Octus: Lenders face “LME squared” and other evolving challenges
Signs point to less aggressive uptier LMEs while sponsored borrowers pursue new structures to circumvent restrictions.
By
John Hintze
Investments
Fed data show December surge in 10-year Treasury delivery fails
Holders willing to lend the note were able to do so at negative interest rates, with borrowers of the issue agreeing to sell it back the next day for less than they paid.
Treasuries fall as U.S. GDP posts fastest growth in two years
Later Tuesday, separate data showed US consumer confidence declined for a fifth consecutive month, reflecting ongoing concerns about inflation, tariffs and politics.
Janus Henderson taken private in $4.7 billion, all-cash deal
Janus brought several innovations to the asset management market, including the asset-backed securities ETF (JABS) and the fixed-rate CLO ETF (JAAA).
State Street private credit ETF stalls in year of industry snags
The vehicle's documents acknowledge private credit will generally make up between 10% to 35% of the fund. Its top three holdings are an agency mortgage bond and two US Treasury notes.
Performance Trust hires bankers to lead UK structured-debt push
The investment bank, which focuses on community banks across the US, launched a new unit, PTUK Limited, last week, according to Eric Brown, president of Performance Trust's institutional group.
Outlook brightens for CLOs in 2026 on prospects of M&A pickup
The industry expects resilient market conditions and fewer defaults, plus cheaper financing that supports M&A activity and more CLO issuance in 2026.
Treasuries flat as investors look to upcoming Fed Bill purchases
Yields on US 10-year debt were little changed at 4.14%. Two-year peers were also steady after tumbling the most in two months as the Fed lowered interest rates.
Impact of climate-fueled disasters seen in insurance, real estate data
The changing climate is increasing insurance rates for residents and cities and lowering property values in areas that face more frequent and intense disasters.
Wall Street puts big bets on hold in Fed countdown: markets wrap
A dayslong slump in US government bonds has curbed risk appetite as traders grow cautious about the pace of monetary easing beyond Wednesday's meeting.
In CLO stacks, BB pieces could become buying opportunities
Aside from employment numbers that are still fluctuating, year-over-year inflation rates could remain persistent, sending Fed base rates north of 3%.
Jefferies expands credit reach with Hildene stake
Hildene, which partners with Crosscountry Mortgage for non-QM securitizations, is doing this deal as part of its buy of an annuity provider, SILAC.
Trader bets swell on Trump-backed Fed, data stoking U.S. rate cuts
The wagers reflect the potential for monetary policy easing to gather pace after chair Jerome Powell's term ends in May.
Treasuries fall as Japanese selloff ripples through bond markets
The move was fueled by BOJ Governor Kazuo Ueda talking up the prospects for a rate hike, leading money markets to lift the chance of a move on Dec. 19 to around 80%, from less than 25% one week ago.
NYC’s Lander recommends dropping $42 billion BlackRock mandate
The guidance to reject BlackRock, the city's largest money manager overseeing $42.3 billion of index funds for the pensions, follows a review of the firm's efforts to press companies to decarbonize.
Fed Data: Banks ramp up lending to structured finance
Baby Boomers' annuities purchases continue to fuel banks' lending to collateralized loan obligations, asset-backed securities and special purpose entities.
By
John Hintze
Bond rally of 2025 faces new data vacuum as waiting game begins
Heading into the Thanksgiving holiday-shortened week, the benchmark Bloomberg Treasuries index is on track for a small gain in November after rising in eight of the prior 10 months.
Treasuries set for biggest gain in weeks as stocks slump
The moves come despite Fed officials including Michael Barr voicing caution on lowering borrowing costs again in December given inflation is still above target.
Diameter raises $4.5 billion credit fund betting on dislocation
Dislocation funds seek gains by snapping up beat-up assets of a company whose debt prices have slumped amid market turmoil or because of industry challenges.
MUFG’s asset manager targets Japan buyers for its first CLO fund
The securities will mainly hold dollar-denominated floating-rate loans made to US companies. The unit aims to launch the fund in January.
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