Prospect Capital Junk-Bond Sale Comes With 8% Yield Whisper
Prospect Capital Corp. is discussing a yield of about 8% on its first junk-bond offering since 2021, underscoring the rising costs of funding for private-credit funds.
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Prospect Capital Corp. is discussing a yield of about 8% on its first junk-bond offering since 2021, underscoring the rising costs of funding for private-credit funds.
Government borrowing costs have been climbing around the world as investors demand more compensation to entice them to hold longer-maturity debt. The rise in US bond yields even prompted Treasury Secretary Scott Bessent to announce expanded buybacks of long-dated government debt — an intervention that failed to stop yields on 10-year Treasuries from surpassing 5% and hitting their highest point in almost two decades.
Bonds steadied after a selloff that drove global yields to the highest in decades as the oil rally lost steam. The 10-year Treasury yield slipped three basis points to 5.17%, paring a two-day surge of more than 20 basis points. Bloomberg's Alice Gledhill reports. (Source: Bloomberg)
The surge that sent US Treasury yields to the highest in decades is threatening carry trades that had become the go-to strategy for emerging-market investors this year.
A painful fixed-income selloff is eroding returns in state and local government debt, driving the rate on benchmark 30-year municipal bonds above the 5% threshold.
Yields on the US government’s longest-dated bonds climbed to the highest level in more than two decades, the latest milestone notched in an extended bond selloff driven by inflation and fiscal concerns.
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