The July 2026 popularity ranking for existing U.S. dollar-denominated bonds has been released, showing a shift toward callable bonds occupying the top positions. Interest in securing yields on long-term bonds has strengthened, while combinations of short- to medium-term and ultra-long-term U.S. Treasuries have attracted attention.
The market environment is discussed first in the July 2026 popularity ranking for U.S. dollar-denominated bonds (existing bonds). Factors cited include worsening tensions in the Middle East, volatility in crude oil prices, whether the FOMC is expected to raise interest rates, and the Bank of Japan's monetary policy decision. Crude oil prices temporarily surged in July, while the yen showed instability amid movements surrounding the possibility of intervention.
In the popularity ranking for existing U.S. Treasury bonds, long-term issues moved into the top positions in July, the first-ranked issue changed, and new long-term issues entered the ranking. Investor interest may have increased in long-term yields over short-term yields.
In the ranking for existing U.S. dollar-denominated corporate bonds, the top-ranked issue remained a callable bond, but the composition of the top five changed. Chugoku Electric Power, NTT Finance, Takeda Pharmaceutical and Meta Platforms were among the new entrants.
The outlook and investment ideas section proposes combining short- to medium-term bonds with ultra-long-term bonds while taking into account the outlook for U.S. interest rates, currency movements and the possibility of intervention. For U.S. dollar-denominated corporate bonds, it says there may be scope to consider issuers offering coupon rates in the 5% range, while callable bonds require confirmation of reinvestment risk.