This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Risk-On Fuels Surge in Treasuries, Stocks
April 1, 2026
Risk-on sentiment fueled global markets on Tuesday after positive developments on the geopolitical front. Iran noted that its president was willing to end the war with the US subject to guarantees being sought. US President Donald Trump also said that the US would be willing to leave Iran within two to three weeks, suggesting that they had largely accomplished their military goals. Trump said, “Regime change was not one of the things I had as a goal. I had one goal. They will have no nuclear weapon, and that goal has been attained. They will not have nuclear weapons”. Besides, a report also noted that Trump plans to exit the conflict soon, even with the Strait of Hormuz largely closed. Brent Crude eased to $105.3/bbl. US Treasury yields eased by ~4bp across the curve.
Looking at US equity markets, the S&P and Nasdaq ended sharply higher, by 2.9% and 3.8% respectively. US IG CDS spreads tightened by 4.5bp and HY CDS spreads were 21bp tighter. European equity indices ended higher too. The iTraxx Main CDS spreads were 2.5bp tighter and the Crossover CDS spreads tightened 9bp. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads tightened by 4.7bp. China’s Manufacturing PMI for March rose to 50.4, better than expectations of 50.1 and the prior month’s reading of 49.0. The Non-Manufacturing PMI also rose to 50.1, higher than expectations of 49.9 and the prior month’s reading of 49.5.
New Bond Issues
- KEXIM $ 5Y at T+57bp area
- Shinhan Bank $ 3Y FRN/5Y at SOFR+95bp/T+80bp areas
Hyundai Capital raised $2bn via a three-trancher. It raised:
- $650mn via a 2Y bond at a yield of 4.623%, 27bp inside initial guidance of T+110bp area.
- $750mn via a 3Y bond at a yield of 4.763%, 25bp inside initial guidance of T+120bp area.
- $600mn via a 5Y bond at a yield of 5.036%, 25bp inside initial guidance of T+135bp area.
The senior unsecured notes are rated A3/A-/A-. Its planned 3Y FRN issuance was dropped at launch phase. Proceeds will be used for general corporate purposes.
Bank Mandiri raised $750mn via a 5Y bond at a yield of 5.441%, 30bp inside initial guidance of T+180bp area. The senior unsecured note is rated BBB/BBB. Proceeds will be used for general corporate purposes.
ABN Amro raised €1.25bn via a 4Y bond at a yield of 3.42%, 30bp inside initial guidance of MS+85bp area. The senior preferred note is rated Aa3/A/A+. Proceeds will be used to finance and refinance, in whole or in part, green bond eligible assets in accordance with its green bond factsheet.
Nomura raised €1.45bn via a two-part deal. It raised €850mn via a 3Y bond at a yield of 3.671%, ~30.5bp inside initial guidance of MS+110/115bp area. It also raised €600mn via a 7Y bond at a yield of 4.217%, ~22.5bp inside initial guidance of MS+145/150bp area. The senior unsecured notes are rated Baa1/A- (Moody’s/Fitch). Proceeds will be used to provide loans to Nomura’s subsidiaries, including Nomura Securities, which will use the funds for their general corporate purposes.
Korea Mine Rehabilitation raised $500mn via a 5Y bond at a yield of 4.969%, 35bp inside initial guidance of T+135bp area. The senior unsecured note is rated A+/A+. Proceeds will be used for general corporate purposes, including the repayment of outstanding debt, but not for any activities relating to the development of coal mines.
New Bonds Pipeline
- Sasol $ 7NC3 bond
Rating Changes
- Fitch Upgrades Multibank’s LT IDR to ‘BB+’; Outlook Positive
- Fitch Downgrades Honda Motor to ‘A-‘; Outlook Negative
- Outlook On Leviathan Bond’s Debt Revised To Negative On Heightened Security Risks; Rating Affirmed At ‘BB-‘
- Moody’s Ratings affirms Celulosa Arauco’s Baa3 ratings; outlook changed to negative
- Corebridge Financial Inc. And Core Subsidiaries Ratings Placed On CreditWatch Negative On Merger Announcement
- Equitable Holdings Inc. And Core Subsidiaries Ratings Placed On CreditWatch Negative On Merger Announcement
- Fitch Revises CANPACK Group, Inc.’s Outlook to Negative; Affirms Rating at ‘BB’
Term of the Day: Leveraged Loan
A leveraged loan is a loan extended to a company that has short-term or long-term debt on its books and that has a poor credit rating. S&P classifies a loan as leveraged if the issuer’s credit rating is junk (BB+ or lower) or if the rating is investment grade (BBB- or higher) but has a spread >= Libor+125bp and is secured by a first or second lien. Goldman Sachs told its clients that the Total Return Swap product it is developing to bet against the leveraged loans market is not ready yet.
Talking Heads
On Credit Risk in Asia Spiking the Most Since 2023
Lotfi Karoui, PIMCO
“While the ultimate path of the Middle East conflict remains highly uncertain, a more prolonged return to pre-conflict conditions would likely prompt a broader and sharper repricing of growth risk”
Zerlina Zeng, CreditSights Singapore
“Recent new issues are priced considerably outside secondary curves, and the coupon carry is good… would participate in good quality names.”
On Not Ruling Rule Out Interest-Rate Hike in April – Madis Muller, ECB GC Member
“It’s very hard to say what state we might be in by the end of April… can’t rule out changes in interest rates already in April if energy prices remain at a high level for a long time… To maintain purchasing power, people would need to start raising wages more”
On Ditching Inflation Bets as Oil Surge Threatens Growth
Ian Lyngen, BMO Capital Markets
Investors are “now viewing the risks to global growth resulting from the energy shock as equal to, if not greater than, the inflationary concerns”
Top Gainers and Losers- 01-Apr-26*
Go back to Latest bond Market News
Related Posts:
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.