We use cookies to improve your experience. By using BondbloX, you agree to our use of cookies.
Bond Market News
DIB, San Miguel, Tencent and others Price Bonds
June 10, 2026
US Treasury yields broadly eased by 3bp across the curve. On the geopolitical front, the US launched strikes on Iran following the downing of an American helicopter, as tensions escalated albeit with negotiations continuing. Markets continue to price-in a full 25bp rate hike by the Fed before the end of the year.
Looking at equity markets, the S&P and Nasdaq ended lower by 0.3% and 1% respectively. US IG CDS spreads tightened by 0.4bp and HY CDS spreads tightened 0.8bp. European equity markets ended lower. European IG CDS spreads were 0.3bp wider and Crossover spreads widened by 0.6bp. Asian equity markets have opened broadly lower this morning. Asia ex-Japan CDS spreads tightened by 1.9bp.
New Bond Issues
Dubai Islamic Bank (DIB) raised $1bn via a PerpNC6 AT1 sukuk at a yield of 6.25%, 37.5bp inside initial guidance of 6.625% area. The junior subordinated note is unrated, and received orders of over $1.85bn, 1.85x issue size. If not called by 16 June 2032, the coupon will reset to the prevailing US 6Y Treasury yield plus 191.1bp.
San Miguel Global Power raised $430mn via a PerpNC5 bond at a yield of 8.875%, inline with initial guidance. The total size includes bonds exchanged as part of its tender offer and $158.5mn of new notes. The senior perpetual capital security is unrated. If not called by 17 June 2031, the coupon will reset to the prevailing US 5Y Treasury yield plus 460.2bp and an additional coupon step-up of 250bp. The note has a dividend pusher and a stopper. Net proceeds from sale of additional new securities will be used to cover the costs and expenses related to the exchange and tender offers. Any remainder will go toward the pre-development costs of solar and hydropower energy projects and capex related to BESS projects.
Shinhan Card raised $400mn via a 3.5Y FRN at SOFR+82bp, 33bp inside initial guidance of SOFR+115bp area. The senior unsecured note is rated A2. Proceeds will be used for general corporate purposes.
Nordea Bank raised €500mn via a 10NC5 Tier-2 green bond at a yield of 3.9%, 27bp inside initial guidance of MS+125bp area. The subordinated note is rated A3/A-/A. Net proceeds will be used to finance/refinance green bond assets evaluated and selected by the issuer under its green funding framework.
Ford Motor Credit raised £300mn via a 6.5Y bond at a yield of 6.129%, 22bp inside initial guidance of UKT+175bp area. The senior unsecured note is rated Ba1/BBB-/BBB-. Proceeds will be used for general corporate purposes.
RBC raised €1.75bn via a two-trancher. It raised €1bn via a 4NC3 green bond at a yield of 3.377%, ~25.5bp inside initial guidance of MS+75/80bp area. It also raised €750mn via an 8NC7 bond at a yield of 3.794%, ~25.5bp inside initial guidance of MS+105/110bp area. The senior unsecured notes are rated A1/A/AA-. Proceeds from the 4NC3 note will be used in accordance with the issuer’s Sustainable Bond Framework.
Tencent raised $2.45bn via a two-trancher. It raised $1.75bn via a 10Y bond at a yield of 5.04%, 30bp inside initial guidance of T+80bp area. It also raised $700mn via a 20Y bond at a yield of 5.636%, 30bp inside initial guidance of T+90bp area. The senior unsecured notes are rated A1/A+/A. Proceeds will be used for general corporate purposes.
DNB Bank raised €750mn via a 5NC4 green bond at a yield of 3.352%, ~25.5bp inside initial guidance of MS+70/75bp area. The senior preferred note is rated Aa2/AA-. Proceeds will be used to finance or refinance a portfolio of eligible green loans under its Green Finance Framework.
APICORP (Arab Petroleum Investments Corporation, rebranded as The Arab Energy Fund) raised $500mn via a 5Y sukuk at a yield of 4.686%, 10bp inside initial guidance of SOFR MS+80bp area. The senior unsecured note is rated Aa2/AA+ (Moody’s/Fitch). Proceeds will be used for general corporate purposes.
DTE Energy raised $1bn via a 32NC7 bond at a yield of 6.20%, 42.5bp inside initial guidance of 6.625% area. The junior subordinated note is rated Baa3/BBB-/BB+. Proceeds will be used for the repayment of short-term borrowings and for general corporate purposes.
New Bonds Pipeline
- Vedanta Resources $ long 5Y, long 7Y, long 10Y bonds
- Coreweave holds investor calls
- Danantara potential $ bond offering
Rating Changes
- Italian Telecom Provider TIM SpA Upgraded To ‘BB+’ On Expected Strong Credit Metrics And Track Record; Outlook Stable
- Fitch Upgrades TechnipFMC’s Ratings to ‘BBB’; Outlook Stable
- United Natural Foods Inc. Upgraded To ‘B+’ From ‘B’ On Improving Leverage; Outlook Stable
- Fitch Downgrades Aegea’s IDRs to ‘B+’; Outlook Stable
Term of the Day: Total Return Swap (TRS)
A Total Return Swap (TRS) is a derivative contract – one party (receiver) gains exposure to a bond’s performance i.e., interest payments and price returns. In return, the receiver will pay a floating rate (e.g., SOFR+spread) to the other party (payer). This allows the receiver to gain leveraged access to the bond, while payers can hedge credit risk. Sovereigns can use TRS for immediate liquidity against their own bonds or to manage foreign currency liabilities, and sometimes provide collateralized debt.
Talking Heads
On the Treasury Market Telling Warsh that Rates Need to Be Higher
Jack McIntyre, Brandywine Global
“Show me where rates are being restrictive. Treasury yields are going to be biased higher until something breaks”
Andrzej Skiba, RBC Global Asset Management
“For the first time in a while, we are considering a scenario where the US economy actually starts overheating”
Kevin Flanagan, WisdomTree
“If the CPI doesn’t show clear escalation in inflation, then there’s limits as to where the selloff is going to go”
On Weak yen, hawkish Fed adding to pressure on BOJ to accelerate hikes
Masayuki Koguchi, Mitsubishi UFJ Asset Management
“The firm U.S. labour data has added pressure on the BOJ for interest rate hikes. There had been optimism that the yen might strengthen as U.S. rates had been expected to fall.”
Shigeto Nagai, Oxford
“I interpret the coming rate hike as a defensive measure intended to prevent further yen depreciation. The focus of the coming meeting is how the BOJ will communicate their stance regarding future interest rate hikes”
On World Cup Season Spurring Bearish Call on Rates Volatility – Mike Chang, Citi
“Historically, short-dated rates vols in US and EUR tend to stay low or grind even lower during the World Cup, which supports our near-term bearish vol bias… We continue to favor being tactically short curve vol in the near-term, especially heading into this summer’s football tournament”
Top Gainers and Losers- 10-Jun-26*
Go back to Latest bond Market News
Related Posts:
Our Awards
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.