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Bond Market News
Genting Overseas Launches $ Perps
April 22, 2026
US Treasury yields jumped higher by 4-5bp. US President Donald Trump said that he is extending the ceasefire with Iran until a “unified proposal” is made. On the other hand, the blockade of Iranian vessels continues. Separately, US Vice President JD Vance’s trip to Pakistan for talks with Iran has been called off with no new dates set. Iran noted that a second round of negotiations would be a “waste of time”. On the data front, Retail Sales rose by 1.7% MoM in March, better than the surveyed 1.4%. Core Retail Sales rose by 1.9%, again better than the surveyed 1.4%.
Looking at US equity markets, the S&P and Nasdaq ended lower by 0.6% each. US IG CDS spreads widened by 0.5bp and HY CDS spreads were 1.9bp wider. European equity indices ended lower. The iTraxx Main CDS spreads tightened by 0.2bp while Crossover spreads were 5.3bp wider. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads were 0.5bp wider.
New Bond Issues
- Genting Overseas Holdings $ PerpNC5.5/PerpNC10 at 7.95%/8.625% area
Keppel Infrastructure raised S$200mn via a 7Y bond at a yield of 2.8%, 30bp inside initial guidance of 3.1% area. The senior unsecured note is unrated. The note has covenants that include a negative pledge. Net proceeds would be used to finance or refinance acquisitions, investments and borrowings, alongside general working capital purposes and/or capex requirements.
Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank) raised $650mn via a 3Y bond at a yield of 6.15%, 47.5bp inside initial guidance of 6.625% area. The senior unsecured note is rated Ba3 by Moody’s, and received orders of over $1.8bn, 2.8x issue size. Proceeds will be used for general corporate purposes.
Goodman Group raised $1.2bn via a two-trancher. It raised $600mn via a 10Y bond at a yield of 5.329%, 32bp inside initial guidance of T+135bp area. It also raised $600mn via a 20Y bond at a yield of 5.992%, 35bp inside initial guidance of T+145bp area. The senior unsecured notes are rated Baa1/BBB+. Goodman Ltd, Goodman Funds Management Ltd and Goodman Logistics HK Ltd will act as guarantors. Proceeds are expected to be used for general corporate/trust purposes and debt repayment including some or all of its outstanding 3.7% 2028s.
State Street raised $1.5bn via a two-part deal. It raised $800mn via a 6NC5 bond at a yield of 4.558%, 27.5bp inside initial guidance of T+90/95bp area. It also raised $700mn via a 11NC10 bond at a yield of 5.094%, 27.5bp inside initial guidance of T+105/110bp area. The senior unsecured notes are rated Aa3/A/AA-. Proceeds will be used for general corporate purposes, including working capital, capex, investments/loans to STT’s subsidiaries and to refinance outstanding debts.
Terumo raised $500mn via a 5Y bond at a yield of 4.488%, 40bp inside initial guidance of T+100bp area. The senior unsecured note is rated A- by S&P. Proceeds will be used for general corporate purposes and to repay a portion of its bridge loan relating to its acquisition of OrganOx.
Rating Changes
- SiriusPoint Ltd. Upgraded On Consistent Robust Earnings And Strength Of Capital Position
- Moody’s Ratings downgrades Vestel to Caa2; outlook negative
- Moody’s Ratings downgrades Conduent’s CFR to B3 from B2 on weaker liquidity, revenue declines; outlook remains negative
- Fitch Downgrades Kimberly Clark de Mexico’s IDRs to ‘A-‘ on Criteria Change; Removes UCO
- Fitch Downgrades QVC’s IDR to ‘D’
- Fitch Revises Cable & Wireless’ Outlook to Positive; Affirms IDRs at ‘BB-‘
- Fitch Revises Precision Drilling Corp.’s Outlook to Positive; Affirms Ratings at ‘BB-‘
Term of the Day: Negative Pledge
A negative pledge is a covenant that prohibits the borrower from creating security interests like liens, mortgages or other pledges over its assets. Thus, negative pledges help ensure that the borrower’s assets are unencumbered, protect the lender’s position and prevent subordination to other creditors.
Talking Heads
On Bond Traders Betting on Post-War Calm to Keep Rates in Tight Range
Shiyan Cao, Winshore Capital Partners
“The Fed is on hold, and rates are probably range bound. So volatility should be lower, assuming the war is over in the next few days.”
Barclays strategists
“Flows suggest that investors have been selling vol across the surface, with the overall short vol bias near the extreme levels of January”
On Riskiest Junk Debt Lagging as Investors Continue to Fret About Software Firms’ AI Future
Suzanne Gibbons, Davidson Kempner
“We expect refinancings for many software credits to be challenging”
Ronnie Kaplan, Oaktree Capital
“I can’t remember a time where you saw the maturity wall drive defaults”
Randy Raisman, Marathon Asset Management
“The risk premium for opportunistic credit widened by over 100 basis points in the first quarter”
On BOJ Watchers Seeing June Rate Hike as Iran War Pushes Back Bets
Eiji Kitada, Hamagin Research Institute
“With no clear sign of moving toward a resolution in the Middle East, the BOJ is likely to find it difficult to hike… key focus of this meeting will be how the bank signals a rate move in the near future?”
Tomo Kinoshita, Invesco Asset Management
“This meeting is live. If the situation in Iran is expected to exert stronger inflation pressure in Japan, a rate hike could be possible”
Top Gainers and Losers- 22-Apr-26*
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