Cyrus Ng, CFA, CAIA

Senior Research Analyst, Bond Research

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June Fed recap: Warsh opens with a rate-hold and a new Fed playbook Macro Research

June Fed recap: Warsh opens with a rate-hold and a new Fed playbook

The Fed held rates steady again, but the bigger story was the change in leadership, communication style and policy framework. Read on for our recap of the recent June Fed meeting.

By Cyrus Ng, CFA, CAIA | 3 Days Ago |2724 Views
Fixed IncomeGeneralUSDFedBondsRatesFederal ReserveInterest RatesShort DurationMoney Market
China tightens cross-border investing: Equity noise but limited credit impact Bonds

China tightens cross-border investing: Equity noise but limited credit impact

China’s cross-border investment curbs may slow new client inflows for HK financials, but credit impact appears contained for Standard Chartered, HSBC, and FWD.

By Cyrus Ng, CFA, CAIA | 12 Jun 2026 |138 Views
CORPFINS
Thinking differently about high-yield bonds: A senior-secured bond strategy for income investors Funds

Thinking differently about high-yield bonds: A senior-secured bond strategy for income investors

The Barings Global Senior Secured Bond Fund offers selective high-yield exposure with added structural protection through collateral backing, with around 9% distributions in USD terms.

By Cyrus Ng, CFA, CAIA | 11 Jun 2026 |2372 Views
Fixed IncomeFixed IncomeHigh YieldHigh YieldUnit TrustUnit TrustFundFundGlobalGlobalSeniorSeniorBaringsBaringsSecuredSecured
Commerzbank announces 5-year AUD senior preferred bonds at an IPG of around 5.815% Bond Issues

Commerzbank announces 5-year AUD senior preferred bonds at an IPG of around 5.815%

Commerzbank plans to issue new 5-year AUD senior preferred bonds at an initial price guidance of around 5.6%, for accredited and institutional investors only. Here is our take on this new issuance.

By Cyrus Ng, CFA, CAIA | 03 Jun 2026 |119 Views
FINSCorporateHYCORPBankGermanyCommerzbankPolandPrivateMBank
MoneyMax: A golden opportunity within SGD bonds Bonds

MoneyMax: A golden opportunity within SGD bonds

MoneyMax’s improved earnings and coverage support its credit outlook. We maintain a positive view on its 2028 bonds.

By Cyrus Ng, CFA, CAIA | 02 Jun 2026 |487 Views
ConsumerCONDHYCORPGoldMoneyMaxPawnLuxuryLendingSecured
US Treasuries: 30-year USTs are over 5% - is this an opportunity or a trap? Bonds

US Treasuries: 30-year USTs are over 5% - is this an opportunity or a trap?

US Treasury yields have repriced higher as inflation and fiscal risks remain persistent. We discuss our recommendations on duration within the US Treasury space.

By Cyrus Ng, CFA, CAIA | 26 May 2026 |2312 Views
USInflationSOVGOVTFedTreasuriesInterest RatesUSTYields
Manulife Financial announces SGD 10NC5 Tier 2 bonds at IPG of 3.20% Bond Issues

Manulife Financial announces SGD 10NC5 Tier 2 bonds at IPG of 3.20%

Manulife Financial Corporation plans to issue new SGD 10NC5 Tier 2 bonds at an initial price guidance of 3.20%, for accredited and institutional investors only. Here is our take on this new issuance.

By Cyrus Ng, CFA, CAIA | 26 May 2026 |221 Views
CORPFINSFinancialsInsuranceCanadaManulife
Shangri-La: Five-star assets and bonds within the SGD space Bonds

Shangri-La: Five-star assets and bonds within the SGD space

Shangri-La’s bonds remain attractive as an asset-backed hospitality pick, supported by its stable performance, as well as strong liquidity and market access.

By Cyrus Ng, CFA, CAIA | 21 May 2026 |304 Views
ChinaCONDHYCORPHong KongSingaporeAsiaShangri-LaHotelHospitality
Barclays 1Q26: Steady as she goes, resilient beneath the noise Bonds

Barclays 1Q26: Steady as she goes, resilient beneath the noise

Barclays delivered steady 1Q26 growth, with visible net interest income, strong liquidity, and adequate capital offsetting specific impairments and one-off charges.

By Cyrus Ng, CFA, CAIA | 19 May 2026 |222 Views
BarclaysCORPFINSUKHYCORPBankInvestment Bank1Q26
10-year Gilts are now over 5% - what happened? Bonds

10-year Gilts are now over 5% - what happened?

UK Gilts have surged as inflation concerns intensify, supplemented by recent political headlines. Read on for our take on how to approach the Gilts market!

By Cyrus Ng, CFA, CAIA | 14 May 2026 |544 Views
United KingdomBondUKSOVGOVTSovereignGilt