#CbondsWeekly – all the latest updates in the world of Eurobonds

Last week, the US Treasury yields increased slightly amid the data releases pointing at resilient economic activity. This further reduces the odds of a rate cut at the upcoming Fed meeting, widely considered unlikely. There was also a notable divergence in USD regional bond price indices, calculated by Cbonds: corporate sector indicators improved last week, except for the US; in contrast, the sovereign sector demonstrated the opposite trend. Cbonds EM Corporate USD YTM Index slid by 0.04 pp.

In emerging markets, Alibaba bonds declined in price along with other Chinese issuers like Tencent and Sinopec Group. These developments come after the bundle of data reflecting the early impact of the new round of tariff war was published, bringing the manufacturing activity to a 16-month low.

In developed markets, the top losers were concentrated in the oil extraction industry as the commodity is traded close to the multi-year lows. Bonds of Centene engaged in healthcare insurance were among the debt securities to gain in price last week owing to the company's strong performance in Q1 2025.

Bond market news highlights of the last week feature the discussions on the possible conciliatory steps in the US-China trade war and notable remarks of the Japanese finance minister on the country's US Treasuries holdings as a possible negotiation leverage. Research Hub top picks include a research paper published by the European Central Bank which asserts the need for a more hawkish monetary policy during periods of higher inflation.

You can read the full version of the report in Research Hub Cbonds