Unlike 2007, however, the Federal Reserve's benchmark is 150 basis points lower currently, suggesting investors are demanding even more compensation than at the start of the subprime debt woes.
Yields on Tuesday were higher by roughly two to four basis points across maturities, with the 10-year yield rising to touch its highest since late May at 4.64%.
Octagon Credit Investors is sending letters to shareholders urging them to resist efforts to have it removed as the day-to-day manager for the XAI Floating Rate & Alternative Income Trust, a CLO closed-end fund.
Couldn’t load more articles. Try again.