We use cookies to improve your experience. By using BondbloX, you agree to our use of cookies.
Bond Market News
Mashreqbank, RAKBANK Launch $ Bonds
June 30, 2026
US Treasury yields were nearly unchanged on Monday. The US and Iran are expected to continue talks in Doha today, however, media reports suggest some uncertainty. While US President Donald Trump said that fresh talks were set in place, Iran said that no meetings were scheduled.
Looking at US equity markets, the S&P and Nasdaq ended higher by 1.2% and 2.1% respectively. US IG CDS spreads were tighter by 0.5bp and HY CDS spreads tightened by 3.3bp. European equity markets ended mixed. European IG CDS spreads were unchanged and Crossover spreads tightened by 0.4bp. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads tightened by 0.4bp.
New Bond Issues
- Mashreqbank $ PerpNC5.5 at 6.875% area
- Nanyang Technological University S$ 15Y at 2.6% area
- Valuemax S$ 3Y at 4.25% area
- Panasonic $ 10Y at T+120bp area
SocGen raised $2.25bn via a two-part deal. It raised $1.25bn via a 3NC2 bond at a yield of 4.857%, 25bp inside initial guidance of T+100bp area. It also raised $1bn via an 8NC7 bond at a yield of 5.445%, 25bp inside initial guidance of T+145bp area. The senior non-preferred notes are rated Baa2/BBB/A-. Proceeds will be used for general corporate purposes.
ING Bank raised $2bn via a two-part deal. It raised $1bn via a 3Y bond at a yield of 4.555%, 25bp inside initial guidance of T+70bp area. It also raised $1bn via a 5Y bond at a yield of 4.711%, 28bp inside initial guidance of T+85bp area. The senior unsecured notes are rated A2/A+/AA. Proceeds will be used to finance a portfolio of green loans inline with its global green funding framework. Any remaining proceeds will be invested in a separate account of its treasury department, or in cash and/or other liquid instruments in its liquidity portfolio.
Turkiye Sinai Kalkinma Bankasi (TSKB) raised $300mn via a 5Y bond at a yield of 7.25%, 37.5bp inside initial guidance of 7.625% area. The senior unsecured note is rated Ba3. Proceeds will be used for general corporate purposes.
SMFG raised $3.25bn via a five-part deal.
The senior unsecured notes are rated A1/A-/A-. Proceeds will be used to extend unsecured loans, intended to qualify as internal TLAC.
AerCap Funding raised $900mn via a 5Y bond at a yield of 4.972%, 27bp inside initial guidance of T+110bp area. The senior unsecured note is rated Baa1/BBB+/BBB+. Proceeds will be used for general corporate purposes.
Imperial Brands raised $1.2bn via a two-trancher. It raised $750mn via a long 5Y bond at a yield of 4.944%, 30bp inside initial guidance of T+110bp area. It also raised $750mn via a 10Y bond at a yield of 5.524%, 30bp inside initial guidance of T+145bp area. The senior unsecured notes are rated BBB/BBB. Proceeds will be added to its general funds, which may be used to refinance certain existing debt.
New Bonds Pipeline
- KEPCO $ 3Y/3Y FRN and/or 5Y/5Y FRN
- KT Corp $ 3.5Y/5Y bonds
Rating Changes
- Moody’s Ratings upgrades Golomt Bank’s deposit and issuer ratings to B1; outlook stable
- Fitch Upgrades CLISA to ‘CCC+’
- Fitch Upgrades Agua y Saneamientos Argentinos S.A.’s IDRs to ‘B-‘/Stable; Withdraws Ratings
- Fitch Upgrades Georgia Global Utilities to ‘BB’; Outlook Stable
- Societe Generale Outlook Revised To Positive On Strengthened Performance And Capitalization; ‘A/A-1’ Ratings Affirmed
- Moody’s Ratings affirms HPE’s Baa2 ratings and changes outlook to positive
- Comcast Ratings Placed On CreditWatch Negative Following Announcement Of Split
Term of the Day: Phillips Curve
The Phillips Curve refers to a graph highlighting the relation between the unemployment rate and wage inflation. The graph shows a curve with an inverse relationship between the two. As the unemployment rate falls, it would imply an increase in the demand for labor thereby leading to an upward pressure on wages. This translates to increasing inflation. The Phillips curve is named after economist A.W. Phillips, who examined U.K. unemployment and wages from 1861-1957. Phillips found an inverse relationship between the level of unemployment and the rate of change in wages.
RBA Deputy Govenor Andrew Hauser said, “Being on the steeper part of the Phillips curve has a potential silver lining…. while it implies that increases in excess demand have a proportionally larger impact on inflation on the way up, it also implies that timely policy steps to reduce inflationary pressures… should also have a proportionally smaller unemployment cost on the way down”
Talking Heads
On Hawkish Fed Throwing Down Challenge for Emerging-Market Bond Rally
Philip Fielding, Fidelity International
“The path for US interest rates has been repriced much higher. This has led to broad-based US dollar strength, creating an obvious headwind for dollar-funded emerging-market local currency positions.”
Kamakshya Trivedi and Danny Suwanapruti, Goldman Sachs
“Close on the heels of the signing of a US-Iran agreement to end the war, EM local rates are now fighting a new adversary – a hawkish Fed”
Luis Costa, Citigroup
“The baton of risk factors will only get passed from oil to Fed and El Nino”
“So I think moving away from these strong forms of forward guidance is entirely appropriate. Saying there is no forward guidance, I don’t think that is actually the case ever. You do it explicitly, or implicitly, the market is going to form a view”
On debt, AI boom and fragilities raising global risks
Pablo Hernandez de Cos, BIS
“The readiness to act if the central banks observe that there is the anchoring of inflation expectations is the main message that we want to set”
Frank Smets, BIS
“The new fiscal-financial stability nexus may mean more frequent and sharper drops in sovereign bond values”
Top Gainers and Losers- 30-Jun-26*
Go back to Latest bond Market News
Related Posts:
Our Awards
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.