Global Fixed Income Report - July 24, 2026

Executive Summary

The U.S. Treasury curve moved higher across the curve, led by the front end and belly. The 2-year yield rose 12 bps to 4.33%, the 10-year rose 9 bps to 4.69%, and the 30-year rose 5 bps to 5.16%, producing a bear flattener in the core U.S. curve. The 2s10s slope compressed from 39 bps to 36 bps.

Brent crude rose 5.2% over the week, from 87.14 to 91.68, reinforcing the market’s sensitivity to energy-led inflation risk. U.S. corporate credit spreads remained contained but no longer offered a large valuation cushion. U.S. corporate bond spreads were reported at 0.79% as of 23 July, while U.S.

high-yield OAS was 2.77% as of 23 July.

African sovereign Eurobonds: Average one-week G-spread moves were mixed: Ghana widened 21.4 bps, Egypt widened 13.2 bps, South Africa widened 9.0 bps, Nigeria was broadly stable at -0.7 bps, and Angola tightened 8.3 bps.