Eng
Bond screener Top picks Broker Comparison Prices News About us
Help us personalize your Bondfish experience
To make your bond exploration seamless and ensure our recommendations deliver maximum value, please answer 3 quick questions:
This will take less than a minute and helps us tailor the platform to your needs.
What do you want to know about bonds?
You can use natural language command or identifier, if the instument is known
Thinking...
%%ask%%
%%html%%
%%answer%%
User wants average coupon, grouped per quarter, for "best" long-term (likely 10+ years) bonds, lowest risk, limited to German and French issuers.
Identifies the need to:
  • Find relevant fields for coupon, maturity date, risk, issuer country (for bonds)
  • Find fields for country, risk (for issuers)
Using tool to resolve which instrument (bond) fields map to:
  • "average coupon"
  • "maturity date"
  • "risk level"
  • "issuer country"
Using tool to resolve issuer fields for:
  • "country"
  • "risk level"
Converting "German issuers" into structured issuer query
Converting "French issuers" into structured issuer query
Back
01.11.2026
Weekly bond digest: October 26 – November 1, 2026
Weekly bond digest: October 26 – November 1, 2026
25

Tech companies drove the bond market in the last week of October. Oracle's long-dated bonds bounced after it capped new fundraising, Intel's bonds fell after a weak outlook, and Microsoft raised $25 billion in its first bond sale in nearly a decade.

Government bond yields fell in the US, the UK and Germany. The Fed and the ECB held rates, and the UK budget brought no surprises. Next week, the Bank of England is expected to raise rates to 4%.

Yield Curves

German yields edged lower, with the 10-year down 2 basis points to 3.32%. The European Central Bank kept rates on hold but still pointed to a hike in December. For the first time since March, it also said that higher borrowing costs could weigh on growth, which markets read as a slightly softer message. News that Christine Lagarde will leave the ECB early, after February 2027, added some uncertainty.

EUR Germany Sovereign Curve

US Treasuries rallied, with 2-year and 5-year yields down about 9 basis points and the 10-year down 7 to 4.93%. The Fed held rates at 3.75% to 4%. Its statement left the door open to a December hike, but Chair Warsh sounded less hawkish at the press conference, saying tighter financial conditions are already doing part of the Fed's job. He also said the Fed will hold fewer policy votes in 2027 and 2028. Investors took that as less transparency and asked for a bit more to hold long bonds, so the 30-year yield barely moved. Weakness in tech stocks also pushed money into Treasuries.

USD US Sovereign Curve

UK gilt yields fell, with the 10-year down 8 basis points to 5.28%. Chancellor Healey's budget on Wednesday held no big surprises. He stuck to the government's commitment to fiscal discipline, so investors saw no new reason to demand higher yields on UK debt. Next week, the Bank of England is widely expected to raise rates to 4%.

GBP UK Sovereign Curve

For long-term investors who can live with short-term swings, medium-term government bonds of around 5 to 10 years still offer attractive yields, while weak tech stocks and the Middle East conflict argue for caution in the near term.

Top gainers

Oracle bonds took most of the top spots, with long-dated issues up as much as 3.8%. At its investor day on October 28, Oracle said its free cash flow should turn positive in 2028 and capped new fundraising at $20 billion through fiscal 2030, split evenly between debt and shares. That eased worries about how it will pay for its AI data centers. Surgery Center bonds rose 4.2% after a Bon Secours Mercy Health affiliate agreed to buy its parent, Surgery Partners, in a $5.7 billion deal. Heimstaden's 2031 bond led the table with a 6.3% gain after third-quarter results showed lower debt relative to property values and better interest cover.

Name Cur Price change
1w (%)
Yield Risk Level
Heimstaden 7.361% Jan 2031 EUR 6,33% 10,52% Very High
Surgery Cntr 7.25% Apr 2032 USD 4,23% 5,83% Very High
Oracle 5.5% Sep 2064 USD 3,78% 8,32% Medium
Oracle 5.95% Sep 2055 USD 3,71% 8,26% Medium
Oracle 5.375% Sep 2054 USD 3,61% 8,25% Medium
Oracle 3.6% Apr 2040 USD 3,59% 7,78% Medium
Oracle 5.55% Feb 2053 USD 3,31% 8,32% Medium
Oracle 6% Aug 2055 USD 3,00% 8,31% Medium
Paramount Global 5.5% May 2033 USD 2,73% 10,89% High
Oracle 4.5% Jul 2044 USD 2,71% 8,07% Medium

Top losers

Intel bonds fell as much as 2.7% after the chipmaker's third-quarter results on October 29. Its outlook disappointed and PC demand slumped, sending its shares down more than 20%. The news pushed the cost of insuring US tech companies' debt against default to record highs. Intrum's 2027 bond lost 3.1% in the week after third-quarter results came in below forecasts, including a SEK 1.5 billion write-off on its German business. Navient's 2030 bond also slipped 2.6%.

Name Cur Price change
1w (%)
Yield Risk Level
Intrum Investmen 7.75% Sep 2027 EUR -3,08% 12,08% Very High
Intel 4.1% May 2047 USD -2,73% 6,93% Medium
Intel 3.734% Dec 2047 USD -2,73% 6,90% Medium
Navient 9.375% Jul 2030 USD -2,60% 10,79% High
Intel 5.7% Feb 2053 USD -2,52% 6,97% Medium
Intel 5.9% Feb 2063 USD -2,24% 7,00% Medium
Intel 4.9% Aug 2052 USD -2,18% 6,91% Medium
Intel 5.05% Aug 2062 USD -2,11% 6,97% Medium
Intel 4.9% Jul 2045 USD -1,91% 6,84% Medium
Ford Motor 9.98% Feb 2047 USD -1,57% 7,80% Medium

Rating changes

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

S&P raised Telecom Italia to BBB-, returning the Italian phone company to investment grade. S&P also upgraded Synopsys to BBB+. On the downside, S&P cut Whirlpool by two notches to B, and Thames Water slipped further into junk at CCC-. Moody's downgraded Senegal to Ca from Caa2, a level that signals the country is close to default.

Issuer Agency Change
Asia Commercial Bank Fitch BB- → BB
Cable One S&P B+ → B-
CAP S&P BB → BB-
Charter Hall Prime Industrial Fund Moody's Baa1 → Baa2
China Longyuan Power Moody's A3 → A2
Citadel S&P BBB- → BBB
Convatec S&P BBB- → BBB
Dongxing Securities Hong Kong Fitch BBB- → A-
Eldorado Brasil Celulose Fitch BB → BB+
Emeria S&P CCC+ → CCC
Energa Moody's Baa1u → A3
Flamingo Lux S&P CCC+ → CCC
Grupo Aeromexico S&P B+ → BB-
HelloFresh S&P BB+ → BB
Mitchell Topco S&P B- → B
NCBA Fitch B- → B
Nexa Resources S&P BBB- → BB+
Ontex S&P B+ → B
Oriental Securities Fitch BB+ → BB
Republic of Senegal Moody's Caa2 → Ca
Republic of Zambia Moody's Caa2 → Caa1
Synopsys S&P BBB → BBB+
Telecom Italia S&P BB+ → BBB-
Thames Water S&P CCC → CCC-
Vietnam Technological & Commercial Joint Stock Bank Fitch BB- → BB
Whirlpool S&P BB- → B
Win Waste Innovations S&P B- → B
Zorlu Enerji Fitch B- → C

New issues

Big tech set the tone in the new-issue market. Microsoft raised $25 billion across ten bonds, its first bond sale in nearly a decade, and its AAA rating attracted strong demand even as investors grow wary of AI borrowing. Procter & Gamble sold $4 billion of bonds, including a 30-year bond priced just 0.6 percentage points above Treasuries, a level not seen since 2003. Heavy tech borrowing pushed global investment-grade and high-yield bond sales to a yearly record, with two months still to go. In Europe, the European Union raised €32 billion across six bonds and Italy sold €8 billion of 12-year bonds.

The table shows only bonds sold in small lots, with a minimum investment of 2,000 or less in the bond’s currency. Deals sold only in large blocks, or only to big US institutional investors, are left out.

Issuer Size Term Yield Risk Level
American Express Credit USD
3,0bn
4–8Y 5,4–5,8% Low
ISIN (CUSIP)  US025816EW58…US025816EX32
Asian Development Bank USD
2,0bn
10Y 4,7% Very Low
ISIN (CUSIP)  US045167GT47
Asian Infrastructure Investment Bank USD
0,69bn
5Y FLOAT, +34bp Very Low
ISIN (CUSIP)  XS3555722852
Blackstone Reg Finance USD
1,1bn
5–7Y 5,7–5,9% Low
ISIN (CUSIP)  US092914AD23…US092914AE06
CBRE Group USD
1,0bn
5–10Y 5,8–6,2% Medium
ISIN (CUSIP)  12505BAN0…12505BAP5
CMS Energy USD
1,0bn
31Y 6,8% Medium
ISIN (CUSIP)  US125896CB49
Deutsche Telekom EUR
1,9bn
4–12Y 4,0–4,7% Low
ISIN (CUSIP)  XS3528376877…XS3528381281
European Investment Bank EUR
5,0bn
5Y 3,3% Very Low
ISIN (CUSIP)  EU000A4E0ET7
European Investment Bank USD
4,0bn
5Y 4,4% Very Low
ISIN (CUSIP)  US298785KU94
European Stability Mechanism EUR
1,0bn
3Y 3,5% Very Low
ISIN (CUSIP)  EU000A2SCA15
European Union EUR
32,0bn
4–30Y 2,9–4,5% Very Low
ISIN (CUSIP)  EU000A4EXVK3…EU000A4E0866
Federal Republic of Germany EUR
4,0bn
30Y 3,8% Very Low
ISIN (CUSIP)  DE000BU2D012
Franklin BSP Capital USD
0,30bn
3Y 7,5% Medium
ISIN (CUSIP)  USU3510AAD38
Free and Hanseatic City of Hamburg EUR
0,50bn
10Y 3,7% Very Low
ISIN (CUSIP)  DE000A3MQTV9
General Motors USD
1,2bn
3Y 5,6% Medium
ISIN (CUSIP)  US37045XFS09
Instituto de Crédito Oficial EUR
0,50bn
5Y 3,7% Low
ISIN (CUSIP)  XS3526683621
KeyCorp USD
1,0bn
6Y 5,9% Medium
ISIN (CUSIP)  US49326EES81
KfW EUR
8,0bn
3–6Y 3,0–3,5% Very Low
ISIN (CUSIP)  XS3480769069…XS3166721913
Kingdom of Spain EUR
4,0bn
21Y 4,3% Low
ISIN (CUSIP)  ES0000012S30
L-Bank Baden-Württemberg USD
1,5bn
3Y 4,4% Very Low
ISIN (CUSIP)  XS3455113186
Microsoft USD
25,0bn
2–40Y 4,9–6,4%; FLOAT Very Low
ISIN (CUSIP)  US594918CZ59…US594918DG69
Procter & Gamble USD
4,0bn
5–30Y 5,1–5,9% Very Low
ISIN (CUSIP)  US742718GU73…US742718GX13
Public Storage USD
0,50bn
10Y 5,8% Low
ISIN (CUSIP)  US74464AAJ07
Republic of Finland EUR
4,0bn
7Y 3,3% Very Low
ISIN (CUSIP)  FI4000609516
Republic of Italy EUR
8,0bn
12Y 4,5% Medium
ISIN (CUSIP)  IT0005733099
Ryder System USD
0,70bn
5Y 5,6% Medium
ISIN (CUSIP)  US78355HLJ67
Southwest Airlines USD
0,65bn
5Y 6,1% Medium
ISIN (CUSIP)  US844741BP21
State of Baden-Württemberg EUR
0,60bn
10Y 3,7% Very Low
ISIN (CUSIP)  DE000A3H26C0
State of Berlin EUR
1,2bn
10Y 3,5% Very Low
ISIN (CUSIP)  DE000A5H3DJ1
State of Brandenburg EUR
0,75bn
4Y 3,7% Very Low
ISIN (CUSIP)  DE000A351UV1
State of Hesse EUR
1,2bn
5Y 3,3% Very Low
ISIN (CUSIP)  DE000A1RQFH0
State of North Rhine-Westphalia EUR
1,5bn
7Y 3,3% Very Low
ISIN (CUSIP)  DE000NRW0QR6
State of Thuringia EUR
0,65bn
8Y 3,7% Very Low
ISIN (CUSIP)  DE000A5GS4C0
Texas Instruments USD
2,0bn
2–10Y 5,1–5,8% Very Low
ISIN (CUSIP)  US882508CN25…US882508CR39
United Kingdom GBP
9,0bn
12–29Y 2,1–5,8% Very Low
ISIN (CUSIP)  GB00BMY62Z61…GB00BT7J0241
United Rentals USD
1,0bn
10Y 6,2% Medium
ISIN (CUSIP)  US911365BV58
World Bank (IBRD) GBP
1,2bn
6Y 4,7% Very Low
ISIN (CUSIP)  XS3487947957
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.