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

Last week, the US Treasury yields increased across the curve, with the 1Y, 2Y, 5Y, and 10Y maturities rising by 10 bps, 15 bps, 11 bps, and 6 bps, respectively, reflecting a steeper move in shorter maturities. Regional Cbonds USD price indices showed broad gains, with particularly strong performance in Latin America and Africa, where both corporate and sovereign segments outperformed other regions, highlighting continued investor appetite for higher-yielding emerging market debt.

In emerging markets, last week Mamoura Diversified Global Holding bonds rose 3.83% following its parent Mubadala's acquisition of Loscam International, improving investor confidence. Petroleos del Peru gained 3.21% as the firm advanced talks to reactivate crucial oil block 192, while Pakistan's WAPDA bonds performance is supported government pledged $1 billion for hydropower projects, while Latam Airlines declined 2.21% amid increased bond supply from a new $800 million issuance.

In developed markets, last week Vodafone Group bonds rose 2.43% after a confirmed bond tender offer, also reinforced strong full-year results with service revenue up 5.1%. Centene bonds dropped 1.7% as the company withdrew its 2025 earnings guidance following a $1.8 billion revenue shortfall and higher costs after the Medicare program cut. Ford Motor bonds increased 1.47% on strong Q2 U.S. sales growth and market share gains, despite weaker EV sales. Alcon bonds declined 1.21% amid unusual activity around its stock in in the options market lately, while Electricite de France bonds fell 1.04% due to project delays and impairments in its offshore wind segment.

Bond market news highlights of the last week include subdued trading due to the US Independence Day holiday, with potential volatility ahead as Trump's tariff negotiation deadline approaches on July 9, while concerns over Trump's 'bills over bonds' strategy and speculation about Jerome Powell's Fed chair replacement also drew attention.

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