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Bond Market News
HSBC Prices Three Trancher; TD, BNY, Athene Price Bonds
August 6, 2026
HSBC raised $6.75bn via a three-trancher. It raised:
- $2.5bn via a 6NC5 bond at a yield of 5.243%, 18bp inside initial guidance of T+110bp area
- $1bn via a 6NC5 FRN at SOFR+115bp vs initial guidance of SOFR eq. area
- $3.25bn via an 11NC10 bond at a yield of 5.729%, 18bp inside initial guidance of T+112bp area
The senior unsecured notes are rated A3/A-/A+. Proceeds will be used for funding the tender offer for its 2.013% 2028s, 7.390% 2028s, 5.597% 2028s (sub-cap of $750mn) and 4.041% 2028s (sub-cap of $1.75bn). Remaining proceeds will be used for general corporate purposes.
BNY raised $2.5bn via a three-trancher. It raised:
- $1.2bn via a 4NC3 bond at a yield of 4.755%, ~25.5bp inside initial guidance of T+75/80bp area
- $300mn via a 4NC3 FRN at SOFR+69bp vs initial guidance of SOFR eq. area
- $1bn via an 8NC7 bond at a yield of 5.182%, 28bp inside initial guidance of T+100bp area
The senior unsecured notes are rated Aa3/A/AA-. Proceeds will be used for general corporate purposes.
Toronto-Dominion Bank raised A$1.1bn via a two-trancher. It raised A$800mn via a 5Y FRN at 3m BBSW+103bp, 12bp inside initial guidance of 3m BBSW+115bp area. It also raised $300mn via a 5Y bond at a yield of 5.578%, 12bp inside initial guidance of SQ ASW+115bp area. The senior unsecured notes are rated A2/A-/AA-.
Athene raised $1bn via a 10Y bond at a yield of 6.169%, 25bp inside initial guidance of T+180bp area. The senior unsecured note is rated Baa1/A-/BBB+. Proceeds will be used for general corporate purposes including capital contributions to insurance subsidiaries to support organic growth.
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