"Ne osuđuj, udri Bondstil" ili "Evo još jedne američke baze! Unapred zahvalni", neki su od komentara koji kruže na Telegram kanalima i drugim društvenim mrežama od 28.

A report indicates that investors on the Bucharest Exchange favored stability and a pragmatic approach in 2025, with government bonds playing a significant role in boosting this strategy.

Als eerste Europese leider sinds het begin van de oorlog in Iran bezoekt de Duitse bondskanselier Merz vandaag de Amerikaanse president Trump.

Deputy Minister of Finance, Thomas Nyarko Ampem, has revealed that the government will soon initiate the issuance of long-dated domestic bonds.

The iShares iBonds Dec 2028 Term Corporate ETF has declared a monthly distribution of $0.0930.

The iShares iBonds Dec 2035 Term Corporate ETF has declared a monthly distribution of $0.1013.

Gold and the US dollar jump but government bonds fall amid fears of an inflation shock

The Slovenian Ministry of Finance is preparing for its third issuance of retail bonds, also known as 'people's bonds,' following two successful previous issuances. This initiative aims to further develop the capital market.

The iShares iBonds Dec 2028 Term Treasury ETF has announced a monthly distribution of $0.0640.

The iShares iBonds Dec 2031 Term Muni Bond ETF has announced a monthly distribution of $0.0540.

The concept of Eurobonds is being discussed again, with many believing the current economic climate in Europe makes it an opportune time to launch such a powerful financial instrument.

A dairy company has emerged as China's largest issuer of tech bonds this year, indicating unusual trends in the country's financial markets.

A new theatre work explores brutal brotherhood bonds and AI-driven resurrection  The Star

Prime Minister Mark Carney visits India, Australia and Japan seeking deals to strengthen his country’s links to Indo-Pacific powers and break Canada’s dependence on the United States.

US bonds are wrapping up their best monthly performance in a year against a backdrop of rising global risks, with resurgent demand serving as proof that investors still see Treasuries as the premier haven in turbulent times.

The financial markets are looking ahead to the release of U.S. jobs data, which will be a key focus for foreign exchange and bond markets in the coming week.

Ivory Coast is offering domestic bonds worth $725 million, as announced by the arranger, to raise funds in the local market.

Former Chief Justice Sophia Akuffo says the integrity of government bonds must never be compromised, warning that trust in Ghana’s debt instruments was shaken by the Domestic Debt Exchange Programme (DDEP).

Global asset managers who collectively oversee more than $20 trillion of assets have grown more bullish across emerging-market equities, currencies, domestic bonds and credit, potentially offering fresh momentum to the sector’s record-busting rally.

Hong Kong authorities are exploring options to support universities in issuing bonds to finance the proposed University Town in the Northern Metropolis, with lawmakers advocating for a dedicated approval and credit rating system.

BlackRock notes that Japanese bonds are offering a 6% yield, further boosted by currency movements.

Bhushan Gagrani presented the Budget to Standing Committee Chairman Prabhakar Shinde

Mike Vrabel's recent comments about A.J. Brown prove that some bonds are unbreakable

JPMorgan Chase & Co. and Bank of America strategists are urging clients to buy Venezuelan global bonds with large piles of unpaid interest, betting they could outperform ahead of a potential debt restructuring.

The president of the New York Young Republican Club is scheduled to speak at a conference in Pretoria, South Africa, fostering connections with Afrikaner and European far-right groups.

Nippon Steel has successfully raised ¥600 billion through bond issuance, with maturities in 2029 and 2031, to finance the repayment of loans related to its acquisition of U.S. Steel.

Financial market participants in Lithuania are encouraging residents to invest in term deposits and defense bonds, as the state plans to remove return caps on defense bonds to increase potential earnings.

Corporate bonds are exposed to abrupt downside as liquidity providers are increasingly replaced by liquidity takers.

Premium Bonds are set to experience a reduction in prize rates and less favorable odds starting in April, leading many to question their value as a savings option.

Nippon Steel, a major Japanese steel producer, is set to issue $3.8 billion in convertible bonds overseas to raise capital.

Jim Steyer of Common Sense Media warns that AI companion tools are unsafe for individuals under 18, as interactions with these tools are becoming increasingly personal for teenagers.

A new study suggests that cats do not require their owners for emotional support, challenging common perceptions of feline-human bonds.

NHPC, a major power company, is reportedly planning to issue STRPP (Short-Term Rupee Promissory Note) bonds, according to bankers familiar with the matter.

India is set to push forward with significant infrastructure and water projects, with discussions also including a property tax hike and the issuance of bonds to fund these initiatives.

Finance Minister Lars Klingbeil announces a major reform package with which he intends to close budget gaps and impose higher taxes on large inheritances. The SPD leader takes a stance on Eurobonds, ECB-

Impact Investment Exchange (IIX) and City Bank Capital Resources have formed a partnership to promote and advance Orange Bonds in Bangladesh, aiming to channel capital towards sustainable development.

Capital Clean Energy Carriers has priced an offering of 250 million euros in unsecured bonds.

Mexico has successfully placed $2 billion in a simultaneous sustainable bond issue.

New Fidelis government bonds, issued in February, have commenced trading on the Bucharest Stock Exchange, offering new investment opportunities.

Bloomberg/Getty Images Blue Owl Capital failed to secure financing for a $4 billion data center project in Pennsylvania. One lender said the lack of interest was due to CoreWeave's creditworthiness. AI data center investments face financing challenges due to concerns about credit risk. Blue Owl Capital, a leading investor in the data center boom, was unable to arrange financing for a $4 billion data center it is co-developing in Pennsylvania after pitching lenders to help bankroll the project in recent months. The facility, 80 miles west of Philadelphia in the city of Lancaster, will be occupied by CoreWeave, a provider of artificial intelligence cloud computing services that has become a closely watched name in the AI race for its rapid expansion — and the billions of dollars of high-interest-rate debt it has taken on to fuel that growth. An executive who arranges debt for major data center deals told Business Insider that the lack of interest in the Lancaster project was due to growing caution among lenders and investors about taking on sizable exposures to AI players with less-than-sterling credit. CoreWeave has a below-investment-grade rating of B+, according to S&P Global Ratings. "We saw it. We passed," a senior executive at a large specialty lender told Business Insider. The financing executive and the lender did not want to be identified because they were speaking about an industry name they may seek to do business with. A spokesman for Blue Owl said that the company had "considered" third-party financing for the Lancaster project "as we would with any transaction as we explore alternatives before choosing the most attractive path forward." The spokesman added that the project, which he said is already under construction, "is fully funded, on time, and on budget." It is unclear whether Blue Owl has been funding construction entirely from its own capital. If Blue Owl is unable to raise debt for the Lancaster development, it could be on the hook for a potentially huge outlay of cash to pay for the data center's construction. The situation shows the complications and risks involved in financing the massive buildout of infrastructure for AI computing. Brennan Hawken, an equity analyst at BMO Capital Markets who covers Blue Owl, said that difficulties to raise debt for the Lancaster project would raise concern. "I'm not familiar with this deal, but if there is a struggle to find the debt financing, that's a bit of a red flag that I would want to drill into," Hawken said. Business Insider previously reported that major banks had recent difficulty selling off pieces of $38 billion of debt to finance the construction of two data center campuses that will be anchored by Oracle. Banks often sell pieces of such large commitments to other lenders to spread risk and also reap a quick profit. The slowdown in interest in participating in that financing was due to worries about Oracle's enormous AI spending and whether the tech company's credit rating could be impacted by those outlays. Oracle has since sought to calm the lending market, announcing that it would raise up to $50 billion of cash from stock and bond offerings in order to "maintain a solid investment-grade balance sheet." One of the boom's most creative financiers Last summer, CoreWeave announced it would lease 100 megawatts of initial capacity at the Lancaster data center and potentially expand its commitment to 300 megawatts. The company said it would pour up to $6 billion into the project to equip it with chips and other cloud infrastructure. A month later, in August, Chirisa Technology Parks announced it would partner with Blue Owl and Machine Investment Group to develop the project. The partnership said it would provide $4 billion of funding, an amount separate from CoreWeave's investment, to support the construction of the project's data center facilities. In the fall, Blue Owl began shopping the development to potential lenders, a person familiar with that effort said. Blue Owl has been one of the most creative financial architects of the data center building boom. Last year, it structured a deal to partner with Meta in the ownership of a large data center campus that Meta will build and operate in Louisiana. Blue Owl utilized Meta's strong credit to raise $27.3 billion of investment-grade corporate bonds against its share of the project's equity, proceeds that will be used to help pay for construction, according to S&P. Blue Owl could arrange a similar type of vehicle that could attempt to tap the credit of an investment-grade customer of CoreWeave's who might use the Lancaster facility or Nvidia, the chipmaker that has purchased large stakes in CoreWeave. It could also potentially raise cash for construction debt by tapping large institutional investor clients to pool together a loan, Hawken said. Much of the development of hyperscale data center campuses has sought to utilize the strong credit ratings and deep pockets of big-tech partners. Fluidstack, a peer of CoreWeave's, announced a deal last year to lease a 168-megawatt data center in Colorado City, Texas, which will be built by the crypto mining firm Cipher. Google, Fluidstack's tenant for the project, said it would guarantee about half of the $3 billion due under the 10-year lease. Fluidstack signed another similar-sized lease in December with the data center builder TeraWulf that will also provide "investment-grade credit support." Read the original article on Business Insider

Former UK Chancellor Kwasi Kwarteng is reportedly focused on bitcoin, adopting a 'bitcoinmaxxing' approach after his time in office.

Eric Trump dismisses concerns over Bitcoin's recent price fluctuations, advising those without a 'backbone' to invest in more stable assets like bonds.

An author reflects on her relationship with her younger sister, noting that despite going their separate ways in college, her sister knows her better than anyone.

Schroders is buying gilts and focusing on 10-year bonds, indicating a strategic bet related to the Bank of England.

A baby monkey in Ichikawa, Chiba Prefecture, rejected by its mother, has become a local attraction as it plays with a stuffed animal that serves as a surrogate mother.

Crypto firm Ledn has made history by selling Bitcoin-backed bonds in the asset-backed securities (ABS) market.

Former Indiana safety Bryson Bonds has joined Curt Cignetti’s coaching staff, and the athletics department has reported a financial surplus.

Jamison Gibson-Park of Ireland discusses the strong bonds and 'brotherly rivalry' that developed among players during last summer's British and Irish Lions Tour to Australia.

The long-dormant Japanese government bond market is experiencing a resurgence in trading activity, with yields climbing due to growing concerns about the nation's debt.

U.S. Customs and Border Protection (CBP) has highlighted insufficiencies in customs bonds as importers face difficulties under the weight of tariffs.

Futures, Global Markets Rise With US Markets Closed For President's Day Stocks gained, bitcoin tumbled and bonds steadied after Friday's cool CPI data reinforced expectations that the Fed will cut interest rates on multiple occasions this year. With US markets closed for the Presidents’ Day holiday and mainland China’s markets closed for Lunar New Year holidays, trading was muted on Monday. As of 9:00am ET, futures on the S&P 500 added 0.4% and Europe’s Stoxx 600 index rose 0.4% as banking shares rebounded from a sharp decline last week. German bunds and Treasury futures were steady after US yields touched the lowest since December on Friday. The path of US interest rates remains in focus following Friday’s slower-than-expected US inflation print as traders fully price a Fed cut in July and the strong chance of a move in June.   “The backdrop for equities is positive post CPI,” said Andrea Gabellone, head of global equities at KBC Securities. At the same time, there could be “more dispersion ahead as sentiment around key AI-exposed sectors is still very critical,” he added.  That sentiment was echoed by other strategists seeking to distinguish between AI losers and winners. A JPMorgan Chase & Co. team led by Mislav Matejka urged caution on stocks at risk of AI-driven “cannibalization,” including software, business services and media companies. Meanwhile, banks are developing baskets to capitalize on the divergence: as we first reported last Thursday, Goldman launched a new basket of software stocks that goes long firms that will benefit from AI adoption, while shorting the companies whose workflows could be replaced. With AI disruption rippling through markets, a lot will come down to earnings resilience, in particular in the US.  “When you look at the current earnings season, the companies are showing 13% of growth,” Nataliia Lipikhina, head of EMEA equity strategy at JPMorgan, told Bloomberg TV. “Overall, this is the reason why we continue to be positive on the S&P.” Later this week, traders will be watching for ADP private payrolls numbers on Tuesday and the minutes from the Fed’s January meeting on Wednesday for a fresh read on the economy. European stocks gained with bank shares rebounding, after posting their biggest weekly decline since April on worries about disruption from artificial intelligence. The basic resources sector lags, with Norsk Hydro among Europe’s worst performers as both Goldman Sachs and RBC downgrade the stock. Stoxx 600 rises 0.4% to 620.26 with 253 members down, 336 up, and 11 unchanged. Here are some of the biggest movers on Monday:  NatWest shares rise as much as 4%, the most since October, as Citi analyst Andrew Coombs raises his price target on the UK bank to a Street-high. Seraphim Space shares rise as much as 9.2%, briefly hitting a new all-time high, after the space tech investment firm said the valuations of its four largest holdings increased over the final months of 2025. AECI shares rally as much as 6.1%, the most since July, after the South African commercial-explosives maker shared improved 2025 headline earnings per share guidance. Orsted shares rise as much as 3.8% after analysts at Kepler raise the recommendation to buy from hold over the Danish renewable energy firm’s outlook, despite ongoing uncertainty for the industry in the US. Norsk Hydro shares fall as much as 4.4%, extending Friday’s 5.9% earnings-triggered drop, after being downgraded at Goldman Sachs and RBC over disappointments and pricing pressures in the Norwegian aluminum company’s downstream business. Galderma shares slip as much as 2.2% after naming Luigi La Corte as its new chief financial officer following the news back in July that Thomas Dittrich was departing. Pinewood Technologies shares tumble as much as 32%, the most since April 2024, after Apax Partners said on Friday it will not proceed with a possible cash offer for the car dealership software provider. FlatexDEGIRO shares drop as much as 7.2% after BNP Paribas downgraded the online brokerage firm to neutral from outperform, saying the price reflects too much optimism about its market position in Germany. Maurel & Prom shares slump as much as 12%, pulling back after ending last week at a 2015-high, after announcing it is not currently authorized to resume oil and gas operations in Venezuela. Barratt Redrow shares fall as much as 3.7%, leading a drop in British homebuilders after Rightmove said house prices are stalling. Asian stocks slipped for a second day, led by declines in Japan as traders booked profits after last week’s post-election rally. Several markets were closed or held shortened trading sessions for the Lunar New Year holiday. The MSCI Asia Pacific Index was down 0.1%. Japan’s Topix Index fell 0.8%, with Mizuho Financial Group Inc. and Toyota Motor Corp. among the companies contributing to the index’s losses.In Hong Kong, AI model developer Minimax Group Inc. surged as much as 30% to more than four times its original listing price, while competitor Knowledge Atlas JSC Ltd. ended 4.7% higher. The market will be closed until Thursday. As investors across the region begin to reevaluate their bets on its artificial-intelligence-driven rally, traders in Japan cashed in gains driven by expectations of Prime Minister Sanae Takaichi’s proactive spending policies last week.Trading in Singapore ended early Monday and will be shut until Wednesday. Equity markets in mainland China, South Korea, Indonesia and Vietnam were closed.  In FX, the yen is the notable mover in currencies, weakening 0.5% against the dollar and pushing USD/JPY back above 153. The offshore yuan is one of the better performers against the greenback. The Bloomberg Dollar Spot Index rises 0.1%. There is no cash trading in Treasuries due to the Presidents’ Day holiday. European government bonds are little changed In commdities, gold dipped below $5,000 an ounce, as traders booked profits from a gain in the previous session. Bitcoin tried anf ailed to stage a modest rebound; it last traded around $68,275 after posting its fourth consecutive weekly loss, with the cryptocurrency struggling to find clear direction as a weekend rally fizzled once the momentum ignition algos emerged.  WTI crude futures tread water near $62.90 a barrel.  Top Headlines President Trump said there will be voter ID rules in the mid-term elections this year, whether Congress approves it or not, and they will present a legal argument in an Executive Order. Furthermore, Trump said he has searched the depths of legal arguments not yet articulated nor vetted on this subject, and they will be presenting an irrefutable one in the very near future. Iran says potential energy, mining and aircraft deals on table in talks with US: RTRS Pentagon threatened to cut its ties with Anthropic over the company’s insistence that some limitations are kept on how the military uses its AI models: RTRS UK eyes rapid ban on social media for under 16s, curbs to AI chatbots: RTRS Rampant AI Demand for Memory Is Fueling a Growing Chip Crisis: BBG Warner Bros. Weighs Reopening Sale Negotiations With Paramount: BBG Companies Are Replacing CEOs in Record Numbers—and They’re Getting Younger: WSJ Europe aims to rely less on US defence after Trump's Greenland push: RTRS DOJ Tells Lawmakers Epstein File Redactions Complied With LawL BBG For College Applicants, Pressure to Make Summers Count Has Gotten Even Worse: WSJ Fed's Goolsbee (2027 voter) said on Friday that they are still seeing pretty high services inflation, and he hopes they have seen the peak impact of tariffs, while he added that the job market has been steady, with only modest cooling.  The Break Is Over. Companies Are Jacking Up Prices Again: WSJ Trade/Tariffs USTR Greer said the US and Ecuador expect to sign a trade agreement in the coming weeks. China will waive import value-added taxes on selected seeds, genetic resources, and police dogs through to 2030 to increase agricultural competitiveness and breeding capacity. It was also reported that China will grant zero-tariff access to 53 African nations from May 1st, according to Bloomberg. Chinese Foreign Minister Wang Yi told his French and German counterparts that China and the EU are partners, not rivals, while he added that China and the EU should manage differences, deepen practical cooperation and work together on global challenges. A more detailed look at global markets courtesy of Newsquawk APAC stocks began the week in the green but with gains limited following a lack of major fresh catalysts from over the weekend and amid thinned conditions owing to holiday closures in the region and North America. ASX 200 traded marginally higher with upside led by tech, although gains are capped by underperformance in the utilities, mining, materials and resources sectors, while participants also digested a slew of earnings releases. Nikkei 225 traded indecisively with the index constrained by disappointing Japanese preliminary Q4 GDP data, which showed the economy returned to growth but failed to meet expectations with GDP Q/Q at 0.1% (exp. 0.4%), and annualised GDP at 0.2% (exp. 1.6%). Hang Seng finished higher in a shortened trading session on Chinese New Year's Eve but with upside limited by tech weakness amid some confusion after the Pentagon added several companies including Baidu, Cosco, BYD, Huawei, Nio, SMIC, Tencent, and more to a list of Chinese firms aiding the military on Friday, but then withdrew the updated list shortly after it was posted. Furthermore, price action was also restricted by the closure of mainland markets and the absence of stock connect flows, which will remain shut for more than a week. US equity futures kept afloat in quiet trade amid the absence of drivers and participants. European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.1% after the cash market closed with losses of 0.4% on Friday. Asian Headlines Chinese President Xi called for the anchoring of economic growth around domestic demand as its main driver, in a speech during a key policy meeting late last year that was released on Sunday. China is to establish a permanent financial support framework to promote rural revitalisation and prevent a slide back into poverty, which represents a shift from transitional aid to long-term support. China’s market regulator summoned major online platform companies on Friday, including Alibaba, Douyin and Meituan, while it directed them to comply with laws and regulations, and rein in promotional practices, according to Bloomberg. US Secretary of State Rubio and Japanese Foreign Minister Motegi reaffirmed their commitment to deepen bilateral ties. Disney (DIS) sent a ‘cease and desist’ letter to ByteDance over Seedance 2.0 and alleged that ByteDance has been infringing on its IP to train and develop an AI video generation model without compensation, according to Axios. It was later reported that ByteDance said it would curb its AI video app following Disney's legal threats, according to the BBC. RBI tightened rules for loans provided to brokers and proprietary firms in an effort to reduce market speculation FX DXY eked slight gains in rangebound trade after a lack of major catalysts and with US participants away on Monday. EUR/USD was little changed amid the absence of any major macro catalysts and with light newsflow from the bloc, while comments from ECB President Lagarde and news that the ECB is to make its repo backstop available to other central banks across the world, did little to spur price action. GBP/USD held on to most of Friday's spoils but with price action contained by resistance around 1.3650 and following comments from BoE's Mann that the UK economy is sluggish and tepid, with consumers spending less due to being scarred by high inflation. USD/JPY edged higher and returned to above the 153.00 level in the aftermath of the weaker-than-expected preliminary Q4 GDP data for Japan. Antipodeans were mixed with little fresh macro drivers and a lack of tier-1 data from either side of the Tasman. Fixed Income 10yr UST futures traded little changed and held on to last week's spoils after returning above the 113.00 level in the aftermath of the softer US inflation data, while price action was contained to start the week by the closure of US cash markets for Washington's Birthday. Bund futures lacked demand in the absence of any major catalysts and with light newsflow from the bloc. 10yr JGB futures were marginally higher following disappointing preliminary GDP data for Q4, but with gains limited after failing to sustain a brief reclaim of the 132.00 level. Commodities Crude futures were rangebound amid light energy-specific newsflow from over the weekend and after last Friday's indecisive performance, where attention was on a source report that noted OPEC+ is leaning towards resuming oil output hikes from April, but with no decision made. Slovak PM Fico said he has information that the Druzhba pipeline has been fixed after damage in Ukraine, although he believes that supplies to Hungary and Slovakia have become a part of political blackmail. Spot gold took a breather after edging higher in the aftermath of the recent softer-than-expected US inflation data, with price action also contained by the holiday closures across Asia and North America. Copper futures were subdued, with their largest buyer away for more than a week due to the Chinese New Year/Spring Festival holiday. Texas venture-backed startup Hertha Metal vowed mass production of steel with 25% cost savings, which could reduce US reliance on imports. Geopolitics: Middle East US military is preparing for potential operations against Iran that could last for weeks if US President Trump orders an attack and the US fully expects Iran to retaliate, according to sources cited by Reuters. US President Trump told Israeli PM Netanyahu during a meeting in December that he would support Israel striking Iran’s ballistic missile program if the US and Iran are not able to reach a deal, according to CBS. Iran confirmed that indirect talks between the US and Iran will resume in Geneva on Tuesday under the mediation of Oman, while Iranian Foreign Minister Araghchi left for Geneva on Sunday. Iranian diplomat said Iran is open to nuclear deal compromises if the US discusses lifting sanctions, while it was also reported that Iran said potential energy, mining and aircraft deals are on the table in talks with the US. Israel’s cabinet approved the proposal to register West Bank lands as ‘state property’, while Palestinians condemned the ‘de facto annexation’ which Peace Now said likely amounts to a ‘mega land grab’. Geopolitics: Ukraine US President Trump said on Friday that Ukrainian President Zelensky is going to have to get moving and that Russia wants to get a deal. US Secretary of State Rubio said they don’t know if Russia is serious about finding an end to the war in Ukraine and will continue to test it, while it was reported that he met with Ukrainian President Zelensky on security and deepening defence and economic partnerships. Ukrainian drones targeted Russia’s Taman seaport and fuel tanks in the Black Sea region. UK and European allies were reported on Friday to be weighing seizing Russian shadow fleet ships and tightening curbs on Russia's economy. French Foreign Minister Barrot said some G7 nations have expressed a willingness to proceed with a maritime services ban on Russian oil, which they hope to include in the 20th sanctions package that they are actively preparing. Geopolitics: Other European Commission President von der Leyen said that they face the very distinct threat of outside forces trying to weaken their union, while she added that mutual defence is not an optional task for the European Union; it is an obligation within their own treaty, and it is their collective commitment to stand by each other in case of aggression. Pentagon said the US military struck an alleged drug cartel boat in the Caribbean, which killed three people. DB's Jim Reid concludes the overnigt wrap I hope you all had a good weekend. To stay in Winter Olympics mood the family watched "Cool Runnings" last night. I haven't seen it for 32 years. Please don't tell anyone but I had a few tears in my eyes at the end. I blamed it on the hay fever that has now started. There will be a lot of tears out there in markets for other reasons at the moment. Just two weeks ago, the idea of AI-driven disruption still felt like an abstract, almost academic thought experiment—something we could safely revisit once we had clearer evidence of how AI would be deployed and integrated across the economy. Fast forward 14 days, and markets have wiped out well over a trillion dollars of global equity value on the fear that AI could fundamentally reshape business models and compress profitability across a wide range of industries, including software, legal services, IT consulting, wealth management, logistics, insurance, real estate brokerage and commercial real estate. Some of the sell off in “old economy” sectors feels overdone to me. But as I argued in our 2026 World Outlook back in November, the real challenge is that even by the end of this year we still won’t have enough evidence to identify the structural winners and losers with confidence. That leaves plenty of room for investors’ imaginations—both optimistic and pessimistic—to run wild. As such big sentiment swings will continue to be the order of the day. My instinct is that the reaction in things like commercial real estate, for example, has been particularly exaggerated. Markets seem to be extrapolating a scenario in which vast numbers of white collar workers are made redundant almost overnight, leading to a dramatic collapse in office demand. If that view turns out to be correct, we’ll be facing societal challenges far larger than anything currently being priced into equities. While trying to catch a falling knife may be too risky for many, beginning to cushion the descent could be sensible in many old economy sectors. Markets can’t sustain a disruption narrative across multiple sectors for months or quarters without concrete evidence — and that evidence is likely to take much longer to emerge. Fascinating times. As for this week, today is a US holiday but inflation will remain in the spotlight at a global level after Friday's slightly softer US CPI which helped contribute to a decent rates rally to end the week. Prints are due in the US (PCE - Friday), the UK (Wednesday), Canada (Tuesday) and Japan (Friday). Other economic highlights will include the FOMC minutes (Wednesday), Q4 GDP in the US (Friday), as well as the global flash PMIs (Friday). Earnings reports will feature Walmart (Thursday), Nestlé (Thursday) and BHP (today). It's the earnings calm before next week's Nvidia storm. In the US, this holiday shortened week (President's Day today) features a data calendar dominated by releases that were pushed back by last year’s government shutdown. The most consequential updates will land on Friday, when the advance estimate of Q4 GDP arrives alongside December’s personal income and consumption figures—key inputs for shaping expectations for the early part of this year. For markets assessing the underlying pulse of demand heading into 2026, private final sales to domestic purchasers (PFDP) will carry more weight than the headline GDP print. This indicator—closely monitored by Fed Chair Powell—is expected by our economists to slow to 2.0% from 2.9% in Q3, though risks appear tilted upward. One swing factor: Wednesday’s durable goods report, where modest gains outside of transportation could soften the deceleration. On the consumer front, real PCE growth is expected to cool to 2.5% after two quarters of outsized strength but should still signal ample momentum heading into the new year. Friday’s income and spending report will also offer the latest reading on core PCE, the Fed’s preferred inflation gauge. Our economists expect another 0.4% monthly increase for December, lifting the year over year rate to 2.9%. Updated seasonal factors from last week’s CPI release suggest some mild downward pressure on inflation trends in the second half of 2025. Still, January’s CPI data, although softer than we anticipated, do not translate into equivalent relief for core PCE—in fact, our team currently sees another 0.4% gain for January's release (delayed until March 13th). Depending on the strength of medical services, airfare, and portfolio management components in the upcoming PPI report, a 0.5% monthly rise cannot be ruled out, which would push the year over year rate toward 3.1%. So don't get too excited about the softer CPI last week and the huge rates rally. Additional releases this week will help clarify whether recent severe winter weather has disrupted factory sector activity. January industrial production, due Wednesday, should benefit from a jump in utility output, while weather effects may weigh on the Empire State Survey tomorrow and the Philadelphia Fed survey on Thursday. Labor market data will also be in focus, particularly Thursday’s jobless claims, which line up with the survey week for the February employment report. As our economists have pointed out, private nonfarm job gains have averaged 103k over the past three months, slightly above the pace at this point in 2025 and matching the start of 2024. See their latest US employment chartbook here. This week will also feature a dense lineup of Federal Reserve speakers which you can see alongside all the key global data in the day-by-day week ahead calendar at the end as usual. Moving away from the US, inflation will also be in focus in Japan (Friday) and Canada (tomorrow). For the former, our Chief Japan Economist sees the January nationwide CPI showing a slowdown in both core CPI inflation ex. fresh food to 2.1% YoY (+2.4% in December) and core-core CPI inflation ex. fresh food and energy to 2.7% (+2.9%). Also important will be the global flash PMIs due on Friday as a health check on global growth. In Europe, the spotlight will be on UK inflation (Wednesday), with labour market data due tomorrow and retail sales on Friday. Our UK economist expects headline CPI inflation to drop to 3.0% YoY (3.4% in December) and core CPI also landing at 3.0% YoY (3.2% YoY). See more in his full preview here. In terms of key rate decisions, the RBNZ are expected to remain on hold on Wednesday. Finally, the Munich Security Conference wrapped up over the weekend, where key topics included Ukraine, Russia, and the fate of Greenland. And while US Secretary of State Marco Rubio’s speech was nothing like Vice President JD Vance’s at last year’s conference, which triggered a “wake-up” call for European leaders, Rubio reiterated the administration’s view that Europe needed to leave behind its focus on energy policies, trade and mass migration. Recapping last week now, the tech volatility that has dogged markets since the start of the month broadened into a far more indiscriminate sell-off. The trough came on Thursday, marked by a sharp drop in software stocks, but the weakness extended well beyond tech. Companies across wealth management, real estate and financials suffered double digit declines, underscoring how widespread the pullback has become. Market breadth confirmed this shift as the equal weighted S&P 500 fell -1.37% on Thursday, though it managed to finish the week up +0.29% (+1.04% on Friday). Ultimately, the sell-off left the major US indices on the back foot: the S&P 500 slipped -1.39% (+0.05% on Friday), the Nasdaq lost -2.10% (-0.22% on Friday), and the Magnificent 7 slid -3.24% (-1.11% on Friday). Although the AI scare dominated sentiment, a heavy slate of US data also shaped the market narrative. Early in the week, softer prints—including flat December retail sales, a dovish Q4 Employment Cost Index, and slower Q4 growth expectations from the Atlanta Fed—pushed Treasury yields lower across the curve. That picture shifted midweek after a stronger than expected January jobs report, which delivered the largest gain in nonfarm payrolls (+130k vs. +65k expected) since December 2024 and reinforced confidence that the US economy carried solid momentum into 2026. Then on Friday, January CPI came in below expectations, adding another dovish note. Although the data offered mixed signals at times, the overall takeaway was sufficiently dovish for traders to increase the number of expected rate cuts by December 2026 to 63.4bps (+7.7bps on the week). This helped drive the largest weekly drop in the 10 year Treasury yield since August 2025, down -15.8bps (-5.0bps on Friday) to 4.05%. The 2 year yield also moved sharply lower, falling -8.9bps to 3.41% (-4.8bps on Friday), its lowest level since 2022. European markets, meanwhile, delivered a comparatively resilient performance. The STOXX 600 (+0.09%, -0.13% Friday), DAX (+0.78%, +0.25% Friday) and FTSE 100 (+0.74%, +0.42% Friday) all posted modest gains for the week. European sovereign bonds rallied as well, with the 10 year bund yield dropping -8.7bps—its steepest weekly decline since April 2025. That move was outpaced by gilts, which fell -9.8bps (-3.6bps on Friday) despite a sharp early week sell-off triggered by renewed questions surrounding Prime Minister Keir Starmer’s position. Elsewhere, performance was mixed. Brent crude edged down -0.44% (+0.34% on Friday), while gold extended its upward run, rising +1.56% (+2.43% on Friday). Will London’s half term week finally give us a quiet week in 2026? You’d probably have to guess at ‘unlikely’. Tyler Durden Mon, 02/16/2026 - 09:40

Goldman Sachs predicts that UK government bonds (Gilts) will overcome political risks to show strong performance by 2026.

Investors are assessing the impact of Japanese political shifts on the yen and bonds, while experts advocate for a significant monetary policy regime change in both the US and Japan.

"From Orderly Selloff, To Panic": Stocks, Bonds Plunge As Oil, Dollar Soar On Iran War US equity futures are down sharply, along with all global markets, as the Iran war expands and…

U.S. government bonds began losing their safe-haven status long before the attack on Iran.

Stocks and bonds crashed on Tuesday after fears of a prolonged shock to energy prices due to the expanding war in the Middle East rattled global markets.

“There is no margin to not show up and just kinda be at your very best either individually or as a team,” Barber said.

The iShares iBonds Dec 2030 Term Corporate ETF has declared a monthly distribution of $0.0816.

The iShares iBonds Dec 2027 Term Corporate ETF has declared a monthly distribution of $0.0845.

Greek government bonds concluded trading without losses or pressure, as the market absorbed significant sales, indicating investor confidence in the country.

In moments of extreme uncertainty investors usually rush to the safety of US government bonds, but not this time

The iShares iBonds Dec 2027 Term Treasury ETF has announced a monthly distribution of $0.0644.

The iShares iBonds Dec 2030 Term Muni Bond ETF has announced a monthly distribution of $0.0561.

Ivory Coast is offering domestic bonds valued at $725 million, according to an arranger, as the nation seeks to raise capital.

Joyo Bank is testing the country’s choppy bond market by investing in shorter-term notes to secure higher returns, while avoiding longer-dated securities.

The EU's retail investor strategy could make corporate bonds more accessible to private investors, with platforms like Trade Republic already taking steps in this direction.

A report by Greenpeace Bulgaria suggests options for supporting 'Toplofikatsia-Sofia' (Sofia Heating Utility), including ESCO contracts, targeted loans, and green bonds, to address its financial challenges.

The bond market is exhibiting unusual behavior, with worries over the impact of artificial intelligence on the U.S. economy despite a recent hot inflation report.

The upcoming week's focus for foreign exchange and bond markets will be on the release of U.S. jobs data.

The upcoming week for foreign exchange and bond markets will focus heavily on the release of U.S. jobs data, which is expected to influence market movements.

Hong Kong’s finance chief has assured the public that the city can manage its debt after proposing the issuance of more bonds to accelerate the development of the Northern Metropolis, expressing confidence in the long-term investment returns from the megaproject. Financial Secretary Paul Chan Mo-po sought to reassure the public during a radio programme on Friday after a university student voiced concerns that his generation might suffer if the city failed to repay the growing number of bonds...

Global investment funds are reportedly seeking refuge in Australian bonds, a move attributed to the wobbling stability of the AI boom.

Slovakia is set to resume the sale of government bonds to individual investors, offering interest rates of 2.7% and 3%, which are more attractive than bank term deposits and tax-exempt. This follows a quick sell-out of similar bonds last year.

The Federal Reserve is reportedly converting its mortgage bonds into shorter-term government bills, a move that aligns with the Treasury's plans to issue more of these bills.

Maib is initiating the first issuance of corporate bonds as part of its fourth public offering program, making 10,000 bonds available for subscription from February 19 to March 12, 2026, totaling 200,000,000 MDL.

Japanese government bonds (JGBs) experienced a decline, mirroring the downward trend observed in U.S. Treasurys.

The New York Fed reports that the shrinking appeal of government bonds comes with a significant cost.

JPMorgan, BofA Favor Venezuela Bonds With More Unpaid Interest  Bloomberg.com

Former Slovak Finance Minister Ivan Mikloš reflects on his changed perspective regarding the European Union's role, now advocating for more eurobonds due to geopolitical developments.

The Kochi Corporation plans to issue municipal bonds to mobilize resources for development projects, with a high-power committee to be formed for coordination.

‘The proposed raise will strengthen its capital base and support future growth plans’

Counselor Esther Assana advises husbands to support their wives through intimate health challenges after childbirth, rather than considering divorce, to strengthen marital bonds.

Articles highlight various aspects of Chinese New Year celebrations, including the Year of the Horse, ushering in prosperity, and traditional family bonds and filial piety.

The loss-making authority that manages Hong Kong’s West Kowloon arts hub will sell bonds for the first time, aimed at raising up to US$1 billion to fund its operations. According to documents submitte

Eversource has successfully raised $1.5 billion by issuing its inaugural hybrid bonds.

Footage of Punch, a seven-month-old Japanese macaque, has gone viral after he was rejected by his mother and formed a bond with a soft toy.

The 2003 year group of Kpando Secondary School, now Senior High School, on Saturday, February 21, transformed a public garden in the Volta Regional capital into a vibrant space of reunion, reflection and renewed purpose.

Experts argue that while Eurobonds carry risks, they are essential for Europe to efficiently fund crisis responses, as the current system of complex agreements for each new crisis is unsustainable.

Tesouros de Vida converts intimate memories into physical symbols, helping to preserve bonds and emotions during intensely profound life stages, particularly focusing on maternity and grief.

The Trump administration has been discussing 'Western civilization,' with Senator Rubio highlighting shared religion and ancestry as bonds between Europe and the United States.

Hedge fund Fermat has observed a remarkable and 'breathtaking' surge in the sales of catastrophe bonds, indicating heightened activity in this specialized market.

Higher tax rates and frozen thresholds are prompting more high-income individuals to invest in niche offshore bonds.

Kenya's finance ministry has announced the successful issuance of Eurobonds totaling $2.25 billion.

A Hackney resident nursed an injured fox back to health, forging an unusual and strong connection with the wild animal.

Christopher Cole and Darren Ikinnagbon were booked on Wednesday night and posted $26 and $39 bonds respectively.

Despite a calmer period in the bond markets, investing in bonds, including corporate bonds with good credit ratings, can still offer attractive interest rates and opportunities for investors.

Treasury bonds are experiencing their most significant decline in a month, as concerns over rising inflation weigh on investor sentiment.

Kem One’s bonds have cratered as some funds short them and others ply it with more debt

Ivory Coast has successfully raised $1.3 billion, joining other African issuers in tapping the Eurobond market.

Kenya plans to issue new dollar bonds and repurchase existing debt as borrowing costs decrease.

Big business shrugs off Supreme Court ban on electoral bonds to donate millions when in trouble, or needing approvals.

Multiple iShares ETFs, including those tracking U.S. Treasury Bonds, S&P/TSX Capped Utilities, ESG Aware Canadian Aggregate Bond, Diversified Monthly Income, and Core Canadian Short Term Bond, have declared dividends.

China's Debt Model Creates Danger Of Stagnation Authored by Daniel Lacalle, The latest social financing figures from China show an economy that is increasingly relying on government debt while private demand for credit remains weak. The strength of the Chinese technology sector and its exporting companies gives enough room for leverage. However, behind the weak private sector credit demand lies an evident economic slowdown that the Chinese government acknowledges, challenging consumption patterns, a significant overcapacity problem, and the depth of the housing crisis. The current economic model, focused on delivering 5% real economic growth, requires larger doses of debt to achieve smaller increments of growth, especially productive sector growth. The government has focused on reducing debt and overcapacity imbalances while reorienting its exports and financial system to lessen dependence on the US dollar; however, the main challenge for the Chinese economy remains boosting consumer demand, despite rate cuts and easing financial conditions. To understand the intensity of debt of the Chinese model, we must go to the year 2000 and see the acceleration in the flow of debt, not just the current stock. At that time, real GDP growth was around 8–9%, so each percentage point of growth came with roughly 13–16 points of debt‑to‑GDP. Government debt was very low, at around 25% of GDP, and most leverage sat in the state-owned corporate sector with modest household debt. China was able to deliver near‑double‑digit growth with a total non‑financial debt ratio barely above 120% of GDP. By 2023, non‑financial sector debt had risen to about 285% of GDP, more than doubling its level of 2000. Chinese think‑tanks and official commentators put the “macro leverage ratio” closer to 300% of GDP by 2025, according to the Chinese Academy of Social Sciences. The macro leverage ratio rose by 11.8 percentage points to 302.3 percent in 2025, exceeding the 10.1-point increase reported in 2024. Over the same period, the trend of real GDP growth has slowed to roughly 4–5%, so each percentage point of growth now requires around 60–75 points of debt‑to‑GDP, more than three times the debt per point of growth required in 2000. Furthermore, it comes mostly from government debt. In January 2026, aggregate social financing jumped by 7.22 trillion yuan, significantly higher than in the same month of 2025 and above market expectations, consistent with 5% annual GDP growth and a larger composition of the public sector in the mix. Outstanding social financing reached 449.11 trillion yuan at the end of January, rising 8.2% year‑on‑year, while money supply (M2) rose by 9%.​ New yuan bank loans were 4.7 trillion yuan, about 420 billion less than a year earlier and significantly below consensus, showing the weak private‑sector credit demand and the prudent approach of Chinese customers and businesses to debt addition. RMB loans outstanding stood at 276.62 trillion yuan, up only 6.1% year‑on‑year, clearly below the pace of overall financing and money growth. The driver of credit growth in China is no longer households and private firms but the government and state-owned companies. The real estate problem has impacted Chinese families in numerous ways. Not only did most of them see the value of their homes decline, but many families invested in the attractive yields of real estate developers’ commercial paper, which led to large losses and even the wipe-out of savings for many. Additionally, despite the excess in supply of houses, prices have not fallen enough to warrant enough appetite for new mortgages, as affordability remains an issue and the traditional prudence of Chinese citizens when it comes to consuming and borrowing adds to the challenge. Beijing plans to issue 4.4 trillion yuan in local government special‑purpose bonds in 2025, 500 billion more than in 2024, looking to boost government investment and a “proactive fiscal policy,” knowing that raising taxes would be exceedingly negative for growth and consumption. Local governments are expected to issue more than 10 trillion yuan in bonds in 2025, including refinancing, general bonds, and new special bonds. The Chinese government knows that it can manage more debt but also sees the weak investment and household spending and acknowledges that large tax increases would be counterproductive.  However, to prevent future debt-driven stagnation, a focus on productivity is necessary. The official budget sets a deficit of 4% for 2025. However, once all budget items are consolidated, including government funds, special bonds, and off‑budget vehicles, this true fiscal deficit in 2025 is closer to 9%, up from 7.7% in 2024, according to Rhodium Group and JP Morgan. China increasingly relies on hidden or almost fiscal borrowing to support growth. With outstanding social financing now around 449 trillion yuan and real growth around 4–5%, each incremental point of GDP is increasingly linked with a much larger stock of debt than a decade ago. This rising credit intensity of growth may prevent a significant slowdown but may create a significant fiscal challenge in the future. The Chinese model demands high growth and low taxes; any change to the fiscal system will be negative. For years, local governments relied on the sale of land for property development to collect tax receipts. Thus, the drag from real estate is evident in the economy and in fiscal sustainability. Real estate development investment fell 13.9% year‑on‑year in the first three quarters of 2025, with residential investment down 12.9%, the steepest drop since 2021, according to official figures. Property investment and sales both posted double‑digit declines in 2024, and forecasters expect real estate investment to fall another 11% and sales to drop 7.5% in 2025, according to Reuters, with further declines in 2026 before stabilizing only in 2027… if it happens as fast as consensus estimates. The property sector, once a key engine for economic growth and tax receipts, absorbs new credit to stabilize its accounts without boosting growth or creating a multiplier effect. Additionally, China’s industrial capacity utilization remained at 74.9% at the end of 2025, well below the 78.4% peak reached in 2021. Overcapacity is clear in steel, autos, legacy chips, and parts of sectors like green tech, where expansion has surpassed domestic and external demand. Thus, the purchasing managers’ indices show weak new orders and foreign demand, while bankruptcies and insolvencies have risen, although not to levels that would indicate a financial crisis.​ The Chinese economy needs to reopen, improve investor and legal security and allow the housing slump to materialize fully to see the type of productive economic growth it needs to avoid much larger increases in debt. Otherwise, the risk of stagnation will likely be elevated as population growth stalls, overcapacity remains, and the stock of unsold property becomes a larger liability.   Tyler Durden Mon, 02/16/2026 - 22:25

Offshore investors buy South African stocks and bonds  TradingView

Gold prices experienced a decline due to thin trading volumes and a strengthening US dollar. These factors typically exert downward pressure on the precious metal.

Nvidia plans to lease a new data center, financed by $3.8 billion in junk bonds, to support its expanding operations.

The NATO mission in Kosovo (KFOR) announced that there are currently no significant changes in its forces.

Stocks and bonds slumped as investors retrenched from the uncertain and unpredictable effects that the fighting could have on the world economy.

Real estate bonds are identified as the primary source of repayment pressure in Vietnam for 2026.

There are bonds that immediately become strong, and the bond between children and dogs certainly belongs to them.

The iShares iBonds Dec 2029 Term Corporate ETF has declared a monthly distribution of $0.0878.

The iShares iBonds Dec 2026 Term Corporate ETF has declared a monthly distribution of $0.0809.

Star Trek: Starfleet Academy's Series Acclimation Mil gradually became linked to legends from Star Trek: Deep Space Nine and Star Trek: Voyager.

Everything you need to know about Premium Bonds in March

The iShares iBonds Dec 2026 Term Treasury ETF has announced a monthly distribution of $0.0685.

The iShares iBonds Dec 2028 Term Muni Bond ETF has announced a monthly distribution of $0.0551 per share.

The iShares iBonds Dec 2044 Term Treasury ETF has declared a monthly distribution of $0.0869 per share.

Pakistan is facing two simultaneous economic challenges: a household loop where inflation and cash transfers create a cycle of consumption, and a sovereign loop, both contributing to the nation's impoverishment.

An opinion piece discusses the importance of adjusting educational practices to foster healthy values and bonds among students, including raising awareness about different forms of violence.

The odds of winning a prize on Premium Bonds are set to decrease from April, following NS&I's decision to cut the proportion of the total invested amount paid out in prizes.

Bonds finished February with a strong rally, pushing yields to their lowest levels since 2022, reflecting shifts in investor sentiment and market conditions.

The upcoming week will see a strong focus on U.S. jobs data, which is expected to influence foreign exchange and bond markets.

The Polish Financial Supervision Authority (KNF) is scrutinizing the increasing share of government bonds in bank balance sheets, citing moderate but present risks. The head of the institution, Jacek Jastrzębski, stated that the regulator is concerned about this situation.

Colombian bonds and the peso experienced a decline in value following news that leftist candidate Cepeda has taken a dominant lead, signaling market reaction to political developments.

An advisor provides insights into the strategic placement of bonds within taxable investment accounts, outlining the underlying logic.

The Government of the Federation of Bosnia and Herzegovina has decided to borrow 400 million KM (approximately 204.5 million EUR) through the issuance of treasury bills and bonds.

UniCredit Bank Romania has successfully placed RON 600 million worth of five-year bonds on the Bucharest Exchange.

Global Funds Seek Refuge in Australian Bonds as AI Boom Wobbles  Bloomberg.com

The New York Fed reports that the decreasing appeal of government bonds is incurring costs, indicating a shift in investor sentiment.

Hungary has unexpectedly sold $1.2 billion worth of foreign currency bonds, with no official communication yet regarding the transaction.

Treasury bonds are experiencing their largest drop in a week, driven by a surge in investor risk appetite.

The new Jetten cabinet in the Netherlands is scheduled to hold a debate with the House of Representatives.

A new study investigates why early childhood experiences, though not remembered due to childhood amnesia, are crucial for strengthening emotional bonds and supporting children's social, emotional, and cognitive development.

Bob Michele of JPMorgan Chase has stated his belief that the bond market is currently 'perfectly priced'.

Nippon Steel plans to sell $3.5 billion worth of convertible bonds in overseas markets, a move likely aimed at raising capital for future investments or debt refinancing.

An article explores how bonds of friendship and art are being redefined, possibly through new collaborations or interpretations.

As of Feb. 1, foreign investors held $61.97 billion in Russian government debt. The majority of those holdings are long-term bonds.

Offshore investors are actively purchasing South African stocks and bonds.

German Finance Minister Lars Klingbeil announced a significant reform package aimed at closing budget gaps and increasing taxes on large inheritances, also commenting on Eurobonds and the ECB presidency.

Impact Investment Exchange and City Bank Capital Resources partner to advance Orange Bonds in Bangladesh  The Daily Star

A former San Francisco Giants teammate of Barry Bonds publicly criticized him, calling an experience with Bonds the 'most BS… Bush league thing I ever experienced in Major League Baseball.'

Foreign investors are significantly increasing their investments in ultralong Japanese Government Bonds (JGBs), even as concerns about Japan's fiscal health persist.

ECB Quietly Prepares Global Liquidity Backstop As Euro Debt Wave Builds Submitted by Thomas Kolbe Starting in the third quarter of 2026, new rules will apply to the so-called euro repo facility. Central banks worldwide will be able to post up to €50 billion in euro-denominated collateral, such as government bonds, with the ECB in order to obtain euro liquidity from the central bank in cases of acute need. The goal is to guarantee the permanent availability of euro liquidity, replacing the previously time-limited repo lines. Central banks typically resort to this monetary policy instrument during phases of acute liquidity stress — most recently during the COVID lockdowns. The repo facility counts among the central banks’ immediate crisis tools. The so-called EUREP (Eurosystem Repo Facility for Central Banks) was launched on June 25, 2020, as a short-term liquidity solution for associated central banks: the Central Bank of Kosovo drew €100 million, Montenegro €250 million in short-term liquidity assistance. Repo auctions generally involve the exchange and short-term pledging of European government bonds for maturities of one to five days, which commercial banks deposit at the central bank in return for liquidity. The collateral is returned after a short period, and the so-called bank reserves are withdrawn again once the liquidity problem has been resolved and the interbank market is functioning properly. The ECB’s announcement that it will now offer this instrument globally — and over periods of several weeks or even months — raises eyebrows. It suggests that the monetary guardians of the Eurosystem may be anticipating a liquidity crisis in the not-too-distant future. Euro as a Reserve Currency The drastic expansion of sovereign debt within the eurozone system may explain why concerns are deepening at the ECB tower. If the two pillars, Germany and France, are each calculating net new borrowing of five percent this year alone — thereby placing a steadily growing volume of bonds on the markets — this generates palpable upward pressure on interest rates. At the same time, investors are asking how strongly the creditworthiness of individual euro states ultimately depends on Germany’s ability to service the mounting debt — a pressure that is manifesting itself in markets. Interest rates have already been rising for more than three years, particularly at the long end of the bond market. This suggests that confidence among large investors, who traditionally provide the bulk of liquidity in this market, is gradually eroding. Meanwhile, the euro is under pressure internationally: euro-denominated reserves currently account for less than 20 percent of global bank reserves and show a slight downward trend. Similar developments can be observed in the settlement of international transactions, where the euro holds roughly a 24 percent share. The dominant global actor remains the U.S. dollar, both as a reserve currency with a 59 percent share and in the settlement of international transactions at 47 percent. Against this backdrop, it becomes clear that Europe’s monetary authorities are facing an increasingly challenging combination of rising debt, growing interest rates, and a global environment that does not accord the euro the status of the U.S. dollar — factors that pose serious questions for the Eurosystem’s stability and liquidity. A severe blow to the euro’s international role was the European Union decision to permanently implement the Russia embargo and halt trade in Russian oil and gas. Russia had been among the few major energy market players willing to allow euro denomination and thus held substantial reserves. That era is over. However, rumors are circulating that the United States, in the event of a peace settlement in Ukraine, could restore Russia’s access to the SWIFT system. Would the EU then follow suit? A return to the status quo ante might require a different political regime in Brussels and Berlin. Growing Debt Volume A fiscal policy U-turn within the EU is also under discussion. Should member states agree on a “two-speed Europe” and implement joint financing of new debt via so-called Eurobonds, this would place the European bond market on an entirely new footing in terms of both volume and structure. European taxpayers — above all the still relatively less indebted Germans at the federal level — would then stand behind the credit guarantees. In Frankfurt, such a revolutionary step is expected to deliver a massive boost in global demand for euro-denominated bonds. One unknown in the geopolitical power struggle remains the Federal Reserve. On several occasions last year, the ECB warned of a possible shortage of U.S. dollars within the European banking system. The United States holds a powerful lever here: it can drive up the political price of bridging potential illiquidity through rapid swap lines — short-term loans within the dollar system to European banks and the ECB. Oversupply of Euro Bonds The Eurosystem thus faces immense absorption problems. If global demand for EU debt — that is, euro bonds — cannot be generated, interest rates will continue to rise. In light of the massive issuance wave of new euro sovereign bonds, the ECB would be forced to take this debt onto its own balance sheet to keep debt servicing in member states under control. The expansion of the repo facility into a permanent liquidity backstop therefore appears plausible. Global central banks would have an incentive to accumulate a growing share of euro bonds. Moreover, the volume would be available to gain direct access to the Eurosystem without assembling a portfolio of bonds from individual states. Germany’s relatively low debt level had in fact recently been a problem, as insufficient tranches of German federal bonds were available for larger capital allocations. Chancellor Friedrich Merz and his finance minister are currently eliminating this issue with their present debt policy. The ECB’s measures thus fit into a broader fiscal policy development that could culminate in a structural expansion of joint debt. By institutionally safeguarding international demand for euro bonds, the central bank is creating the infrastructural preconditions for a potential new debt regime within the European Union — while simultaneously shifting the boundary between monetary stabilization and fiscal support of state budgets. The European repo facility, once conceived as a rescue umbrella for liquidity problems, is gradually evolving into a classic, expanding debt pool. With eurozone government debt likely to rise from the current 92 percent of GDP to around 100 percent over the next two years, pressure on the ECB to devise mechanisms for distributing this flood of debt across global bond markets will intensify. Whether this succeeds appears highly doubtful given the euro economy’s chronic economic weakness. * * *  About the author: Thomas Kolbe, a German graduate economist, has worked for over 25 years as a journalist and media producer for clients from various industries and business associations. As a publicist, he focuses on economic processes and observes geopolitical events from the perspective of the capital markets. His publications follow a philosophy that focuses on the individual and their right to self-determination. Tyler Durden Fri, 02/20/2026 - 08:30

Invesco, Carmignac Bet Against US Bonds, See Scant Need for Cuts  Bloomberg.com

The International Monetary Fund (IMF) has reported that the historic hedge between stocks and bonds is diminishing as market selloffs intensify.

AXA XL has announced new leadership appointments for its Ocean Marine and Bonds divisions in the Americas region.

Spain successfully sold 5.43 billion euros in government bonds.

Khloe Kardashian loves the bonds of sisterhood. As someone with four sisters and one brother, the Kardashians star wishes she could give 7-year-old daughter True a sister because she knows what a...

The Supreme Court of Pakistan has granted journalist Sohrab Barkat post-arrest bail in a Peca case, setting surety bonds at Rs200,000.

Kenya has initiated a tender offer for two of its Eurobonds.

Investors in UK government bonds are cautioning that bending fiscal rules to fund increased defense spending could lead to a bond market backlash and higher borrowing costs.

Hungary's bonds are looking 'frothy' following a pledge from Rubio, according to Aviva, indicating potential overvaluation in the market.

The article discusses how investors are adapting and developing strategies to manage and cope with surprises in a chaotic market environment.

National Savings and Investments (NS&I) is under scrutiny for allegedly mismanaging £3 billion of taxpayer money, drawing strong criticism for its spending practices related to Premium Bonds.

• Accumulated losses hit Rs2.07tr by June 2025; half of it piled up in just three years • Outstanding loans stand near Rs3.1tr, debt rising Rs300bn a year • Financing cost reaches Rs210bn in FY25, highest among SOEs ISLAMABAD: Carrying the largest outstanding loan portfolio on its books and a negative return on assets, the National Highway Authority (NHA) — the country’s logistics backbone — is the single largest entity bleeding the federal budget, exposing Pakistan to substantial fiscal risk despite the recent doubling of tolls. The NHA is the “largest loss-maker”, operating on a “structural deficit model and reliant on budgetary support”, the Central Monitoring Unit (CMU) of the Ministry of Finance said in its Annual Aggregate Report on state-owned enterprises (SOEs) for the year ended June 30, 2025. With accumulated losses of Rs2.074 trillion, the entity that owns and operates all the national highways and motorways accrued around Rs1.004tr in the last three years alone — about Rs295 billion each in FY24 and FY25 and Rs413bn in FY23. Moreover, it stands out at the top of the SOE list, with the largest accrued financing cost of Rs210bn in FY25, as its toll revenue remains unaligned with debt servicing, leading to fiscal dependence and sovereign guarantee exposure. “Currently, the NHA holds outstanding loans totalling approximately Rs3.1tr, with an annual debt accretion rate of Rs300bn. This debt portfolio generates Rs98bn in markup, which is expected to rise to more than Rs150bn per annum, creating a substantial credit risk for the government of Pakistan (GoP), which guarantees these loans”, the CMA said. It said the presence of sovereign guarantees for public-private partnership (PPP) contracts added further financial strain, amplifying the government’s credit risk exposure. With more than Rs115 billion in loans given by the federal government last year, it is also among the top borrowers. On the other hand, its net assets remained almost static over the last three years, actually declining slightly from Rs5.84tr in FY23 to Rs5.83tr in FY25. Its total equity has been declining over time from Rs2.57tr in FY23 to Rs2.27tr in FY24 and Rs1.95tr in FY25. Conversely, NHA’s total liabilities have been increasing, making it the single-largest entity to accrue current liabilities. Its total liabilities amounted to Rs3.27tr in FY23, increasing to Rs3.54tr in FY24 and reaching Rs3.88tr by the end of FY25. The CMU observed that National Highway Authority’s 2025 performance underscored its strategic importance yet exposed growing fiscal vulnerability. “Despite an impressive surge in toll revenues and build, own and transfer (BOT) project inflows, the authority continues to operate under a persistent deficit, driven by high depreciation and finance costs,” it said. Operating income rose sharply to Rs83.1bn in FY25 (against Rs42.4bn in FY24), propelled by the doubling of toll income to Rs64.4bn. However, the overall income of Rs119.7bn remained insufficient against total expenditures of Rs408.1bn. Consequently, the deficit before levy and taxation stood at Rs292.98bn and the deficit after tax at Rs294.86bn, reflecting continued structural stress. It noted that two critical components eroded National Highway Authority’s profitability. These include depreciation expense of Rs133.8bn, reflecting a heavily capital-intensive asset base and growing maintenance backlog and Rs193.5bn finance cost, up from Rs182bn last year, highlighting the escalating burden of debt and interest rate exposure. The CMU advised diversification of funding sources through infrastructure bonds targeted at domestic institutional investors and international development markets. It said the expansion of public-private partnerships for new road construction, maintenance outsourcing and service area development can shift part of the fiscal and operational burden to the private sector while improving efficiency and service quality. The CMU also called for renegotiating loan terms with lenders to extend maturities, reduce interest rates or convert debt into quasi-equity instruments to create immediate fiscal space. Published in Dawn, February 16th, 2026

The Abrázame Foundation in Chile is running a pilot program where volunteers hug lonely infants, providing crucial emotional bonds and helping the children thrive.