bond

According to the American financial media Semafor, SpaceX (SPCX.O) has a low-rated bond issuance interest rate of approximately 8.3%.

S&P Global Ratings released a report on Thursday, granting the UK digital bank Revolut a BBB+ investment grade rating for the first time, and expects the company to issue senior unsecured bonds in 2027 to establish a debt buffer capable of absorbing potential losses and meeting regulatory requirements.The report noted that Revolut's balance sheet has exceeded £40 billion (approximately $53.5 billion); if the bank were to collapse, the Bank of England could push for a restructuring, with investors bearing the corresponding losses. S&P expects that as Revolut expands its unsecured retail lending business and launches mortgage products, its loan portfolio size will double by 2027 and double again by 2028.S&P believes that Revolut has a strong consumer brand, a scalable technology platform, and an increasingly diversified product range, but its main banking customer relationships still account for a lower proportion compared to traditional banks, and rapid global expansion may exacerbate operational complexity and compliance risks. BBB+ is considered a lower tier within S&P's investment grade ratings.

The yield spread between France's 10-year government bonds and Germany's government bonds has risen to a 15-year high, reaching 160.9 basis points. The yield on France's 10-year government bonds increased by 6 basis points to 5.0601%, the highest level since July 2002. Fiscal pressure and ongoing protests are undermining market confidence, and the yield spread between Eurozone government bonds and German government bonds has also widened.

Bank Negara Malaysia announced the launch of a new generation of paperless securities depository system SSDS+, based on distributed ledger technology, supporting the issuance, custody, and safekeeping of tokenized debt securities, including Islamic bonds (sukuk). The platform can track the ownership and transfer of tokenized securities and connects to the real-time electronic funds and securities transfer system RENTAS+, completing the corresponding bond payment settlements with central bank currency.Bank Negara Malaysia stated that while SSDS+ is primarily designed for wholesale issuance, it also has the capability to support tokenized government bonds and corporate retail bonds. The announcement did not disclose the specific securities issued through the platform, nor did it publish relevant trading volume data.The launch of the platform is a follow-up initiative to the three-year asset tokenization roadmap announced in November 2025, which outlined pilot projects involving Islamic finance, supply chain financing, and programmable payments. In February of this year, Bank Negara Malaysia also tested the ringgit stablecoin and tokenized bank deposits through its Digital Asset Innovation Center, with participating institutions including Standard Chartered Bank, CIMB Group, Bank of Malaysia, and investment holding company Capital A.

J.P. Morgan Asset Management has first included Bitcoin in its long-term capital market expectations, forecasting an annualized return of about 10% for Bitcoin over the next decade, which is expected to outperform stocks, bonds, and gold. However, this prediction also assumes that Bitcoin's annualized volatility could reach as high as 55%, more than three times that of U.S. large-cap stocks.J.P. Morgan believes that the gradual improvement of the regulatory framework, along with the continuous enhancement of market liquidity and price discovery mechanisms, may further promote Bitcoin's recognition in traditional financial markets. Looking ahead to the next decade, technological innovations in fields such as artificial intelligence, robotics, healthcare, and space, as well as a global capital expenditure growth of approximately $15 trillion, are also expected to drive economic growth and asset returns. Analysts point out that the correlation between Bitcoin and other assets is unstable, making it currently unsuitable as a diversification asset in balanced investment portfolios; therefore, the institution has not yet included it in its main investment portfolio model. If Bitcoin's volatility continues to decline in the future and its correlation with other assets stabilizes, its portfolio allocation value is expected to increase.

French government bond yields rose on Monday, widening the yield spread with German government bonds. France is facing weak economic growth and pressure from rising debt, with serious riots erupting over the weekend. The yield on France's 2-year government bonds briefly rose by 10 basis points, while the yield on 10-year government bonds climbed to 4.99% at the beginning of October. Deutsche Bank stated that the riots have increased the political risk in the market.

European Central Bank President Christine Lagarde stated that the sell-off in the bond market has led to an increase in borrowing costs in the Eurozone, which has hindered economic growth and ultimately suppressed inflation. She pointed out that tightening financing conditions and rising long-term interest rates will slow down economic growth and weaken the transmission effect of prices.

The U.S. Treasury did not explicitly suggest a reduction in the scale of long-term Treasury bond auctions, leading to a slight increase in long-term U.S. Treasury yields. Before the quarterly refinancing announcement on November 4, the Treasury consulted with Treasury bond dealers but did not release any clear signals regarding a potential reduction in the issuance scale of long-term Treasury bonds.

According to the Financial Times, investor confidence in whether the artificial intelligence boom can generate enough revenue to support the massive debts of data centers is weakening, leading to a significant drop in the financing bond prices of some large data center projects in the United States. Some bonds that provide funding for data center construction for companies like Meta, Nvidia, and Oracle have fallen below par value. For example, the bonds of CoreWeave, a cloud computing infrastructure provider invested in by Nvidia, have dropped to below 80 cents on the dollar, reaching levels typically considered distressed bonds, with yields nearing 15% on Thursday. The company's stock price fell 17% this week, while competitor Nebius dropped 18%, and Nvidia's market value evaporated by about $270 billion over the past week.Ludovic Subran, Chief Investment Officer of Allianz Group, stated that data center bonds are entering a "Darwinian moment," where projects with weaker credit quality will face survival challenges. He noted that power supply issues and construction delays have led to widening credit spreads, reflecting that the market had previously been overly optimistic in pricing the execution risks of data center debt. The core concern in the market is the significant gap between the scale of AI infrastructure investment and future revenues. OpenAI has postponed its IPO until next year, and Anthropic's quarterly sales growth has slowed, exacerbating doubts about the sustainability of growth in the AI industry.Research firm Gartner predicts that by 2030, 80% of new cloud service providers may not be able to continue operating independently. It estimates that AI data center owners will need to achieve $8.5 trillion in revenue by the end of 2030 to cover capital and financing costs and achieve reasonable returns, but consumer and enterprise spending on AI services is expected to reach only $3.6 trillion at most, indicating that over $4 trillion in assets may face impairment risks by 2032. In some areas of the United States, restrictions have been tightened due to issues related to water usage, noise, and air pollution from data centers, and delays in power supply approvals have further hindered project progress. Investors remain cautious about the circular financing model where clients and suppliers within the industry finance each other. Nvidia CEO Jensen Huang stated on Thursday that he believes CoreWeave does not need Nvidia to provide backstop support and mentioned that the company's capital costs are decreasing and operational strength is continuously improving.

On October 15, the semiconductor research organization SemiAnalysis published an article stating that the lithography equipment manufacturer ASML has not officially announced related products, but patents, news reports, and the company's roadmap all indicate that it is developing hybrid bonding equipment. The author of the article judges that ASML may first launch more challenging chip-to-wafer hybrid bonding tools and view it as an extension of vertical integration.Patents show that the system operates on a track, with each chip placed in an independent carrier, sequentially completing inspection, cleaning, plasma activation, morphology inspection, leveling, coarse alignment, position adjustment, and fine alignment before entering the bonding station; the final placement is completed by the carrier and suction cup. The track's repeat accuracy is about 10 microns, far from the approximately 50 nanometers required for bonding. ASML submitted 27 bonding patent families from December 2022 to November 2024, most of which are aimed at chip-to-wafer. The Elec reported in March that ASML has begun hybrid bonding machine architecture design with Prodrive Technologies and VDL ETG.The article states that wafer-to-wafer hybrid bonding has been used for image sensors and 3D NAND; chip-to-wafer is currently only used for mass production of logic chips, including AMD's hybrid bonding V-Cache shipped since 2022 and TSMC's SoIC. The current spacing of SoIC is about 6 microns, with a target of reaching approximately 4.5 microns by 2029. Besi is currently the only supplier with chip-to-wafer mass production tools, with related logic business mainly concentrated in TSMC and Intel.

U.S. Democratic Senator Mark Kelly accused Trump of purchasing $5 million in SpaceX bonds and announced a significant space policy change affecting SpaceX two days later, questioning the corrupt nature of his actions.

U.S. Treasury yields collectively declined, with long-term yields leading the drop. Market data shows that the yield on the U.S. 20-year Treasury bond is 5.434%, down 14.6 basis points for the day; the 30-year Treasury bond yield is 5.385%, down 14.1 basis points for the day; the 10-year Treasury bond yield is 5.054%, down 13.6 basis points for the day. The U.S. 7-year Treasury bond yield fell 13.5 basis points for the day, and the 5-year Treasury bond yield dropped 11.5 basis points.

Panic selling in the stock market drives funds to buy government bonds for safety. The yield on the 10-year U.S. Treasury bond fell by 10 basis points to 5.089%. The yield on the 10-year German government bond fell by 8.5 basis points to 3.3819%. The yield on the 10-year French government bond fell by 11.5 basis points to 4.7619%. The yield on the 10-year Italian government bond fell by 10 basis points to 4.4657%.Strategists at TD Securities stated that the sharp decline in the AI sector has lowered market expectations for economic growth, making bonds a hedging tool.

Driven by safe-haven demand, the yield on the U.S. 5-year Treasury bond fell by 10 basis points.

The yield on the U.S. two-year Treasury fell by 8 basis points to 4.7235%, while the yield on the thirty-year Treasury fell by 6 basis points to 5.4595%.

The governance voting results of the Ethereum liquid staking protocol Rocket Pool show that voters support rETH withdrawals and have decided to retain the 4 ETH bond setup while choosing to adopt a random megapool exit mechanism.Voters also postponed proposals related to on-chain governance expansion. The complete Saturn 2 upgrade plan still requires formal approval before it can take effect.

The yield on the 5-year U.S. Treasury rose 15 basis points during the day, reaching its highest level since 2007.

According to BBX data, yesterday global US and Japanese stock-listed companies announced their latest financial updates regarding the increase in digital asset treasury holdings, capital tool operations, and optimization of collateralized lending. The core updates are as follows:Strive (NASDAQ: $ASST) increased its holdings by 3,311 BTC last week, bringing the total holdings to 32,773 BTC: The US-listed company Strive disclosed its latest treasury updates, revealing that it made a significant purchase of 3,311 Bitcoins in the open market last week. As of now, Strive's cumulative Bitcoin holdings have officially reached 32,773 BTC. During the same period, warrants valued at $208 million have been exercised, with approximately 15.3 million warrants set to expire on October 14 at 05:00.Metaplanet (TSE: 3350) plans to issue 52 billion yen zero-coupon convertible bonds to enhance the flexibility of pledged BTC for increased holdings: According to Metaplanet's CEO Simon Gerovich, the company announced it will issue zero-coupon yen convertible bonds worth 52 billion yen (approximately $328 million) maturing in 2031, while simultaneously advancing its share buyback plan.

According to Metaplanet CEO Simon Gerovich, Metaplanet announced the issuance of 52 billion yen zero-coupon convertible bonds maturing in 2031, while simultaneously advancing a share buyback.Of the raised funds, up to 28.3 billion yen will be used for discounted repurchase of company shares; 23.6 billion yen will be used to repay loans and release Bitcoin previously locked as collateral, in order to eliminate interest costs and enhance financial flexibility for additional Bitcoin purchases. In addition, Simon Gerovich will lend up to 55 million shares of personal holdings at an annual interest rate of 0.75% to reduce the hedging borrowing costs for institutional investors and optimize the bond issuance conditions.