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Bond Market News
Bank of Maharashtra, Citi & Others Price Bonds
September 18, 2026
New Bond Issues
Bank of Maharashtra raised $500mn via a 5Y bond at a yield of 6.112%, 25bp inside initial guidance of T+155bp area. The senior unsecured note is rated BBB/BBB- (S&P/Fitch). Proceeds will be used to meet funding requirements of its head office in India, foreign offices/branches and for general corporate purposes.
Citigroup raised $12bn via a four-part deal. It raised:
The senior unsecured notes are rated A3/BBB+/A-. Proceeds will be used for general corporate purposes.
Wells Fargo raised $6bn via a two-trancher. It raised $2.5bn via a 4NC3 bond at a yield of 5.366%, ~30.5bp inside initial guidance of T+90/95bp area. It also raised $3.5bn via an 11NC10 bond at a yield of 5.832%, 30bp inside initial guidance of T+120bp area. The senior unsecured notes are rated A1/BBB+/A+. Proceeds will be used for general corporate purposes.
Credit Agricole raised €750mn via a PerpNC5 AT1 bond at a yield of 6.4%, 60bp inside initial guidance of 7% area. If not called by 23 September 2031, the coupon will reset to the EURIBOR ICE Swap 5Y plus 308.5bp. Below is a table comparing Credit Agricole’s latest issuance with its peers.
The junior subordinated note is rated Baa3/BBB-/BBB and received orders over €7.5bn, 10x issue size.
Toyota Motor Credit raised €750mn via a 6.5Y bond at a yield of 4.251%, ~29.5bp inside initial guidance of MS+105/110bp area. The senior unsecured note is rated A1/A+/A+. Proceeds will be used for general corporate purposes.
RWE Finance raised $1.5bn via a two-part deal. It raised $750mn via a 5Y bond at a yield of 5.638%, 30bp inside initial guidance of T+115bp area. It also raised $750mn via a 10Y bond at a yield of 6.034%, 30bp inside initial guidance of T+140bp area. The senior unsecured green bonds are rated Baa2/BBB+ (Moody’s/Fitch). RWE Finance US LLC (RWE) is the issuer and RWE AG is the guarantor. Proceeds will be used to finance/refinance, existing and/or future eligible green projects as per its green finance framework.
Danske Bank raised €750mn via a 5NC4 bond at a yield of 4.119%, 30bp inside initial guidance of MS+95bp area. The senior non-preferred note is rated A3/A-/A+. Proceeds will be used for general business purposes.
New Bond Pipeline
- Sharjah Islamic Bank $ 3Y or 5Y notes
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