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Bond Market News
Hana, BOCOM, Manulife, Westpac Launch Bonds
May 26, 2026
US Treasury yields fell by 5-6bp across the curve. US President Donald Trump said that negotiations with Iran over an interim deal to extend the ceasefire and reopen the Strait of Hormuz were “proceeding nicely”. He also urged Saudi Arabia, Qatar and other countries to join the Abraham Accords, indicating potential signals that they are nearing an agreement. However, reports this morning indicate that the US military carried out strikes in Iran, including on missile launch sites.
US equity and CDS markets were closed. European equity markets ended in the green. UK equity markets and European CDS markets were also closed on account of the Spring Bank Holiday. Asian equity markets have opened lower this morning. Asia ex-Japan CDS spreads were flat.
New Bond Issues
- Hana $ 5Y at T+110bp area
- Manulife S$ 10NC5 at 3.2% area
- Bocom Financial Leasing $ 3Y FRN at SOFR+105bp area
- Westpac A$ 3Y FRN/3Y at 3mBBSW+66bp/SQ ASW+66bp areas
Rating Changes
- Fitch Upgrades Kioxia to ‘BBB-‘; Outlook Stable
- Telesat Geo Inc. Downgraded To ‘CC’ From ‘CCC-‘ On Heightened Debt Repayment Risks; Outlook Negative
- Fitch Maintains Doha Bank’s ‘A’ IDR on Rating Watch Negative
Term of the Day: Tender Offer
A tender offer is an offer made by an issuer to bondholders to buyback their bonds. In return, the bondholders could get either cash or new bonds of equivalent value at a specified price. The issuer does this to retire some of its old debt and can use retained earnings to fund the purchases without affecting the liquidity position of the company. Tender offers have a deadline date before which holders must tender their bonds back.
Talking Heads
On Seeing Sufficient Factors to Justify Fed Cut – Navin Saigal, BlackRock
“If you force me to make a decision between a hike and a cut, I think there are sufficient factors to justify a cut, actually… there is going to be some pressure on the labor market that could suggest either doing nothing or a cut”
On Treasury Curve Flashing Higher-for-Longer Warning Under Warsh
Andrew Ticehurst, Nomura
“The data and the politics are suggesting less pressure for rate cuts, and short end yields have been repricing higher”
Tracy Chen, Brandywine Global
“Even if we get some relief on oil prices, I don’t think the developed market bond selloff structurally will just stop here”
“So far, we have not yet seen this spillover effect, but we are extremely vigilant regarding the risk of rising inflation expectations. Households and businesses can trust us to bring inflation back to 2% over the medium term — we won’t hesitate to take action to achieve this if necessary”
Top Gainers and Losers- 26-May-26*
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