Japan’s Yield Shock: Takaichi Presses BOJ as 30-Year Hits 3.97%
PM Takaichi’s May request that the BOJ buy more bonds becomes public as 30-year JGB yields hit a record 3.97% and 10-year yields the highest since 1996.
Stock Market
AI Debt Deluge Meets Pushback: Cover Ratio Halves to 2x
Hyperscaler bond books have slid from 5x oversubscribed in February to under 2x by July, as AI-related debt heads to $570B and Moody’s warns.
Treasury Backs Yen: First U.S. Support Op in Over a Decade
U.S. Treasury and the NY Fed joined the Bank of Japan to buy yen after USD/JPY hit 40-year highs — Washington’s first yen support in over a decade.
Bear Steepener Alert: 30-Year Yield Hits 5.17%, Curve Widens
The 30-year Treasury yield touched 5.17% on July 23, a multi-year high, and the curve steepened sharply after the July FOMC. Here is what is driving it.
Jersey Mike’s Prices $1B NYSE IPO at $23; JMKE Debuts Today
Blackstone-backed Jersey Mike’s priced its NYSE IPO at $23/share, raising about $1B at a $7.3B equity valuation; JMKE begins trading July 30.
M&A Push Puts July IG Bond Sales on Pace for Decade High
Bank of America projects $130 billion of July U.S. investment-grade issuance, just shy of 2015’s record, as M&A financing and Big Tech capex flood the tape.
FDA Clears 20 Zyn Variants for Reduced-Risk Claims
FDA issued modified risk tobacco product orders for 20 Zyn nicotine pouch variants, the first MRTP authorization for the category and Philip Morris’s biggest smoke-free regulatory win since IQOS in 2020.
Alan Greenspan, Fed Chair From 1987 to 2006, Has Died
Alan Greenspan, the Fed’s 13th chair who steered policy through the 1987 crash, dot-com bubble and 1% rates, has died, the central bank said.
Securitize Closes Cantor SPAC; SECZ Trades on NYSE July 2
Tokenization platform Securitize is wrapping its merger with Cantor Equity Partners II, raising about $400M and listing on the NYSE under SECZ on July 2.
Merck KGaA Buys Bio-Techne for $11.3B; TECH Pops 20%
Merck KGaA acquires Bio-Techne for $11.3B in cash at $73/share, a 24% premium. TECH jumped 20% to $70.70 and the arb spread of 3.2% signals a tight deal.