Perpetual bond issuance is rising again, but the assumptions holding hybrid capital structures together are under more pressure than spreads currently suggest.

Covered bond spreads are tightening across European bank funding markets as institutional demand outpaces supply, driven by regulatory requirements, rate normalization, and a rotation toward secured structures.

Gulf sukuk issuance is accelerating, but domestic banks absorbing the paper are quietly running short on liquidity. Here’s why the pressure is building.

Rising Treasury futures open interest is signaling basis trade crowding, not macro conviction – a setup that historically precedes sharp, disorderly unwinds.

Reverse inquiry bond issuance lets institutional investors approach issuers directly, bypassing syndicate desks and cutting costs. Here’s how it works and why it’s growing.

Synthetic Treasury repo fail-equivalents are quietly consuming dealer balance sheet capacity in ways that bypass standard regulatory reporting, creating stress that compounds at quarter-end.

Synthetic risk transfer lets banks shed credit risk without selling loans. Here’s why adoption is accelerating and what the market tensions look like.

PIK toggle note activity is rising quietly across leveraged credit markets, signaling cash flow stress in high-debt sectors. Here’s what the pattern reveals.

CDS index skew is widening at short maturities, signaling that sophisticated credit markets are pricing in corporate stress that bond spreads haven’t reflected yet.

Convertible bond issuance is outpacing investment-grade supply as companies seek lower coupons and flexible structures amid elevated borrowing costs.