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Bond Market News
Tata Capital, China CITIC Price Dollar Bonds
July 16, 2026
Tata Capital raised $400mn via long 3.5Y bond at a yield of 5.332%, 33bp inside initial guidance of T+140bp area. The senior unsecured notes are rated BBB by S&P, and received orders of over $2.1bn, 5.25x issue size. Proceeds will be applied for onward lending and other activities. Key maintenance covenants include maintaining a capital adequacy ratio of at least 15%, and a net NPA ratio of not more than 5%. The note has a change of control put at 100 if any entity other than the Tata Sons (group or subsidiaries) acquires more than 51% of the voting rights of the issuer’s share capital.
China CITIC Bank raised $400mn via a PerpNC5 AT1 bond at a yield of 5.00%, 45bp inside initial guidance of 5.45% area. The subordinated bond is rated Ba2 by Moody’s. If not called by 22 July 2031, the coupon will reset to the US 5Y Treasury yield plus 73.7bp.
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