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Bond Market News
Cathaylife Singapore Launches $ Tier-2
April 23, 2026
US Treasury yields inched higher by 2-3bp. The US Treasury’s 20Y bond auction saw modest demand, with a bid-to-cover ratio of 2.68x, stopping through by 0.9bp. Q1 corporate earnings in the US are off to a strong start with over 15% of S&P500 firms posting results and most of them beating analyst forecasts.
Looking at US equity markets, the S&P and Nasdaq ended higher by 1.1% and 1.6% respectively. US IG CDS spreads were flat and HY CDS spreads were 1.2bp tighter. European equity indices ended lower. The iTraxx Main CDS spreads widened by 0.2bp while Crossover spreads were 0.9bp wider. Asian equity markets have opened lower this morning. Asia ex-Japan CDS spreads were 0.5bp tighter.
New Bond Issues
- Cathaylife Singapore Pte. Ltd. $ 15NC10 Tier-2 at T+160bp area
Genting Overseas Holdings Ltd raised $1.25bn via a two-trancher. It raised:
- $750mn via a PerpNC5.5 bond at a yield of 7.65%, 30bp inside initial guidance of 7.95% area. If not called by 29 October 2031, the coupon will reset to the US 5Y Treasury yield plus 371bp. There is a step-up of 25bp in year 10.5 and an additional 75bp in year 25.5 if not called.
- $500mn via a PerpNC10 bond at a yield of 8.30%, 32.5bp inside initial guidance of 8.625% area. If not called by 29 April 2036, the coupon will reset to the US 5Y Treasury yield plus 401.1bp. There is a step-up of 25bp in year 10 and an additional 75bp in year 30 if not called.
The subordinated notes are rated Ba2/BB+ (Moody’s/Fitch). The notes have a put option and a dividend stopper. Genting Bhd is a keepwell provider.
Nordea Bank raised €1bn via a 5Y bond at a yield of 3.283%, 27bp inside initial guidance of MS+75bp area. The senior preferred note is rated Aa2/AA-/AA, and received orders of over €2bn, 2x issue size. Proceeds will be used for general banking and other corporate purposes.
Santander raised £750mn via a 7NC6 bond at a yield of 5.631%, 15bp inside initial guidance of UKT+125bp area. The senior non-preferred note is rated Baa1/A-/A, and received orders of over £1.95bn, 2.6x issue size.
BNG Bank raised $1.5bn via a 5Y social bond at a yield of 3.986%, 2bp inside initial guidance of SOFR+39bp area. The senior unsecured note is rated Aaa/AAA/AAA. Proceeds will be used for lending to Dutch Social Housing Associations to finance social expenditures as defined in its framework.
Blackstone Private Credit Fund raised $850mn via a 5Y bond at a yield of 6.217%, 25bp inside initial guidance of T+255bp area. The senior unsecured note is rated Baa2/BBB-. Proceeds will be used for general corporate purposes.
Rede D’or Finance raised $500mn via a 10Y bond at a yield of 6.55% vs. inside initial guidance of the high-6% area. The senior unsecured note is rated BB+/BB+ (S&P/Fitch). Proceeds will be used for general corporate purposes, including capex, liquidity increase and debt repayment.
Rating Changes
- Moody’s Ratings downgrades Getty Images’ CFR to Caa1 on weakened liquidity, uncertainty about merger prospects; outlook negative
- Smiths Group PLC Downgraded To ‘BBB’ Following Disposals; Outlook Stable
- Fitch Revises Cemex’s Outlook to Positive; Affirms at ‘BBB-‘
- Moody’s Ratings changes New Zealand’s outlook to negative from stable; affirms Aaa issuer ratings
Term of the Day: Bid-to-cover Ratio
Bid-to-cover is a ratio of the number of bids or orders received for a particular security issuance vs. the amount issued. The bid-to-cover ratio indicates the demand for an issuance – higher the ratio, higher the demand and lower the ratio, lower the demand.
Talking Heads
On Junk Bond Investors Squeezing Companies for Better Terms
Felicity Juckes, TwentyFour Asset Management
“A number of issuers have agreed to amend documentation to get their deals over the line… great reminder that investors still have bargaining power, and it makes sense to continue to be selective”
Fabianna Del Canto, MUFJ Financial Group
“There is more of a two-way dialogue… in some of the term loan B supply, we are seeing some negotiations happening and ultimately investor-friendly changes coming through”
On Backing Powell Interpretation on Staying On ‘Pro Tempore’ – Kevin Hassett, White House NECD
“I think that’s the appropriate legal understanding… We’re very confident he’ll (Kevin Warsh) be the chair at the appropriate time. I’m sure that there’ll be discussions about how to move forward”
On Dollar gaining as Iran war keeps central banks in wait-and-see mode
Dominic Bunning, Nomura
“It’s tough to have a really strong conviction at this point… overall it seems like both sides are more inclined to make progress than to re-escalate”
Marc Chandler, Bannockburn Global Forex
“Since the war began, comments from Treasury Secretary Bessent make it seem like he recognizes that it might take Warsh some time to cut interest rates… this is what I think we’re going to see next week”
Top Gainers and Losers- 23-Apr-26*
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