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Bond Market News
Lendlease REIT Launches S$ Perp
April 14, 2026
US Treasury yields eased across the curve by 5-7bp as initial risk-off tensions eased after US President Donald Trump said that Iran was seeking a peace deal. Separately, the US Federal Reserve said that it will buy about $25bn of T-Bills every month, marking a larger than expected reduction of its reserve building program. This is in contrast to its December 2025 meeting announcement to buy $40bn of T-Bills per month.
Looking at US equity markets, the S&P and Nasdaq ended 1-1.2% higher. US IG CDS spreads tightened by 1.2bp and HY CDS spreads were 7bp tighter. European equity indices ended lower. The iTraxx Main CDS spreads widened by 0.2bp and Crossover spreads were 1.3bp wider. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads were 1.9bp tighter. The Monetary Authority of Singapore increased the slope of its policy band, effectively tightening its monetary policy amid increasing inflation risks.
New Bond Issues
- Lendlease Global Commercial REIT S$ PerpNC3 at 4.6% area
- Naver $ 5Y green at T+100bp area
- Incheon Airport $ 3Y at T+85bp area
Goldman Sachs raised $6.5bn via a three-trancher. It raised:
- $3bn via a 4NC3 bond at a yield of 4.594%, 25bp inside initial guidance of T+105bp area
- $500mn via a 4NC3 FRN at SOFR+100bp vs. initial guidance of SOFR equivalent area
- $3bn via an 8NC7 bond at a yield of 5.094%, 25bp inside initial guidance of T+125bp area
The senior unsecured bonds are rated A2/BBB+/A. Proceeds will be used for general corporate purposes.
New Bonds Pipeline
- SoftBank Plans $/€ bonds
- Sompo HD $ 11NC10 bond
- Bank Negara Indonesia $ AT1 bond
Rating Changes
- Sibanye Stillwater Ltd. Upgraded To ‘BB’ On Low Leverage; Outlook Stable
- Fitch Downgrades Biscuit Holding to ‘RD’ on Interest Payment Date Extension ; Upgrades to ‘CC’
- Moody’s Ratings Places Aegea’s Ratings Under Review for Downgrade
Term of the Day: Securitization
Securitization is the process of pooling and packaging different types of debt into securities which can be issued to investors. Investors would get the interest from the underlying pool of debt and this also helps the company raise capital. This is particularly seen in financial companies which issue multiple loans which are packaged together in the form of a security to be sold to investors. Examples of securitized assets include Asset backed Securities (ABS), Mortgage Backed Securities (MBS).
Talking Heads
On Seeing Inflation Close to Target a Year From Now – Stephen Miran, Fed Governor
“There’s thus far no evidence that inflation expectations are higher. With the labor market on the trajectory of cooling gradually.. it’s very unlikely that we get a sort of wage-price spiral… We look forward a year from now, I see inflation running pretty close to our target”
On Record-Low Inflation Cushioning EM Oil Shock
Guillaume Tresca, Generali Asset Management
“Market has been very hawkish, repricing too many rates hikes while real rates are already high. So when the dust settles, local bonds will be really attractive. Much value has been created… So in the current context, EM central banks are less in hurry to hike than in 2022.”
On Fed Slashing T‑Bill Purchases in Sharper Than Signaled Pullback
Gennadiy Goldberg, TD Securities
“This is certainly faster than the market was expecting given the Fed’s discussion that they would taper gradually over time… must feel confident that the market is through the worst of the pressure”
Top Gainers and Losers- 14-Apr-26*
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