KResearch says global bond yields jumped after the US announced a Treasury buyback of about $6 billion, below the roughly $10 billion the market expected. Thai policy rate is expected to stay at 1%, which limits short-term yield moves. Thai 10-year yield rose 60 bps to 2.29%, 2-year to 1.26%. Longer-dated yields could keep rising, pushing up corporate bond costs. Lower-rated issuers face wider credit spreads and harder fundraising for the rest of the year. For SMEs: if you plan to borrow or refinance, lock in terms early and expect pricing to firm.