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Weekly bond digest: July 13 – July 19, 2026

Weekly bond digest: July 13 – July 19, 2026

Yield Curves

German yields rose across the curve, and the biggest move was at the short end — the 2-year climbed 17 basis points to 2.81%. The jump in oil and gas prices revived inflation worries, and heavy government bond supply added to the pressure. The 10-year finished at 3.14%, up 8 basis points on the week.

EUR Germany Sovereign Curve

US yields barely moved, and the long end slipped a little. The 10-year eased 3 basis points to 4.53% and the 2-year was down 1 basis point at 4.20%. A sharp drop in semiconductor shares pulled some money into Treasuries as a safe haven, which offset the inflation signal from higher oil and left the curve broadly steady.

USD US Sovereign Curve

UK yields rose all along the curve. The 2-year gained 15 basis points to 4.37% and the 10-year added 10 basis points to 4.98%. Higher energy prices and still-sticky inflation kept the pressure on gilts, and investors trimmed their bets on near-term rate cuts.

GBP UK Sovereign Curve

With supply heavy and inflation still sticky, the favoured stance stays defensive — keeping duration on the shorter side and earning income from high-quality bonds rather than reaching for the longest maturities.

Top gainers

The week's standout was PayPal's 3.25% 2050 bond, a long-dated high-grade name that jumped 12.1%. High-yield industrials rebounded broadly: both Ineos Quattro Fin 2 bonds rose (up 4.3% and 3.3%), joined by Ineos Finance (+1.7%), Kohl's (+2.4%), Domtar (+2.4%) and Kronos International (+1.7%). Howard University's 2051 bond gained 4.5%, and higher-rated names Athene Global (+1.8%) and Stora Enso (+1.7%) rounded out the list.

NameCurPrice change
1w(%)
YieldRisk Level
PayPal Hldg 3.25% Jun 2050USD12,14%5,39%Low
Howard Uni 4.756% Oct 2051USD4,53%6,49%Medium
Ineos Quattro Fin 2 6.75% Apr 2030EUR4,29%11,44%Very High
Ineos Quattro Fin 2 8.5% Mar 2029EUR3,33%11,18%Very High
Kohls 6.875% Dec 2037USD2,41%9,25%Very High
Domtar 6.75% Oct 2028USD2,39%23,48%Very High
Athene Global 5.543% Aug 2035USD1,79%5,50%Low
Stora Enso 7.25% Apr 2036USD1,73%5,72%Medium
Kronos Intnl 9.5% Mar 2029EUR1,70%10,21%Very High
Ineos Finance 5.625% Aug 2030EUR1,67%6,96%High

Top losers

The falls were concentrated in high-yield telecom, where all three Virgin Media bonds dropped — Virgin Media Fin (-4.7%), Virgin Media O2 (-3.3%) and Vmed UK (-2.9%). Community Health Systems (-3.1%) and Flagstar Bank (-2.9%) also declined. Longer-dated bonds felt the rise in yields most: Northumbrian Water (-2.7%), Paramount Global (-2.5%) and Harley-Davidson (-2.4%) all slid, along with Places for People and even the very-low-risk European Financial Stability Facility bond (-2.4%).

NameCurPrice change
1w(%)
YieldRisk Level
Virgin Media Fin 3.75% Jul 2030EUR-4,74%11,18%Very High
Virgin Media O2 7.875% Mar 2032GBP-3,32%13,21%Very High
Community Health Systems 6.125% Apr 2030USD-3,09%9,90%Very High
Places Peopl 3.901% Dec 2034EUR-3,00%4,47%Low
Flagstar Bnk 7.574% Nov 2030USD-2,93%19,31%High
Vmed UK 3.25% Jan 2031EUR-2,93%6,83%High
Northumbrian Wtr 6.875% Apr 2045GBP-2,65%7,00%Medium
Paramount Global 5.9% Oct 2040USD-2,46%9,06%High
Harley Davidson 4.625% Jul 2045USD-2,42%6,76%Medium
European Fin Stability 2.75% Dec 2029EUR-2,39%2,97%Very Low

Rating changes

Note: only long-term senior unsecured ratings were taken into account.

Upgrades edged out downgrades, 16 to 14. The biggest jump came from Chart Industries, lifted several notches by S&P to A-, while Ford Bank, KeyCorp and KeyBank all won higher marks from Moody's and Banco BPI moved up to A+. On the downside, HSBC Bank Uruguay was cut three notches to BB+, Baker Hughes slipped to A-, and KB Home, Cornerstone OnDemand and PECO Energy were all lowered. Sirona fell to selective default.

IssuerAgencyChange
AmmegaFitchB- → CCC+
Baker HughesS&PA → A-
Banco BPIFitchA → A+
BanistmoS&PBB- → BB
Bright Food InternationalS&PBBB- → BBB
Chart IndustriesS&PBB- → A-
Co-Operative BankFitchA+ (new)
Cornerstone OnDemandS&PB- → CCC+
Eagle Broadband InvestmentsS&PB+ → B
EurotelesitesFitchBBB- → BBB
Ford BankMoody'sBaa1 → A3
Forgent PowerS&PB → B+
HSBC Bank UruguayFitchBBB+ → BB+
Janus Henderson USFitchBB+ (new)
KB HomeS&PBB+ → BB
Keybank National AssociationMoody'sBaa1 → A3
KeyCorpMoody'sBaa2 → Baa1
M/I HomesS&PBB → BB+
Medical Solutions ParentS&PD → CCC+
Mega Broadband Investments Intermediate IS&PB+ → B
NeuraxpharmS&PB → B-
PECO EnergyMoody'sA2 → A3
Petroquimica Comodoro RivadaviaS&PB (new)
Project Boost PurchaserS&PB- → B
Project LeopardFitchB- → CCC
SironaS&PCCC → SD
Tungsten CaycoFitchB- → CCC
Urumqi Gaoxin Investment and DevelopmentFitchBB+ → BBB-
Uzmetkombinat OAOFitchB+ → B
VictoriaS&PCCC+ → CCC-

New issues

It was a heavy week for high-grade supply, led by financials. JPMorgan Chase, Morgan Stanley, Goldman Sachs, Mitsubishi UFJ and PNC all printed multi-tranche dollar deals. Supranationals and agencies were busy too — the International Bank for Reconstruction and Development, Export Development Canada, New Development Bank and African Export-Import Bank all came to market — alongside sovereigns including the United Kingdom and Serbia. Demand stayed firm even with oil prices spiking and volatility rising elsewhere, with investors leaning toward high-quality, longer-dated bonds.

IssuerSizeTermYieldRisk Level
African Export Import BankUSD
1,5bn
6–10Y6,2–7,1%Medium
ISIN (CUSIP)
XS3437376703…XS3437376612
Anhui Transportation Holding Group HKUSD
0,40bn
3Y4,3%Low
ISIN (CUSIP)
XS3435193381
Australia and New Zealand Banking GroupGBP
1,2bn
4YFLOAT, +50bpVery Low
ISIN (CUSIP)
XS3449093007
Bank of New York MellonUSD
0,50bn
PERP6,2%Medium
ISIN (CUSIP)
US064058AW09
Bayer US FinanceUSD
5,0bn
5–30Y5,1–6,4%Medium
ISIN (CUSIP)
USU07264AN10…USU07264AQ41
Beusa InvestmentsUSD
0,80bn
5Y7,0%Very High
ISIN (CUSIP)
USU0877JAA35
CarrixUSD
2,5bn
7Y6,1%Medium
ISIN (CUSIP)
USU1453NAA47
China CITIC Bank InternationalUSD
0,40bn
PERP5,0%High
ISIN (CUSIP)
XS3371242911
Conceria Pasubio SpAEUR
0,40bn
6Y9,5%Very High
ISIN (CUSIP)
XS3445916524
CorelogicUSD
2,5bn
5–6Y9,0–13,3%Very High
ISIN (CUSIP)
USU20621AC97…USU20621AD70
Distrito Especial Industrial y Portuario de BarranquillaUSD
0,35bn
5Y7,3%High
ISIN (CUSIP)
USP3600PAD70
Export Development CanadaUSD
2,0bn
5Y4,3%Very Low
ISIN (CUSIP)
US30216BKT88
Export-Import Bank of KoreaUSD
2,0bn
3–5Y4,5–4,6%Very Low
ISIN (CUSIP)
US302154EV78…US302154EW51
GA Global FundingUSD
0,40bn
5Y5,5%Low
ISIN (CUSIP)
US36143M2X01
Goldman Sachs GroupEUR
5,0bn
4–8Y3,6–4,1%; FLOATLow
ISIN (CUSIP)
XS3447651202…XS3447651111
Goldman Sachs GroupUSD
10,0bn
6–31Y5,2–6,2%Low
ISIN (CUSIP)
US38145GAV23…US38145GAX88
HeicoUSD
1,2bn
10Y, PERP5,0–5,4%Medium
ISIN (CUSIP)
422806AC3…422806AD1
IliadEUR
0,65bn
5Y4,1%High
ISIN (CUSIP)
FR0014019WY8
International Bank for Reconstruction and DevelopmentUSD
1,5bn
7YFLOAT, +38bpVery Low
ISIN (CUSIP)
US459058MB69
Intrum Investments and Financing ABEUR
0,53bn
5Y7,0%Very High
ISIN (CUSIP)
XS3438544630
Jinko Power (HK)USD
0,10bn
3Y4,4%Very High
ISIN (CUSIP)
XS3408475476
John Deere BankEUR
0,60bn
4Y3,4%Low
ISIN (CUSIP)
XS3438591128
JPMorgan ChaseUSD
9,0bn
4–15Y4,9–5,8%; FLOATVery Low
ISIN (CUSIP)
US48128BAV36…US48128BAT89
Kennedy WilsonUSD
0,30bn
7Y7,0%Very High
ISIN (CUSIP)
USU49454AG37
Korea Electric PowerUSD
0,70bn
3–5Y4,9%; FLOAT, +62bpVery Low
ISIN (CUSIP)
USY4907LAU62
KT&GUSD
0,30bn
4Y4,9%Low
ISIN (CUSIP)
XS3428230844
Massachusetts ElectricUSD
0,60bn
30Y6,2%Medium
ISIN (CUSIP)
USU57467AE94
Mitsubishi HC Finance AmericaUSD
0,50bn
5Y5,2%Low
ISIN (CUSIP)
USU6S68YAK42
Mitsubishi UFJ Financial GroupUSD
3,0bn
4–21Y5,0–6,0%; FLOATLow
ISIN (CUSIP)
US606822DZ48…US606822ED27
Morgan StanleyUSD
6,5bn
3–11Y5,2–5,6%; FLOATLow
ISIN (CUSIP)
US61748UBA97…US61748UBB70
New Development BankUSD
1,8bn
3Y4,4%Very Low
ISIN (CUSIP)
XS3425662601
Nonghyup BankUSD
0,60bn
4–5Y4,7%; FLOAT, +60bpVery Low
ISIN (CUSIP)
USY6396XAM12
Paragon Banking GroupGBP
0,20bn
10Y6,5%Medium
ISIN (CUSIP)
XS3392880038
PNC Financial Services GroupUSD
2,0bn
4–11Y4,8–5,5%Low
ISIN (CUSIP)
US693475CL76
Sba CommunicationsUSD
3,5bn
3–7Y5,1–5,6%Medium
ISIN (CUSIP)
US78410GAH74…US78410GAK04
Republic of SerbiaEUR
0,50bn
6Y4,8%Very High
ISIN (CUSIP)
XS3436151750
SMBC Aviation Capital FinanceUSD
2,0bn
3–10Y5,0–5,7%Medium
ISIN (CUSIP)
USG82296AR85…USG82296AQ03
Standard LifeGBP
0,35bn
PERP7,4%Medium
ISIN (CUSIP)
XS3435285070
Tata CapitalUSD
0,40bn
4Y5,3%Very High
ISIN (CUSIP)
XS3436154341
Turkiye Is BankasiUSD
0,50bn
12Y8,4%Very High
ISIN (CUSIP)
XS3431962532
United Kingdom of Great Britain and Northern IrelandGBP
4,8bn
12Y2,1%Very Low
ISIN (CUSIP)
GB00BMY62Z61
Validus Energy II MidconUSD
0,50bn
5Y8,0%Very High
ISIN (CUSIP)
USU9100XAA29

This article does not constitute investment advice or personal recommendation. Investments in securities and other financial instruments always involve the risk of loss of your capital. Past performance is not a reliable indicator of future results. Bondfish does not recommend using the data and information provided as the only basis for making any investment decision. You should not make any investment decisions without first conducting your own research and considering your own financial situation.