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

Last week, the US Treasury yields rose marginally. The Fed decided to keep the key rate unchanged in line with market expectations. Regional USD Price Indices, calculated by Cbonds, did not experience major movements, except for Africa and Latin America, demonstrating sizeable weekly gains. Cbonds EM Corporate USD YTM Index increased by 2 bps.

In emerging markets, Indian pharmaceutical corporation Biocon Biologics tops the price gainers' list as it achieved a breakthrough in marketing its first biosimilar product in the US market. Strong performance of Pemex bonds was underpinned by two factors: the company's progress in repayment of debt to its contractors and the overall appreciation of the Mexican peso against USD. It is worth noting that, despite a rebound in oil prices last week, many issuers engaged in oil extraction ended up on the losers' list. This may reflect longer grievances over the future increase in the global oil supply following the latest OPEC+ ministerial meeting amid the recessionary fears caused by the tariff wars.

In developed markets, price changes were primarily influenced by the Q1 financial reporting of the companies. Here, as well, the top rank is occupied by a pharmaceutical company. In the top losers' list, bonds of Gran Tierra Energy remain weak against the continuing share buyback programs.

Bond market news highlights of the last week include the PBC rate cut and other stimulus unleashed by China, and discussions on improvement in market expectations in the light of US-China trade negotiations. Research Hub's most-viewed materials include a piece on the state of the Indian economy in the context of the recent military escalation and investors' newfound fondness for the covered bonds - the tendency demonstrated for Eastern and Central Europe.

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