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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 16 Oct 2026 - - - #### The United Kingdom has purchased the most amount of French bonds out of any nation. This puts the UK at the greatest risk of potential contagion & losses if France were to default on their debt or require an IMF & European Central bank loan. When Greece experienced this in 2011 European Banking Crisis, youth unemployment skyrocketed to 60% by 2013. Source: Financelot [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) ![The United Kingdom has purchased the most amount of French bonds out of any nation.](https://blog.syzgroup.com/hubfs/1792006658921.jpg) ![The United Kingdom has purchased the most amount of French bonds out of any nation.](https://blog.syzgroup.com/hubfs/1792006658921.jpg) 15 Oct 2026 - - - #### CoreWeave shares fell about 13% Wednesday as its 2032 bonds hit a record 14.5% yield. Those bonds were issued in June at 9.625%. That’s an increase of nearly 5 percentage points in four months in the yield investors demand to hold its unsecured debt. The figures behind the move: ▪️ More than $35 billion raised this year. ▪️ Around $52 billion in debt and lease obligations. ▪️ $640 million in net interest expense last quarter—roughly a quarter of revenue. ▪️ A $104 billion backlog, with revenue dependent on infrastructure delivery and customer payments. Venture capitalist Chamath Palihapitiya shared the yield chart, warning of a potential private credit bubble linked to AI. According to figures he cited, private lenders charge AI borrowers spreads of 6.2 percentage points, compared with 6.1 points for other borrowers. CoreWeave’s backlog has grown. So has the yield on its debt. Source: Hedgie [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![CoreWeave shares fell about 13% Wednesday as its 2032 bonds hit a record 14.5% yield.](https://blog.syzgroup.com/hubfs/1792040441433.jpg) ![CoreWeave shares fell about 13% Wednesday as its 2032 bonds hit a record 14.5% yield.](https://blog.syzgroup.com/hubfs/1792040441433.jpg) 15 Oct 2026 - - - #### What would make fund managers swap stocks for bonds? A Treasury yield near 6%. According to BofA’s Michael Hartnett, investors are waiting for higher yields before making the switch. The October Global Fund Manager Survey puts the average trigger at 5.9% on the 10-year Treasury—roughly 70 basis points above current levels. Where would they move? • 12% at a 5.5% yield • 37% at 6.0% • 14% at 6.5% • 8% at 7% or higher But some aren’t waiting. 19% say yields are already high enough, and October saw the biggest covering of bond shorts in a year, according to BofA. The competition for capital is intensifying. The higher Treasury yields climb, the harder equities have to work to justify the risk. Source: Neil Sethi NEW account [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![What would make fund managers swap stocks for bonds? A Treasury yield near 6%.](https://blog.syzgroup.com/hubfs/1791990268445-1.jpg) ![What would make fund managers swap stocks for bonds? A Treasury yield near 6%.](https://blog.syzgroup.com/hubfs/1791990268445-1.jpg) 14 Oct 2026 - - - #### While global yields are surging... China’s are plunging. China can now borrow ~60% cheaper than the US. And through Panda bonds, foreign nations and corporations can access China’s cheap yuan funding. Brazil is preparing its first Panda bond... the largest-ever debut by a foreign sovereign. Issuers can raise yuan and use it directly to buy Chinese goods and fund operations in China instead of first raising USD. Source: Lukas Ekwueme @ekwufinance [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#china](https://blog.syzgroup.com/syz-the-moment/tag/china) ![While global yields are surging... China’s are plunging.](https://blog.syzgroup.com/hubfs/1791946415313.jpg) ![While global yields are surging... China’s are plunging.](https://blog.syzgroup.com/hubfs/1791946415313.jpg) 13 Oct 2026 - - - #### For the first time in decades, the IMF's biggest debt problem is not the poor countries. It's the "rich" ones. Bond yields in the US, Europe & Japan are at all-time-highs. Meanwhile emerging markets are fine. The yield gap between EM & rich-world debt just hit its lowest since 2007. Source: Nic on X, Bloomberg [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) ![For the first time in decades, the IMF's biggest debt problem is not the poor countries.](https://blog.syzgroup.com/hubfs/1791808636452.jpg) ![For the first time in decades, the IMF's biggest debt problem is not the poor countries.](https://blog.syzgroup.com/hubfs/1791808636452.jpg) 12 Oct 2026 - - - #### America could shorten its debt maturities. The risks would last much longer. According to Citi’s forecast, the Treasury could cut 20-year and 30-year bond auctions in November—and potentially scrap the 20-year altogether. The goal? Issue more short-term bills, reduce long-term bond supply and ease pressure on yields. But there’s a catch. Less duration today means more refinancing tomorrow. If short-term rates stay elevated, Washington would repeatedly roll over its borrowing at expensive rates. With debt approaching $40 trillion, small changes in funding costs carry enormous consequences. And fewer long-term bonds offer no guarantee of lower yields: investors still care about inflation, deficits and fiscal credibility. Changing how America borrows may buy time. It doesn’t fix how much America owes. Source. Bull Theory [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![America could shorten its debt maturities. The risks would last much longer.](https://blog.syzgroup.com/hubfs/1791745497198.jpg) ![America could shorten its debt maturities. The risks would last much longer.](https://blog.syzgroup.com/hubfs/1791745497198.jpg) 12 Oct 2026 - - - #### What a difference 6 years makes. 2020: The lowest 10-year Treasury yields in history (below 1%) and negative real yields. 2026: The highest nominal yields since 2002 (5.31%) and the highest real yields since 2008. Source: Charlie Bilello [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![What a difference 6 years makes.](https://blog.syzgroup.com/hubfs/1791785532205.jpg) ![What a difference 6 years makes.](https://blog.syzgroup.com/hubfs/1791785532205.jpg) 12 Oct 2026 - - - #### Is TINA - There Is No Alternative (than to be invested in risk assets) - dead? For years, investors were told there was no alternative to stocks. Today, 30-year inflation-protected Treasury bonds offer a 3.37% yield ABOVE inflation, the highest real yield in over 20 years. There is an alternative now. Source: Charlie Bilello [#Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) ![Is TINA - There Is No Alternative (than to be invested in risk assets) - dead?](https://blog.syzgroup.com/hubfs/1791797285898.jpg) ![Is TINA - There Is No Alternative (than to be invested in risk assets) - dead?](https://blog.syzgroup.com/hubfs/1791797285898.jpg) [❮](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/1) [1](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/1) [2](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/2) [3](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/3) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income/page/70?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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