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Bond Market News
BofA, Banco do Brasil, TD, CoreWeave and others Price $ Bonds
April 17, 2026
US Treasury yields rose across the curve by 3-5bp. Israel and Lebanon are said to have agreed to a 10-day ceasefire, helping ease tensions more broadly in the region. However, some Gulf and European officials believe that a US-Iran peace deal may take about six months to work out, while US President Donald Trump said that he is “very close to making a deal”. On the data front, initial jobless claims for the prior week rose by 207k better than expectations of 213k. The Philly Fed Business Outlook index came in at 26.7, beating expectations of 10.0.
Looking at US equity markets, the S&P and Nasdaq ended 0.3-0.4% higher. US IG CDS spreads widened by 1bp and HY CDS spreads were 3.6bp wider. European equity indices ended mixed. The iTraxx Main CDS spreads widened by 0.7bp and Crossover spreads were 3.6bp wider. Asian equity markets have opened broadly lower this morning. Asia ex-Japan CDS spreads were nearly unchanged.
New Bond Issues
Bank of America (BofA) raised $10bn via a four-part deal. Details are given in the table below:
The senior unsecured notes are rated A1/A-/AA-, and its subordinated 11NC10 note is rated A3/BBB-/A. Proceeds will be used for general corporate purposes.
Banco do Brasil raised $500mn via a 5.5Y bond at a yield of 5.875%, 12.5bp inside initial guidance of the low-6% area. The senior unsecured notes are rated Ba1/BB (Moody’s/Fitch). Proceeds will be used to finance or refinance future or existing eligible green projects.
CoreWeave raised $1bn via a tap of its 9.75% 2031s at a yield of 9.193%. The senior unsecured note is rated B1/B/BB-. Proceeds will be used for general corporate purposes, including the repayment of outstanding debt.
BNY Mellon raised $1.5bn via a two-part deal. It raised $750mn via a 6NC5 bond at a yield of 4.54%, 27bp inside initial guidance of T+90bp area. It also raised $750mn via a 11NC10 bond at a yield of 5.085%, 27bp inside initial guidance of T+105bp area. The senior unsecured notes are rated Aa3/A/AA-. Proceeds will be used for general corporate purposes.
TD Bank raised $2.8bn via a three-trancher. It raised:
- $1.25bn via a 3Y bond at a yield of 4.361%, ~25.5bp inside initial guidance of T+80/85bp area
- $300mn via a 3Y FRN at SOFR+76bp vs. initial guidance of SOFR equivalent area
- $1.25bn via a 7Y bond at a yield of 4.866%, ~25.5bp inside initial guidance of T+100/105bp area
The senior unsecured notes are rated A2/A-/AA-. Proceeds will be used for general corporate purposes.
Agricultural Bank of China raised $300mn via a 3Y bond at SOFR+35bp, 65bp inside initial guidance of SOFR+90bp area. The senior unsecured note is rated A1 by Moody’s. Proceeds will be used to finance/refinance sustainability-linked loans as defined in the issuer’s framework.
Maybank raised $600mn via a 3Y bond at SOFR+57bp, 33bp inside initial guidance of SOFR+90bp area. The senior unsecured note is rated A3 by Moody’s. Proceeds will be used for working capital, general banking and other corporate purposes.
Rating Changes
- General Electric Co. Outlook to Positive On Strong Aerospace Demand And Execution; Ratings Affirmed
- Moody’s Ratings places Madison IAQ’s ratings under review for upgrade
- Fitch Revises BankUnited’s Outlook to Negative; Affirms IDRs at ‘BBB’
Term of the Day: Hunger Bonds
Hunger bonds refer to bonds issued by the Venezuelan sovereign and state-oil company PDVSA that were purchased at steep discounts by international investors. As per critics, they were called hunger bonds because the purchases provided financial lifelines to Nicolas Maduro’s regime while citizens faced food shortages. They argued that the funds used for debt servicing directly reduced resources available for food imports.
Talking Heads
“There were crowded positions in markets, which may well have contributed to the repricing. We’ve added in Europe… You don’t want to be overconfident during a period like this.. but it does look that there’s gonna be a good set of opportunities coming out of this”
On Suggesting US Make a Break-Glass Treasuries Plan – Henry Paulson, Fmr. US Treasury Secretary
” Our challenges are debt, fiscal and political polarization… when you hit the wall and you’re trying to issue Treasuries and the Fed is the only buyer and the prices of the Treasuries are going down and interest rates are up, that’s a dangerous thing”
On ECB Should Keep Options Open Ahead of April Meeting – Joachim Nagel, ECB GC Member
“We need to keep our options open… would be wrong to say things will go in the one or other direction. I’m not ready to pre-commit just yet… markets are relatively optimistic because the general assumption is that lasting peace will be achieved in the Middle East”
Top Gainers and Losers- 17-Apr-26*
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