Bonds

The Bonds Are Longer Than the Machines They Paid For

Hyperscalers and related issuers have sold about $225bn of bonds this year by S&P Global's count, on pace for a record. Capital spending now runs at roughly 94 percent of operating cash flow against 40 percent in 2023, and the paper being issued is long — matched to a useful life the issuers estimate themselves.

By Daniel Okafor 7 hours ago

The Long View

Every Long Bond Sold Off at Once. That Rules Out Most of the Explanations.

The ten-year Treasury reached its highest yield since November 2023 on Wednesday. On the same day Japanese ten-year debt passed 3 percent for the first time in thirty years, German yields hit a fourteen-year high and British yields an eighteen-year one. Four governments with four different problems do not usually move together.

By Daniel Okafor 44 hours ago

Bonds

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The Bonds Are Longer Than the Machines They Paid For

Every Long Bond Sold Off at Once. That Rules Out Most of the Explanations.