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Bond Market News
Angola, Barclays and others Price Bonds
May 22, 2026
US Treasury yields remained broadly steady across the curve. Reports indicated constructive talks between the US and Iran, noting that there were signs for a deal being reached. However, points of contention also exist regarding Iran’s uranium stockpile amongst other factors. Brent crude prices dropped by 5%. On the data front, initial jobless claims for the previous week rose by 209k, better than expectations of 210k. The Philadelphia Fed’s Business Outlook indicator saw a reading of -0.4, worse than expectations of 17.8. Markets are currently pricing-in nearly 20bp of Fed rate hikes by the end of the year amid inflation concerns.
Looking at equity markets, the S&P and Nasdaq ended higher by 0.1-0.2%. US IG CDS spreads tightened by 0.4bp and HY CDS spreads were 2.5bp tighter. European equity markets ended mixed. The iTraxx Main CDS spreads were 0.4bp wider and Crossover spreads widened by 3.1bp. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads were 1.3bp tighter.
New Bond Issues
Angola raised $1.5bn via a two-part tap deal. It raised $600mn via a tap of its 9.244% 2031s at a yield of 8.25%. It also raised $900mn via a tap of its 9.875% 2037s at a yield of 9.5%. The senior unsecured notes are rated B3/B-/B-. Proceeds will be used for general budgetary purposes and to purchase its outstanding 8.25% 2028s (Priority 1) and 8% 2029s (Priority 2), subject to the relevant maximum aggregate purchase price.
Barclays raised £750m via a long 10NC5 bond at a yield of 6.166%, 30bp inside initial guidance of T+195bp area. The subordinated note is rated Baa1/BBB/BBB+. Proceeds will be used for general corporate purposes of the issuer/its subsidiaries and may be used to further strengthen their capital base.
Emlak Konut raised $650mn via a 5Y sukuk at a yield of 7.750%, 37.5bp inside initial guidance of 8.125% area. The senior unsecured note is rated BB- (Fitch), and received orders of over $1.75bn, 2.7x issue size. Proceeds will be used for general corporate purposes.
DNB Bank raised €750mn via a 6NC5 bond at a yield of 3.646%, 25bp inside initial guidance of MS+95bp area.The senior non-preferred note is rated A2/A. Proceeds will be used to finance or refinance a portfolio of eligible green loans under the issuer’s framework.
Rating Changes
- Fitch Upgrades to Eldorado Gold’s IDR to ‘BB-‘; Assigns Positive Outlook
- Moody’s Ratings downgrades CFE’s ratings to Baa3; outlook changed to stable
- Fitch Places Amaggi on Rating Watch Negative
- Seazen Outlook Revised To Stable On Broader Access To Refinancing Channels; ‘B’ Rating Affirmed
- Moody’s Ratings affirms Santos Limited’s Baa3 ratings; changes outlook to positive
Term of the Day: Baseline Credit Assessment (BCA)
Baseline Credit Assessment (BCA) is a component in a broader methodology used by rating agency Moody’s to assess banks. This is used to analyze a bank’s intrinsic or standalone strength, without external support. BCA has three components:
– Macro Profile: Assessing the banks operating environment with regard to economic strength, institutional strength, susceptibility to event risks
– Financial Profile: Analyzing predictive measures of solvency and liquidity, risk factors and risk mitigants
– Qualitative Factors: Adjusting the financial profile by incorporating factors like diversification, opacity and complexity, corporate behaviour
Talking Heads
On Fed Will Act on Inflation as Yields Spike – Dan Ivascyn, Pimco
If long-dated inflation expectations “become more significantly unanchored, then you are going to see a tightening of policy even in the face of some economic weakness…That’s the pain trade for markets”
On Repeated Supply Shocks Test Inflation Anchor – Thomas Barkin, Richmond Fed President
“With inflation above our 2% target for over five years now, it’s worth asking whether the cumulative impact of so many waves risks loosening the anchor… it comes down to how much businesses, consumers, and inflation expectations can take.”
On Yield Curves May Steepen Further in Key Southeast Asian Markets
George Efstathopoulos, Fidelity International
“Markets with weaker fiscal buffers or greater energy import dependence are likely more exposed to steepening risk, which means Asean markets seem most vulnerable should oil prices stay higher for longer”
Top Gainers and Losers- 22-May-26*
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