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Bond Market News
Keppel Infra, Goodman Launch Bonds
April 21, 2026
US Treasury yields were broadly steady across the curve on Monday. Negotiation talks between the US and Iran continue to remain uncertain with mixed news. US President Donald Trump said that their delegation was on its way to Pakistan for potential talks with Iran. On the other hand, Iran said that there would be no talks under the shadow of threats.
Looking at US equity markets, the S&P and Nasdaq ended 0.2-0.3% lower. US IG CDS spreads widened by 0.4bp and HY CDS spreads were 0.7bp wider. European equity indices ended lower. The iTraxx Main CDS spreads widened by 2.7bp and Crossover spreads were 4bp wider. Asian equity markets have opened broadly lower this morning. Asia ex-Japan CDS spreads were 0.8bp wider.
New Bond Issues
- Keppel Infrastructure S$ 7Y at 3.1% area
- Goodman Group $ 10Y/20Y at T+135bp/T+145bp areas
- Terumo $ 5Y at T+100bp area
Seatrium Financial raised S$400mn via a 5Y bond at a yield of 2.95%, 25bp inside initial guidance of 3.2% area. The senior unsecured notes are unrated. Net proceeds would be used to refinance existing borrowings, financing potential acquisition and investment opportunities, as well as working capital requirements, capex requirements and other general corporate purposes. They may also be used to fund operating and capital expenditures of its subsidiaries, and to provide internal loans to entities within the group.
Truist Financial raised $2bn via a two-trancher. It raised $1bn via a 6NC5 bond at a yield of 4.68%, 27bp inside initial guidance of T+110bp area. It also raised $1bn via a 11NC10 bond at a yield of 5.281%, 27bp inside initial guidance of T+130bp area. The senior unsuecured notes are rated Baa1/A-/A-. Proceeds will be used for general corporate purposes.
Deutsche Telekom raised €1.5bn via a two-trancher. It raised €750mn via a 7Y bond at a yield of 3.415%, 30bp inside initial guidance of MS+85bp area. It also raised €750mn via a 12Y bond at a yield of 3.956%, 30bp inside initial guidance of MS+115bp area. The senior unsuecured notes are unrated. Proceeds will be used for general corporate purposes.
Shuifa Group raised $200mn via a 3Y green bond at a yield of 4.5%, 60bp inside initial guidance of 5.1% area. The senior unsecured note is rated Baa3 by Moody’s. The note has a change of control put at 101. Proceeds will be used to refinance existing offshore debt in accordance with its green bond framework.
Schwab raised $1.5bn via a PerpNC5 bond at a yield of 6.1%, 40bp inside initial guidance of 6.5% area. The junior subordinated note is rated Baa2/BBB-/BBB-. If not called by 1 June 2031, the coupon will reset to the US 5Y Treasury yield plus 225bp. Proceeds will be used for general corporate purposes, including redeeming preferred stock and related depositary shares.
New Bonds Pipeline
- Genting Overseas Holdings S$ PerpNC5.5, PerpNC10 bond
Rating Changes
- Moody’s Ratings upgrades Talen Energy’s debt ratings following senior unsecured note issuance
- Moody’s Ratings upgrades Caterpillar’s senior unsecured rating to A1; outlook stable
- Moody’s Ratings upgrades American Tower’s senior unsecured rating to Baa2, stable outlook
- Moody’s Ratings upgrades Dana’s CFR to Ba2, outlook stable
- Aegea Saneamento e Participacoes S.A. Downgraded To ‘B’ From ‘B+’ On Higher-Than-Expected Leverage; Outlook Negative
- Fitch Revises the Philippines’ Outlook to Negative; Affirms at ‘BBB’
- Globo Comunicacao e Participacoes Outlook Revised To Positive On Expected Solid Operations; ‘BB+’ Ratings Affirmed
- PacifiCorp Outlook Revised To Positive Following Oregon Court Of Appeals Decision
Term of the Day: Tag-along rights
Tag-along rights are a legal provision in shareholder agreements that protect minority shareholders. They ensure that if a majority shareholder sells their stake to a third party, minority shareholders have the right to “tag along” and sell their shares as well, on the same terms and conditions. This prevents minority shareholders from being left behind with new, potentially less favorable ownership.
Talking Heads
On Buying US Treasuries That Have Lagged Broader Iran Rally – BofA Strategists
“We expect belly US rates to decline and the US curve to steepen especially as the market returns focus to macro fundamentals, Fed leadership change, and UST supply”
On Calls Fed Independence ‘Critically Important’ – Charles Scharf, Wells Fargo CEO
“The independence of the Fed is critically important.. no reason why the president shouldn’t have a point of view.”
On War’s ‘Double Uncertainty’ Calling for More Data – Christine Lagarde, ECB President
“This double uncertainty about the duration of the shock and the breadth of pass-through argues for gathering more information… stop-start nature of the conflict.. makes it exceptionally hard to gauge the duration and depth of the consequences”
Top Gainers and Losers- 21-Apr-26*
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