Asia-Pacific New Issues: BHP, Westpac, MUFG, SMFG USD bonds; SoftBank, MUFJ

New issues

Australian issuers in foreign bonds:

• BHP Group Ltd raised USD2.75bn via selling the following bonds:

   

  • USD750m, 4.9%, February 2033 at USTs + 105bps with make whole calls at 20 until the single call at par in November 2032.

  • USD1bn, 4.875%, February 27, 2026 with make whole calls at 10 until the single call at par in February 2026. Priced at USTs + 55bps.

  • USD1bn, 4.75%, February 28, 2028 with make whole call at 15 until the single call at par in January 2028. Priced at USTs + 75bps.

   

• NAB issued via ANZ USD50m in 5.25%, March 3, 2025 bonds.

   

• Select Access Investment raised JPY12bn by selling the following bonds via DB:

   

  • JPY10bn, 0.45%, March 15, 2024.

  • JPY2bn, 0.6%, March 14, 2025.

   

• Westpac Banking Corp sold USD460m worth of bonds as follows:

   

  • USD350m paying USD O/N SOFR + 23bps, February 28, 2024 via Daiwa.

  • USD110m paying USD O/N SOFR + 18bps, November 28, 2023 via RBC and UBS.

Overseas issuers in AUD bonds:

• African Development Bank issued via RBC AUD50m in 5%, March 8, 2038 Kangaroo bonds.

   

• BNG Bank NV has upsized the following bonds:

   

  • AUD45m to its existing 2.45%, July 21, 2032 Kangaroo bonds to bring the new size to AUD735m. Priced at ACGBs + 60.25bps.

  • AUD30m worth of increase to its existing July 21,  2032 Social Kangaroo bonds to bring the new size to AUD690m. Priced at ASWs + 57bps to yield 4.861748% and lead is Daiwa Capital.

   

• China Everbridge Bank Co Ltd Sydney branch sold via Westpac AUD50m in March 3, 2025 FRNs that pay AUD 3M BBSW + 93bps.

   

• DZ Bank AG self-led AUD60m in 6.13% March 2, 2038 eMTNs.

   

• Export Development Canada raised AUD1bn via selling 4.5% September 6, 2028 Kangaroo bonds at 34bps over ASWs.

   

• Landesbank Baden-Württemberg self-led AUD35m in 3.5% March 17, 2025 bonds

   

• IFC has increased the size of its existing bonds as follows:

   

  • 1.5%, April 15, 2035 Kangaroo bonds by AUD100m to bring the new size to AUD1.1bn. Priced at ACGBs + 37.95bps.

  • 1.5% April 15, 2035 Kangaroo bonds by AUD75m to bring the new size to AUD1.3bn.

   

• Intesa Sanpaolo SpA self-led AUD100m in 4.65%, February 24, 2025 retail bonds and listed directly on Borsa Italiana.

   

• JPM issued via itself AUD60m in 6.15%, March 3, 2028 callables with annual call at par from March 2028.

   

• KfW increased the size of its existing 2%, February 15, 2027 bonds by AUD100m to bring the new size to AUD500m. Priced at 42bps over ACGBs.

   

• Mizuho Bank Sydney branch sold AUD500m in February 23, 2026 FRNs that pay AUD 3M BBSW + 86bps.

   

• Svenska Handelsbanken AB raised AUD1bn via selling the following March 2, 2028 Kangaroo bonds:

   

  • AUD350m FRNs that pay AUD 3M BBSW + 105bps.

  • AUD650m, 5% at 105bps over ASWs.

Domestic AUD bonds:

• Aurizon Network raised AUD80m via selling 6.392%, December 21, 2032 bonds.

   

• HSBC Sydney branch issued AUD1.65bn worth of March 3, 2028 bonds:

   

  • AUD300m, 5.1%.

  • AUD1.35bn FRNs paying AUD 3M BBSW + 105bps.

   

• MUFG Bank Sydney branch sold via ANZ AUD100m in August 15, 2024 FRNs that pay AUD 3M BBSW + 53bps.

   

• New South Wales Treasury Corp upsized the following bonds:

   

  • AUD50m to 2% March 8, 2033 to bring the new size to AUD8.8843bn. Priced at 61.75bps over ACGBs.

  • AUD150m to 3%, March 20, 2028 at ACGBs + 27bps. The new size of the line is now AUD9.58bn. Leads are DBA, DB and UBS.

   

• Queensland Treasury Corp added AUD29.7m to its existing 2%, August 22, 2033 bonds to bring the new size to AUD3.11bn.

   

• SNB Funding Ltd issued via JPM AUD20m in 6.115%, March 1, 2033 bonds.

   

• Southern Australian Government Financing Authority (SAFA) has upsized its existing June 15, 2027 FRNs by AUD30m to bring the new size to AUD1.185m. The deal pays AUD Overnight Cash Rate + 31bps.

   

• Suncorp Group raised AUD250m via selling December 1, 2038 FRNs that pay AUD 3M BBSW + 265bps and with call at par in December 2028, then every 3 months from December 2030.

   

• Tasmanian Public Finance added AUD162m to its existing 2% January 24, 2030 bond line to bring the new size to AUD1.136bn. Priced at ACGBs + 73bps and leads are ANZ, NAB and UBS.

Japanese issuers in foreign bonds:

• Aozora Bank Ltd sold USD350m in 5.9% March 2, 2026 Green bonds at USTs + 155bps. Leads are GS, MS and Citigroup.

   

• JFM priced a €500m in 5-year 3.375% Green bond at swaps +31bps. Leads are Barclays, BNPP, JPM and Mizuho.

   

• Mizuho Bank sold the following bonds:

   

  AUD500m in February 23, 2026 FRNs that pay AUD 3M BBSW + 86bps.
  • €600m May 20, 2028 and a €750m May 20, 2033 at swaps +105 and 140bps respectively. Leads are Barclays, BNPP, BBVA, Mizuho (B&D) and Natixis.

  • CNY500m, May 17, 2023 zeros.

   

• MUFG issued the following bonds:

   

  • USD1bn, February 22, 2029 paying 5.422% till the single call at par in February 2028, then USTs + 138bps

  • USD500m, February 22, 2031 paying 5.475% till the single call at par in February 2-30, then USTs + 153bps.

  • USD1.25bn, February 22, 2034 paying 5.441% till the single call at par in February 2033, then USTs + 163bps.

  • USD1.65bn, February 20, 2026 paying 5.719% till the single call at par in February 2025, then USTs + 108bps.

  • USD600m, February 20, 2026 paying USD overnight SOFR + 94bps with single call at par in February 2025.

   

• Sumitomo Mitsui Financial Group has launched a 4-tranche fixed-rate USD bond offer with final pricing expected later today:

   

  • 3y bond at +125-130bps.

  • 5y bond at +160-165bps.

  • 7y bond at +175-180bps.

  • 10y bond at +190-195bps.

Foreign issuers in JPY bonds:

• Credit Agricole issued the following Uridashi bonds with semi-annual call at par from February 2024:

   

  • JPY897m, 0.9%, February 25, 2030.

  • JPY2.28bn, 0.61%, February 25, 2028.

   

• Deutsche Bank issued JPY10bn in 1.51% March 7, 2028 callables with single call at par in March 2027.

   

• Select Access Investment raised JPY12bn by selling the following bonds via DB:

   

  • JPY10bn, 0.45%, March 15, 2024.

  • JPY2bn, 0.6%, March 14, 2025.

   

• Societe Generale sold the following February 28, 2028 Uridashi bonds with semi-annual call at par from February, 2024.
  • JPY1.37bn, 0.72%.

  • JPY7.48bn, 0.67%.

   

• Swedbank AB issued via JPM JPY10bn in 1.5%, February 24, 2033 bonds.

Domestic JPY bonds:

• AEON Financial Service issued JPY40bn worth of bonds in two equal tranches as follows:

   

  • 0.8%, February 24, 2028.

  • 0.59%, February 24, 2026.

   

• Daiwa Securities Group raised JPY60bn via selling bonds in two equal tranches as follows:

   

  • 0.54%, February 24, 2026.

  • 0.794%, February 24, 2028 at JGBs + 59bps.

   

• Fuyo General Lease raised JPY50bn via selling the following bonds:

   

  • JPY30bn, 0.3%, March 6, 2026.

  • JPY20bn, 0.709%, March 7, 2028 at JGBs + 47bps.

   

• Hikari Tsushin Inc sold JPY30bn in 0.470%, February 27, 2026 bonds.

   

• JACCS Co Ltd raised JPY50bn via selling the following bonds:

   

  • JPY10bn, 0.824%, March 01, 2028 at JGBs + 55bps.

  • JPY40bn, 0.440%, February 27, 2026.

   

• JEHDR priced the following bonds:

   

  • JPY12.7bn, 1.442, February 27m 2943 at JGBs + 11bps.

  • JPY10bn, 0.3%, February 26, 2027 at JGBs + 21bps.

   

• Kyushu Electric Power issued JPY13.9bn in 0.41%, February 25, 2026 bonds.

   

• Marubeni Corp raised JPY20bn in 0.614%, February 24, 2028 bonds at JGBs + 21bps.

   

• Mitsubishi HC Finance America LLC sold USD500m in 5.658% February 28, 2033 USD 144A/Reg S bonds bonds with make whole call at 30 until November 28, 2032. Priced at USTs + 170bps. Leads are BofA, Citigroup, JPM and MS.

   

• Mizuho Financial Group has launched a 3-tranche USD bond deal as follows:

   

  • USD1bn, May 27, 2029 6.25NC5.25, paying 5.667% till the single call at par in May, 2028, then USTs+150bps.

  • USD700m, May 27, 2031 8.25NC7.25, paying 5.739 till the single call at par in May 2031, then USTs + 165bps.

  • USD900m, May 27, 2034 11.25NC10.25, paying 5.754% till the single call at par in May 2033, then USTs + 180bps.

   

  Leads are Mizuho and BofA.

   

• Mitsubishi UFJ Financial Group sold the following bonds:

   

  • JPY27.5bn, March 7, 2034 that pays 1.47% till the single call at par in March 2033, then 45.7bps over JPY 6M Tibor.

  • JPY49.5, March 5, 2027 that pays 0.77% till the single call at par in March 2026, then 31.8bps over JPY 6M Tibor.

  • JPY46bn, March 7, 2029 paying 1.029% till the single call at par in March 2028, the JPY 6M Tibor + 39.7bps.

  • JPY109.5bn, March 7, 2027 paying 0.606% till the single call at par in March 2024, then 37.4bps over JPY 6M Tibor.

   

  Lead is MUMSS.

   

• Mitsui Chemicals issued JPY15bn in 0.300%, February 27, 2026 bonds.

   

• Mizuho Leasing priced JPY40bn in 0.764%, March 01, 2028 bonds at JGBs + 49bps.

   

• Orient Corp issued JPY20bn worth of bonds in two equal tranches as follows:

   

  • 0.37%, March 6, 2025.

  • 0.839%, March 6, 2028 at 60bps over JGBs.

   

• The mobile unit of SoftBank Corp has priced JPY120bn in 0.98% 5-year retail bonds.

   

• Resona Holdings Inc issued JPY20bn in 0.629%, March 1, 2028 bonds.

   

• Sumitomo Corp sold JPY35bn worth of bonds as follows:

   

  • JPY10bn, 0.644%, March 01, 2028 at JGBs + 37bps.

  • JPY25bn, 0.949%, March 01, 2030 at JGBs + 49bps.

   

• Tokyo Metropolitan Government issued JPY30bn in 0.349%, February 20, 2027 bonds. Priced at JGBs + 11bps.

   

• Tokyu Fudosan Holdings raised JPY20bn via selling bonds in two equal tranches as follows:

   

  • 0.320%, February 27, 2026.

  • 0.694%, March 01, 2028 at JGBs + 42bps.