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Bond Market News
Hotel Properties Launches S$ PerpNC5
March 18, 2026
US Treasury yields eased as the curve bull flattened. While oil prices eased slightly yesterday, Brent continues to trade above $100/bbl. Besides, the US Treasury’s 20Y auction saw solid demand with a bid-to-cover ratio of 2.76x and indirect bidders taking up 69.2% of the issuance. Markets await the FOMC meeting’s outcome later today. While the Fed is not expected to make any changes in the policy rate, its guidance and dot plots will be closely watched.
Looking at US equity markets, the S&P and Nasdaq ended higher by 0.3% and 0.5% respectively. US IG CDS spreads tightened by 2.2bp and HY CDS spreads were 9.4bp tighter. European equity indices ended higher too. The iTraxx Main CDS spreads were 2.3bp tighter and the Crossover CDS spreads were 9.3bp tighter. Asian equity markets opened mixed this morning. Asia ex-Japan CDS spreads tightened by 3.1bp.
New Bond Issues
- Hotel Properties S$ PerpNC5 at 4.6% area
Anglo American raised $2.3bn via a three-trancher. It raised:
- $600mn via a 5Y bond at a yield of 4.702%, 28bp inside initial guidance of T+125bp area.
- $700mn via a 7Y bond at a yield of 5.045%, 28bp inside initial guidance of T+135bp area.
- $1bn via a 10Y bond at a yield of 5.367%, 28bp inside initial guidance of T+145bp area
The senior unsecured notes are rated Baa2/BBB/BBB+. Proceeds will be used for general corporate purposes.
Sydney Airport raised $1bn via a 10Y bond at a yield of 5.248%, 25bp inside initial guidance of T+130bp area. The senior secured note is rated Baa1/BBB+ (Moody’s/S&P). The notes are guaranteed by Southern Cross Airports Corp Holdings Ltd, Southern Cross Airports Corp Pty Ltd, Sydney Airport Corp Ltd and Sydney Airport RPS Co Pty Ltd. Net proceeds will be used to pay down a portion of its outstanding debt under its senior bank debt facilities and for general corporate purposes.
Dianjian Haiyu Ltd raised $300mn via a 3Y green bond at a yield of 3.83%, 44bp inside initial guidance of T+60bp area. The senior unsecured note is rated BBB+ by Fitch, and are guaranteed by Power Construction Corp of China. Proceeds will be used to repay offshore debt and for eligible green projects.
New Bonds Pipeline
- Kexim $ 3Y/5Y bond
Rating Changes
- Permian Resources Corp. Upgraded To ‘BBB-‘ On Increased Scale And Strong Credit Metrics
- Iraq Ratings Placed On CreditWatch Negative Due To Regional Conflict-Related Cuts In Oil Production
- Moody’s Ratings revises PacifiCorp’s outlook to negative, affirms ratings
Term of the Day: Restructuring Support Agreement (RSA)
A Restructuring Support Agreement (RSA) is a preliminary reorganization plan formed between the debtor and key institutional creditors who typically have a higher position in the capital structure. The RSA is a written contract that details an agreed upon framework for the treatment of debt and a timeline for the company’s reorganization. An RSA allows the parties involved to negotiate and agree upon the terms of the treatment of claims and the course of the bankruptcy process. This helps in reducing the uncertainty for both debtors and creditors with respect to bankruptcy proceedings.
Talking Heads
On Traders Dialing Back Bets Against Fed Cuts as Growth Worries Build
Ruben Hovhannisyan, TCW
“The rates market has seen a fast and furious repricing… You will have a bump in CPI, but the pass through to core inflation will be generally small”
Morgan Stanley strategists
“Open interest and price moves suggest the futures market likely saw even larger position adjustments”
On Soaring BDC Risk Premiums Being Justified – Barclays
“CLOs are reasonable comps for BDCs because both own corporate loan assets financed with debt and equity obtained through the capital markets. Our view, therefore, is the pricing of those instruments should resemble each other”
On Brent, WTI and the Fed Meeting
Natasha Kaneva, JPMorgan
“If the Strait does not reopen…Brent and WTI will ultimately reprice higher as Atlantic basin inventories are drawn down and the global market is forced to clear at a materially tighter supply level”
Tony Sycamore, IG
“Consensus still points to the median dot plot showing one 25-basis-point cut for 2026, aligning with current market pricing… there’s a decent chance the dots could shift more hawkish, perhaps even to zero cuts, if the committee views the oil shock as leading to stickier inflation”
Top Gainers and Losers- 18-Mar-26*
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