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New Bond Issues
CBA raised S$325mn via a 10NC5 Tier-2 bond at a yield of 3.15%, 25bp inside initial guidance of 3.4% area. The subordinated note is rated A2/A-/A.
Mizuho raised €1.5bn via a two-trancher. It raised €750mn via a 6.5NC5.5 at a yield of 3.931%, 20bp inside initial guidance of MS+100bp area. It also raised €750mn via a 11.5NC10.5 at a yield of 4.342%, 20bp inside initial guidance of MS+125bp area. The senior unsecured notes are rated A1/A- (Moody’s/Fitch). Proceeds will be used to make a loan, intended to qualify as internal TLAC, to Mizuho Bank, which will use the funds for general corporate purposes. The 6.5NC5.5 new bond is priced at a new issue premium of 8.1bp over its existing 3.295% 2033s (callable in 2032), that currently yields 3.85%.
Alphabet raised A$5.5bn via a six-part deal. Details in table below:

The senior unsecured notes are rated Aa2/AA+ (Moody’s/S&P) and received orders of over A$18bn, 3.3x issue size. Alphabet last priced $25bn of bonds earlier this month and prior to that, it issued notes in CHF, GBP, EUR, CAD and JPY. Alphabet’s debt sales have exceeded $80bn this year.
Macquarie Group raised £500mn via a long 4Y bond at a yield of 5.369%, 15bp inside initial guidance of UKT+100bp area. The senior unsecured note is rated A1/BBB+/A. Proceeds will be used for general corporate purposes.