The United Kingdom has purchased the most amount of French bonds out of any nation.
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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
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
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