Group 1 - The central financial institution has completed the bidding process for the second phase of special government bonds for 2025, with a planned issuance of 105 billion yuan [1] - The actual issuance amount of the bonds is 105 billion yuan, with a determined issuance price of 99.66 yuan, translating to an annual yield of 1.64% [1] - The distribution of the newly issued bonds will take place from the end of the bidding until June 5, and from June 9, it will be merged with the previously issued portion of 145 billion yuan for market trading [1]

It is hereby announced that the IL Fund, as issuer of the bonds HFF150434 and HFF150644, has decided to exercise the right to settlement pursuant to item (i) of Article 7.A of the terms and conditions of the bonds, as provisionally adopted by resolution of the bondholders' meeting held on 10 April 2025.The bonds settlement will take place on 12 June 2025, with payment for the notes to be made through the transfer of the assets specified in the resolution proposed at the meeting. Further information on the v ...

Investment Rating - The report indicates a dovish outlook for G10 policy rates through 2026, suggesting a significant decline in rates, particularly in the US, where 10-year Treasury yields are expected to reach 4.00% by the end of 2025 and just above 3.00% by the end of 2026 [6][27]. Core Insights - The report emphasizes that the US dollar is expected to weaken significantly, with the DXY forecasted to fall an additional 9% over the next 12 months to 91, driven by a convergence in US rates and growth to peers, alongside increased FX hedging flows [6][69]. - The report outlines a bearish outlook for global growth, particularly in the US, where real GDP growth is projected to decline from 2.5% in 2024 to 1.0% in both 2025 and 2026, influenced by tariffs and immigration restrictions [15][23]. - Inflation is expected to moderate globally, with core PCE in the US forecasted to reach 4.5% before declining, while the euro area is projected to undershoot the ECB's inflation target due to sluggish growth [23][34]. Interest Rate Strategy - In the US, Treasury yields are expected to range trade through 3Q25 before declining, with a forecast of 10-year yields at 4.00% by the end of 2025 and a larger decline in 2026 as the Fed is anticipated to cut rates by 175 basis points [3][27]. - The euro area is projected to see the 10-year Bund yield fall to 2.40% by 4Q25 and 2.20% by 4Q26, influenced by more ECB easing than currently priced in [3][35]. - In the UK, 10-year gilt yields are expected to end 2025 at 4.35% and 2026 at 3.80%, with the Bank Rate projected to decline further due to a slowdown in economic activity [41][43]. Currency & Foreign Exchange - The report forecasts continued weakness in the USD, with significant declines against safe-haven currencies such as EUR, JPY, and CHF, as the DXY is expected to fall to 91 by mid-2026 [8][69]. - Specific currency pairs are projected to move as follows: EUR/USD to rise to 1.25, GBP/USD to 1.45, and AUD/USD to 0.69 by mid-2026, reflecting various economic factors [8][69]. Inflation-Linked Bonds - In the US, breakevens are expected to remain elevated until 3Q25 due to tariff-induced inflation, with a tightening forecast around 2Q26 as inflationary pressures begin to cool [9]. Sovereign Supply Outlook - The report anticipates a decrease in net coupon bond supply across the G7, amounting to US$2.72 trillion in 2025, down 5% year-over-year, influenced by fiscal policy uncertainties [53][62].

Summary of Key Points Core Viewpoint - The document presents a summary of bids, sales, cut-off prices, pro rata allocations, and yields for specific bonds, indicating the financial performance and market interest in these securities [1]. Group 1: Bids and Sales - The total bids amounted to 2,070 million DKK, while total sales reached 1,550 million DKK, reflecting a strong demand for the bonds offered [1]. - The bond with ISIN 99 24458 DGB 0.10% had bids of 620 million DKK and sales of 600 million DKK, with a cut-off price of 93.04 [1]. - The bond with ISIN 99 24961 DGB 2.25% had bids of 1,450 million DKK and sales of 950 million DKK, with a cut-off price of 97.97 [1]. Group 2: Yield and Pro Rata - The yield for the bond with ISIN 99 24458 DGB 0.10% is reported at 0.87% per annum, while the yield for the bond with ISIN 99 24961 DGB 2.25% is at 2.47% per annum [1]. - Both bonds had a pro rata allocation of 100%, indicating that all bids were fully satisfied [1]. Group 3: Settlement Information - The settlement date for the transactions is set for June 6, 2025, which is crucial for investors to note for their financial planning [1].

Multinational companies are borrowing in rem at a record rate as they search for cheaper funding and a way to hedge against USChina relations. Panda bond issuance is rem borrowing by overseas companies in the mainland. In 2024, total borrowing was almost 200 billion remmbb which is the highest on record. In the first quarter of this year, panda bond issuance was more than 40 billion remmbb the second highest quarter on record.This marks a shift in strategy by global companies to raise debt for their Chinese ...

Group 1 - The article discusses a well-known Business Development Company (BDC) that is favored for its short-duration products with high yields [1] - Following a crash in the BDC sector, many companies experienced a significant decline in performance [1] - The investing group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [1] Group 2 - The article emphasizes the importance of active investor participation and offers a free trial for interested parties [1] - The analyst has disclosed a beneficial long position in shares of GAINI and GAINZ, indicating a personal investment interest [1]

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29 May 2025 Emerging bond dynamic and regime change Toronto The tariff threat to the tariff retreat has now been reduced to a two-day cycle. Donald Trump threatened Europe with a higher 50% tariff last Friday and then on Sunday extended the deadline for Europe to come to an agreement from 1 June to 9 July. This latest twist and turn will have further convinced investors of what many were already assuming, based on GREED & fear's meetings with investors in North America this week. That is, that the 47th Pres ...

Group 1 - The article does not provide any specific company or industry insights, focusing instead on disclaimers and disclosures related to investment advice and performance [1][2][3]

_Before trading options, please read Characteristics and Risks of Standardized Options here: https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document_ Tony discusses the current trade peace and the rise in US and Japanese bond yields. He then shares a trade idea for an AI-powered software company and looks back to a recent trade for a video communications company. Questions? Drop them below 👇 and we’ll reply right in the comments. - For more about In the Money: https://w ...