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Bond Market News
Abu Dhabi, StanChart, EDF, Seazen and others Price Bonds
February 27, 2026
US Treasury yields moved lower by 3-4bp across the curve, with the 10Y yield at the 4%-mark for the first time since late-November, and its lowest level this year. On the data front, initial jobless claims stood at 212k last week, coming in better than expectations of 216k. In geopolitcal news, US-Iran nuclear talks wrapped up with no deal but agreeing to more negotiations ahead.
Looking at US equity markets, the S&P and Nasdaq ended lower by 0.5% and 1.2% respectively. US IG CDS spreads widened by 1.6bp and HY CDS spreads were 8.9bp wider. European equity indices ended mixed. The iTraxx Main CDS spreads were 0.9bp wider and the Crossover CDS spreads were 4.9bp wider. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads widened by 0.5bp.
New Bond Issues
Abu Dhabi raised $3bn via a two-trancher. It raised $1.25bn via a 5Y bond at a yield of 3.78%, 30bp inside initial guidance of T+50bp area. It also raised $1.75bn via a 10Y bond at a yield of 4.273%, 30bp inside initial guidance of T+55bp area. The senior unsecured notes are rated AA/AA, and received orders of over $9.9bn, 3.3x issue size.
Standard Chartered raised $1.75bn via a two-trancher. It raised $1bn via a 6.25NC5.25 bond at a yield of 4.529%, 20bp inside initial guidance of T+115bp area. It also raised $750mn via a 21NC20 bond at a yield of 5.706%, 20bp inside initial guidance of T+130bp area. The senior unsecured notes are rated A3/BBB+/A. Proceeds will be used for general corporate purposes.
Qatar Islamic Bank (QIB) raised $750mn via a 5Y sukuk at a yield of 4.402%, 35bp inside initial guidance of T+115bp area. The senior unsecured note is rated A (Fitch), and received orders of over $1.6bn, 2.1x issue size.
NatWest raised $750mn via a Tier-2 bond at a yield of 5.908%, 25bp inside initial guidance of T+155bp area. The subordinated note is rated Baa1/BBB+/A-. Proceeds will be used for general corporate purposes.
Seazen Group raised $355mn via a 3Y bond at a yield of 13%, 25bp inside initial guidance of 13.25% area. The senior unsecured note is rated B- by S&P. New Metro Global Ltd is the issuer of the note. Proceeds will be used to fund the concurrent tender offer for its 2026s, refinance existing debt and for general corporate purposes. However, the tender offer for its 2027s will be funded by internal funding and not any proceeds from the above issuance. Seazen last came to the primary dollar bond market in September 2025 where it raised $160mn via a 2Y note. Prior to that, it raised $300mn via a 3NCNP2 note in June 2025, marking the first such dollar bond deal by a private property developer from China since 2023 when the real estate crisis worsened.
EDF raised €2.75bn via a four-trancher. It raised:
The senior unsecured green notes are rated Baa1/BBB+/BBB+, and received orders of over €11.4bn, 4.1x issue size. Proceeds will be used in compliance with its Green Financing Framework.
Western Union raised $450mn via a 3Y bond at a yield of 4.763%, 20bp inside initial guidance of T+150bp area. The senior unsecured note is rated Baa2/BBB. Proceeds will be used to repay its $600mn outstanding 1.350% 2026s at maturity and to pay any accrued interest in respect thereof.
AIMS APAC REIT raised S$100mn via a PerpNC5.5 bond at a yield of 4.25%, 20bp inside initial guidance of 4.45% area. The subordinated note is unrated. If not called by 9 September 2031, the coupon will be reset to the SGD 5Y SORA-OIS plus 259bp. The note has a dividend stopper but does not have a dividend pusher. The issuer is HSBC Institutional Trust Services (Singapore) Ltd in its capacity as trustee of the company. Net proceeds will be used to refinance existing borrowings, finance capex, general working capital, and for investments/acquisitions. It will also be used to refinance its existing S$250mn 5.375% Perp.
Sirius XM Radio raised $1.25bn via a 6NC3 bond at a yield of 5.875%, 12.5bp inside initial guidance of 6.00% area. The senior unsecured note is rated Ba3/BB+. The deal was upsized from the initially planned $1bn. Proceeds, together with cash on hand will be used to purchase any and all of its 3.125% 2026s.
New Bonds Pipeline
- NBN A$ 10Y and/or 15Y sustainability bond
- Government of Mongolia $ 6Y bond
Rating Changes
- Fitch Upgrades Occidental Petroleum Corp to ‘BBB’; Outlook Stable
- Micron Technology Inc. Rating Raised To ‘BBB’ On AI-Driven Scale And Growth Enhancement; Outlook Positive
- Hudbay Minerals Inc. Upgraded To ‘BB-‘ From ‘B+’ On Low Leverage And Improved Cash-Flow Prospects; Outlook Stable
- Moody’s Ratings upgrades Cheniere Energy to Baa2, outlook is stable
- Fitch Downgrades Bahrain Mumtalakat to ‘B’; Outlook Stable
- Fitch Downgrades Bapco Energies to ‘B’; Outlook Stable
- Kronos Worldwide Inc. Downgraded To ‘CCC+’ On Weak Earnings; Outlook Negative
- Moody’s Ratings affirms POSCO International’s Baa2 rating; revises outlook to negative from stable
Term of the Day: Tier-2 Bonds
Tier-2 bonds are debt instruments issued by banks to meet their regulatory Tier 2 capital requirements. Tier 2 capital (and thus Tier-2 bonds) ranks senior to Tier 1 capital, which consists of Common Equity Tier 1 (CET1) and Additional Tier 1 (AT1) capital. CET1 consists of a bank’s common shareholders’ equity while AT1 consists of preferred shares and hybrid securities or perpetual bonds. From a bond investor’s perspective, Tier-2 bonds are senior to AT1 bonds and therefore less risky, as AT1s would be the first to absorb losses in the event of a deterioration in bank capital. However, senior unsecured notes rank higher than them.
Talking Heads
On World’s Top Money Managers Favoring EMs
Citi
Funds had added to long positions in markets across Asia, Latin America, as well as Europe, the Middle East and Africa
Alvaro Vivanco, Wells Fargo
“March 8 elections are right around the corner and local yields are spiking (in Colombia).”
On Wall Street Saying Japan Yield Curve Flattening Has Gone Too Far
SocGen Strategists
“We think the JGB curve flattening has gone too far and now looks too flat to our model. With a lack of clarity on fiscal, long-end supply coming, 30-year yields at the bottom of the range, and risks around BOJ outlook, we like tactically fading the move.”
Ataru Okumura, SMBC Nikko Securities
Overseas investors “may not have been able to accurately gauge the reflationary stance of the two nominees for the Bank of Japan’s policy board”
On Doubts Over Independence a Major Concern – Raphael Bostic, Atlanta Fed President
“The legal and rhetorical battles raging around the central bank right now have caused people across a wide cross-section of our population to begin to doubt the Fed’s independence. This is a major concern”
Top Gainers and Losers- 27-Feb-26*
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