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Bond Market News
Santander, Commerzbank, SocGen and others Price Bonds
April 9, 2026
US Treasury yields rose across the curve by 4-6bp. The minutes of the March FOMC meeting indicated the case for a “two-sided description” of its future interest rate decisions i.e., the possibility of rate hikes in the event of sustained higher inflation and an openness to cut if needed. On the geopolitical front, while a ceasefire was agreed upon, Iranian officials noted a violation of the proposal, pertaining to Israel’s attacks on Lebanon and an entry of a drone into Iranian airspace. Due to the attacks on Lebanon, media has noted that tanker traffic through the Strait of Hormuz has been stopped. Separately, the US Treasury’s 10Y note auction witnessed moderate demand, tailing by 0.2bp with a bid-to-cover of 2.43x (lower than the prior auction’s 2.45x).
Looking at US equity markets, the S&P and Nasdaq surged higher by 2.5% and 2.8% respectively. US IG CDS spreads tightened by 3.5bp while HY CDS spreads were 19bp tighter. European equity indices ended sharply higher. The iTraxx Main CDS spreads tightened by 7.4bp and Crossover spreads were 38bp tighter. Asian equity markets have opened lower this morning. Asia ex-Japan CDS spreads were 11bp tighter.
New Bond Issues
Santander raised $3.65bn via a four-part deal.
The SEC registered notes are rated Baa1/A-/A. Proceeds will be used for general corporate purposes.
Commerzbank raised €500mn via a 6NC5 bond at a yield of 3.495%, 30bp inside initial guidance of MS+105bp area. The senior preferred note is rated A1/A, and received orders of over €3.95bn, 7.9x issue size.
SocGen raised €1.25bn via an 8NC7 bond at a yield of 3.967%, 32bp inside initial guidance of MS+145bp area. The senior non-preferred note is rated Baa2/BBB/A-,and received orders of over €5.25bn, 4.2x issue size.
MUFG raised $5.5bn via a five trancher. It raised:
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The senior unsecured bonds are rated A1/A-/A-. Proceeds will be used to fund the operations of MUFG Bank, Ltd. and Mitsubishi UFJ Trust and Banking Corporation through loans that are intended to qualify as Internal TLAC debt.
MetLife raised $1.1bn via a two-trancher. It raised $750mn via a 2Y bond at a yield of 4.253%, ~24.5bp inside initial guidance of T+70/75bp area. It also raised $350mn via a 2Y FRN at SOFR+62bp vs. initial guidance of SOFR equivalent area. The Funding Agreement (FA) backed notes are rated Aa3/AA-/AA-. Proceeds will be used to purchase one or more funding agreements.
Expedia raised $1bn via a 10Y bond at a yield of 5.581%, ~27.5bp inside initial guidance of T+155/160bp area. The senior unsecured note is rated Baa2/BBB/BBB. Proceeds will be used for general corporate purposes, including repayment of outstanding debt, dividends, share buybacks, working capital funding, capex and acquisitions.
Cencosud raised $500mn via a 10Y bond at a yield of 5.863%, 33bp inside initial guidance of T+190bp area. The senior unsecured notes are rated Baa3/BBB (Moody’s/Fitch). Proceeds will be used to fund the concurrent tender offer for its 4.375% 2027s and the remainder, if any, for general corporate purposes.
Univision Communications raised $1.5bn via a 7NC3 bond at a yield of 8.875%, 12.5bp inside initial guidance of 9% area. The senior secured note is rated B2/B. Proceeds will be partially used to fund the tender offer for its 8% 2028s, and the remaining to redeem other notes.
New Bonds Pipeline
- SoftBank Corp plans € 6Y/10Y bonds
- EFG International €500mn WNG 5Y bond
- Democratic Republic of Congo $ 5Y, 10Y WAL bonds
Rating Changes
- Aruba Ratings Raised To ‘A-‘ From ‘BBB+’ On Improved Debt Position; Outlook Stable
- Colombia Long-Term Foreign Currency Rating Lowered To ‘BB-‘ From ‘BB’ Due To Fiscal Imbalances; Outlook Stable
- Fresenius SE Outlook Revised To Positive On Strengthening Business And Credit Metrics; ‘BBB/A-2’ Ratings Affirmed
Term of the Day: SEC Registered Bonds
As the name suggests, these are bonds registered with the US Securities and Exchange Commission (SEC). These are not to be confused with 144A bonds, which are privately placed, not SEC registered and have lesser documentation and are traded among Qualified Institutional Buyers (QIBs). Given 144As are restricted securities, they have resale and transfer restrictions that are not applicable for SEC-registered securities. Besides these, they also have a few other differences like being eligible for inclusion in bond indices like Barclays Aggregate Bond Index, no investment restrictions and no private placement restrictions on communications.
Talking Heads
On Big Funds Piling Into Treasuries, AI Stocks as War Risks Fade
Amelie Derambure, Amundi
“We were already positioned for a TACO. We had gradually increased our equity holdings during the selloff, particularly last week, as the positioning seemed cleaner to us.”
Andrew Canobi, Franklin Templeton
“US 10-year yields could take a look at the low 4%”
On why the bond market won’t bounce back to pre-war levels
Andrew Lilley, Barrenjoey
“Sometimes these events, even when unwound, have changed the psyche of what the likely next move is for most central banks… temporary oil price shock has brought investors closer to the truth, which is that actually inflation has been persistently high for the last three years”
Prashant Newnaha, TD Securities
“Central banks will be on high alert that this supply shock does not feed into higher inflation expectations… Rate cuts should be off the table”
On Seeing ECB Hiking Even If Iran Ceasefire Holds – Ales Koutny, Vanguard
If oil averages around $100 until summertime, hikes of 25 basis points in June and July would be “a strong probability”… Oil at $95 a barrel would still be “hiking territory for central banks”
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