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Bond Market News
SBI, HSBC Launch Bonds
August 11, 2026
New Bond Issues
- State Bank of India $ 5Y at T+120bp area
- HSBC Holdings S$ 6NC5 at 3.10% area
Lloyds raised $2.5bn via a two-part deal. It raised $1.25bn via a 6NC5 bond at a yield of 5.203%, 30bp inside initial guidance of T+110bp area. It also raised $1.25bn via a 11NC10 bond at a yield of 5.696%, 30bp inside initial guidance of T+130bp area. The senior unsecured notes are rated A3/A-/A+. Proceeds will be used for general corporate purposes.
Verizon raised $3.75bn via a dual-trancher. It raised $2bn via a 32.5NC7.5 bond at a yield of 6.6%, 27.5bp inside initial guidance of 6.875% area. It also raised $1.75bn via a 30.5NC10.5 bond at a yield of 6.75%, 25bp inside initial guidance of 7.00% area. The senior unsecured notes are rated Baa2/BBB-/BBB. Proceeds will be used for general corporate purposes, including the repayment of outstanding debt.
Ford Motor Credit raised $2.5bn via a two-trancher. It raised $1.5bn via a 3Y bond at a yield of 5.431%, 33bp inside initial guidance of T+145bp area. It also raised $1bn via a 7Y bond at a yield of 6.107%, 30bp inside initial guidance of T+185bp area. The senior unsecured notes are rated Ba1/BBB-/BBB-. Proceeds will be used for general corporate purposes. The new 3Y bond is priced 4bp tighter to its existing 5.115% 2029s that currently yield 5.47%. The new 7Y bond is priced roughly in line with its existing 7.122% 2033s that currently yield 6.12%.
Charles Schwab raised $2.6bn via a dual-trancher. It raised $1.25bn via a 6NC5 bond at a yield of 5.108%, 27bp inside initial guidance of T+95bp area. It also raised $1.35bn via an 11NC10 bond at a yield of 5.655%, 25bp inside initial guidance of T+120bp area. The senior unsecured notes are rated A2/A-/A. Proceeds will be used for general corporate purposes. The new 6NC5 bond is priced at a new issue premium of 12.8bp over its existing 2.9% 2032s (callable in 2031) that currently yields 4.98%. The new 11NC10 bond is priced at a new issue premium of 11.5bp over its existing 5.493% 2037s (callable in 2036) that currently yields 5.54%.
Caterpillar Financial raised $1.3bn via a dual-trancher. It raised $300mn via a 3Y FRN at SOFR+52bp vs initial guidance of SOFR equivalent area. It also raised $1.0bn via a 3Y bond at a yield of 4.659%, 25bp inside initial guidance of T+60bp area. The senior unsecured notes are rated A1/A/A+. Proceeds will be used for general corporate purposes.
New Bond Pipeline
- Blue Owl Finance holds Investor Calls
- ICE holds Investor Calls
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