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Bond Market News
Mashreqbank Prices $ AT1 Bond at 6.625%; View Other New Issuances Priced on June 30
July 1, 2026
– By Amruth Sundarkumar
Mashreqbank raised $500mn via a PerpNC5.5 AT1 bond at a yield of 6.625%, 25bp inside initial guidance of 6.875% area. The subordinated note is unrated, and received orders of over $1bn, 2x issue size. If not called by 7 January 2032, the coupon will reset to the 5Y US Treasury yield plus 242bp. Proceeds will be used for general corporate purposes and to further strengthen its capital base.
RAK Bank raised $600mn via a 5Y bond at a yield of 5.413%, 30bp inside initial guidance of T+155bp area. The senior unsecured note is rated Baa1/BBB+ (Moody’s/Fitch). Proceeds will be used for general corporate purposes.
Prestige Brands raised $400mn via a 8NC3 bond at a yield of 6.25%, 12.5bp inside initial guidance of 6.375% area. The senior unsecured note is rated B1/BB-. Proceeds, together with cash on hand, will be used to redeem all of its outstanding 5.125% 2028s.
Banco BPM raised €500mn via a 11.5NC6.5 bond at a yield of 4.202%, 27bp inside initial guidance of T+170bp area. The subordinated note is rated Baa3/BB/BB+. Proceeds will be used to finance or re-finance eligible green loans.
Nanyang Technological University raised S$350mn via a 15Y bond at a yield of 2.42%, 18bp inside initial guidance of 2.60% area. The senior unsecured note is rated Aaa. Proceeds will be used to refinance existing borrowings, general corporate purposes, working capital and capital expenditure requirements.
Panasonic raised $500mn via a 10Y bond at a yield of 5.362%, 25bp inside initial guidance of T+120bp area. the senior unsecured note is rated Baa1/A- (Moody’s/S&P).
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