Bond markets were busy for August, with AI-related borrowing, financials and acquisition financing all contributing to supply. The biggest public investment-grade deal was Alphabet’s AUD 5.5 billion, or US$4 billion, Kangaroo transaction, which extended to 20 years and took the company’s 2026 issuance above $80 billion.
Public investment grade
| Issuer | Amount | Note |
|---|---|---|
| Alphabet | AUD 5.5 billion (US$4 billion) | Australian-dollar deal to 20 years; largest Australian-dollar corporate bond to date. |
| QTS | $3.9 billion | Five-year deal for the data-centre operator. |
| Santander | $2 billion | Financials issuance. |
| BNY | $2 billion | Financials issuance. |
| Mizuho | €1.5 billion | Financials issuance. |
| MetLife | $1.7 billion | Across USD and GBP. |
| Credit Agricole | €1 billion | Financials issuance. |
| ABN Amro | €1 billion | Financials issuance. |
| MassMutual | $1 billion | Financials issuance. |
| Thales | €1 billion | To fund its purchase of robotics firm Exail. |
High yield and planned retail issuance
| Issuer | Amount | Note |
|---|---|---|
| Gray Media | $750 million | US local broadcaster. |
| Northern Oil and Gas | $500 million | Upstream energy company. |
| SoftBank | JPY 1 trillion (US$6.3 billion) | Planned retail bond issuance, including for AI investments. |
Sovereign and SSA activity
| Issuer | Amount | Note |
|---|---|---|
| KfW | €5 billion | Germany’s KfW. |
| European Investment Bank | $4 billion | SSA issuance. |
| World Bank | $4 billion | Sustainable development bond. |
| Asian Development Bank | $2 billion | SSA issuance. |
| CPPIB Capital | $2 billion | Subsidiary of the Canada Pension Plan Investment Board. |
| BNG Bank | $1.25 billion | Netherlands state-owned bank. |
Emerging markets
Indian banks continued to issue in US dollars, with issuance exceeding $10 billion since the Reserve Bank of India opened its subsidised swap line. HDFC raised $1.75 billion, ICICI $750 million and Kotak Mahindra $650 million.
Czech property developer CTP issued €500 million. Elsewhere in emerging-market financing, Omani oil company OQEP extended a $500 million bridge loan by a year and Ghanaian energy company Genser Energy secured a €450 million syndicated loan; those loan transactions are covered in the syndicated-loans roundup.
Distressed and stressed situations
- US physical therapy company Athletico completed a distressed debt exchange.
- Brazilian petrochemical company Braskem’s 60-day stay expired, with Braskem to file for out-of-court restructuring in Brazil.
- airBaltic bondholders agreed to capitalise August and November interest payments.
Related coverage
See the weekly DCM Insider market overview for 24 August 2026 and the analysis of long-term rates, AI capital demand and inflation risk.
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