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New Bond Issues
Qatar raised $3bn via a two-part deal. It raised $1bn via a 5Y bond at a yield of 5.38%, 30bp inside initial guidance of T+85bp area. It also raised $2bn via a 10Y bond at a yield of 5.613%, 30bp inside initial guidance of T+95bp area. The senior unsecured bonds are rated Aa2/AA/AA.
ANZ Bank raised $1.6bn via a two-trancher. It raised $1.2bn via a 3Y bond at a yield of 5.163%, 25bp inside initial guidance of T+60bp area. It also raised $400mn via a 3Y FRN at SOFR+52bp vs. initial guidance of SOFR eq. area. The senior unsecured notes are rated Aa2/AA-/AA-. Proceeds will be used for general corporate purposes.
TD Bank raised $3.75bn via a four-part deal. It raised:

The senior unsecured notes are rated A2/A-/AA-. Proceeds will be used for general corporate purposes.
Deutsche Bank raised €1.25bn via a PerpNC7.5 AT1 at a yield of 7%, 37.5bp inside initial guidance of 7.375% area. If not called by 30 April 2034, the coupon will reset to the 5Y EURIBOR ICE Swap plus 365.6bp. A trigger event will occur if at any time, the group CET1 Ratio falls below 5.125%. The junior subordinated note is rated Ba2/BB/BB+. The new AT1 was priced at a new issue premium of 17bp compared to its 6.75% Perp (callable in Oct 2034) which currently yields 6.83%.
Korea National Oil raised $1.6bn via a three-part deal. It raised:
The senior unsecured notes are rated Aa2/AA (Moody’s/S&P). Proceeds will be used for general corporate purposes and will not be used for any activity related to the construction or development of oil sand projects.
Nan Shan Life raised $333mn via a 15.5NC10.5 Tier-2 at a yield of 6.865%, 25bp inside initial guidance of T+215bp area. The subordinated note is rated BBB+ (S&P). Proceeds will be used to supplement and strengthen its financial structure and capital base and to improve capital adequacy ratio.
Athene Global raised $1.25bn via a two-trancher. It raised $800mn via a 2Y bond at a yield of 5.583%, 32bp inside initial guidance of T+105bp area. It also raised $450mn via a 2Y FRN at SOFR+91bp vs initial guidance of SOFR eq. area. The FA backed notes are rated A1/A+/A+. Proceeds will be used to purchase one or more funding agreements from Athene Annuity and Life Company.
Brookfield Finance raised $600mn via a 5Y bond at a yield of 5.658%, 30bp inside initial guidance of T+112.5bp area. The senior unsecured note is rated A3/A-/A-.
Nationwide Building Society raised £750mn via a PerpNC6.25 AT1 at a yield of 7.5%, 50bp inside initial guidance of 8% area. If not called by 20 December 2031, the coupon will reset to 5Y UK Gilt plus 267.2bp. A trigger event will occur if at any time, group or individual CET1 ratio falls below 7%. The junior subordinated note is rated Baa3/BBB- (Moody’s/Fitch). Net proceeds will be used to fund the acquisition of some or all of its outstanding £750mn 5.75% Perp pursuant to the tender offer announced yesterday and the remaining funds will be used to strengthen its regulatory capital base and for general business purposes.
AIB Group raised €750mn via a 6NC5 green bond at a yield of 4.205%, ~27.5bp inside initial guidance of T+100-105bp area. The green transition bond is rated A2/BBB+. Net proceeds will be allocated to the Eligible Green Loan Portfolio. For any unallocated amount, the Group will hold or invest it in its treasury liquid portfolio, in cash, or other liquid instruments.
IFC raised £500mn via a 5Y FRN at SONIA+30bp vs initial guidance of SONIA+31bp area. The senior unsecured note is rated Aaa/AAA.