Global bond yields spiked after the US announced lower-than-expected Treasury buybacks ($6B vs. ~$10B expected). Thailand's impact is muted due to stable policy rates at 1%, but longer-dated Thai bonds (10-year) rose 60 bps. The key concern for Thai SMEs and businesses: borrowing costs are rising, especially for lower-rated bonds where credit spreads widen significantly, making debt fundraising harder for weaker-rated issuers through year-end.