Cbonds: Global Bond Market

#CbondsNewsletter 📊 Cbonds Global Monthly Newsletter Issue Statistic and League Tables for May 2026 The report gives data on global EM and DM, regions Asia, LatAM, CEE, CIS, the Middle East and Africa, and country page for the USA. Newsletter also provides ESG debt instruments data and statistics on international bond market debut issuers. May Highlights: • The number of new issues ticked up by 2% in May 2026 compared to April 2026. Furthermore, both EM and total issue counts outperformed last year’s figures, rising by 11% and 2% year-on-year, respectively, while DM amounts remained flat. In 2026, almost all EM regions showed growth compared to the same period last year, with the exception of Asia and the Middle East • Eighteen sovereign issuers tapped the global debt market in May 2026, pricing 31 Eurobonds totaling $23.6 bn. Canada led the sovereign debt sector with a $3.5 bn issuance. Notably, the Republic of Congo debuted on the international Eurobond market with a maiden placement worth $0.85 bn • In May 2026, debut issuers raised $34.1 bn in the international bond market, a slight decrease of 8% compared to the previous month. Emerging market issuers accounted for 18% of the total volume. Quebec, one of Canada's ten provinces, issued the largest debut Eurobond of May, totaling $3.0 bn • The volume of new ESG issues in May 2026 reached $58.2 bn, representing a 48% increase compared to the previous month, driven primarily by large green and sustainability bond placements in the DM market. This total is 44% higher than in May 2025. Year-to-date, green bonds have constituted the largest portion of all ESG issuance, accounting for 65% of the total. ✉️ Contact details: global@cbonds.info

💼 #CbondsWeekly. All the latest updates in the world of Eurobonds. Last week, US Treasury yields fell across the curve, with the 10-year yield declining 11 basis points to 4.45% as the rise in yields that began three months ago appeared to end, driven by easing Iran conflict expectations and investors viewing the price decline as an attractive entry signal. Regional USD bond indices broadly tightened, with sovereign yields falling more than corporate yields, led by the Africa Sovereign index which dropped 30 basis points, while corporate indices across the US, EM, and regional segments tightened by 13-15 basis points. Stock markets were mostly higher, with the S&P 500 rising 1.4% to a new record, boosted by a blistering rally in semiconductor stocks led by AI infrastructure beneficiaries, though the FTSE 100 and SSE Composite posted slight declines. The US Dollar Index edged down 0.3%, weakening against the euro and British pound but strengthening moderately against the Japanese yen, while Bitcoin and Ethereum fell sharply by around 3%. Commodities were mixed, with Brent crude oil slumping 12% amid easing geopolitical tensions, while gold rose modestly by 0.5% and silver was flat. In emerging markets, Orbia Advance Corporation and China Petroleum and Chemical bonds posted gains of around 3%, though these moves were not tied to any recent company-specific news. On the downside, Aegea Saneamento e Participacoes bonds fell by about 1% after a consortium bid for its Copasa stake was rejected for failing to meet the state's minimum asking price. China Jinmao Holdings Group bonds edged lower by 0.46% as the company scheduled its 2025 annual general meeting to approve financials, board changes, and capital mandates. In developed markets, Bell Canada bonds led gains, rising nearly 3% after announcing cash tender offers for six debt series, including a US$1.15 billion cap. Cisco Systems bonds declined slightly despite HSBC upgrading its shares to Buy, citing strong AI infrastructure demand, though the bond move was modest. Bond market news and Research Hub highlights of the last week include a notable decline in global bond yields, with 10-year U.S. Treasury and German government bond yields falling from recent peaks as investors anticipate easing in the Iran conflict. J.P. Morgan notes that while bonds have had a rough start to 2026 due to rising real yields and hawkish Fed expectations, economic data like industrial production and PMIs have recently surprised to the upside. Meanwhile, the stock market rally, driven by a record surge in chip stocks and AI enthusiasm, continues to set new highs despite Goldman Sachs flagging emerging risks. Additionally, regional insights highlight a sharp improvement in Hungarian consumer confidence diverging from other CEE countries, while Egypt faces external pressures from the Iran war, including FX volatility and hot money outflows.

📈 Cbonds Inflation Outlook April 2026 The global inflation landscape in April 2026 reflects diverging regional dynamics and a fragmented approach to monetary policy. In the United States, headline inflation advanced to 3.8%, driven by a resilient labor market, strong consumer spending, and a recent rebound in global energy prices. Conversely, the United Kingdom experienced a notable deceleration to 2.8%, largely due to favorable base effects from the previous year’s energy price caps and a cooling services sector. Within the Eurozone, price pressures remain uneven: Germany's inflation edged up slightly to 2.9%, while France and Italy saw more pronounced monthly accelerations to 2.2% and 2.7% respectively, fueled by rising wage growth and fluctuating service-sector costs. China maintains a subdued inflation rate of 1.2%, where economic data points to ongoing property sector consolidation and quiet domestic demand. Real interest rates continue to vary significantly across borders; Brazil leads major economies with a substantial positive real rate of 10.11% due to its central bank's strictly restrictive stance, whereas several developed nations, including the US (-0.05%), Germany (-0.75%), and France (-0.05%), continue to operate in a negative real interest rate environment.

💼 #CbondsWeekly. All the latest updates in the world of Eurobonds. Last week, US Treasury yields saw mixed movements, with the 1Y and 2Y edges rising slightly while the 10Y yield dipped, reflecting market volatility as yields initially hit new highs on longer-term inflation concerns before retreating. Regional Cbonds USD price indices were generally weaker, with Latin American corporate bonds seeing the largest weekly yield increase, while sovereign yields in Africa edged down, showing divergence between regions and sectors. Stock market indices mostly gained, with the Russell 2000 leading with a 2.7% weekly rise, while China's SSE Composite slipped slightly. The US dollar was mixed against core currencies, strengthening moderately against the euro and yen but weakening against the pound and Chinese yuan. Commodity prices fell broadly, with Brent crude oil dropping 5.2% and gold declining, amid renewed hopes for an end to the Iran war and heightened concerns over persistent inflation weighing on the outlook. In emerging markets, CSN bonds declined after the company's Q1 2026 earnings per share missed forecasts and Moody's downgraded the company to Caa1 with a negative outlook. Conversely, CK Hutchison Holdings bonds rose following the company's proposal of a final cash dividend with the ex-dividend date set for late May 2026. In developed markets, JetBlue Airways bonds led the gainers, rising 2.8% after Q1 2026 earnings highlighted cost controls and improving unit revenue, while goeasy bonds advanced 2.3% on Q1 2026 results showing 12% loan portfolio growth despite a quarterly loss. Warnermedia Holdings bonds also rose 2.0% after the company launched consent solicitations to facilitate refinancing transactions, and Electricite de France (EDF) bonds increased 1.7% following a UK government agreement on a funding framework for its Sizewell C project. On the downside, Alimentation Couche-Tard bonds declined 2.0% after the TSX approved a substantial normal course issuer bid, highlighting ongoing share repurchase capital allocation, and Nutrien bonds fell 1.5% after the company issued new sustainability-linked notes and a tender offer, affecting its capital structure outlook. Bond market news and Research Hub highlights of the last week include rising global bond yields amid persistent inflation fears, with U.S. 10-year Treasuries hitting a two-year high and German Bunds reaching a five-year peak before pulling back. Market volatility was driven by geopolitical tensions in the Middle East, which have pushed oil prices higher and complicated central bank policy outlooks, leading to expectations of delayed Fed rate cuts. In the U.K. and Japan, fiscal credibility is under strain as cranky bond markets challenge their defenses, while strong demand for new issues suggests some resilience. Research reports also noted China’s weak retail sales and the impact of the Iran war on energy prices, with shelter inflation in the U.S. distorted by a government shutdown adjustment.

💼#CbondsWeekly. All the latest updates in the world of Eurobonds. Last week, US Treasury yields surged across maturities, with the 2Y, 5Y, and 10Y notes rising 19-24 bps amid renewed inflation concerns and hawkish central bank rhetoric, pushing yields to multi-year highs. Regional Cbonds USD YTM indices reflected a broad rise in yields, with sovereign indices (e.g., Africa +24 bps) outpacing corporate indices (e.g., USA +16 bps), highlighting a divergence where sovereign debt underperformed corporate debt. Stock markets were mixed, with the S&P 500 edging up 0.13% while the Dow Jones fell 0.17%, weighed by a 2.08% drop in the Nikkei 225 amid tech-sector caution. The US Dollar Index strengthened 1.41%, driven by higher yields and safe-haven demand, appreciating against the euro (+1.38%) and pound (+2.33%). Crude oil surged 7.87% to $109.26, supported by escalating Middle East tensions disrupting energy routes, while gold fell 3.56% as the dollar strengthened and risk aversion tempered. In emerging markets, FS Agrisolutions Industria de Biocombustiveis bonds led gainers, rising over 4% as a recent dollar bond issuance boosted outstanding curve liquidity and attracted strong investor demand. Trinidad Generation Unlimited bonds also advanced, with secondary market bids rising from 105.00 to 106.00 according to weekly broker reports. Longfor Group Holdings saw a modest gain of 0.34% after announcing a capital reduction to fund final and special dividends, a move that signaled proactive financial management amid ongoing sector stress. In developed markets, JetBlue Airways bonds led declines with a significant drop, pressured by a Q1 2026 loss, negative margins, high leverage, and ongoing legal scrutiny. Canadian Pacific Railway Co bonds also fell following a Q1 2026 report showing declines in revenue, operating income, and diluted EPS. Rogers Communications bonds declined as analysts trimmed growth and margin assumptions amid rising concerns over a telecom price war. Meanwhile, Northrop Grumman bonds weakened despite a Q1 2026 earnings beat, as full-year sales guidance disappointed investors. On the positive side, Organon & Co bonds gained on news that Sun Pharma agreed to acquire the company in an all-cash deal, while CCO Holdings bonds rose after shareholder approval of a Mubadala Capital-led acquisition improved its perceived credit profile. Bond market news and Research Hub highlights of the last week include rising yields worldwide due to inflation and interest rate concerns, with Japan's yields hitting their highest level since 1997, alongside mixed global economic signals from the US, Europe, and China. Escalating Middle East tensions have disrupted energy routes and heightened geopolitical risks, while AI enthusiasm boosted Asian stocks ahead of a high-stakes US-China summit. In corporate bonds, trading volume remains low despite a rally on Wall Street driven by strong jobs data and tech earnings. Regional highlights include Serbia's rising inflation and the release of key GDP and inflation data in Romania, Czechia, and Slovakia.

#CbondsNewsletter 📊 Cbonds Global Monthly Newsletter Issue Statistic and League Tables for April 2026 This report gives data on global EM and DM, regions Asia, LatAM, CEE, CIS, the Middle East and Africa, and country page for the USA. The Newsletter also provides ESG debt instruments data and statistics on international bond market debut issuers. April Highlights: • The number of new issues increased slightly by 4% in April 2026 compared to March 2026. This was mainly driven by a more than twofold increase in the volume of new issues in the EM market. Furthermore, issue counts in both EM and DM markets, as well as the total number of issues, outperformed last year’s figures, rising by 26%, 16%, and 18% respectively compared to April 2025. Almost all EM regions except Asia in 2026 showed growth versus the corresponding period of the previous year. • 19 sovereign issuers tapped the global debt market in April 2026, placing 31 Eurobonds for a total of $27.0 bn. Poland was the most active participant in the sovereign debt market with three Eurobonds for the amount equal to $6.0 bn. The Democratic Republic of Congo entered the international Eurobond market for the first time by issuing a Eurobond in two tranches for a total of $1.25 bn. • In April 2026, debut issuers raised $37.0 billion in the international bond market, a significant decrease of 38% compared to the previous month. Emerging market issuers accounted for 16% of the total volume. Meridian Arc HoldCo LLC, an American holding company created to finance and develop AI-focused data center infrastructure, issued the largest debut Eurobond of April, totaling $5.7 bn. • The volume of new ESG issues in April 2026 reached $39.4 bn, representing a more than twofold increase compared to the previous month, driven primarily by large green bond placements in the DM market. This total is 85% higher than in April 2025. Year-to-date, green bonds have constituted the largest portion of all ESG issuance in 2026, accounting for 68% of the total. ✉️ Contact details: global@cbonds.info

💼#CbondsWeekly. All the latest updates in the world of Eurobonds. Last week, US Treasury yields rose across the curve, with the 2-year yield posting its largest single-day jump since January 2022 after Fed dissenters signaled a tighter policy path and the Strait of Hormuz blockade drove oil prices higher, fueling inflation concerns. Regional Cbonds USD price indices saw yields increase across all regions, with the Middle East sovereign and corporate segments leading the rise, while emerging market sovereigns exhibited slightly less upward pressure than corporates. Global stock indices mostly advanced, led by the tech-heavy NASDAQ 100 and the semiconductor-driven rally, though the FTSE 100 and Nikkei 225 declined. The US Dollar Index weakened against major currencies, with the dollar losing ground to the euro, pound, and yen, while Bitcoin edged higher. Key commodities were mixed, as Brent crude oil surged on the Iran war-related supply disruption, while gold and silver fell amid heightened risk appetite and a focus on oil-driven inflation. In emerging markets, Cia Siderurgica Nacional (CSN) bonds rallied 2.7% despite analyst price target cuts and its removal from the IBRX 50 Index, likely as markets overlooked a heavy debt burden of R$56.9 billion. Orbia Advance Corporation bonds declined 2.2% after first-quarter earnings beat revenue forecasts but triggered analyst EPS estimate cuts. In developed markets, Teck Resources bonds led the gainers last week, rising 3.52% after Citigroup upgraded the stock to Buy and the company announced strong Q4 2025 results. Organon & Co. bonds also advanced 2.22% following the announcement of its pending merger into Sun Pharmaceutical. Conversely, Charter Communications Operating bonds fell 3.27% on an earnings miss and broadband subscriber losses, while CCO Holdings dropped 2.66% after a TD Cowen downgrade and an expired go-shop period for its merger. Bond market news and Research Hub highlights of the last week include increased volatility in US Treasuries after Fed dissenters signaled resistance to rate cuts amid rising inflation from the Iran war, which pushed two-year yields up 11 basis points. The conflict continues to strain energy markets, with the World Bank projecting a 16% rise in commodity prices this year and noting the largest oil supply loss on record, while major oil companies like Exxon and Chevron report falling profits due to disrupted deliveries. Additionally, Treasury Secretary Bessent addressed efforts by US financial firms to strengthen defenses against AI-driven cyber threats, and research highlights the ongoing semiconductor super cycle driven by AI demand, with Nvidia maintaining its lead over AMD in the data center chip market.

🌐 Cbonds Inflation Outlook March 2026 The global inflation landscape in March 2026 is characterized by a significant uptick in price pressures across major developed economies, contrasting with continued stabilization in select emerging markets. In the United States and the United Kingdom, inflation has accelerated to 3.3%, while Germany saw a rise to 2.7%, driven largely by persistent energy costs and supply chain adjustments. While China remains at a low 1.0% inflation rate, the broader trend suggests that the disinflationary momentum seen in previous quarters has stalled in the West. Central banks are now maintaining elevated policy rates to achieve positive real returns, though several European nations continue to navigate negative real rate environments.

💼#CbondsWeekly. All the latest updates in the world of Eurobonds. Last week, US Treasury yields rose across the curve, with the 2-year yield increasing 7 bps and the 10-year yield up 5 bps, driven by ongoing inflation concerns and robust economic data. Regional Cbonds USD price indices showed a broad increase in yields across both corporate and sovereign segments, with emerging market sovereigns in Africa and Latin America seeing the sharpest weekly rises. Stock market indices were mixed, as the tech-heavy NASDAQ 100 and Nikkei 225 posted weekly gains of over 2% amid a continued AI-driven semiconductor rally, while the Dow Jones and FTSE 100 edged slightly lower. The US dollar strengthened modestly against the euro and yen but weakened slightly against the British pound, with the US Dollar Index rising 0.4%. In commodities, Brent crude oil surged over 16% due to ongoing geopolitical tensions and uncertainty over the Strait of Hormuz, while gold and silver declined, with silver falling over 6% on profit-taking. In emerging markets, Aegea Saneamento e Participacoes bonds led declines, falling over 5% after S&P downgraded the issuer to 'B' from 'B+' due to higher-than-expected leverage with a negative outlook. CSN bonds also fell amid a broader high-yield sector decline. Grupo Televisa bonds dropped nearly 2.5% despite UBS raising its price target on the stock, maintaining a neutral rating. Codelco bonds edged lower as the company faces structural liquidity strain from rising $25 billion debt, though production recovery plans and strong EBITDA provide some offset. Other notable price movers lacked clear catalysts. In developed markets, Fairfax Financial Holdings bonds fell 3.3% after the firm reported a 20.5% increase in book value for 2025 and net earnings rising to $4.77 billion, as well as completing a C$650 million debt offering and announcing the Kennedy Wilson acquisition. Brookfield Corporation bonds declined 2.6% following technical signals suggesting a pullback, with its 10-day RSI exiting overbought territory. Rogers Communications bonds rose 0.8% after the company slashed its 2026 capital expenditure by C$1 billion to C$2.6 billion and raised its free cash flow outlook to C$4.2 billion, driving a stock surge. NXP B.V. bonds gained 0.7% after the company redeemed the full $750 million of its 3.875% senior notes due June 2026 as part of its capital allocation strategy. goeasy bonds edged up 0.8% after closing a combined USD 450 million and CAD 175 million senior unsecured notes offering. Bond market news and Research Hub highlights of the last week include a historic semiconductor rally that has driven U.S. stocks to record highs, with analysts issuing warnings over the pace of gains in the PHLX Semiconductor Index. Meanwhile, the AI chip boom has elevated Taiwan and South Korea past major European markets, with Taiwan's stock market now valued at nearly $4.3 trillion. Research reports also note rising political instability in Romania and a unique no-war, no-peace stand-off at the Strait of Hormuz, alongside JP Morgan's observation that analyst optimism on earnings is being driven overwhelmingly by AI-related tech companies.