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
11.10.2026
Weekly bond digest: October 5 – October 11, 2026
Weekly bond digest: October 5 – October 11, 2026
84

Yield Curves

German yields edged up this week. The 2-year yield rose 5 basis points to 3.12%, and the 10-year rose 2 basis points to 3.48%. Part of last week's rush into safe German bonds reversed as worries about France and Italy eased. The gap between Italian and German 10-year yields narrowed from 114 to 109 basis points, and France's gap also shrank, though it stayed close to its widest in more than a decade. Higher oil prices added to inflation worries early in the week. Late in the week, European Central Bank President Christine Lagarde told euro area finance ministers that the ECB has tools to stop disorderly moves in government bond markets.

EUR Germany Sovereign Curve

US Treasury yields swung widely but ended the week slightly lower. The 10-year yield briefly touched 5.36% on Wednesday, its highest level in 24 years, as oil prices jumped after attacks on Gulf shipping. Yields then fell back, mostly on Thursday, when President Trump said the US would not attack Iran again before the November midterm elections and oil prices dropped. The 10-year finished at 5.24%, down 3 basis points on the week, and the 2-year fell 4 basis points to 4.79%. Federal Reserve Governor Christopher Waller said more rate rises are likely needed, but not necessarily at every meeting.

USD US Sovereign Curve

UK gilts were the weakest of the three markets. The 10-year yield rose 7 basis points to 5.44%, and the 2-year also rose 7 basis points, to 4.89%. On Thursday the 10-year yield touched 5.53%, its highest since 2007, and the 30-year passed 6%, a level last seen in 1998. Higher oil prices add to inflation worries in the UK, where markets expect the Bank of England to raise rates in November or December. Investors are also cautious ahead of Chancellor John Healey's first budget on October 28.

GBP UK Sovereign Curve

In corporate bonds, BB-rated issuers now look better value than weaker single-B issuers, whose bonds held up unusually well during the recent sell-off. Bonds from non-financial companies also look safer than bank bonds while French and Italian government spreads stay wide.

Top gainers

Riskier government bonds led the gains. Ukraine's dollar bonds bounced back after last week's sharp fall, with the 2034, 2035 and 2036 bonds up between 3.8% and 4.2%. Romania's bonds rallied after S&P kept the country's rating at BBB-, avoiding a cut to junk, and its 2049 euro bond gained 3.7%. Food company General Mills' 2051 bond also rose 3.9%.

Name Cur Price change
1w (%)
Yield Risk Level
Ukraine 4.5% Feb 2034 USD 4,16% 14,20% Very High
Ukraine 4.5% Feb 2035 USD 4,08% 13,96% Very High
General Mills 3% Feb 2051 USD 3,89% 6,16% Medium
Ukraine 4.5% Feb 2036 USD 3,77% 13,74% Very High
Romania 4.625% Apr 2049 EUR 3,70% 6,82% Medium
Romania 3.375% Feb 2038 EUR 3,14% 6,45% Medium
Romania 6.5% Oct 2045 EUR 2,93% 6,84% Medium
Romania 6.125% Jan 2044 USD 2,55% 7,30% Medium
Romania 7.5% Feb 2037 USD 2,48% 7,09% Medium
Romania 6.375% Jan 2034 USD 2,44% 6,77% Medium

Top losers

Riskier bonds also led the losses. The Bahamas' 2033 bond fell the most, down 4.4%. Paramount Global's 2033 and 2032 bonds lost 3.5% and 2.8% after Fitch cut the company's rating to BB, deeper into junk. German property company Aroundtown's 2032 dollar bond fell 3.2%, and US telecom group Windstream's 2032 bond lost 2.7%.

Name Cur Price change
1w (%)
Yield Risk Level
Bahamas Cmnwlth 6.625% May 2033 USD -4,39% 7,40% Very High
Paramount Global 5.5% May 2033 USD -3,50% 10,72% High
Aroundtown 4.75% Mar 2032 USD -3,15% 5,70% Medium
Paramount Global 4.2% May 2032 USD -2,76% 10,20% High
Windstream Serv 8.625% Jun 2032 USD -2,65% 10,04% Very High
FMC 8.45% Nov 2055 USD -2,62% 18,90% High
CoreWeave 9.25% Jun 2030 USD -2,56% 12,02% Very High
Whirlpool 5.75% Mar 2034 USD -2,53% 12,51% High
Energy Transfer 5% May 2050 USD -2,44% 6,80% Medium
Walker & Dunlop 6.625% Apr 2033 USD -2,38% 7,93% High

Rating changes

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

Upgrades and downgrades were almost evenly matched this week, 24 to 23. S&P raised Swedish utility Vattenfall to A- and lifted equipment rental group United Rentals to BBB-, an investment-grade rating. Fitch moved UK insurer Beazley up two notches to AA-. On the downside, S&P cut Nike to A from A+, and Fitch lowered Warner Bros. Discovery to BB, a notch deeper into junk, as its takeover by Paramount Skydance adds a large pile of debt. Moody's also cut two Italian banks below investment grade.

Issuer Agency Change
1001 Vies Habitat Moody's A1 → A2
Adira Finance Moody's Baa1 → A3
Aena Fitch A → A+
An Binh Bank Moody's B2 → B1
Angi S&P B → B-
Anor Bank Fitch CCC+ → CCC
BakeMark S&P B- → CCC+
Banca IFIS Moody's Baa3 → Ba1
Banco BAC San José Fitch BB+ → BBB-
Banco Original S&P B- → B
Beazley Fitch A → AA-
Caparra Hills Fitch B+ → BB-
Casino Guichard-Perrachon Fitch CCC- → CC
Champion Iron S&P BB- → B+
CHC Helicopter S&P B → B-
Cushman & Wakefield S&P BB- → BB
Europcar S&P B- → B
Freedom Mortgage S&P B → B+
Illimity Bank Moody's Baa3 → Ba1
KazTransOil S&P BBB- → BBB
Kommunalkredit Austria S&P BBB → BBB-
Kronosnet S&P B → B-
Kyrgyz Republic Moody's B3 → B2
LSF12 Crown Intermediate S&P B- → B
Medical Properties Trust S&P SD → CCC+
Nike S&P A+ → A
Notting Hill Genesis Moody's A3 → Baa1
Oscar Acquisitionco S&P D → CCC+
OSTTRA Fitch B → B+
Paradigm Parent S&P B → B-
Paramount Skydance Fitch BB+ → BB
Republic of Ghana Moody's Caa1 → B3
Republic of Maldives Moody's Caa2 → Caa1
Sazerac S&P BB- → BB
South West Water Moody's Baa1 → Baa2
Superannuation & Investments Finco S&P BB- → BB
Swisscard AECS Fitch A- → A
Syniverse S&P CCC → D
TalkTalk S&P CCC+ → D
Telefónica Móviles Chile S&P BB- → B+
Titan Cement S&P BB+ → BBB-
TTF Lower Intermediate S&P B → B-
United Rentals S&P BB+ → BBB-
Valloire Habitat Moody's A1 → A2
Vattenfall S&P BBB+ → A-
Warner Bros. Discovery Fitch BB+ → BB
Xplore S&P CCC+ → CCC

New issues

New bond sales stayed slow as high borrowing costs kept many companies away. US companies sold only about $11 billion of bonds, well below what dealers had expected, and European sales also came in under forecasts. 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. In dollars, food group Cargill raised $1.25 billion at yields of 5.4% to 6.1%, adhesives maker H.B. Fuller paid 7.6% on an 8-year bond, and concert promoter Live Nation sold a 6-year bond at 7.1%. In euros, the German states of North Rhine-Westphalia and Lower Saxony borrowed €2.25 billion between them at about 3.8%.

Issuer Size Term Yield Risk Level
ADI Escrow Issuer USD
1,0bn
7Y 8,9% Very High
ISIN (CUSIP)
USU0380GAA95
 
Atmos Energy USD
0,70bn
10Y 6,0% Low
ISIN (CUSIP)
US049560BG91
 
Bayerische Landesbank EUR
0,25bn
2Y FLOAT, +17bp Very Low
ISIN (CUSIP)
DE000BYL0R42
 
Cantor Fitzgerald USD
0,50bn
3Y 6,4% Medium
ISIN (CUSIP)
USU13809AN51
 
Cargill USD
1,25bn
3–10Y 5,4–6,1% Low
ISIN (CUSIP)
USU14178FS86…USU14178FT69
 
CSLB Holdings USD
1,5bn
7–10Y 5,9–6,2% Low
ISIN (CUSIP)
USU1276AAA70…USU1276AAB53
 
Eclipse Acquisitions Merger Sub USD
0,80bn
5Y 10,0% Very High
ISIN (CUSIP)
USU2548TAA61
 
Free State of Saxony EUR
0,50bn
7Y 3,7% Very Low
ISIN (CUSIP)
DE0001789436
 
H.B. Fuller USD
0,85bn
8Y 7,6% High
ISIN (CUSIP)
US40410KAB17
 
Integra LifeSciences USD
0,45bn
7Y 9,5% Very High
ISIN (CUSIP)
USU4579BAA36
 
Inter-American Development Bank USD
1,0bn
4Y FLOAT, +30bp Very Low
ISIN (CUSIP)
US4581X0FC78
 
International Development Association EUR
1,0bn
30Y 4,3% Very Low
ISIN (CUSIP)
XS3538132773
 
L-Bank Baden-Württemberg GBP
0,30bn
5Y 5,0% Very Low
ISIN (CUSIP)
XS3534736973
 
Live Nation Entertainment USD
0,73bn
6Y 7,1% High
ISIN (CUSIP)
U53897AK7 (RegS)
 
MSD Investment USD
0,35bn
3Y 7,1% Medium
ISIN (CUSIP)
USU6076BAE84
 
Nordic Investment Bank GBP
0,20bn
5Y FLOAT, +25bp Very Low
ISIN (CUSIP)
XS3518483675
 
Scentre Group USD
0,75bn
10Y 6,2% Low
ISIN (CUSIP)
USQ8352BAF15
 
Spire Missouri USD
0,35bn
10Y 6,2% Low
ISIN (CUSIP)
US84859DAE76
 
State of Lower Saxony EUR
1,0bn
8Y 3,8% Very Low
ISIN (CUSIP)
DE000A5GS7U5
 
State of North Rhine-Westphalia EUR
1,25bn
10Y 3,8% Very Low
ISIN (CUSIP)
DE000NRW0Q07
 
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.