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Bond Market News
San Miguel, Tencent, APICORP Launch $ Bonds
June 9, 2026
US Treasury yields were broadly steady with markets continuing to price-in a full 25bp rate hike by the Fed before the end of the year. On the geopolitical front, reports indicate that Iran and Israel have halted their mutual attacks. Crude oil prices eased slightly.
Looking at equity markets, the S&P and Nasdaq ended higher by 0.3% and 0.9% respectively. US IG CDS spreads tightened by 0.6bp and HY CDS spreads tightened 1.1bp. European equity markets were broadly stable. European IG CDS spreads were 0.2bp wider and Crossover spreads widened by 1.1bp. Asian equity markets have opened broadly higher this morning. Asia ex-Japan CDS spreads widened by 1.8bp.
New Bond Issues
- San Miguel Global Power $ PerpNC5 at 8.875% area
- Shinhan Card $ 3.5Y FRN +115 area
- Korea Hydro & Nuclear Power $ 5Y at T+75bp area
- Tencent $ 10Y/20Y at T+80bp/T+90bp areas
- Hanuman Wind Power Ltd $ 15Y green at mid-high 9%s
Morgan Stanley raised ~$3.06bn via a dual-currency deal. It raised €1.5bn ($1.73bn) via a 4NC3 bond at a yield of 3.485%, 28bp inside initial guidance of MS+90bp area. It also raised £1bn ($1.33bn) via a 6.25NC5.25 bond at a yield of 5.432%, 17bp inside initial guidance of UKT+115bp area. The senior unsecured notes are rated A1/A-/A+. Proceeds will be used for general corporate purposes.
CIBC raised $2bn via a two-trancher. It raised $1bn via a 3NC2 bond at a yield of 4.723%, 23bp inside initial guidance of T+80bp area. It also raised $1bn via a 6NC5 bond at a yield of 5.051%, 23bp inside initial guidance of T+100bp area. The senior unsecured notes are rated A2/A-/AA-. Proceeds will be used for general corporate purposes.
Dominion Energy raised $1.5bn via a two-trancher. It raised $1bn via a 30.5NC5.25 bond at a yield of 6.15%, 47.5bp inside initial guidance of 6.625% area. It also raised $500mn via a 30.5NC10.25 bond at a yield of 6.25%, 50bp inside initial guidance of 6.75% area. The senior unsecured notes are rated Baa3/BBB-/BBB-. Proceeds will be used for general corporate purposes, and to repay short-term debt including commercial paper.
GM Financial raised $1bn via a 5Y bond at a yield of 5.126%, 25bp inside initial guidance of T+110bp area. The senior unsecured note is rated Baa2/BBB/BBB. Proceeds will be used for general corporate purposes.
New Bonds Pipeline
- Danantara potential $ bond offering
- AES Corp holds investor calls
- DIB $ PerpNC6 AT1 Sukuk
Rating Changes
- Fitch Upgrades Banco de Credito del Peru and Credicorp to ‘BBB+’; Outlook Stable
- IDB Invest Upgraded To ‘AAA’ From ‘AA+’ On Strong Shareholder Support And Governance, Outlook Stable
- JetBlue Airways Corp. Downgraded To ‘CCC+’ From ‘B-‘ On Elevated Fuel Costs And Sustained High Leverage; Outlook Stable
- CDK Global LLC Outlook Revised To Negative As Customer Retention Weighs On Performance; ‘B-‘ Rating Affirmed
Term of the Day: Carry Trades
Carry trades are a popular trading strategy where an investor borrows money from a country with low interest rates (and a weaker currency) and invests the money in another country’s asset with a higher interest rate. Historically, a famous example has been the Japanese yen-funded carry trade. This was mainly owing to the zero-to-negative interest rates in Japan for the better part of two decades, and bets that rates there would remain at rock bottom levels. In this case, investors globally and even locally would borrow at low interest rates in Japan and invest the money in overseas equities and bonds like the US stock market. Carry trades typically work well when central bank policy certainty is high and expectations are for low market volatility.
Talking Heads
On Rising Dollar Swings Threaten to Dent Resilient Carry Trades
Barclays strategists
“Carry has underwhelmed in the past month”
ING Groep NV currency strategists
“The stronger US rate/dollar environment is starting to prove a headwind for some of the more popular emerging market plays, including the Brazilian real carry trade”
On Seeing Risk of Fed Being Forced to Raise Rates Soon – Citadel Securities
“The next move from the Fed is most likely a hike … perhaps soon… AI is unpopular, inflation is unpopular… Unfortunately for markets, a policy response to either or both issues may result in somewhat less exuberance around the AI theme”
On EM Long Bonds Seen Missing Out on Any Iran Peace Dividend
George Efstathopoulos, Fidelity International
“Given risks of higher deficits and sticky inflation, I am mostly avoiding duration across both developed and emerging markets. Markets may be underpricing”
Clifford Lau, William Blair
“Inflation is increasingly viewed as structural rather than cyclical. Higher-for-longer inflation is likely to become entrenched”
Top Gainers and Losers- 09-Jun-26*
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