Bonds

Trump bonds with Japan’s new prime minister and says her nation is delivering on U.S. investments

President Trump treated his time in Japan on Tuesday as a victory lap — befriending the new Japanese prime minister, taking her with him as he spoke to U.S. troops aboard an aircraft carrier and then unveiling several major energy and technology projects in America to be funded by Japan.

Sanae Takaichi, who became the country’s first female prime minister only days ago, solidified her relationship with Trump while defending her country’s economic interests. She talked baseball, stationed a Ford F-150 truck outside their meeting and greeted Trump with, by his estimation, a firm handshake.

By the end of the day, Trump — by his administration’s count — came close to nailing down the goal of $550 billion in Japanese investment as part of a trade framework. At a dinner for business leaders in Tokyo, Commerce Secretary Howard Lutnick announced up to $490 billion in commitments, including $100 billion each for nuclear projects involving Westinghouse and GE Vernova.

“You’re great business people,” Trump told the gathered executives before the dinner. “Our country will not let you down.”

It was not immediately clear how the investments would operate and how they compared with previous plans, but Trump declared a win as he capped off a day of bonding with Takaichi.

Trump and Japanese PM swap warm words

The compliments started as soon as the two leaders met on Tuesday morning. “That’s a very strong handshake,” Trump said to Takaichi.

She talked about watching the third game of the U.S. World Series before the event, and said Japan would give Washington 250 cherry trees and fireworks for July 4 celebrations to honor America’s 250th anniversary next year.

Takaichi emphasized her ties to the late Japanese Prime Minister Shinzo Abe, her archconservative mentor who had forged a friendship with Trump during his first term through their shared interest of golf.

“As a matter of fact, Prime Minister Abe often told me about your dynamic diplomacy,” she said, later gifting Trump a putter used by Abe.

Trump told her it was a “big deal” that she is Japan’s first woman prime minister, and said the U.S. is committed to Japan. While the president is known for not shying away from publicly scolding his foreign counterparts, he had nothing but praise for Takaichi.

“Anything I can do to help Japan, we will be there,” Trump said. “We are an ally at the strongest level.”

Takaichi laid out a charm offensive, serving American beef and rice mixed with Japanese ingredients during a working lunch, where the two leaders also discussed efforts to end Russia’s war in Ukraine. White House press secretary Karoline Leavitt told reporters that Takaichi would be nominating Trump for the Nobel Peace Prize.

The two leaders signed black “Japan is Back” baseball caps that resembled Trump’s own red “Make America Great Again” caps.

Reporters arriving for the meeting were hustled past a gold-hued Ford F-150 outside the Akasaka Palace, which is Tokyo’s guest house for visiting foreign leaders.

Trump has often complained that Japan doesn’t buy American vehicles, which are often too wide to be practical on narrow Japanese streets. But the Japanese government is considering buying a fleet of Ford trucks for road and infrastructure inspection.

They vow a ‘golden age’ for alliance and cooperation on critical minerals

Both leaders signed the implementation of an agreement for the “golden age” of their nations’ alliance, a short affirmation of a framework under which the U.S. will tax goods imported from Japan at 15% while Japan creates a $550 billion fund of investments in the U.S.

Later, at a dinner at the U.S. embassy in Tokyo packed with CEOs including Apple’s Tim Cook, Trump reveled in the deals. Trump and Takaichi also signed an agreement to cooperate on critical minerals and rare earths.

Trump has focused his foreign policy toward Asia around tariffs and trade, but on Tuesday he also spoke aboard the USS George Washington, an aircraft carrier docked at an American naval base near Tokyo. The president brought Takaichi with him and she also spoke as Japan plans to increase its military spending.

The president talked about individual units on the aircraft carrier, his political opponents, national security and the U.S. economy, saying that Takaichi had told him that Toyota would be investing $10 billion in auto plants in America.

Trump arrived in Tokyo on Monday, meeting the emperor in a ceremonial visit after a brief trip to Kuala Lumpur, Malaysia, for the annual summit of the Association of Southeast Asian Nations.

Trump is scheduled to leave Japan on Wednesday for South Korea, which is hosting the Asia-Pacific Economic Cooperation summit. Trump plans to meet with South Korean President Lee Jae Myung.

On Thursday, Trump is expected to cap off his Asia trip with a highly anticipated meeting with Chinese leader Xi Jinping. There were signs that tensions between the U.S. and China were cooling off before the planned meeting in South Korea. Top negotiators from each country said a trade deal was coming together, which could prevent a potentially damaging confrontation between the world’s two largest economies.

Boak and Megerian write for the Associated Press. Megerian reported from Seoul, South Korea. Mayuko Ono and Mari Yamaguchi in Tokyo contributed to this report.

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Voya Boosts Bet on Bonds With $9.3 Million BND Buy

Bond ETF prices over time

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On October 09, 2025, Voya Financial Advisors, Inc. disclosed the purchase of 126,532 shares of BND, estimated at $9.32 million based on the quarterly average price.

What happened

According to a filing with the Securities and Exchange Commission dated October 09, 2025, Voya Financial Advisors, Inc. bought 126,532 additional shares of Vanguard Total Bond Market ETF (BND -0.07%) during the quarter. The transaction was valued at $9,316,966. The fund now holds 1,935,848 shares in BND.

What else to know

The increased stake in BND brings the position to 13.89% of 13F AUM.

Top holdings after the filing:

  • VV (Vanguard Large-Cap ETF): $212,202,112 (20.5% of AUM)
  • BND (Vanguard Total Bond Market ETF): $144.03 million (13.9% of AUM)
  • VEU (Vanguard FTSE All-World ex-US ETF): $101.80 million (9.8% of AUM)
  • USIG (iShares Broad USD Investment Grade Corporate Bond ETF): $45,560,981 (4.4% of AUM)
  • SPTL (SPDR Portfolio Long term Treasury ETF): $45.52 million (4.4% of AUM)

As of October 8, 2025, shares were priced at $74.28, up 0.32% for the year; the one-year alpha versus the S&P 500 was -14.13 percentage points BND’s annualized dividend yield was 3.79% as of October 9, 2025

Company overview

Metric Value
AUM 374.4 B
Dividend Yield (TTM) 3.79%
Price (as of market close 2025-10-08) $74.28
1-Year Price Change 6.1%

Company snapshot

Vanguard Total Bond Market ETF (BND) is one of the largest fixed income ETFs, offering investors comprehensive access to the U.S. investment-grade bond market. The fund tracks a broad, investment-grade, taxable U.S. bond index and invests at least 80% of its assets in bonds included in the index.

Its portfolio is composed primarily of U.S. dollar-denominated bonds with maturities over one year, selected through a sampling process to closely match the index’s risk and return characteristics.

BND serves institutional and retail investors seeking broad, cost-efficient access to the U.S. fixed income market.

Foolish take

Vanguard Total Bond Market ETF (BND) continues to attract institutional interest as investors seek stability and income in an uncertain rate environment. The bond fund‘s broad reach across the U.S investment-grade bond market gives it unique appeal in times where equities are choppy amidst U.S China trade tensions and yields remains elevated.

BND’s offering spans over 11,000 securities, blending U.S Treasuries, corporates and mortgage backed bonds into one of the most diversified fixed income portfolios available. Its current yield near 3.8 offers steady income while maintaining credit quality and moderate duration risk. For Voya advisors, building exposure through a low-cost and transparent vehicle such as BND shows a deliberate focus on resilience and disciplined asset allocation. 

While short-term rate movements can influence bond prices, BND’s scale and efficient structure marks a dependable core holdings for both institutional and retail portfolios. As markets shift toward a lower-rate outlook, BND stands out as a practice way to capture broad bond exposure and steady total returns over time. 

Glossary

Assets Under Management (AUM): The total market value of assets a fund or investment manager oversees on behalf of clients.

13F: A quarterly report filed by institutional investment managers to disclose their equity holdings to the SEC.

Dividend Yield: The annual dividend income an investment pays, expressed as a percentage of its current price.

Alpha: A measure of an investment’s performance relative to a benchmark, indicating value added or subtracted by active management.

ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.

Investment-Grade: Bonds rated as relatively low risk of default by credit rating agencies, typically BBB/Baa or higher.

Sampling Process: A portfolio construction method where a subset of securities is selected to closely match an index’s characteristics.

Mortgage-Backed Securities: Bonds secured by a pool of home mortgages, with payments passed to investors.

Asset-Backed Securities: Bonds backed by pools of financial assets, such as loans or receivables, other than mortgages.

TTM: The 12-month period ending with the most recent quarterly report.

Reportable Assets: Assets that must be disclosed in regulatory filings, such as those reported in a 13F filing.

Stake: The amount or percentage of ownership an investor holds in a particular security or fund.

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Trust Co Goes Big on Bonds With $15 Million BND Buy

Trust Co disclosed the purchase of 209,679 additional shares of Vanguard Bond Index Funds – Vanguard Total Bond Market ETF, estimated at $15.44 million (rounded from $15,439,353), in its SEC filing for the period ended September 30, 2025, submitted on October 6, 2025.

What happened

According to a filing with the Securities and Exchange Commission dated October 06, 2025, Trust Co increased its stake in Vanguard Bond Index Funds – Vanguard Total Bond Market ETF(BND 0.40%) by 209,679 shares during the quarter. The estimated value of shares acquired is $15.44 million, based on the average price for the period.

What else to know

The fund added to its BND position, which now represents 7.0660% of reportable assets under management.

Top holdings following the filing:

  • SHV: $84,464,498 (8.6% of AUM)
  • BND: $69.08 million (7.1% of AUM)
  • AGG: $66.39 million (6.8% of AUM)
  • VUG: $62,950,365 (6.4% of AUM)
  • VTV: $59,005,900 (6.0% of AUM)

BND’s trailing twelve-month dividend yield was 3.79% as of October 6, 2025.

Company overview

Metric Value
AUM N/A
Dividend Yield 3.79%
Price (as of market close October 3, 2025) $74.31
1-Year Price Change (0.44%)

Company snapshot

Vanguard Total Bond Market ETF (BND) tracks the performance of the broad U.S. investment-grade taxable bond market through a passively managed, index-sampling strategy.

Its portfolio includes U.S. government, corporate, mortgage-backed, and asset-backed securities with maturities over one year, providing diversified fixed income exposure.

The fund serves institutional and retail investors seeking broad, low-cost exposure to the U.S. bond market.

Vanguard Total Bond Market ETF (BND) is one of the largest fixed income ETFs, offering investors comprehensive access to the U.S. investment-grade bond universe.

Foolish take

Trust Co added $15.4 million worth of Vanguard Bond Index Funds – Vanguard Total Bond Market ETF. This addition increased it position to roughly 7% of total AUM, showing meaningful exposure.

As one of the largest bond ETFS, BND gives investors a one-stop exposure to the U.S bond market, spanning Treasuries, corporate bonds and mortgage backed securities. It is often used as a foundation for income-oriented portfolios that value stability and diversification.

The renewed demand for broad funds like BND reflects a shift from several years of stock-heavy market leadership. With interest rates still elevated, investors are finding value in locking in higher bond yields while they last. That makes funds like BND appealing again to both institutional and individual investors looking for steady returns.

For long term investors, adding BND can steady a portfolio while still collecting a reliable income stream. Its stability and diversification make it a solid foundation for any balanced portfolio.

Glossary

13F reportable assets:Assets that institutional investment managers must disclose quarterly to the SEC if they exceed $100 million.

AUM (Assets Under Management):The total market value of assets an investment manager handles on behalf of clients.

ETF (Exchange-Traded Fund):A fund that trades on stock exchanges and holds a diversified portfolio of securities.

Dividend yield:Annual dividends paid by an investment, expressed as a percentage of its current price.

Trailing twelve-month (TTM) dividend yield:Dividend yield calculated using dividends paid over the last twelve months.

Index-sampling strategy:A method where a fund holds a representative sample of securities from an index, not every component.

Investment-grade:Bonds rated as relatively low risk of default by credit rating agencies.

Fixed income:Investment securities that pay regular interest, such as bonds, providing predictable income streams.

Mortgage-backed securities:Bonds secured by a pool of mortgages, with payments passed through to investors.

Asset-backed securities:Bonds backed by pools of assets like loans, leases, or receivables, rather than mortgages.

Passively managed:An investment approach aiming to replicate the performance of a market index, with minimal trading.

Stake:The total ownership or holding an investor has in a particular security or fund.

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Trump has bought more than $100m in bonds in office, disclosure shows | Donald Trump

Trump’s investments include Meta, Wells Fargo, Morgan Stanley, Citigroup, and T-Mobile, according to filing.

United States President Donald Trump has bought more than $100m in company and municipal bonds since his return to the White House, financial disclosures show, providing a window into the management of the billionaire’s wealth in office.

The filings released by the US Office of Government Ethics on Wednesday detail nearly 700 financial purchases made by Trump from his January 21 inauguration to August 1.

The purchases include bonds issued by the financial giants Wells Fargo, Morgan Stanley and Citigroup, as well as those from corporate household names such as Meta, UnitedHealth, T-Mobile and The Home Depot.

Dozens of US states, including Texas, Florida and New York, are represented in the purchases of municipal bonds, with Trump’s investments spanning hospitals, schools, airports, ports and gas projects.

The documents do not provide the value of each transaction, only broad ranges, such as $100,001-$250,000 and $1,000,001-$5,000,000.

Trump did not report any sales during the period.

A type of fixed-income investment, bonds are a loan to a government authority or company in exchange for a specified rate of interest.

The White House did not immediately respond to a request for comment, but US media cited administration officials as saying that Trump and his family were not directly involved in the transactions.

Under legislation passed in 1978 in the wake of the Watergate scandal, US presidents are required to disclose a broad accounting of their finances, but they are not obligated to divest from assets that could potentially raise conflicts of interest.

Before Trump, all US presidents going back to 1978, set up a blind trust or committed to limiting their investments to diversified mutual funds upon taking office.

Trump controversially dispensed with that tradition, instead passing control of his business empire to a trust managed by his children.

Government ethics experts have for years raised concerns about the intersection between Trump’s governance and his personal fortune.

Richard Painter, who served as the chief White House ethics lawyer in the administration of former President George W Bush, noted that Trump’s bond holdings stand to rise in value if the Federal Reserve lowers interest rates as he has demanded.

“When interest rates go down, bond prices go up,” Painter told Al Jazeera. “No wonder he’s leaning on the Fed for a rate cut!”

While Trump’s exact net wealth is unclear, the Bloomberg Billionaires Index last month estimated the US president to be worth $6.4bn.

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Tourists from Malawi and Zambia are first to face $15,000 visa bonds in US | Donald Trump News

The United States Department of State has announced the first foreign citizens to be subject to bonds of up to $15,000 should they visit the country on tourist visas.

On Tuesday, Zambia and Malawi, both African countries, were the inaugural entries on a list of countries that the State Department will subject to visa bonds.

The idea, announced earlier this week, is to impose bonds on countries whose citizens have high rates of overstaying their US visas.

Tourists from those countries would have to pay an amount ranging from $5,000 to $15,000 at the time of their visa interview to enter the US. Then, if the tourist departs on or before their visa’s expiration, that amount would be refunded to them.

The money would also be returned if the visa were cancelled, if the travel does not occur, or if the tourist is denied entry into the US.

Should a tourist overstay their visa — or apply for asylum or another immigration-related programme while in the US — the federal government would keep the money.

More countries, in addition to Malawi and Zambia, are expected to be added to the list. The bond requirement is slated to take effect for those two countries starting on August 20.

“This targeted, common-sense measure reinforces the administration’s commitment to US immigration law while deterring visa overstays,” State Department spokesperson Tammy Bruce said on Tuesday.

US President Donald Trump has taken a hardline approach to immigration since his return to office in January for a second term.

On his first day back in office, Trump signed an executive order called “Protecting the American People Against Invasion”, which denounced the “unprecedented flood of illegal immigration” into the US.

It pledged to forcefully execute US immigration laws. That executive order was ultimately cited as the basis for the new visa bonds.

The bonds are part of a pilot programme announced on Monday, slated to last 12 months.

“This [temporary final rule] addresses the Trump Administration’s call to protect the American people by faithfully executing the immigration laws of the United States,” a filing to the Federal Register reads.

Every year, the Department of Homeland Security (DHS) releases a report about visa overstays in the US.

The most recent report, released in 2024, found that there were 565,155 visa overstays for fiscal year 2023. That amounted to only 1.45 percent of the total non-immigrant admissions into the US.

“In other words, 98.55 percent of the in-scope nonimmigrant visitors departed the United States on-time and in accordance with the terms of their admission,” the report explains.

In its breakdown of country-by-country overstay rates, the report indicated that both Malawi and Zambia had relatively high visa overstay rates, at 14.3 and 11.1 percent, respectively.

But Zambia and Malawi are both smaller countries with relatively few tourism- or business-related arrivals in the US.

According to the report, only 1,655 people arrived from Malawi in fiscal year 2023 for business or pleasure. Of that total, 237 overstayed their visas.

Meanwhile, 3,493 people arrived from Zambia for tourism or business during the same time frame. Of that total, 388 surpassed their visa limits.

Those numbers are dwarfed by the sheer numbers from larger, more populous countries with larger consumer bases. An estimated 20,811 Brazilians stayed in the US longer than their tourism or business visas allowed, for instance, and 40,884 overstays were from Colombia.

Critics have also pointed out that the newly imposed bonds put travel to the US — already a pricey prospect — further out of reach for residents of poorer countries.

The Council on American-Islamic Relations (CAIR), an advocacy group, was among those that denounced the new bond scheme as discriminatory. It described the system as a form of exploitation — a “legalised shakedown” — in a statement on Tuesday.

“This is not about national security,” said Robert McCaw, CAIR’s government affairs director. “It’s about weaponising immigration policy to extort vulnerable visitors, punish disfavored countries, and turn America’s welcome mat into a paywall.”

Citizens of countries that are part of the US’s visa waiver programmes are not subject to the visa bonds unveiled this week.

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