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Bond Market News
Seazen, AIMS APAC REIT Launch Bonds
February 26, 2026
US Treasury yields were steady across the curve. The US Treasury’s 5Y note auction saw weak demand, tailing by 0.7bp with a bid-to-cover of 2.32x, akin to the 2Y note auction that also saw weak demand a day prior. Regarding tariffs, US Trade Representative Jamieson Greer said that US President Donald Trump will raise the tariff rate to 15% “where appropriate”.
Looking at US equity markets, the S&P and Nasdaq ended higher by 0.8% and 1.3% respectively. US IG CDS spreads tightened by 0.8bp and HY CDS spreads were 4.8bp tighter. European equity indices ended higher too. The iTraxx Main CDS spreads were 0.4bp tighter and the Crossover CDS spreads were 1.6bp tighter. Asian equity markets have opened mixed this morning. Asia ex-Japan CDS spreads tightened by 1bp.
New Bond Issues
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Seazen Group $ 3Y at 13.25% area
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AIMS APAC REIT S$ PerpNC5.5 at 4.45% area
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Sumitomo Mitsui Trust $ 3Y/5Y/10Y at T+80-85/90-95/105-110bp areas
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Omniyat Holdings raised $600mn via a 5Y bond at a yield of 7.25%, 37.5bp inside initial guidance of 7.625% area. The senior unsecured note is rated BB-/BB- (S&P/Fitch), and received orders of over $1.5bn, 2.5x issue size. The issuer of the note is Omniyat Sukuk 1 Ltd. Net proceeds will be used for general corporate purposes.
Indonesia raised €2.7bn via a three-trancher. It raised:
- €1.2bn via an 8Y bond at a yield of 4.104%, 30bp inside initial guidance of MS+180bp area
- €800mn via a 12Y bond at a yield of 4.473%, 30bp inside initial guidance of MS+195bp area
- €700mn via a 20Y bond at a yield of 4.982%, 30bp inside initial guidance of MS+225bp area
The senior unsecured notes are rated Baa2/BBB/BBB, and received orders of over €9.2bn, 3.4x issue size. Proceeds will be used for general purposes of the republic.
Mapletree Industrial Trust raised S$300mn via a PerpNC5 bond at a yield of 3.25%, 25bp inside initial guidance of 3.50% area. The subordinated note is rated BBB- (Fitch). If not called by 4 March 2031, the coupon will reset to the SORA 5Y plus 159.6bp. Net proceeds will be used for general corporate purposes, including refinancing of its S$300mn 3.15% Perp.
TPAO Varlık Kiralama raised $1bn via a 5Y bond at a yield of 6.30%, 57.5bp inside initial guidance of 6.875% area. The senior unsecured note is rated BB- (Fitch), and received orders of over $4.8bn, 4.8x issue size. Proceeds will be used for general corporate purposes.
OCBC raised $500mn via a 10NC5 Tier-2 bond at a yield of 4.517%, 30bp inside initial guidance of T+120bp area. The subordinated note is rated A2/BBB+/A. Proceeds will be used for general corporate purposes.
GLP Capital raised $800mn via a 10Y bond at a yield of 5.644%, 25bp inside initial guidance of T+185bp area. The senior unsecured note is rated Ba1/BBB-/BBB-. Proceeds will be used to repay borrowings under its term loan facility and for general corporate purposes.
Romania raised ~€4.7bn via a three-tranche dual-currency offering. It raised:
- €2.25bn via a 7Y bond at a yield of 4.638%, 40bp inside initial guidance of MS+250bp area
- €750mn via a tap of its 6% 2044s at a yield of 5.966%, 30bp inside initial guidance of MS+325bp area
- $2bn via a long 10Y bond at a yield of 5.75%, 40bp inside initial guidance of T+210bp area
Proceeds will be used for budget deficit financing and redemption of public debt.
New Bonds Pipeline
- Qatar Islamic Bank $ 5Y sukuk
Rating Changes
- Fitch Upgrades Ecuador to ‘B-‘; Outlook Stable
- Fitch Upgrades SiriusPoint’s Ratings; Outlook Stable
- Azul S.A. Upgraded To ‘B-‘ From ‘D’ Following Emergence From Chapter 11; Outlook Stable
- Avis Budget Group Inc. Issuer Credit Rating Lowered To ‘BB-‘ From ‘BB’ On Weaker Credit Metrics; Outlook Stable
- Moody’s Ratings downgrades Olin’s CFR to Ba2; unsecured notes ratings to Ba3; outlook remains negative
- Service Properties Trust Downgraded To ‘B-‘ On Near-Term Maturity Risk; Outlook Remains Negative
- Empire Resorts Downgraded To ‘B’ On Rising Refinancing Risk; Outlook Negative
- Moody’s Ratings downgrades Michaels Sr Sec Term Loan and first lien notes to B2; affirms B2 CFR
- Fitch Affirms Bank of India at ‘BBB-‘/Stable; Upgrades VR to ‘bb’
Term of the Day: Initial Price Guidance (IPG)
Initial price guidance (IPG) refers to the proposed yield on a new bond issue. Based on the IPG, investors will place orders with the lead managers of the new bond issue. Once the lead managers have received orders for the proposed bond, they will decide the final pricing on the bond, which in most cases will be tighter (lesser) than the IPG.
Talking Heads
On Investors Fleeing AI Upheaval Potentially Turning to Euro Bonds
Michiel Tukker, ING Groep
“AI-related equity jitters are unlikely to be resolved overnight… relative volatility of US equities versus eurozone government bonds makes bonds look increasingly attractive… as AI-related volatility lingers, we could foresee a scenario whereby equities drift lower in favor of bonds”
“Non-bank financial institutions continue to increase their share of the total lending market, creating strong competition for regulated banks without facing the same capital, liquidity, and other prudential standards”
On Government Bonds’ Shrinking Appeal Has Cost – New York Fed
The natural rate of interest has seen a “statistically significant rise” since 2019, climbing about a 1% in the US and other advanced economies
Top Gainers and Losers- 26-Feb-26*
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