FWD, US Steel and others Launch Bonds; Toyota, Tesco, CIBC and others Price Bonds

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July 7, 2026

High Yield Bonds
Investment Grade Bonds

New Bond Issues

FWD Group S$270mn 5.75Y at 3.55% area
HDB S$ 7Y at 2.21% area
Fubon Bank HK $ 10NC5 Tier-2 at T+160bp area
US Steel $ 5Y/10Y at T+125bp/T+150bp areas

Toyota Motor Credit raised $1.65bn via a three-trancher. It raised:

$750mn via a 3Y bond at a yield of 4.55%, 25bp inside initial guidance of T+65bp area
$400mn via a 3Y FRN at SOFR+58bp vs. initial guidance of SOFR equivalent area
$500mn via a 7Y bond at a yield of 5.016%, 22bp inside initial guidance of T+90bp area

The senior unsecured notes are rated A1/A+/A+. Proceeds will be used for general corporate purposes.

American Honda raised $1.8bn via a three-trancher. It raised:

$700mn via a 3Y bond at a yield of 4.814%, ~22.5bp inside initial guidance of T+90/95bp area
$700mn via a 5Y bond at a yield of 5.056%, 25bp inside initial guidance of T+110bp area
$400mn via a 7Y bond at a yield of 5.286%, 25bp inside initial guidance of T+120bp area

The senior unsecured notes are rated A3/BBB+/A-. Proceeds will be used for general corporate purposes. Its planned 3Y FRN issuance was dropped at guidance stage.

CIBC raised $500mn via a 60.5NC5.5 bond at a yield of 6.75%, ~31.25bp inside initial guidance of 7-7.125% area. The junior subordinated note is rated Baa3/BBB-/BBB+. Proceeds will be used for general corporate purposes.

Tesco raised €500mn via an 8Y bond at a yield of 3.809%, 35bp inside initial guidance of MS+125bp area. The senior unsecured note is rated Baa2/BBB/BBB. Proceeds will be used for general corporate purposes.

Energy Transfer raised $1.75bn via a dual-trancher. It raised $650mn via a 30NC5 bond at a yield of 6.55%, 32.5bp inside initial guidance of 6.875% area. It also rasied $1.1bn via a 30NC10 bond at a yield of 6.7%, 42.5bp inside initial guidance of 7.125% area. The junior subordinated notes are rated Baa3/BB+/BB+. Proceeds will be used to redeem or refinance all or a portion of its outstanding 6.5% Perp, to repay commercial paper and borrowings under its RCF, and for general partnership purposes.

ENEL Finance raised $2.5bn via a three-trancher. It raised:

$1bn via a 3Y bond at a yield of 4.73%, 30bp inside initial guidance of T+90bp area
$750mn via a 5Y bond at a yield of 4.979%, 27bp inside initial guidance of T+105bp area
$750mn via a 10Y bond at a yield of 5.519%, 25bp inside initial guidance of T+130bp area

The senior unsecured notes are rated Baa1/BBB/BBB+. Proceeds will be used for general corporate purposes.

New Bonds Pipeline