Axis Bank, SpaceX, Nomura Price $ Bonds

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June 24, 2026

Credit Ratings
Macro News

US Treasury yields eased marginally on Tuesday. Markets saw a risk-off mood led by a sharp drop across tech stocks, predominantly chip companies – for instance, Nvidia fell by over 4%, Intel and AMD by nearly 6% and TSMC by over 3%. On the data front, the preliminary S&P Manufacturing PMI for June came-in at 55.7, better than expectations of 54.6. The Services PMI came-in at 51.3, slightly better than expectations of 51.1. Separately, the US Senate approved a measure to halt the war in Iran or seek congressional approval before continuing military action.

Looking at US equity markets, the S&P and Nasdaq ended lower by 1.4% and 2.2% respectively. US IG CDS spreads were 0.7bp wider while HY CDS spreads widened by 2.9bp. European equity markets ended lower too. European IG CDS spreads were 0.4bp wider and Crossover spreads widened by 1.3bp. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads widened by 1.2bp.

New Bond Issues

Axis Bank raised $800mn via a two-part deal. It raised:

$300mn via a 5Y bond at a yield of 5.348%, 20bp inside initial guidance of T+130bp area. The senior unsecured note is rated Baa3/BBB (Moody’s/S&P).
$500mn via a PerpNC5.5 bond at a yield of 6.875%, 25bp inside initial guidance of 7.125% area. The junior subordinated note is rated BB- by S&P. If not called by 30 June 2032, the coupon will reset to the US 5Y Treasury yield plus 259.6bp. The note would face a temporary write-down upon the occurrence of a trigger event where the CET1 ratio falls to 6.125% or lower.

Proceeds will be used for general corporate purposes or any other activities permitted under applicable laws and regulatory guidelines in India.

NatWest Markets raised €1.25bn via a 3Y bond at a yield of 3.199%, 25bp inside initial guidance of MS+70bp area. The senior unsecured note is rated A1/A/AA.

SpaceX raised $25bn via a five-tranche jumbo deal:

The senior unsecured notes are rated Baa1/BBB/BBB+. Proceeds will be used to repay the outstanding borrowings under its bridge loan facility, to pay related fees and expenses, and any remaining amount for general corporate purposes.

Societe Generale raised A$650mn via a two-part deal. It raised $250mn via a 6NC5 bond at a yield of 5.857%, 10bp inside initial guidance of SQASW+150bp area. It also raised $400mn via a 6NC5 FRN at the 3m BBSW+140bp, 10bp inside initial guidance of 3m BBSW+150bp area. The senior non-preferred notes are rated Baa2/BBB/A-.

Nomura raised $3.5bn via a five-part deal.

The senior unsecured notes are rated Baa1/BBB+ (Moody’s/S&P). Net proceeds will be used for loans to its subsidiaries, which will use such funds for their general corporate purposes.

New Bonds Pipeline

Bank of Baroda $ 3Y or 5Y
China € 5Y/8Y/12Y bonds
Trafigura $ 5Y bond investor meetings
Mirae Asset $ 3Y/5Y
Vedanta Resources $ long 5Y, long 7Y, long 10Y bonds

Rating Changes

Moody’s Ratings upgrades Transocean’s CFR to B2; ratings remain on review for upgrade
HCA Healthcare Inc. Upgraded To ‘BBB’ From ‘BBB-‘, Outlook Stable; Unsecured Debt Rating Raised To ‘BBB’
Moody’s Ratings upgrades YSCO’s rating to Baa1; outlook stable
Herens Midco S.a.r.l. Rating Lowered To ‘CCC’ On Increasing Likelihood Of Debt Restructuring; Outlook Negative
TSMC Outlook Revised To Positive On Strengthened Market Leadership; ‘AA-‘ Rating Affirmed
Adecoagro S.A. Outlook Revised To Stable From Negative On Quicker Deleveraging; ‘BB-‘ Ratings Affirmed

Term of the Day: Zero coupon bond

As the name suggests, these are bonds that do not pay coupons. Given the lack of coupons, the price changes in the bond due to a change in interest rates (duration) can be sharper than coupon-paying bonds. But the lack of coupon means that there are no reinvestment risks and therefore unless a default occurs, the bondholder will get the stated yield at the time of buying. For example, if a 5Y zero coupon bond that has a yield to maturity of 3% is bought, the investor will get a 3% return if held to maturity since he/she doesn’t have to reinvest any cashflows. Whereas, in a 5Y 3% coupon-paying bond that has a yield to maturity of 3%, the investor must be able to reinvest the coupons at 3% consistently over the 5Y period to get a return of 3% – if interest rates fall, he/she would end up with a lower return since the coupons are reinvested at a lower rate. These bonds are generally issued at a discount to par value and get redeemed at par.

Talking Heads

On Carry Trades Bringing Billions Back to Turkey on Iran Deal Optimism

Onur Ilgen, MUFG Bank Turkey

“Unless there’s an escalation in geopolitical tensions or premature change in funding dynamics, risk appetite is expected to remain high for the lira during summer months”

Erkin Isik, QNB Turkey

“Most of it is likely to be carry inflows”

On Deutsche Bank Gutting Gold Bull Outlook – Michael Hsueh, Deutsche Bank

“Fed repricing, together with resilient US macro data, has played the primary role in pushing gold lower… the one pillar which remains strong is central bank demand, and we expect this to be the case for some time to come”

On Seeing Inflation Remaining Higher for Longer – Boris Vujcic, ECB

“Both headline and core are higher for longer — into 2027. And this is basically underlying also the rate policy move that you’ve seen at the last meeting… If you look at wages, there is no sign of second-round effects”

Top Gainers and Losers- 24-Jun-26*