New Bondsupermart Live: CoreWeave, Paramount Global and other bonds with yields up to 8%.

Some corporate bonds to consider

BACR 8.000% Perpetual Corp (AUD)

 
Barclays PLC (Barclays) is a premier global British bank that offers a diversified range of financial services to clients worldwide. The bank continues to be a solid issuer. This perpetual issue offers a yield to worst of roughly 7.83%, with 6.04 years to call. We think this issue warrants consideration for investors seeking decent income on a longer timeframe.

 
Barclays reported solid topline and bottom-line results in 1Q26 (31 March 2026), with profit after tax rising 4% YoY to £2.2b. Overall topline growth (+6%) was supported by both net interest income growth (+6%) and net fee, commission and other income (+6%), while lower operating expenses growth (+4%) supported the bank’s increase in profit after tax. Return on tangible equity (ROTE) remains strong at 13.5%. Barclays’ CET1 ratio remains decent, at 13.9% (post buyback), providing some buffer against its regulatory requirement of 12.2%. Excluding a one-off impairment charge related to the collapse of a mortgage lender, Barclays’ loan-loss rate is stable, within management’s guidance of 50-60bps. Funding and liquidity remain solid with a net stable funding ratio (NSFR) of 135% and a liquidity coverage ratio (LCR) of 165%, comfortably exceeding regulatory requirements of 100%.

 
Related article: Barclays 1Q26: Steady as she goes, resilient beneath the noise

HSBC 5.996% 26May2032 Corp (AUD)
HSBC 6.750% Perpetual Corp (USD)

 
Joining Bondsupermart Live are two new issues by HSBC, a perennial issuer. The AUD senior unsecured bullet bond offers a yield to worst of 5.72%, with 5.98 years to maturity, while the USD perpetual bond offers a yield to worst of 6.70% with 6.47 years to call. Overall, we think investors seeking a solid yield on an intermediate timeframe can consider these AUD and USD issues.

 
HSBC reported in-line results for 1Q26 (31 March 2026). Excluding one-off items, revenue grew 4% YoY to US$19.1b, supported by good growth in fee and other income (+6% YoY) while net interest income posted a modest 2% YoY increase. However, profit before tax inched down 4% YoY as the bank saw an increase in credit impairments, one-off costs, and provisions related to Middle East tensions. We note this provisioning is a deliberate stance enacted by management rather than any weakening in core credit quality. Core profitability remains robust, with a ROTE of 18.7%. That said, due to these provisions, management is now guiding for higher expected credit loss (ECL), inching up from 40bps to 45bps due to the Middle East tensions. CET1 ratio softened slightly to 14.0% following the completion of the Hang Seng Bank acquisition and other initiatives, though the metric remains within management’s target of 14% - 14.5% range. Liquidity and coverage remain strong with an NSFR of 142% and an LCR of 135%.

Related article: HSBC Q1 2026 Results — Prudent Credit Provisions, Solid Core Business Resilience!

NAB 6.558% 12May2041 Corp (AUD)

National Australia Bank (NAB) is one of the top 4 banks in Australia and New Zealand, offering a diverse range of financial services. We highlight NAB 6.558% 12May2041 Corp (AUD) for its yield to worst of 6.304%, with 14.95 years to maturity, and 9.95 years to call. We think NAB will be incentivised to call, given the associated amortisation relating to this Tier 2 bond.  Investors seeking decent income over a longer time horizon (>10 years) may consider this issue.

 
For the first half ending March 2026 (1H26), NAB reported mixed results. Net revenue grew 3.1% YoY, while underlying profit rose a stronger 6.4% YoY, supported by stable net interest margins and broad-based loan growth. However, reported cash earnings declined sharply 26% YoY to A$2.6b, weighed down by a A$706m credit impairment charge due to the Middle East tensions and a A$949m post-tax software capitalisation policy change. Management cautioned that the probability of a domestic downside economic scenario has increased, and guided (with no specific figures offered) for a rise in bad debts moving forward. Profitability, as measured by cash return on equity, inched down slightly to 11.6% (1H25: 11.7%). NAB’s asset quality softened with non-performing exposure climbing to 1.52% compared to 1H25: 1.49%. That said, the CET1 ratio remains stable at 12.05%, providing NAB 155bps headroom from the regulatory requirement of 10.5%. Finally, liquidity and coverage remain healthy with an NSFR of 116% and an LCR of 132%.  

CRWV 9.250% 01Jun2030 Corp (USD) 

This issue provides an attractive yield to worst of 8.11%, with 4.0 years to maturity. These bonds may appeal to investors seeking exposure to the AI infrastructure theme, but in our view, they are suitable only for investors comfortable with elevated credit risk.

 
CoreWeave is a leading AI cloud infrastructure provider focused on high-density GPU data centres for AI training and inference workloads. Unlike traditional cloud providers, its optimised infrastructure allows it to deploy 20%-40% more GPUs within the same power footprint, making it a key compute partner for companies such as OpenAI and Meta Platforms.

 
For the quarter ending March 2026 (1Q26), the company continues to deliver exceptional topline growth, with revenue rising 112% YoY to US$2.1b. However, due to high depreciation and amortisation expenses, adjusted operating income only came in at US$21m for the quarter. Backed by a US$99.4b backlog, management expects revenue to reach US$12-13b in FY2026 and expects to exit FY2027 with a revenue run-rate of more than US$30b a year. This provides strong visibility for CoreWeave’s future topline growth.

  
However, from a credit perspective, we remain cautious. While operating cash flow, on a trailing twelve-month basis (TTM), currently covers TTM gross interest expense by roughly 4x, this metric is flattered by substantial depreciation add-backs and masks weak underlying earnings. We point out that adjusted operating earnings of US$21m for 1Q26, which stands against a net interest expense of US$536m. This suggests that the business is not yet generating sufficient post-depreciation operating earnings to organically support its financing costs. CoreWeave reported US$24.9b of gross debt against unrestricted cash of only US$2.3b, including on-balance-sheet operating and finance leases (US$10.1b and US$238m), lifts total obligations to US$35.2b. That said, management has indicated there are no material bullet maturities until 2029. The $7.5B classified as current debt largely comprises self-amortising, contract-backed financing structures and OEM/vendor financing tied to committed customer revenue rather than traditional refinancing risk. The first meaningful maturity wall emerges between 2029 and 2032 across the senior notes and DDTL 4.0 facilities, by which point the company will need materially stronger recurring OCF generation or continued access to external capital markets.

Free cash flow is expected to remain deeply negative as management invests US$31-35b in capital expenditures this year. Although contract-backed financing, a manageable near-term maturity profile, and strong backlog conversion provide important support, the credit story remains heavily reliant on continued access to capital markets and flawless execution. 

PARA 4.200% 19May2032 Corp (USD)

Paramount Global (PARA) is an American multinational mass media and entertainment conglomerate; this is the company behind iconic movies such as Mission Impossible and Transformers. This group is currently completing its acquisition of fellow media giant, Warner Brothers Discovery, Inc (WBD), though we note is it still subject to regulatory approvals such as from the EU. This bond issue offers a yield to worst of 6.84% with 5.97 years to maturity. Investors looking for a higher yield pickup and are comfortable with a leveraged issuer can consider these bonds.

 
Revenue for the first quarter ending 31 March 2026 (1Q26) came in at US$7.3b (+2% YoY), with management guiding for full-year revenue to come in at US$30b. Core operating profitability, measured by adjusted EBITDA, surged 58.6% YoY to US$1.2b due to disciplined cost management and the swing to profitability for the group’s streaming segment. That said, free cash flow remains thin at US$4m (net operating cash flow less investments and capital expenditures).

 
As of 31 March 2026, cash and equivalents stood at US$1.9b against gross debt of US$15.5b. Moving forward, PARA’s credit profile will be materially transformed by the WBD acquisition. The combined entity is expected to carry roughly US$79b in net debt at close, with anticipated synergies being the key to PARA’s credit profile. Management expects over US$6b in run-rate synergies, with roughly 30% expected to be realised in one year after the acquisition and approximately 70% by the end of year two. However, in the meantime, we expect EBITDA and FCF to remain challenged before seeing the expected meaningful improvement from 2028 onwards. On a pro-forma basis, with a blended interest cost of 6-7% and a fully synergised EBITDA of US$18b, interest coverage (EBITDA / interest expense) should come in around 3x. Finally, we highlight that management has committed to deleveraging to below 3.75x (net debt/adjusted EBITDA) by 2028 and 3.0x by 2029, though execution risk remains significant given the scale of integration.

 

Declaration: For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) holds positions in BACR 8.000% Perpetual Corp (AUD), HSBC 5.996% 26May2032 Corp (AUD), NAB 6.558% 12May2041 Corp (AUD), NSWTC 5.500% 22Oct2036 Govt (AUD), ACGB 4.500% 21Apr2033 Govt (AUD), ACGB 5.000% 21Jun2036 Govt (AUD), T 4.625% 15Feb2046 Govt (USD), T 4.750% 15Feb2056 Govt (USD), CRWV 9.250% 01Jun2030 Corp (USD), PARA 4.200% 19May2032 Corp (USD), and HSBC 6.750% Perpetual Corp (USD). The analyst who produced this report holds NIL positions in the abovementioned securities. This research report was prepared with the assistance of artificial intelligence (AI) tools. iFAST Financial Pte Ltd does not rely exclusively on AI for content generation; the content of this report – including all investment theses, ratings, price targets and conclusions – has been independently reviewed and verified by the research analyst(s) to ensure accuracy and professional integrity.