Amazon Prices $25bn Jumbo Deal; DB, FWD, US Steel, RBC and Other Price Bonds

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July 8, 2026

High Yield Bonds
Investment Grade Bonds

Amazon raised $25bn via an eight-part jumbo deal.

The senior unsecured notes are rated A1/AA/AA-. Proceeds will be used for general corporate purposes including debt repayment, acquisitions, investments, working capital, investments in its subsidiaries, capex, and for share buybacks.

Deutsche Bank raised €1bn via a 6NC5 bond at a yield of 3.717%, 30bp inside initial guidance of MS+120bp area. The senior non-preferred note is rated Baa1/BBB/A-. Proceeds will be used for general corporate purposes.

RBC raised $2.3bn via a three-trancher. It raised:

$1bn via a 3NC2 bond at a yield of 4.652%, ~22.5bp inside initial guidance of T+70/75bp area
$300mn via a 3NC2 FRN at SOFR+61bp vs. initial guidance of SOFR equivalent area
$1bn via a 6NC5 bond at a yield of 4.95%, ~22.5bp inside initial guidance of T+90/95bp area

The senior unsecured notes are rated A1/A/AA-. Proceeds will be used for general corporate purposes.

Ajman Tier 1 Sukuk Ltd. raised $300mn via a PerpNC5.5 AT1 sukuk at a yield of 6.5%, 50bp inside initial guidance of 7.0% area. The subordinated note is unrated. If not called by 14 January 2032, the coupon will reset to the US 5Y Treasury yield plus 223.9bp. The note has a dividend stopper.

FWD Group raised S$270mn via a 5.75Y bond at a yield of 3.18%, 37bp inside initial guidance of 3.55% area. The subordinated note is rated Baa2/BBB- (Moody’s/Fitch). Net proceeds will be used for general corporate purposes including refinancing its 6.675% Perp.

US Steel raised $1.2bn via a dual-trancher. It raised $700mn via a 5Y bond at a yield of 5.214%, 28bp inside initial guidance of T+125bp area. It also raised $500mn via a 10Y bond at a yield of 5.741%, 28bp inside initial guidance of T+150bp area. The senior unsecured notes are rated Baa2/BBB (Moody’s/S&P), and guaranteed by Nippon Steel Corp. Proceeds will be used to redeem its 6.625% 2029s issued by Big River Steel LLC. Any remaining proceeds will be used to redeem its 6.875% 2029s.

Saudi Real Estate Sukuk raised $2.75bn via a dual-trancher. It raised $1.25bn via a 5.5Y sukuk at a yield of 5.098%, 30bp inside initial guidance of T+115bp area. It also raised $1.5bn via a 10Y sukuk at a yield of 5.473%, 30bp inside initial guidance of T+125bp area. The senior unsecured notes are rated Aa3/A+ (Moody’s/Fitch), and are guaranteed by The Ministry of Finance acting on behalf of the Government of the Kingdom of Saudi Arabia. Proceeds will be used for general corporate purposes.

Prosus raised $1.65bn via a dual-trancher. It raised $650mn via a 7Y bond at a yield of 5.528%, 30bp inside initial guidance of T+145bp area. It also raised $1bn via a 10Y bond at a yield of 5.873%, 30bp inside initial guidance of T+165bp area. The senior unsecured notes are rated Baa2/BBB. Proceeds will be used to finance its tender offers and for general corporate purposes, including acquisitions and investments.

Philippine Airlines raised $300mn via a 5NC2 bond at a yield of 8%, 30bp inside initial guidance of 8.3% area. Ba2/BB (Moody’s/Fitch). Proceeds will be used for general corporate purposes including the funding of IRA, refinancing offshore debt and capital expenditures of the PAL Group. Covenants include (a) combined net leverage ratio of not greater than 4.5x (b) combined fixed charge coverage ratio of not less than 2x (c) limitation on restricted payments (d) no restricted payments permitted in 2026 (e) negative lien on assets including intangible assets, comprising brand intellectual property, loyalty program assets.

Fubon Bank Hong Kong raised $300mn via a 10NC5 Tier-2 bond at a yield of 5.458%, inline with final guidance. Proceeds will be used to strengthen its capital structure and enhance its capital position.

HDB raised S$1.1bn via a 7Y bond at a yield of 2.21%. The senior unsecured note is rated Aaa. Proceeds will be used to finance its development programme, working capital requirements and to refinance existing borrowings.

Republic of Italy raised $6bn via a three-trancher. It raised:

$2.5bn via a 5Y bond at a yield of 4.626%, ~7.5bp inside initial guidance of MS+70/75bp area
$2.5bn via a 10Y bond at a yield of 5.166%, ~2.5bp inside initial guidance of MS+110/115bp area
$1bn via a 30Y bond at a yield of 6.101%, ~7.5bp inside initial guidance of MS+185/190bp area

The senior unsecured notes are rated Baa2/BBB+/BBB+. Proceeds will be used for general purposes of the nation.

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