Bonds wrap: GPIF’s first loss in six quarters as foreign bonds slide

Global bond markets are tightening as rate-sensitive assets face renewed selling pressure. Japan’s giant public pension fund booked its first quarterly loss in a year and a half, almost entirely from a sell-off in overseas fixed income. In Europe, French yields testing 5 percent keep spreads wide while the ECB remains on hold.

MoneyTurkey Bonds Desk | Bonds wrap, updated 6 November 2026, 09:07 UK time

Full article: GPIF Posts First Loss in Six Quarters →

Key points

• GPIF hit by foreign-bond slide as yen strengthens
• Wage growth adds to pressure on BOJ timing

Latest developments

GPIF hit by foreign-bond slide as yen strengthens

• Foreign bonds fell 6.52 percent, driving the 5.25 trillion yen quarterly loss
• Assets declined to 314.39 trillion yen as U.S. Treasuries and euro-denominated debt sold off

Full article →

Wage growth adds to pressure on BOJ timing

• September real wages rose for the ninth month in a row, reinforcing the inflation outlook
• BOJ minutes showed officials weighing quicker tightening if prices exceed the 2% goal

Full article →

Apple joins crowded calendar with seven-part USD print

• Deal spans floating notes to 2029 and fixed tranches out to 2036, with two-year paper guided at T+45 and ten-year at T+80.
• Proceeds earmarked for buybacks, dividends and capex despite Apple’s $137 billion cash pile and $145 billion operating cash flow.

Full article →

BoE, jobs report and midterms line up for traders

• 10-year gilt yields drop as Brent futures lose nearly four per cent
• Dollar index slips half a per cent to 101.45, its softest reading in four weeks

Full article →

SA fiscal ratios improve as GDP base widens; ECB holds and Romania taps euros

• South Africa’s 2025/26 debt-to-GDP ratio now at 74.6 percent after a R393 billion GDP uplift, with the sub-70 percent mark now expected in 2032/33.
• The Treasury’s 2026/27 main budget deficit narrows to 3.5 percent of GDP from 3.7 percent, with the ECB on hold and French 10-year yields pushing toward 5 percent.

Full article →

For information only. Not investment advice.