Bondsupermart

📌 Idea of the week CoreWeave 11% Bond Yield Analysis ---- The Risks of Surging CapEx and Debt CoreWeave bonds offer an attractive yield to maturity of around 11%. They are more suitable for investors who are constructive on the AI data centre outlook and can tolerate high price volatility. The bonds may also serve as a tactical trading instrument. 🌟 Highlights 🌟 🔹 Depreciation and Interest Expenses Widen Losses, but Operating Leverage is Beginning to Appear 🔹 High-Density GPUs Drive High Debt 🔹 Expanding Debt Scale and Elevated Interest Rates Increase the Interest Burden 🔹 Insights from DDTL 4.0: Lower-Cost Financing Provides Runway

New USD Bond Issuance Issuer: Sumitomo Mitsui Banking Corporation Currency: USD Tenure | IPG: 3-Year | T + 80bps (Est. 5.220%) First Issuance Date: 10 September 2026 Bond Rating: A (S&P) Ranking: Senior Unsecured Min. / Incremental Size: US$ 250,000 / 1,000 Timing: Pricing expected today NY hours

📌 New USD Bond Issuance Issuer: The Norinchukin Bank Currency: USD Tenure | IPG: 5-Year | T + 120bps (Est. 5.710%) 10-Year | T + 140bps (Est. 6.170%) First Issuance Date: 9 September 2026 Bond Rating: A (S&P) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Pricing expected today NY hours

📌 New SGD Bond Issuance Issuer: CMT MTN Pte Ltd Currency: SGD Tenure | IPG: 5-Year | 2.90% Area First Issuance Date: 8 September 2026 Bond Rating: A- (S&P) Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s Business

📌 Idea of the week Saudi Arabia Sovereign USD Bonds — Taking a Detour, Resilience Intact Saudi Arabia’s export route that bypasses the Strait of Hormuz, the offset that higher oil prices provide against lower volumes, and its solid reserves and low debt levels all give its debt-servicing ability a healthy safeguard. 🌟 Highlights 🌟 🔹 A larger-than-expected spending bill produced the biggest quarterly deficit on record 🔹 Higher oil prices supported second-quarter revenue growth: Q2 revenue increased by 22% 🔹 Elevated deficits need not persist into the medium term 🔹 Three Core Revenue Growth Drivers for the Next Three Years

📌 Credit Update Walmart Credit Update: Tariff Refunds Boost Earnings as Bond Yields Climb to 5.05% Overall, we maintain our view that Walmart possesses one of the strongest credit profiles in the consumer space, but its bonds remain fairly priced. 🌟 Highlights 🌟 🔹 Continued deepening of Walmart's earnings quality 🔹 Tariff refunds supercharge reported profit, but core earnings hold up too 🔹 Leverage stays conservative, and debt servicing capacity improves 🔹 Bond yields rose alongside the credit story

📌 Credit Update Tencent records a quarter of negative free cash flow as AI capex surges We remain comfortable with Tencent’s softened, but still decent credit profile. Compared with close technology peers, we find these issues fairly priced. For investors seeking exposure to AI-related bonds, we think SK Hynix’s 6.375% 17Jan2028 Corp (USD) and META’s 4.875% 15Nov2035 Corp (USD) offer more attractive yields. 🌟 Highlights 🌟 🔹 Durable revenue base meets expanding earnings 🔹 Adequate Liquidity with little refinancing risk 🔹 Softer credit profile due to AI investment needs, but interest coverage remains ample

📌 Idea of the week BPCE: Attractive Yield Opportunity Backed by Strong Investment-Grade Fundamentals BPCE maintains a strong and resilient credit profile. Among the recommended bonds, we favour BPCEGP 6.5618% 12Jun2040 Corp (AUD), which currently offers an attractive yield of above 6%, in line with our preference for longer-duration bonds. 🌟 Highlights 🌟 🔹 Strong earnings growth across business lines 🔹 Resilient asset quality with diversified loan portfolio 🔹 Strong capital and liquidity buffers support credit resilience

📌 Idea of the week New Issue: BNP Paribas announces new SGD NC5 perpetuals at an IPG of 4.50% We see the new perpetual as decently priced at IPG — offering a clear pickup over OCBC and a smaller one over STANLN. 🌟 Highlights 🌟 🔹 Revenue rose to €14,091m — the strongest quarterly revenue growth in a decade. 🔹 Cost of risk was broadly stable and within guidance at 39bps. 🔹 Funding and liquidity remain a clear strength.

📌 Idea of the week Frasers Property Limited announces SGD 10-year seniors at an IPG of 3.75% We consider the new issue modestly attractive, supported by FPL’s resilient performance over many quarters. These bonds are best suited for investors with moderate risk appetites and are willing to undertake the duration & maturity risks associated with a 10-year bond. 🌟 Highlights 🌟 🔹 FPL’s revenues fell to $1,509m 🔹 Profit before interest and tax rose to $679m, despite the lower revenue 🔹 FPL maintains a moderately high leverage despite its high-quality asset base

📌 Idea of the week Centurion Corporation Limited announces new 5Y SGD senior green bonds at an IPG of 4.20% We view Centurion’s new issue as attractive for investors seeking stable income from an issuer backed by a diversified portfolio of accommodation assets and supported by favourable industry fundamentals. 🌟 Highlights 🌟 🔹 Centurion reported revenue of S$184.9m. 🔹 Reported net profit fell to S$53.1m. 🔹 Importantly for bondholders, operating cash flow rose to S$104.7m. 🔹 Leverage has increased meaningfully following its recent acquisitions, but debt-servicing capacity remains comfortable.

New AUD Bond Issuance Issuer: NextEra Energy Capital Holdings, Inc. Currency: AUD Tenure | IPG: 30-Year | S/Q ASW+ 245bps (Est. 7.122%) 30-Year | S/Q ASW+ 260bps (Est. 7.420%) 30-Year | S/Q ASW+ 275bps (Est. 7.697%) First Issuance Date: 01 Sep 2026 Bond Rating: BBB (Fitch) Ranking: Subordinated Min. / Incremental Size: AUD 10,000 / 10,000

New SGD Bond Issuance Issuer: Frasers Property Treasury Pte Ltd Currency: SGD Tenure | IPG: 10-Year | 3.75% area First Issuance Date: 28 August 2026 Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today's business

New SGD Bond Issuance Issuer: Centurion Corporation Limited Currency: SGD Tenure | IPG: 5-Year | 4.20% area First Issuance Date: 1 September 2026 Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business

New USD Bond Issuance Issuer: HPHT Finance (26) Limited Currency: USD Tenure | IPG: 5-Year | T + 105 bps area (Est. 5.450%) First Issuance Date: 31 Aug 2026 Bond Rating: A- (S&P) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today's business

📌 Credit Update Coach caps a strong FY26, underpinning Tapestry’s 4.4 - 5.7% USD bonds For investors seeking decent yield pickup, we think Tapestry’s bonds (2027 and 2032 in particular) continue to warrant consideration, supported by the group’s improving operating momentum, modest leverage, and solid liquidity profile. 🌟 Highlights 🌟 🔹 Sustained margin expansion drives another year of profitable growth 🔹 Coach continues to carry the group as Kate Spade works through its reset 🔹 Liquidity remains ample, with minimal refinancing overhang 🔹 Deleveraging trend persists, underpinned by strong interest coverage

📌 Idea of the week Ad Machine Funds the AI Race: Alphabet Bonds Yield Up to 6.05% Alphabet’s booming Cloud business and resilient advertising engine underpin its credit strength, even as record AI spending pressures free cash flow and drive higher borrowing. 🌟 Highlights 🌟 🔹 Google Services remains the main profit engine 🔹 Cloud is inflecting, not just growing 🔹 First negative quarterly free cash flow since the 2004 IPO 🔹 Leverage rising fast, off a very low base

📌 Idea of the week A Chance to Earn 5.8% Interest from Germany’s State-Owned Bank – LBBW Considering LBBW's significant presence in Germany as a state-owned bank, its relatively stable earnings profile and strong balance sheet, investors may consider LBBW's 5.000% 17 May 2028 Corp (AUD), which is currently yielding around 5.83%. 🌟 Highlights 🌟 🔹 Stable earnings growth despite ECB rate cuts in 2025 🔹 Solid liquidity and credit position 🔹 Balanced Sectoral Loan Exposure 🔹 Risk: Elevated Exposure to Commercial Real Estate

📌 Credit Update Recently issued: NAB’s 5-Year USD Covered Bond with a yield of 4.5% Investors may consider NAB 4.610% 26Aug2031 Corp (USD), which is supported by AAA/Aaa expected covered bond ratings, providing an additional layer of credit protection compared with NAB’s senior unsecured obligations. 🌟 Highlights 🌟 🔹 Cover Pool Requirements and Covered Bond Features 🔹 Strong Liquidity Position 🔹 Mortgage Applications Weaken After Federal Budget 🔹 Growth Moderation Rather Than Credit Deterioration

New USD Bond Issuance Issuer: HDFC Bank Ltd/Gift City Currency: USD Tenure | IPG: 3-Year | T+120 bps (Est. 5.430%) 5-Year | T+130 bps (Est. 5.640%) First Issuance Date: 26 August 2026 Bond Rating: Baa3 (Moody’s) / BBB (S&P) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business