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Bond Market News
Saudi Arabia, SMFG, CapitaLand Price Bonds
September 2, 2026
New Bond Issues
- Bangkok Bank $ 5Y/10Y at T+105bp/T+130bp areas
- Islamic Development Bank $ 5Y sukuk at SOFR MS+50bp area
Saudi Arabia raised $3.25bn via a two-trancher. It raised $1.25bn via a 5Y sukuk at a yield of 5.257%, 30bp inside initial guidance of T+100bp area. It also raised $2bn via a 10Y sukuk at a yield of 5.598%, 30bp inside initial guidance of T+110bp area. The senior unsecured sukuk are rated Aa3/A+ (Moody’s/Fitch). Proceeds will be used for general domestic budgetary purposes.
SMFG raised $500mn via a PerpNC10.25 AT1 at a yield of 6.95%, 30bp inside initial guidance of 7.25% area. The junior subordinated note is rated Baa3/BB+ (Moody’s/S&P). If not called by 5 December 2036, the coupon will reset to 5Y UST plus 214.3bp. A trigger event will occur if at any time, the group CET1 Ratio is less than 5.125%. Net proceeds will be used to extend a subordinated loan, intended to qualify as Tier 1 Capital and internal TLAC.
SMBC raised $2.5bn via a three-part deal. It raised:
- $1bn via a 3Y bond at a yield of 4.936%, 32bp inside initial guidance of T+80bp area
- $500mn via a 3Y FRN at SOFR+63bp vs initial guidance of SOFR eq. area
- $1bn via a 5Y FRN at SOFR+75bp, 40bp inside initial guidance of SOFR+115bp area.
The senior unsecured notes are rated A1/A (Moody’s/S&P). Proceeds will be used for general corporate purposes.
CapitaLand Integrated Commercial Trust (CICT) raised S$400mn via a 5Y bond at a yield of 2.646%, ~25bp inside initial guidance of 2.9% area. The senior unsecured bond is rated A-(S&P). CMT MTN Pte Ltd (CAPITA) is the issuer and HSBC Institutional Trust Services (Singapore) Ltd. is the guarantor. Proceeds will be used to finance or refinance, in whole or in part, the eligible green projects undertaken by CICT and its subsidiaries in accordance with its green finance framework.
Manulife Financial raised $750mn via a 15NC10 Tier-2 bond at a yield of 6.146%, 25bp inside initial guidance of T+160bp area. The subordinated note is rated A-/A- (S&P/Fitch). Proceeds will be used for general corporate purposes.
Bank of Montreal (BMO) raised $1.25bn via a 4NC3 bond at a yield of 5.099%, 25bp inside initial guidance of T+90bp area. The senior unsecured note is rated A2/A-/AA-. Proceeds will be used for general corporate purposes.
BPCE raised £400mn via a long 11NC6 Tier-2 bond at a yield of 6.346%, 20bp inside initial guidance of UKT+180bp area. The senior unsecured note is rated Baa2/BBB/BBB+ and received orders of over £1.4bn, 3.5x the issue size.
KPN raised €500mn via a PerpNC5.25 bond at a yield of 4.75%, ~43.75bp inside initial guidance of 5.125-5.25% area. The subordinated note is rated BB+/BB+ (S&P/Fitch). Proceeds will be used for general corporate purposes, including refinancing the KPN 6.0% Perp (callable in Sep 2027).
TD Bank raised €500m via a 3Y FRN at 3mE+55bp. The senior unsecured note is rated A2/A-/AA-.
New Bonds Pipeline
- Bank Mandiri $ PerpNC5 AT1 notes
- Tencent Music Entertainment $ 5Y/10Y notes
- Norinchukin Bank $ 5Y green/10Y
- Pakistan $ long 5Y/10Y
- Arab National Bank $ PerpNC5.5 AT1 sukuk
- Kuwait International Bank $ 5Y sukuk
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