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Bond Market News
Mapletree, OCBC, Mirvac Launch Bonds
February 25, 2026
US Treasury yields were nearly unchanged across the curve. The US implemented a 10% global tariff on imports. However, as US President Donald Trump did not sign an executive order yet regarding the 15% tariffs that he announced, the higher tariff rate has not yet been imposed. On the data front, the Conference Board Consumer Confidence Index for February came in at 91.2, better than expectations of 87.1. Meanwhile, the Richmond Fed’s Manufacturing Index and Business Conditions reading came in at -10 each, both of which missed expectations.
Looking at US equity markets, the S&P and Nasdaq ended higher by 0.8% and 1.0% respectively. US IG CDS spreads widened by 0.5bp and HY CDS spreads were 2.7bp wider. European equity indices ended flat. The iTraxx Main CDS spreads were 0.5bp wider and the Crossover CDS spreads were 2.4bp wider. Asian equity markets have opened higher this morning. Asia ex-Japan CDS spreads widened by 1bp.
New Bond Issues
- Mapletree Industrial Trust S$ PerpNC5 3.5% area
- NTT Finance 5Y FRN at SOFR+115bp area
- OCBC $ 10NC5 at T+120bp area
- Mirvac Group A$ 10Y green at SQ ASW+140/145bp area
CBQ raised $500mn via a PerpNC5.5 bond at a yield of 6.25%, 50bp inside initial guidance of 6.75% area. The issuance received orders of over $1.5bn, 3x issue size. If not called by 3 September 2031, the coupon will reset to the US 5Y Treasury yield plus 265.6bp. Proceeds will be used for general corporate purposes and to further strengthen its capital base.
iFAST raised S$120mn via a 5Y bond at a yield of 2.75%, 25bp inside initial guidance of 3.00% area. The senior unsecured note is unrated. Proceeds will be used for general corporate purposes which may include refinancing existing borrowings, financing capex, investments including capital injections into iFAST Global Bank Limited, and for general working capital purposes.
MetLife raised $1bn via a 30NC10 bond at a yield of 5.85%, 40bp inside initial guidance of 6.25% area. The subordinated note is rated Baa1/BBB/BBB. Proceeds will be used for general corporate purposes.
Commerzbank raised €1.75bn via a two-part offering. It raised €1bn via a 5.5NC4.5 bond at a yield of 3.171%, 30bp inside initial guidance of MS+110bp area. It also raised €750mn via a 11NC10 green bond at a yield of 3.934%, ~27.5bp inside initial guidance of MS+145/150bp area. The senior non-preferred notes are rated Baa1/BBB. Proceeds from the 11NC10 bond will be used to finance or refinance, in whole or in part, eligible new and existing green assets in accordance with its green framework.
SMFG raised $1.25bn via a 12NC10 Tier-2 bond at a yield of 5.334%, 30bp inside initial guidance of T+160bp area. The subordinated note is rated A2/BBB+ (Moody’s/S&P). Net proceeds will be used to extend a subordinated loan, intended to qualify as Tier 2 Capital and internal TLAC.
Sumitomo Corp raised $1bn via a two-part offering. It raised $500mn via a 5Y bond at a yield of 4.248%, 30bp inside initial guidance of T+95bp area. It also raised $500mn via a 10Y bond at a yield of 4.94%, 20bp inside initial guidance of T+110bp area. The senior unsecured notes are rated Baa1/A- (Moody’s/S&P). Proceeds will be used for general corporate purposes, including the repayment of borrowings and investments.
Vodafone raised €1.5bn via a three-trancher. It raised:
- €500mn via a 4.2Y bond at a yield of 2.869%, 33bp inside initial guidance of MS+85bp area
- €500mn via a 9.2Y bond at a yield of 3.609%, 33bp inside initial guidance of MS+125bp area
- €500mn via a 12.5Y bond at a yield of 4.261%, ~27.5bp inside initial guidance of MS+155/160bp area
The senior unsecured notes are rated Baa2/BBB/BBB, and received orders of over €3.75bn, 2.5x issue size. Proceeds will be used for general corporate purposes.
AbbVie raised $8bn via a seven-tranche deal. It raised:
The senior unsecured notes are rated A2/A-. Proceeds will be used to repay its outstanding $2bn term loan facility, and for general corporate purposes.
New Bonds Pipeline
- Government of Mongolia $ 6Y bond
Rating Changes
- Herbalife Ltd. Upgraded To ‘BB-‘ On Improving Operating Performance And Credit Metrics, Outlook Stable; New Debt Rated
- Western Digital Corp. Rating Raised to ‘BBB-‘ Following Debt Reduction; Outlook Stable
- Moody’s Ratings downgrades Cosan to Ba3; places rating under review for further downgrade
- Sprint Midco (Accell Group) Downgraded To ‘CC’ On Recapitalization Support Agreement; Rtgs Then Withdrawn At Co. Request
- Qatar-Based Seib Insurance And Reinsurance Co. LLC Outlook Revised To Positive; ‘BBB’, ‘gcAA’ Ratings Affirmed
Term of the Day: GPU Financing
GPU financing refers to new financing strategies that include leasing, loans, or structured debt, allowing companies to acquire Graphics Processing Units (GPUs) for AI, machine learning, and data center applications without high upfront capital expenditures. It aims to convert large, one-time hardware costs into manageable operational expenses, enabling rapid scalability.
For instance, NVIDIA’s investment of ~$2bn in xAI was executed via a dedicated SPV which purchases NVIDIA GPUs and leases them to xAI under multi-year terms. This structure grants xAI access to more than $20bn in infrastructure without balance sheet debt or equity dilution.
Talking Heads
On ‘Unspectacular’ Europe Offering Top Real Yields – James Turner, BlackRock
“With spreads where they are, you are not going to get a huge amount of capital appreciation… if you make sure you capture all that income and you compound it over time, you’re going to get a pretty good return… growth outlook for Europe is “unspectacular but positive”.
On Traders Weighing Tariff Risks and Middle East Tension
Yuxuan Tang, JP Morgan Private Bank
“It seems a breakout to the upside is in the making (for gold)”.. Tariff uncertainty and Iran risk are among the factors that “may prove sufficient to catalyze a more sustained shift”
David Wilson, BNP Paribas
“It’s (tariffs) going to have dramatic implications for the US budget deficit, the US dollar and Treasuries “
On Two Fed officials not seeing imminent need to change monetary policy
Susan Collins, Boston Fed President
“I think that it’s quite likely that it’ll be appropriate to hold in the current range for some time… there are different scenarios that are possible, and so it’ll be important to continue to really take that patient, deliberate approach to making policy decisions.”
Thomas Barkin, Richmond Fed President
Monetary policy is “well positioned” to deal with the risks around the economic outlook.
Top Gainers and Losers- 25-Feb-26*
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