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Bond Market News
Surge in Primary Market Activity as Turkey, SoftBank, Brazil, EDF, JPM, MS and others Price Bonds
April 16, 2026
US Treasury yields inched marginally higher across the curve. The Empire Manufacturing Index for March came in at 11.0, better than expectations of 0.0. The Import Price Index for March saw a rise of 0.8% MoM, softer than the surveyed 2.3%, indicating milder than expected inflation pressures. Separately, the Fed’s Beige Book noted that the labor market showed steady to slightly higher employment levels. Regarding inflation, it noted that overall price increases were moderate, while energy and fuel costs rose significantly. It added that the Middle East conflict was a major source of economic uncertainty, with many firms preferring to wait and watch before taking any major decisions.
Looking at US equity markets, the S&P and Nasdaq ended higher by 0.8% and 1.6% respectively. US IG CDS spreads tightened by 0.2bp while HY CDS spreads were 1.5bp tighter. European equity indices ended lower. The iTraxx Main CDS spreads widened by 0.6bp and Crossover spreads were 2.2p wider. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads were 0.3bp wider.
New Bond Issues
- Perennial Holdings S$ 5Y at 5.35% area
- Maybank $ 3Y at SOFR+90bp area
- Evergreen Marine Green $ 3Y at T+190bp area
- AgBank of China (London) $ 3Y at SOFR+90bp area
The Republic of Turkiye raised $2bn via a 5Y bond at a yield of 6.40%, 35bp inside initial guidance of 6.75% area. The senior unsecured note is rated Ba3/BB- (Moody’s/Fitch). Proceeds will be used for general budgetary purposes. The new bond is priced at a new issue premium of 20bp over its existing 5.875% 2031s that currently yield 6.20%.
SoftBank raised ~$3.8bn via a dual-currency six-part deal. Details are given in the table below:
The senior unsecured notes are rated BB+ by S&P.
EDF raised $2.75bn via a three-part deal. It raised:
- $1.25bn via a 10Y bond at a yield of 5.328%, 30bp inside initial guidance of T+135bp area
- $1bn via a 30Y bond at a yield of 6.192%, 30bp inside initial guidance of T+160bp area
- $500mn via a 40Y bond at a yield of 6.342%, ~27.5bp inside initial guidance of T+170/175bp area
The senior unsecured notes are rated Baa1/BBB+/BBB+. Proceeds will be used for general corporate purposes.
Brazil raised €5bn via a three-trancher. It raised:
- €2bn via a 4Y bond at a yield of 4.24%, 35bp inside initial guidance of MS+180bp area
- €1.5bn via a 7Y bond at a yield of 5.031%, 35bp inside initial guidance of MS+245bp area
- €1.5bn via a 10Y bond at a yield of 5.627%, 35bp inside initial guidance of MS+290bp area
The senior unsecured notes are rated Ba1/BB/BB. Proceeds will be used to repay outstanding federal public debt.
JPMorgan raised $10bn via a four-part deal. Details are given in the table below:
Proceeds will be used for general corporate purposes.
Morgan Stanley raised $10bn via a four-part deal. Details are given in the table below:
The SEC-registered senior unsecured notes are rated A1/A+/A+. Proceeds will be used for general corporate purposes.
Goldman Sachs raised ~$2.33bn via a dual-currency Tier-2 issuance. It raised:
- €1.4bn ($1.65bn) via a 10NC5 bond at a yield of 4.188%, 43bp inside initial guidance of MS+170bp area
- £500mn ($680mn) via a long 10NC5 bond at a yield of 5.771%, ~27.5bp inside initial guidance of UKT+180/185bp area
The subordinated notes are rated Baa2/BBB/BBB+. Proceeds will be used for general corporate purposes.
Minerva Luxembourg raised $600mn via a 10NC5 bond at a yield of 7.625% vs. initial guidance of the high 7-8% area. The senior unsecured note is rated BB/BB. Proceeds will be used to repay existing debt and the remainder, if any, for general corporate purposes.
Bank Negara Indonesia (BNI) raised $700mn via a PerpNC5.5 AT1 bond at a yield of 7.15%, 35bp inside initial guidance of 7.50% area. The junior subordinated note is rated Ba3. If not called by 22 October 2031, the coupon will reset to the US 5Y Treasury yield plus 326bp. The note has a dividend stopper and has a permanent writedown in the case of a non-viability loss absorption event.
CIMIC raised $650mn via a 10Y bond at a yield of 6.111%, 33bp inside initial guidance of T+220bp area. The senior unsecured note is rated Baa3/BBB-. Proceeds will be used for general corporate purposes and to provide additional liquidity in the event that CIMIC acquires the 40% of Thiess that it does not currently own. The bond has a 25bp coupon step-up if it goes below IG-status. It has an incremental 25bp step-up for every notch downgrade thereafter (for either Moody’s or S&P) per rating agency until B1 (Moody’s) or B+ (S&P) up to a maximum of 200bp in step-ups. The note also has a change of control put.
Allianz raised $750mn via a PerpNC9 RT1 bond at a yield of 6.50%, 37.5bp inside initial guidance of 6.875% area. The subordinated note is rated A3/A. If not called by 30 April 2035, the coupon will reset to the US 5Y Treasury yield plus 223.3bp. Proceeds will be used for general corporate purposes and to refinance existing debt.
Swiss Re raised €750mn via a 11NC10 Tier-2 bond at a yield of 4.399%, 32bp inside initial guidance of MS+165bp area. The subordinated note is rated A3/BBB+. Proceeds will be used for general corporate purposes.
Santander raised €1bn via a 12NC7 Tier-2 bond at a yield of 4.278%, 35bp inside initial guidance of MS+170bp area. The subordinated note is rated Baa2/BBB+/BBB+, and received orders of over €3.4bn, 3.4x issue size.
Chinalco raised $800mn via a 3Y bond at a yield of 3.992%, 53bp inside initial guidance of T+75bp area. The senior unsecured note is rated BBB+ by Fitch and is guaranteed by Aluminum Corporation of China. Proceeds will be used to refinance offshore debt.
New Bonds Pipeline
- WestConnex A$ 6Y and/or 10Y bond
Rating Changes
- Moody’s Ratings upgrades EchoStar’s CFR to B3, concluding the review; outlook changes to stable
- Moody’s Ratings downgrades Longfor’s CFR to B1; outlook stable
- Fitch Downgrades Frigorifico Concepcion’s IDRs to ‘CCC’
- Telefonica Moviles Chile S.A. Downgraded To ‘BB-‘ On Weaker-Than-Expected Performance; Outlook Stable
- Sealed Air Corp. Downgraded To ‘B+’ Following Acquisition By CD&R; Removed From CreditWatch; Outlook Stable
- Fitch Revises Westlake Corporation’s Outlook to Negative; Affirms IDR at ‘BBB’
Term of the Day: RT1 Bond
Restricted Tier 1 (RT1) bonds are junior subordinated securities issued by insurers that qualify as capital under Europe’s insurance regulation (known as Solvency II). To qualify as Tier 1 capital, the bonds must be perpetual, no step-up in coupon and a contractual trigger to principal write-down or equity conversion. According to the Solvency II directive, RT1s will automatically convert into equity or be written down upon three events:
- Breach of the Solvency Capital Requirement (SCR), which defines the capital required to ensure that the insurance company can meet its obligations over the next 12 months, for more than three months
- Drop of solvency ratio below 75% of the SCR
- Breach of the Minimum Capital Requirement (MCR), which is the threshold below which the national regulator would intervene
Talking Heads
“This is really a broad supply shock… my guess would be that maybe there would be a cut later in the year. I think that’s entirely possible, the main scenario. But gee, a lot of things are possible”
On Treasuries Losing Premium, Warns on Debt Management – IMF
“The increase in the US Treasury security supply is compressing the safety premium that US Treasuries have traditionally commanded… A narrowing spread implies that the premium investors pay for the safety and liquidity of Treasuries is compressing”
“Those that are in a good position of credibility, they can take a wait-and-see attitude. They also have to signal ‘we are prepared to act if necessary… my worry is that because of 2022, now central banks may say ‘let’s move faster’ and that could be dangerous”
Top Gainers and Losers- 16-Apr-26*
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