Global Weekly Fixed Income Report - July 17, 2026

Executive Summary

The week was defined by a rates rally led by the front and belly of the U.S. Treasury curve, softer U.S. inflation prints, still-resilient U.S. activity data, and a differentiated African sovereign credit tape. In the U.S., the Treasury curve bull-steepened: the 2-year yield declined from 4.26% to 4.18%, while the 10-year declined from 4.62% to 4.55%, leaving the 2s10s slope modestly steeper at 37 bps versus 36 bps. The 5s30s segment steepened more clearly, from 73 bps to 78 bps, as the 5-year rallied more than the long bond.

Credit did not fully confirm a broad flight-to-quality. U.S. investment-grade spreads were stable at 78 bps as of the latest available FRED reading for 16 July, while U.S. high-yield OAS was 271 bps, only modestly wider than the 13 July reading of 269 bps. In African sovereign Eurobonds, average one-week G-spread moves were mixed but mostly wider: Egypt +16.6 bps, Ghana +15.5 bps, South Africa +12.7 bps, Angola +1.6 bps, and Nigeria +1.2 bps.