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

Last week, the US Treasury yields declined across all maturities, with the most significant drops observed in the 5Y (-11 bps) and 10Y (-10 bps) segments, while the 2Y yield fell by 8 bps. Regional Cbonds USD price indices showed broad-based gains, with Latin America leading in both corporate and sovereign segments, while the Middle East exhibited more modest weekly advances.

In emerging markets, last week Braskem bonds saw significant declines, dropping 6.6%, as Petrobras and investors battled for control amid a broader sector downturn. Cia Siderurgica Nacional (CSN) bonds rose 2.69% despite concerns over US tariffs on steel exports, while New World China Land bonds gained 2.4% despite liquidity concerns tied to refinancing efforts. Movida Participacoes bonds climbed 2.35% following a Citi upgrade, whereas Telefonica Moviles Chile bonds fell 2.24% amid the heightened competition in the Chilean telecom market.

In developed markets, last week Gran Tierra Energy bonds surged by 12.05% due to a successful drilling project and a four-day stock price rally. Warnermedia Holdings bonds moved divergently after credit rating downgrades by Moody's and Fitch, as Warner Bros. Discovery announced separation plans and debt tender offers. Alimentation Couche-Tard bonds gained 2.39% amid merger talks with Seven & I Holdings and strategic U.S. acquisitions. United Airlines bonds declined 0.51% following flight cancellations, labor disputes, and operational challenges. Nova Chemicals bonds fell 0.5% after a court ordered a $1.6 billion payment to Dow for contract breach.

Bond market news highlights of the last week include increased demand for safe-haven government bonds due to geopolitical tensions, rumours of retreat by major Wall Street firms from long-term Treasuries over federal debt concerns, and an uptick in US annual inflation to 2.4% in May.

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