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Bond Market News
US Treasury Yields Ease Slightly
March 17, 2026
US Treasury yields eased by 2-3bp across the curve as Brent crude eased below the $100/bbl mark yesterday. However, crude prices have again moved higher this morning, with Brent now at $103/bbl. On the data front, the Empire Manufacturing Index for March came in at -0.2, lower than the surveyed 3.9 reading. The two-day FOMC meeting begins today with the Fed’s decision due later tomorrow. Markets do not expect any changes in the policy rate but await the Fed’s guidance and dot plots.
Looking at US equity markets, the S&P and Nasdaq ended higher by 1% and 1.2% respectively. US IG CDS spreads tightened by 2.4bp and HY CDS spreads were 10.9bp tighter. European equity indices ended higher too. The iTraxx Main CDS spreads were 0.7bp tighter and the Crossover CDS spreads were 3bp tighter. Asian equity markets opened broadly higher this morning. Asia ex-Japan CDS spreads tightened by 2.8bp.
New Bond Issues
- Power Construction Corp of China $ 3Y green bond at T+60bp area
ING Groep raised $3bn via a two-trancher. It raised $1.5bn via a 6NC5 bond at a yield of 4.803%, 25bp inside initial guidance of T+125bp area. It also raised $1.5bn via a 11NC10 bond at a yield of 5.42%, 25bp inside initial guidance of T+145bp area. The senior unsecured notes are rated Baa1/A-/A+. Its planned 6NC5 FRN issuance was dropped at the time of launching the deal.
HP raised $2bn via a four-trancher.
The senior unsecured notes are rated Baa2/BBB/BBB+. Proceeds will be used for general corporate purposes, which may include, among other uses, repaying certain debts of the company and its subsidiaries.
Melbourne Airport raised €650mn via a 10Y bond at a yield of 4.25%, ~22.5bp inside initial guidance of MS+150/155bp area. The senior secured note is rated Baa1/BBB+. Proceeds will be used to fund capex, for debt repayment, working capital and general corporate purposes.
Bank of Montreal raised €1.25bn via a two-part offeirng. It raised €750mn via a 3NC2 FRN at 3m Euribor+65bp, 20bp inside initial guidance of 3m Euribor+85bp area. It also raised €500mn via a 6NC5 green bond at a yield of 3.679%, 20bp inside initial guidance of MS+115bp area. The senior unsecured notes are rated A2/A-/AA-, and received orders of over €2.4bn, 1.9x issue size.
New Bonds Pipeline
- Sydney Airport $ 10Y bond
- Kexim $ 3Y/5Y bond
Rating Changes
- Fitch Upgrades Vistra and Vistra Ops to ‘BBB-‘; Outlook Stable
- Posco Holdings, Posco, And Posco International Downgraded On Sustained Financial Pressure; Outlook Stable
- Perrigo Co. PLC Rating Lowered To ‘B+’ On Weak 2025 Performance, Soft EBITDA; Outlook Stable
Term of the Day: Euribor
Euribor is an average unsecured inter-bank rate complied from a panel of 20 large European banks that lend money on an overnight basis to one another in Euros. Maturities on loans used to calculate Euribor often range from one week to one year. Euribor is generally considered as a reference rate for pricing bonds denominated in Euros.
Talking Heads
On Morgan Stanley Economists Sticking With June Rate Cut Call Despite Oil Surge
Michael Gapen, Chief US economist
“We’re still on June and September, with the risk that of course it gets delayed… surprised again that the terminal rate has been repriced as high as it has been”
Seth Carpenter, Chief Economist
“If it’s bad enough that it starts to hit growth, that over time will actually pull down underlying inflationary trends, especially for core”
On Bond Funds Boosting Diverging Rate Bets, Bucking Inflation Threat
Mark Nash, Jupiter Asset Management
“Yes you’re getting an inflationary shock, but the backdrop of the economy is weaker than in 2022”
Alex Holroyd-Jones, Ninety One Asset Management
“Some central banks may be forced to react with rate hikes and others will likely look through the shock and continue cutting”
Lynda Schweitzer, Loomis Sayles & Company
“Australia and Japan are the more straightforward ones… other central banks where we’ve started to see talk of hikes — like the ECB — it seems too soon to me”
On Citadel Securities Ditching Bearish Call on Treasuries After Rout
“We do not see much left to play for in US fixed-income shorts at these valuations… increasingly feels as though the tails for inflation upside and growth downside are asymmetrically fat”
Top Gainers and Losers- 17-Mar-26*
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