Fixed Income

• Florida’s Public Schools Load Up on Debt Like Never Before
  Florida’s public schools are borrowing to pay their bills at the highest level on record, as enrollment declines and competition from school choice programs put pressure on budgets.
• Cosan Rethinks Asset Sales After Debt Cut, Bolsonaro-Led Rally
  Brazil conglomerate Cosan SA is reassessing plans to sell assets after it cut debt by half in the past year and as market conditions improved in Brazil on bets that opposition candidate Flávio Bolsonaro will be elected president, according to people familiar with the matter.
• Ares Faces 50% Loss on Cash Piled Into TalkTalk With BT Deal
  Ares Management Corp is set to lose about half of the hundreds of millions of pounds it invested in TalkTalk, after BT Group Plc agreed to buy the telecommunications firm out of insolvency.
• Quebec Bonds Tighten as Separatist Party Falls Short of Majority
  The separatist Parti Québécois won Quebec’s election but fell short of a majority government, a result that’s boosting investor confidence in the province’s bonds.
• France’s Decades of Deficits Bring Home a Painful Risk Premium
  After decades of budget deficits and steadily rising debt, markets are putting a new price on French risk.
• Man Group Disputes View That High Inflation Is Bad for Bonds
  High inflation alone isn’t bad for US Treasuries — instead, it’s a rapid increase in the pace of price growth that does the most damage, according to a study by Man Group.
• Pimco Touts Diversification Need as Yields Lure at 24-Year High
  Pacific Investment Management Co. says bond yields at multi-decade highs offer attractive income for investors, who should spread their allocations across developed and emerging markets to help protect against fiscal risks.
• Emerging-Market Assets Extend Gains as US Yields Decline
  Emerging-market assets extended their gains as a combination of lower US bond yields, a weaker dollar and relatively steady oil prices provide relief to global markets.
• Investors Pounce on South Africa’s Bonds at Weekly Auction
  A weekly auction of government debt on Tuesday attracted the strongest demand in four months as yields among the highest in emerging markets enticed investors flush with cash from coupon payments.
• Apollo to Favor Aircraft Funding Over Junk Bonds for EasyJet
  Apollo Global Management is set to opt for aircraft financing rather than high yield bonds for a £3.5 billion debt package backing its acquisition of low-cost carrier EasyJet Plc.
• US Treasuries Yields Fall From 2002 High as Oil Prices Dip
  US bond yields fell from their highest levels since 2002 as oil prices stabilized and Treasury Secretary Scott Bessent insisted the government’s debt load can be tamed.
• Merlin Debt Backed by London Eye Fetches a High Price Tag
  Credit traders are quoting Merlin Entertainments Ltd.’s private loans far above the distressed prices of the leisure-park operator’s existing securities, reflecting the value investors place on debt backed by prized UK assets like the London Eye.
• Anthropic-OpenAI Holder T. Rowe Says Both Have Path to Dominance
  T. Rowe Price Group Inc.’s Emma Norchet said OpenAI and Anthropic PBC are both poised to succeed as they head for initial public offerings, rejecting the notion that the frontier AI market has room for only one standard-bearer.
• Walter’s Insurance CEO Told DOJ He Was Unaware of Boss’s Loans
  The head of Mark Walter’s insurance companies told authorities he was unaware that the firms had loaned more than $20 billion to the sports mogul’s other businesses, according to people with knowledge of the matter.
• BofA Analysts See Tech Bubble Brewing, Advise Clients to Pile In
  Investors wary of owning technology megacaps driving the Nasdaq 100 Index to record highs can still capture the rally using equity derivatives and avoid the fallout from a potential bubble, according to strategists at Bank of America Corp.
• Deeply Distressed US Loans Rise to Highest Level Since Pandemic, JPMorgan Says
  The deeply distressed tail of the leveraged loan universe has grown to levels not seen since the beginning of the pandemic, with technology the single biggest sector under pressure.
• Ships Take Long Way Around as Drought Snarls Panama Canal
  Maritime traffic through the Strait of Magellan jumped more than 70% both in August and September from year-ago levels as ships diverted from the drought-stricken Panama Canal, Chilean Navy data requested by Bloomberg show.
• Cornell Taps Former Deputy AG to Probe Assault Response
  Cornell University appointed former US Deputy Attorney General Sally Yates to head an independent review of how the university prevents and responds to claims of sexual assault.
• NYC Can Proceed With Pied-a-Terre Tax as Court Weighs Appeal
  New York City can proceed with the rollout of its pied-à-terre tax while an appeals court considers a legal challenge.