#CbondsWeekly. All the latest updates in the world of Eurobonds.

Last week, US Treasury yields rose across the curve, with the 2-year yield posting its largest single-day jump since January 2022 after Fed dissenters signaled a tighter policy path and the Strait of Hormuz blockade drove oil prices higher, fueling inflation concerns. Regional Cbonds USD price indices saw yields increase across all regions, with the Middle East sovereign and corporate segments leading the rise, while emerging market sovereigns exhibited slightly less upward pressure than corporates. Global stock indices mostly advanced, led by the tech-heavy NASDAQ 100 and the semiconductor-driven rally, though the FTSE 100 and Nikkei 225 declined. The US Dollar Index weakened against major currencies, with the dollar losing ground to the euro, pound, and yen, while Bitcoin edged higher. Key commodities were mixed, as Brent crude oil surged on the Iran war-related supply disruption, while gold and silver fell amid heightened risk appetite and a focus on oil-driven inflation.

In emerging markets, Cia Siderurgica Nacional (CSN) bonds rallied 2.7% despite analyst price target cuts and its removal from the IBRX 50 Index, likely as markets overlooked a heavy debt burden of R$56.9 billion. Orbia Advance Corporation bonds declined 2.2% after first-quarter earnings beat revenue forecasts but triggered analyst EPS estimate cuts.

In developed markets, Teck Resources bonds led the gainers last week, rising 3.52% after Citigroup upgraded the stock to Buy and the company announced strong Q4 2025 results. Organon & Co. bonds also advanced 2.22% following the announcement of its pending merger into Sun Pharmaceutical. Conversely, Charter Communications Operating bonds fell 3.27% on an earnings miss and broadband subscriber losses, while CCO Holdings dropped 2.66% after a TD Cowen downgrade and an expired go-shop period for its merger.

Bond market news and Research Hub highlights of the last week include increased volatility in US Treasuries after Fed dissenters signaled resistance to rate cuts amid rising inflation from the Iran war, which pushed two-year yields up 11 basis points. The conflict continues to strain energy markets, with the World Bank projecting a 16% rise in commodity prices this year and noting the largest oil supply loss on record, while major oil companies like Exxon and Chevron report falling profits due to disrupted deliveries. Additionally, Treasury Secretary Bessent addressed efforts by US financial firms to strengthen defenses against AI-driven cyber threats, and research highlights the ongoing semiconductor super cycle driven by AI demand, with Nvidia maintaining its lead over AMD in the data center chip market.