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Bond Market News
DRC, SocGen, DB, Lloyds, CoreWeave and others Price Bonds
April 10, 2026
US Treasury yields held steady across the curve on Thursday. Israel’s Prime Minister Benjamin Netanyahu spoke about initiating talks with Lebanon, with the US expected to host a meeting between both nations for ceasefire talks next week. However, Lebanon officials said that a ceasefire should be in place before any negotiations begin. Meanwhile, reports noted that Saudi Arabian oil faciltiies were struck, with Brent Crude prices rising to near $97/bbl. On the data front, the final estimate of the annualized US Q4 GDP slowed to 0.5% from the prior 0.7% reading. Initial jobless claims for the prior week rose by 219k, worse than the surveyed 210k.
Looking at US equity markets, the S&P and Nasdaq moved higher by 0.6% and 0.8% respectively. US IG CDS spreads tightened by 0.9bp and HY CDS spreads were 6.5bp tighter. European equity indices ended lower. The iTraxx Main CDS spreads tightened by 1.3bp and Crossover spreads were 6.6bp tighter. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads were 1.6bp wider.
New Bond Issues
Deutsche Bank raised $1bn via a 6NC5 bond at a yield of 5.06%, 30bp inside initial guidance of T+145bp area. The senior non-preferred note is rated Baa1/BBB/A-. Proceeds will be for general corporate purposes.
The Democratic Republic of Congo (DRC) raised $1.25bn via a two-trancher. It raised $600mn via a 6Y bond at a yield of 8.75%, 37.5bp inside initial guidance of 9.125% area. It also raised $650mn via a 11Y bond at a yield of 9.5%, 50bp inside initial guidance of 10% area. The senior unsecured notes are rated B3/B-. The 6Y and 11Y bonds are amortizing with a weighted average life (WAL) of 5Y and 10Y respectively. Proceeds will be allocated to eligible strategic projects set forth from time to time in its budget and/or otherwise in line with the priorities of the 2024–28 National Strategic Development Plan.
CoreWeave raised $1.75bn via a 5.5NC2.5 bond at a yield of 9.75%, inside initial guidance of 9.75-10% area. The senior unsecured note is rated B1/B/BB-. Proceeds will be used for general corporate purposes, including, repayment of outstanding debt. The deal was upsized to $1.75bn from $1.25bn.
Lloyds raised £500mn via a long 10NC5 Tier-2 bond at a yield of 5.732%, 23bp inside initial guidance of UKT+170bp area. The subordinated note is rated Baa1/BBB+/A-, and received orders of over £1.2bn, 2.4x issue size.
UniCredit raised €1bn via a 6NC5 bond at a yield of 3.776%, 30bp inside initial guidance of MS+125bp area. The senior non-preferred note is rated Baa2/BBB/BBB+, and received orders of over €3.4bn, 3.4x issue size.
EFG Intl Finance (Luxembourg) raised €500mn via a 5Y bond at a yield of 3.925%, ~32.5bp inside initial guidance of MS+130/135bp area. The senior unsecured note is rated A3.
New Bonds Pipeline
- SoftBank Corp plans € 6Y/10Y bonds
Rating Changes
- Moody’s Ratings upgrades IAMGOLD’s CFR to B1; outlook stable
- Moody’s Ratings upgrades NagaCorp’s CFR to B2; outlook stable
- Moody’s Ratings downgrades China Jinmao’s ratings to Ba3; outlook stable
- Fitch Downgrades FS KKR Capital Corp to ‘BB+’; Outlook Negative
- Fitch Revises Outlook on Meituan to Negative, Affirms at ‘BBB+’
- CoreWeave Outlook Revised To Positive, ‘B+’ Rating Affirmed; Proposed Senior Notes Rated ‘B’ (Recovery Rating: ‘5’)
Term of the Day: Hybrid Bonds
Hybrid bonds are called “hybrids” because they combine characteristics of both bonds and equities. These instruments may be issued by both banks and non-financial corporates. A common example of hybrid bonds would be perpetual bonds, which are fixed income securities without a maturity date (similar to equities) that pay a fixed coupon to holders (similar to bonds). Perpetuals typically have a call option, which allows the bond issuer to redeem the bonds at a fixed date. It is important to note that the option to redeem lies with the bond issuer, not the holder.
Engie raised €1.6bn via a two-part Euro denominated hybrid perpetual bond deal and another £400mn via a Sterling denominated hybrid perpetual bond.
Talking Heads
On Bond Traders Hedging Against More Losses as Inflation Data Looms
Jack McIntyre, Brandywine Global
“Markets are either going to be focused on inflation or employment and given that the latest employment was decent, inflation gets all the attention”
Gregory Faranello, Amerivet Securities
“We are positioned defensive here short-term ahead of tomorrow’s CPI, which will begin to reflect the conflict with Iran”
On Chinese Money Markets Signaling Credit Growth is Slowing Again
Kelvin Lam, Pantheon Macroeconomics
“Appetite for loans, or credit demand from the real economy, has been very weak, leading to soft nominal economic growth… with credit demand still anemic, the demand side is unlikely to help much”
Samuel Tse, DBS Bank
“Sufficient liquidity can help cushion external demand shocks from the war, which could be dampened by higher energy prices”
On Riskier Hybrid Debt Making a Comeback as Europe Bond Sales Jump
Viktor Szabo, Aberdeen Investments
“Yesterday we had a very strong risk-on day on the back of the ceasefire news, but today it’s more two-way trading”
Top Gainers and Losers- 10-Apr-26*
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