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

Last week, the US Treasury yields showed mixed movements across maturities, with the 1-year yield increasing by 2 bps, the 2-year yield also rising by 2 bps, the 5-year yield climbing by 5 bps, and the 10-year yield advancing by 8 bps. The USD remained under pressure. The regional Cbonds USD price indices displayed varied performance: while corporate indices across emerging markets (EM) saw modest declines, sovereign indices experienced sharper drops, with notable underperformance in Africa and Latin America sovereign segments compared to their corporate counterparts.

In emerging markets, last week Braskem bonds rallied sharply after the last week’s fall. Vedanta Resources faced selling pressure following a short-seller Viceroy Research report accusing the company of unsustainable debt and financial mismanagement, while Fresnillo bonds gained after Citi raised its price target and reaffirmed a 'Buy' rating. Codelco declined despite positive copper output data after mixed arbitration results in Ecuador mining dispute.

In developed markets, last week Oracle bonds declined by 2.86% amidst concerns over high valuation and rising capital expenditures in volatile macroeconomic and geopolitical setting. Bayer bonds dropped 2.46% following a Wall Street Zen downgrade from 'buy' to 'hold', while Novartis bonds weakened by 2.42% as a court rejected its bid to block generic Entresto, compounding patent expiry and Medicare pricing pressures. On the positive side, Rogers Communications bonds rose 1.96% after announcing cash tender offers for several debt securities.

Bond market news highlights of the last week include strong fluctuations in bond prices driven by uncertainty around the US Federal Reserve’s interest rate policy and reactions to President Trump’s tariff threats, alongside growing investor interest in tokenised Treasury funds as a yield-bearing alternative to stablecoins.

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