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Bond Market News
Softbank, CIBC and Others Price Bonds
September 24, 2026
New Bond Issues
- Aspial Lifestyle S$ 5Y Senior Notes at 5.10% area
SoftBank raised $10bn via a three-part deal. It raised:
- $1bn via a 3.5Y bond at a yield of 8.625%, ~18.8bp inside initial guidance of 8.75%-8.875% area
- $4.5bn via a 5.5Y bond at a yield of 9.25%, ~18.8bp inside initial guidance of 9.375%-9.5% area
- $4.5bn via a 7.5Y bond at a yield of 9.75%, ~6.3bp inside initial guidance of 9.75%-9.875% area
The senior unsecured notes are rated BB+/BB+ (S&P/Fitch).
SoftBank raised €1bn via a two-part deal. It raised €500mn via a 4Y bond at a yield of 7.125%, ~37.5bp inside initial guidance of 7.5% area. It also raised €500mn via a 6Y bond at a yield of 8%, ~37.5bp inside initial guidance of 8.25%-8.5% area. The senior unsecured notes are rated BB+/BB+ (S&P/Fitch). Proceeds along with the new USD issuance will be used to fund the $10bn payment for the third tranche of the 2026 OpenAI Follow-on Investment and for general corporate purposes.
NABFID raised $750mn via a 10Y bond at a yield of 6.122%, 25bp inside initial guidance of T+130bp area. The senior unsecured notes is rated BBB/BBB- (S&P/Fitch). Proceeds will be used for onward lending in accordance with the NABFID Act, the ECB Guidelines, the RBI AIFI Directions, and any other applicable laws and regulatory guidelines.
CIBC raised $1.3bn via a two-part deal. It raised $1bn via a 4NC3 bond at a yield of 5.627%, 25bp inside initial guidance of T+90bp area. It also raised $300mn via a 4NC3 FRN at SOFR+82bp vs inside initial guidance of SOFR eq. area. The senior unsecured notes are rated A2/A-/AA-. Proceeds will be used for general corporate purposes.
BBVA raised £500mn via a 6NC5 bond at a yield of 5.797%, 15bp inside initial guidance of UKT+115bp area. The senior non-preferred note is rated Baa1/A-/A-. Proceeds will be used for general corporate purposes.
Turkiye raised $1.5bn via a long 10Y sustainable bond at a yield of 7.65%, 22.5bp inside initial guidance of 7.875% area. Proceeds will be used to finance/refinance, in whole or in part, eligible green and/or social projects in accordance with Turkiye’s Sustainable Finance Framework.
Ford Motor Credit raised €750mn via a 3.1Y bond at a yield of 4.648%, ~32.5bp inside initial guidance of MS+135/140bp area. The senior unsecured note is rated Ba1/BBB-/BBB-. Proceeds will be used for general corporate purposes.
AerCap DAC raised $1.5bn via a two-part deal. It raised $750mn via a 3Y bond at a yield of 5.619%, 25bp inside initial guidance of T+90bp area. It also raised $750mn via a 7Y bond at a yield of 6.003%, 25bp inside initial guidance of T+120bp area. The senior unsecured notes are rated Baa1/BBB+/BBB+. Proceeds will be used for general corporate purposes, including to acquire, invest in, finance/refinance aircraft assets and to repay debt.
ADB raised $5bn via a two-part deal. It raised $3bn via a 3Y bond at a yield of 4.994%, 3bp inside initial guidance of SOFR MS+27bp area. It also raised $2bn via a 7Y bond at a yield of 5.09%, 2bp inside initial guidance of SOFR MS+42bp area. The notes are rated Aaa/AAA/AAA.
Bayer raised €2bn via a two-part deal. It raised €1bn via a 30NC6 bond at a yield of 5.825%, ~48.8bp inside initial guidance of 6.25%-6.375% area. It also raised €1bn via a 30NC9 bond at a yield of 6.325%, ~48.8bp inside initial guidance of 6.75%-6.875% area. The subordinated notes are rated Baa3/BB+/BB+. Proceeds will be used for general corporate purposes.
BOCOM HK raised $670mn via a two-part deal. It raised $350mn via a 3Y FRN at SOFR+38bp, 57bp inside initial guidance of SOFR+95bp area. It also raised $320mn via a 5Y FRN at SOFR+41bp, 59bp inside initial guidance of SOFR+100bp area. The senior unsecured notes are rated A2 (Moody’s). Proceeds will be used for working capital and for general corporate purposes.
DNB Bank raised €500mn via a 10.25NC5.25 Green Tier-2 bond at a yield of 4.564%, ~27.5bp inside initial guidance of MS+130/135bp area. The subordinated note is rated A3/A-. Proceeds will be used to finance/refinance a portfolio of Eligible Green Loans under the issuer’s Green Finance Framework.
Rabobank raised £600mn via a 10NC5 Green Tier-2 bond at a yield of 6.008%, ~22.5bp inside initial guidance of UKT+140/145bp area. The subordinated note is rated Baa1/BBB+/A-. Proceeds will be used to finance/refinance, in whole or in part, a portfolio of Eligible Green Assets in accordance with Rabobank’s Sustainable Funding Framework.
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