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Bond Market News
UST Yields Jump Higher by 6-8bp
March 3, 2026
US Treasury yields jumped higher by 6-8bp across the curve. This came on the back of the jump in oil prices following the Middle East tensions, alongside solid ISM data. Iran shut down the Strait of Hormuz that carries around one-fifth of global oil supplies. Besides, the US ISM Manufacturing PMI for February came in at 51.6, beating expectations of 51.4, marking its second consecutive month of an expansionary reading. Among its subcomponents, the inflationary Prices Paid Index jumped to 70.5 vs. expectations of 60.0.
Looking at US equity markets, the S&P ended almost flat while the Nasdaq ended higher by 0.4%. US IG CDS spreads tightened by 1.2bp and HY CDS spreads were 5.5bp tighter. European equity indices ended sharply lower. The iTraxx Main CDS spreads were 0.6bp wider and the Crossover CDS spreads were 3.2bp wider. Asian equity markets have opened lower this morning. Asia ex-Japan CDS spreads widened by 0.8bp.
New Bond Issues
CapitaLand Integrated Commercial Trust raised S$300mn via a 5Y bond at a yield of 2.18%, 22bp inside initial guidance of 2.40% area. The senior unsecured note is rated A- by S&P. The issuer is CMT MTN Pte. Ltd., and the guarantor is HSBC Institutional Trust Services (Singapore) Limited acting as a trustee. Proceeds will be used to finance or refinance eligible green projects in accordance with CICT’s green finance framework.
Mongolia raised $500mn via a 6Y bond at a yield of 5.95%, 35bp inside initial guidance of 6.30% area. The senior unsecured note is rated B1/BB- (Moody’s/S&P). Net proceeds will be used to fund the purchase of bonds under its concurrent tender offer and pay costs and expenses related to it. Any remaining proceeds may be used to repay its 5.125% 2026s and for any further debt management activities.
New Bonds Pipeline
- NBN A$ 10Y and/or 15Y sustainability bond
Rating Changes
- Fitch Downgrades Paramount to ‘BB+’; Ratings on Neg. Watch After Acquisition Announcement
- Hertz Global Holdings Downgraded To ‘B-‘ On Weaker Credit Metrics And Tighter Liquidity; Outlook Negative
- Fitch Downgrades Bahrain’s Kuwait Finance House to ‘BB’; Outlook Stable
- Fitch Downgrades National Bank of Bahrain to ‘B’; Stable Outlook
- Fitch Downgrades Bank of Bahrain and Kuwait to ‘B’; Stable Outlook
- PacifiCorp Ratings Placed On CreditWatch Negative Following Multnomah County Circuit Court Jury Verdict
Term of the Day: Citizen Bond
A citizen bond is a secured, government-backed bond aimed at individual retail investors rather than institutional investors. These bonds allow citizens to invest directly in government projects or savings schemes, often offering competitive, guaranteed interest rates. For instance, Egypt launched a citizen bond with a net annual yield of 17.75% over an 18-month tenor in February.
Talking Heads
On Global Bond Binge Disrupted After War Raises Credit Risk
Marco Baldini, Barclays
“We are in wait and see mode”… calls that bankers hold with borrowers to map out deal plans “have been cancelled given the weak backdrop”
Apostolos Bantis, Union Bancaire Privee
“For now, the high credit quality of many GCC issuers suggests that immediate rating actions are unlikely”
Andrea Seminara, Redhedge Asset Management
“My main concern is the expected pipeline of supply we had for this month”
On Not Rushing to React to Jump in Oil Prices – Pierre Wunsch, ECB GC member
“We don’t know much so I would certainly not rush to react to any movements to energy prices. If it lasts longer, if the increase in energy prices is higher, then we will have to run our models and see what happens.”
On Treasuries Rout Showing Iran Conflict Reigniting Inflation Worry
Jan Nevruzi, TD Securities
“The risk reward for flight-to-quality buying isn’t there in fixed-income”
Jamie Dimon, JPMorgan
“There’s some risk there’s more inflation than people think, and that could be like a skunk at a party if that ever happens”
Subadra Rajappa, Societe Generale
“The focus is on higher oil prices and feed-through to headline inflation”
Top Gainers and Losers- 03-Mar-26*
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