Bondsupermart

📌 New USD Sukuk Issuance Issuer: SRC Sukuk Limited Currency: USD Tenure | Initial Price Guidance: 5.5-Year| T+115bps area (Est. 5.380%) 10-Year | T+125bps area (Est. 5.749%) Bond Rating: A+ (Fitch) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Books open, today’s business

📌 New SGD Bond Issuance Issuer: FWD Group Holdings Limited Currency: SGD Tenure | Initial Price Guidance: 5.75-Year | 3.55% area Bond Rating: BBB- (Fitch) Ranking: Subordinated First Issuance Date: 14 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business

📌 New USD Bond Issuance Issuer: Fubon Bank (Hong Kong) Limited Currency: USD Tenure | Initial Price Guidance: T+160bps (Est 5.800% area) First Callable Date: 14 July 2031 Bond Rating: BBB (S&P) Ranking | Capital Instrument: Subordinated | Tier 2 Notes Loss Absorption: Yes First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 250,000 / 1,000 Timing: Today’s business

📌 New USD Bond Issuance Issuer: United States Steel Corporation Currency: USD Tenure | Initial Price Guidance: 5-Year | T+125 bps area (Est. 5.450%) 10-Year| T+150 bps area (Est. 5.980%) Bond Rating: BBB (S&P) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Pricing expected today (New York hours)

📌 New CNH Bond Issuance Issuer: Zhejiang Energy International Limited Currency: CNH Tenure | Initial Price Guidance: 5-Year | 2.65% area Bond Rating: A2 (Moody’s) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: CNH 1,000,000 / 10,000 Timing: As early as today’s business

📌 New SGD Bond Issuance Issuer: Housing and Development Board Currency: SGD Tenure | Initial Price Guidance: 7-Year | 2.21% Bond Rating: Aaa (Moody’s) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business

📌 Bond Update: SpaceX USD Bond; Yield up to 6.8%, Now Available on iFAST! SpaceX bonds offer investment-grade exposure to launch and Starlink growth, with 5–30-year maturities, yields up to 6.85%, manageable leverage, and capex-related risks for income investors. 🌟 Highlights 🌟 🔹 SpaceX has a credit rating of BBB/BBB+ (S&P/Fitch) with a stable outlook. 🔹 The company's operating performance continued to grow, with main business revenue reaching USD 4.7 billion, a 15% increase year-on-year. 🔹 The company has signed several major new government and commercial contracts, resulting in a large backlog of orders. Read more

📌 Idea of the week: Secure 5.6% YTM from NBN Co – A Government-Owned Network Operator We recommend investors consider NBNAUS 5.350% 06Mar2035 Qsov (AUD) and NBNAUS 5.850% 19Mar2036 Qsov (AUD) for higher yield pick-up, currently yielding around 5.49% and 5.63%, respectively. For shorter-duration exposure, investors may consider NBNAUS 5.200% 25Aug2028 Qsov (AUD) and NBNAUS 5.000% 28Aug2031 Qsov (AUD), offering YTM of 4.89% and 5.02%, respectively. 🌟 Highlights 🌟 🔹 A Highly Sustainable and Regulated Business Model 🔹 NBN Co's operational resilience remains bolstered by strong government backing, reflecting its critical mandate to deliver the Commonwealth's nationwide connectivity policy 🔹 Credit Highlights – High Leverage but Supported by Strong Liquidity Buffers 🔹 Proven Track Record of Government Support and Funding Read more

📌 New USD Bond Issuance Issuer: Korea East-West Power Co., Ltd. Currency: USD Tenure | Initial Price Guidance: 5.5-Year | CT5+ 90 bps area (Est. 5.100%) Bond Rating: AA- (Fitch) Ranking: Senior Unsecured First Issuance Date: 13 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business

📌 New AUD Bond Issuance Issuer: Nederlandse Waterschapsbank N.V. Currency: AUD Tenure | Initial Price Guidance: SQ ASW+ 41bps (Est. 4.850%) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: AUD 10,000 / 10,000 Timing: Books open, pricing Sydney PM on 7 July

📌 New USD Bond Issuance Issuer: KT Corporation Currency: USD Tenure | Initial Price Guidance: 3.5 Year | CT3+ 85 bps area (Est. 4.990% area) Bond Rating: A (Fitch) Ranking: Senior Unsecured First Issuance Date: 13 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business (during New York hours)

📌 Idea of the week: Perennial Holdings: Refinancing risk remains despite promise of healthcare ramp-up We encourage selectivity on Perennial’s bonds. We think Perennial’s bonds are only suitable for investors comfortable with a higher-leverage, refinancing-dependent real estate issuer. 🌟 Highlights 🌟 🔹 FY25 revenue improved, though the quality of revenue was mixed, as it was helped by lumpy property development sales. 🔹 Perennial’s strategic focus on the healthcare segment could offer longer-term upside, but it remains in a transition phase and requires strong execution over several years. 🔹 We remain mindful of weak cash flow, short maturities, pledged assets, and JV look-through debt. 🔹 Among Perennial’s bonds, we prefer the 2028 bonds, as longer tenors offer limited additional yield for the added risk. Read more

📌 Idea of the week: LBS Bina is tapping to the market again 7-Year MYR Bond with IPG of 4.3% LBS Bina Group Berhad is one of Malaysia's listed established property developers, with a diversified portfolio spanning residential, commercial, industrial, and township developments. 🌟 Highlights 🌟 🔹 Strong Revenue Visibility and Development Pipeline 🔹 Backed by Sizeable Landbank 🔹 Project Completions Temporarily Weighed on 1Q26 Earnings Amid Strong Development Pipeline 🔹 Stable Credit Profile We view the proposed issuance as offering an approximate yield pickup of 75bps over Malaysia Government Securities. Read more

📌 Credit Update: Picking up close to 4% SGD perpetual yields from AIMS APAC REIT AIMS APAC REIT ("AAREIT") is a Singapore-listed real estate investment trust that invests in and manages a diversified portfolio of industrial, logistics and business park assets across Singapore and Australia. Investors who are comfortable with these perpetual-related risks and are looking for quality income from a solid issuer may consider picking up this AAREIT 4.100% Perpetual Corp (SGD) 🌟 Highlights 🌟 🔹 Resilient FY2026 performance 🔹 High-quality and diversified industrial portfolio anchors debt-servicing capacity 🔹 Improving credit profile supported by a conservative balance sheet and disciplined capital recycling Read more

📌 Idea of the week: Lock In Defensive Income (up to 5.3%) with Walmart’s High-Velocity Cash Machine Walmart Inc. is an undisputed giant of global commerce with over 10,900 physical stores and digital platforms across 19 countries, serving around 280 million customers every week. Walmart's Aa2/AA-rated bonds offer around 5.5% yield, backed by a defensive, cash-generative business model and a stable credit profile. 🌟 Highlights 🌟 🔹 Scale and High-Margin Revenue Shifts Anchor Earnings 🔹 Proven Traffic Growth and Margin Defence 🔹 Conservative capital structure cushions credit risk 🔹 Robust liquidity and buffers minimise default risk Read more

📌 Idea of the week: New Issue: ValueMax Group Limited 3-Year SGD Senior Notes – IPG @ 4.25% ValueMax Group is Singapore's leading alternative financial services group, operating across four segments: pawnbroking, retail and trading of jewellery and gold, moneylending, and other operations. 🌟 Highlights 🌟 🔹 Driven by higher trade receivables, inventories, and investments in associates, total assets grew from S$1.25 billion to S$1.56 billion in FY2025. 🔹 A key risk to watch is gold price volatility. 🔹 On balance, we view ValueMax's new bond as fairly valued rather than a standout opportunity. Read more

📌 Bond Update: High-Yield Alternatives to HKD Time Deposits: A Guide to Locking in 4.2% Yields on HKD HKD interest rates have rebounded from near-zero levels in 2025. Compared to leaving HKD idle or depositing them in low-interest current accounts, switching to high-quality HKD bonds can immediately boost returns. 🌟 Highlights 🌟 🔹 The platform currently offers several HKD bonds issued by corporates, the Hong Kong government, and its wholly owned statutory bodies. 🔹 The following six bonds stand out, with issuer ratings up to AA+ (S&P) and yields to maturity between 3.5% and 4.2%. 🔹 Overall, these bonds suit investors seeking reliable income and resilient total returns. Read more

📌 New USD Bond Issuance Issuer: Panasonic Holdings Corporation Currency: USD Tenure | Initial Price Guidance: 10-Year | T+120bps area (Est. 5.574%) Bond Rating: Baa1 (Moody’s) / A- (S&P) Ranking: Senior Unsecured First Issuance Date: 8 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Pricing expected today NY hours

📌 New SGD Bond Issuance Issuer: Valuemax Group Ltd Currency: SGD Tenure | Initial Price Guidance: 3-Year | 4.25% area Bond Rating: BB (Fitch) Ranking: Unsecured First Issuance Date: 10 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s Business

📌 New SGD Bond Issuance Issuer: Nanyang Technological University Currency: SGD Tenure | Initial Price Guidance: 15-Year | 2.60% area Bond Rating: Aaa (Moody’s) Ranking: Senior Unsecured First Issuance Date: 8 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s Business