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Bond Market News
CBD Prices AT1 Sukuk; Jefferies, Korea and MBH Bank Price Bonds
July 9, 2026
Commercial Bank of Dubai (CBD) raised $550mn via a PerpNC6 AT1 sukuk at a yield of 6.625%, 37.5bp inside initial guidance of 7.0% area. The junior subordinated note is unrated, and received orders of over $700mn, 1.3x issue size. If not called by 15 July 2032, the coupon will reset to the interpolated US 6Y Treasury yield plus 225.4bp.
Jefferies raised €850mn via a 7Y bond at a yield of 4.544%, 20bp inside initial guidance of MS+175bp area. The senior unsecured note is rated Baa2/BBB/BBB+. Proceeds will be used for general corporate purposes.
Republic of Korea raised €1.7bn via a dual-trancher. It raised €700mn via a 3Y bond at a yield of 2.981%, 4bp inside initial guidance of MS+14bp area. It also raised €1bn via a 7Y bond at a yield of 3.285%, 4bp inside initial guidance of MS+32bp area. The senior unsecured notes are rated Aa2/AA/AA-. Proceeds will become part of the Foreign Exchange Stabilization Fund established and managed under the Korean Foreign Exchange Transactions Act.
MBH Bank raised €500mn via a 6NC5 bond at a yield of 5.481%, ~27.5bp inside initial guidance of MS+280/285bp area. The senior preferred note is rated Ba2. Proceeds will be used for general corporate purposes.
New Bonds Pipeline
- ICICI Bank plans up to $500mn bond
- Tata Capital $ 3.5Y bond
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