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Bond Market News
SocGen, SIB and Others Price Bonds
September 23, 2026
New Bond Issues
- NABFID $ 10Y Senior at T+130bp area
Credit Agricole Assurances raised €750mn via a long 12Y Tier-2 at a yield of 5.203%, ~17.5bp inside initial guidance of MS+185/190bp area. The subordinated note is rated BBB+(S&P). Proceeds will be used for general corporate purposes, including financing or refinancing debt.
BBVA raised €1.25bn via a 7Y green bond at a yield of 4.178%, 25bp inside initial guidance of MS+100bp area. The senior preferred note is rated A2/A+/A. Net proceeds will be used in accordance with its sustainable debt financing framework.
Societe Generale SA (SocGen) raised $1.5bn via a PerpNC7 AT1 at a yield of 8%, 25bp inside initial guidance of 8.25% area. The subordinated note is rated Ba2/BB/BB+. If not called by 29 September 2033, the coupon rate will reset to 5Y US Treasury plus 310.2bp. The table below compares the new SocGen AT1 Perp with its peers:
Sharjah Islamic Bank raised $500mn via a 5Y sukuk at a yield of 5.85%, 30bp inside initial guidance of T+135bp area. The senior unsecured note is rated A- (S&P). SIB Sukuk Co III Ltd (SIB) is the issuer and Sharjah Islamic Bank P.J.S.C. is the obligor.
Rabobank raised $1.8bn via a three-part deal. It raised:
- $700mn via a 3Y bond at a yield of 5.189%, 23bp inside initial guidance of T+60bp area
- $300mn via a 3Y FRN at SOFR+54bp vs initial guidance of SOFR eq. area
- $800mn via a 5Y bond at a yield of 5.336%, 25bp inside initial guidance of T+75bp area
The senior preferred notes are rated Aa3/A+/AA-. Proceeds will be used for general corporate purposes.
Dominican Republic raised $1.6bn via a long 12Y bond at a yield of 6.85%, 40bp inside initial guidance of 7.25% area. The senior unsecured note is rated Ba2/BB/BB-. Proceeds will be used to finance the purchase of its outstanding 5.95% 2027s, and the remainder, if any, for general purposes of the government, including partial financing of the revised 2026 budget.
Nationwide raised €750mn via an 8NC7 bond at a yield of 4.434%, 25bp inside initial guidance of MS+125bp area. The senior non-preferred note is rated A3/BBB+/A. Proceeds will be used for general corporate purposes.
Swedbank raised €500mn via a 10NC5 Tier-2 at a yield of 4.51%, 27bp inside initial guidance of MS+135bp area. The subordinated note is rated A3/A-/A.
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