Bonds
How Systemic Banks Can Quietly Influence Interest Rates
Central banks try to prevent financial instability while controlling inflation. New research suggests those goals can conflict in a surprising way: protecting banks from rate shocks may encourage the largest institutions to take positions that make future monetary tightening harder.…
Bank of England Holds Rate at 3.75%, Plans to Unwind Gilt Holdings
The Bank of England’s Monetary Policy Committee voted 6–3 to maintain Bank Rate at 3.75% at its meeting ending on 16 September 2026, with three members preferring an increase to 4%, and voted unanimously to reduce the stock of gilts…
S&P UBS Leveraged Loan Futures Start On CME Globex Under CBOT Rules
CME Group announced on September 15, 2026 that its S&P UBS USD Liquid Leveraged Loan Index futures began trading on September 14, 2026, extending the exchange’s credit futures complex into the U.S. leveraged loan market. The contracts are available to…
2030 Pioneer Notes Priced at $888.49 and 2031 Notes at $885.66 Per $1,000
ExxonMobil Holdings Corporation announced the pricing terms, expiration, and results on September 15, 2026 of the offers by its wholly owned subsidiary Pioneer Natural Resources Company to purchase for cash any and all of Pioneer’s outstanding $1.1 billion 1.900% Senior…
American Tower Prices Three-Tranche Senior Notes Offering
American Tower Corporation priced a registered public offering of senior unsecured notes in three tranches on September 9, 2026, according to the company’s pricing announcement. The offering consists of $500.0 million aggregate principal amount of 5.300% notes due 2031, $500.0…
Pioneer Natural Resources Launches Cash Tenders for 2030 and 2031 Notes
Pioneer Natural Resources Company, a wholly owned subsidiary of ExxonMobil Holdings Corporation , is offering to purchase for cash any and all of its outstanding $1,100,000,000 1.900% Senior Notes due 2030 and $1,000,000,000 2.150% Senior Notes due 2031, ExxonMobil announced…
SoftBank Sets 4.75% Coupon on ¥1 Trillion Seven-Year Bond
SoftBank Group Corp. on September 4, 2026, set the final terms for its 70th unsecured straight corporate bond, a 1 trillion yen, seven-year offering in Japan aimed mainly at individual investors and known as the “Fukuoka SoftBank HAWKS Bond,” fixing…
Panasonic Holdings Sets Terms on 100 Billion Yen of Hybrid Bonds
Panasonic Holdings Corporation on August 28, 2026 determined the terms and conditions for two series of hybrid bonds (subordinated bonds), setting an initial coupon rate of 3.455% per annum on a 70 billion yen fourth series and 4.188% per annum…
SoftBank Files ¥1 Trillion Retail Bond With 4.30%–4.90% Coupon Range
SoftBank Group is preparing to issue about ¥1 trillion in seven-year bonds for retail investors, Jiji Press reported on August 20, 2026, with the coupon and other terms to be set in early September. At ¥1 trillion (roughly $6.3 billion),…
Can Green Bonds Actually Accelerate the Energy Transition?
Investors have been eager to purchase so-called “green bonds” or debt used to finance green projects like renewable energy generation, carbon emissions reduction, carbon capture technology, recycling, electrification, etc. Unfortunately, this has also led to “greenwashing”, where green financing is…
Jonathan Schramm
Government Bond Tokenization Explained
One of the most underappreciated developments in digital securities is the application of blockchain technology to government bond issuance. While much of the early focus of tokenization centered on private assets and cryptocurrencies, sovereign debt markets are now emerging as…
Wholesale CBDCs and On-Chain Settlement Explained
What a Wholesale CBDC Actually Is Not all central bank digital currencies are designed for consumers. A wholesale CBDC is a digital form of central bank money intended for use by regulated financial institutions. Its primary role is settlement—clearing and…
Blockchain Securitization Explained: HELOCs on Provenance
Blockchain-Native Securitization Explained Traditional securitization relies on a complex network of intermediaries, including originators, trustees, servicers, underwriters, custodians, and clearing systems. Each maintains separate records, creating reconciliation delays, operational risk, and settlement friction. Blockchain-native securitization compresses this structure by placing…
Arca Funds and the Tokenization of U.S. Treasuries
Arca Funds and the Tokenization of U.S. Treasuries Arca Funds, a U.S.-based asset manager, emerged as one of the first firms to pursue a fully regulated, blockchain-based structure for holding and distributing exposure to U.S. Treasury securities. The initiative was…
Santander’s Tokenized Bond: A Blockchain Milestone
Santander’s Public Blockchain Bond Experiment Santander conducted a landmark pilot demonstrating how traditional debt securities can be issued, managed, and settled using blockchain infrastructure. The bank issued a $20 million bond represented by a custom token deployed on a public…
