New on Bondsupermart Live: NVIDIA, Walmart, Petrobras, and other multi-currency bond opportunities!

What is Bondsupermart Live?

Bondsupermart Live is a centralised bond marketplace where orders are matched dynamically with other investors. While bond markets have traditionally been opaque, Bondsupermart Live helps improve transparency especially around pricing. Our aim is to narrow the gap between bond investing and other asset classes, making bonds more accessible and actionable for all investors.

We recently added 13 new live issues onto Bondsupermart Live – all tradable with live pricing (Table 1). Most of these bonds are tradable in small odd-lot sizes of $1,000 / $1,000. This means the the minimum investment is $1,000, and investors can increase their order in additional $1,000 increments. This makes bond investing more flexible, as investors can spread their capital across different issuers, sectors, currencies, and maturities. Read on for quick highlights on some of these issuers!

(Note: Odd lot trading is only available to accredited investors. Non-accredited investors will have to comply with the full-lot minimums, e.g. $2,000 / $2,000 for most in Table 1 below.)

Table 1: New bonds on Bondsupermart Live

Some bonds to consider

(Dollar values [$] are in USD unless otherwise stated, except for Nomura [JPY / ¥] and Wee Hur [SGD].)

1. NVIDIA: NVDA 3.500% 01Apr2050 Corp (USD) (Yield: 5.48%)

NVIDIA is a clear AI beneficiary, as the premier leader in AI computing infrastructure, with its products sitting at the centre of the AI capex cycle. Its 2050 bonds have a long duration, making it sensitive to yield fluctuations, and hence may appeal to those who are looking for potential upside if long-end yields decline while still being anchored by NVIDIA’s high-quality nature.

NVIDIA’s revenues rose 65% y/y to $216b, while operating income increased 60% to $130b, as gross margins remained extremely strong at 71.1% despite technically falling y/y (FY25: 75.0%). Operating cash generation remained very solid at $103b in FY26. Gross interest expense was $259m in FY26, more than covered by interest income ($2,300m) and cash generation. NVIDIA’s balance sheet is highly conservative, holding $10.6b of cash as of end-FY26, which also excludes $21.7b of USTs, compared to just $8.5b in gross debt. Overall, NVIDIA delivered an exceptional FY26 (ended Feb 2026) performance (as expected), driven by surging AI-related demand, while it maintained a very strong credit profile.

2. Petrobras: PETBRA 6.000% 13Jan2035 Corp (USD) (Yield: 5.78%)

Petrobras is Brazil’s national oil champion and is one of the largest integrated oil and gas producers globally. Petrobras stands as a clear beneficiary of higher oil prices, especially amid the Middle East conflict – investors can find a solid credit story here coupled with high yields nearing 6%.

Realised Brent prices fell 14.5% y/y to $69/bbl, yet revenues only dropped modestly by 2.4% y/y, while adjusted EBITDA expanded 5.3% y/y, reflecting a combination of improved operational discipline and higher production levels (+11%). This then drove Petrobras’s cash generation, with operating cashflows holding up at $36b; free cashflows also remained clearly positive despite higher capex in FY25. Its key credit metrics remain decent, with net-debt-to-EBITDA stable at 1.4x (FY24: 1.3x), and interest coverage (EBITDA-to-interest-expense) improving to 9.9x (FY24: 6.8x). Overall, Petrobras delivered a resilient performance despite a weaker oil-price backdrop in FY25 and maintains a solid credit profile.

Related article: Credit Update: Attractive USD yields of 5-6% offered by Iran conflict beneficiary-Petrobras

3. Block: XYZ 6.500% 15May2032 Corp (USD) (Yield: 5.87%)

Block is a US fintech leader behind Cash App and Square. Its exposure to payment systems on both the consumer and merchant ends allows it to capture value across the transaction cycle. Block’s bonds appeal to those seeking a higher-yielding investment-grade bond linked to fintech and digital payments.

Block’s headline revenue was flat, but profitability and margins improved significantly, helping it comfortably hit its Rule of 40* framework. Management has also guided for this momentum to continue and is targeting to exceed the Rule of 40 again in 2026. Meanwhile, its credit profile remained stable; its net-debt-to-EBITDA was a small 0.06x, while interest coverage (adjusted-EBITDA-to-interest-expense) was a formidable 26.8x. Overall, Block’s FY25 (ended Dec 2025) performance showed a clearer shift toward higher-quality growth, and it remains a solid investment-grade issuer.

(*Rule of 40: Sum of gross profit growth and operating income margin should exceed 40%)

Related article: Idea of the Week: The missing Block for your US Fixed-Income portfolio

4. Vale: VALEBZ 3.750% 08Jul2030 Corp (USD) (Yield: 4.82%)

Vale is one of the world’s largest iron ore producers, with additional exposure to base metals such as copper and nickel. Similar to Petrobras, Vale is exposed to commodity-related risks. However, Vale remains a comfortable investment-grade with yields close to 5%.

Vale’s net operating revenues rose +14% y/y to $9.3b while adjusted EBITDA increased +23% to $3.8b, implying improved EBITDA margins of 41% (1Q25: 38%). Operationally, iron ore production edged up slightly (+3%) to 69m tonnes in 1Q26. Meanwhile, Vale maintained a comfortable cash level of $5.3b, while reported net debt came in at $13.6b. This meant its net-debt-to-adjusted-EBITDA* ratio remained solid at 0.84x, while gross interest coverage* was also strong at 15.8x. Overall, Vale’s latest 1Q26 performance was resilient, supported by stronger production volumes and cost discipline.

(*Ratios are based on TTM adjusted EBITDA from 2Q25 to 1Q26.)

Related article: Idea of the Week: Global iron ore leader offers investment-grade bonds yielding 5%

5. Walmart: WMT 4.500% 15Apr2053 Corp (USD) (Yield: 5.45%)

Walmart is the world’s largest retailer with 280m weekly customers, with a defensive model anchored by grocery and everyday essentials. As with the NVIDIA bonds above, these 2053 bonds are best suited for those seeking heavy duration exposure on a high-quality name.

Walmart delivered steady FY26 (ended Jan 2026) results, as revenues rose 5% y/y to $713b and operating income grew 2% to $30b. Revenue growth was supported by its key business segments (Walmart US / Walmart International / Sam’s Club US), though operating income growth was more mixed. Its credit profile remains strong, supported by resilient cashflows: operating cashflows were $42 b in FY26 (FY25: $36b) while free cash flows were $15b (FY25: $13b). Based on its net interest costs (including leases) of $2.4b, its EBIT coverage would look very strong at 13.1x (FY25: 12.3x). Furthermore, its net gearing (net debt-to-equity*) remains low at 0.57x (FY25: 0.56x), backed by its sizeable property assets. Overall, Walmart remains a steady defensive name with a strong credit profile.

(*Debt calculation here includes lease liabilities.)

6. Visa: V 2.000% 15Aug2050 Corp (USD) (Yield: 5.55%)

Visa is one of the world’s largest payment networks – importantly, it does not primarily take on consumer credit risk, and instead earns fees from payment and transaction volumes. These 2050 bonds also represent significant duration exposure on a high-quality name with an established payments moat.

Visa delivered strong 2Q26 (ended Mar 2026) results supported by resilient consumer spending. Net revenues rose 17% y/y to $11.2b, while operating income ($7.2b) and net income ($6.0b) both climbed by over 30% in 2Q26. Operationally, total transacted volume rose 10% to $4.4t, while the number of transactions also increased 8% to 84b. Its interest expenses remain low, and are partially covered by investment income (e.g. 2Q26: interest expense of $178m vs investment income of $118m). Meanwhile, net gearing (net debt-to-equity) remains low at 0.32x as of end-Mar 2026. Overall, Visa is another high-quality issuer with a clear long-term payments moat.

7. Nomura: NOMURA 6.170% 16Apr2031 Corp (AUD) (Yield: 6.08%)

Nomura is an established financial institution in Japan. It primarily focuses on securities rather than lending and borrowing, and has become one of Japan’s largest investment banks and asset managers. These 2031 bonds provide investors with AUD exposure from a major Japanese financial institution with yields of around 6%.

Nomura reported higher net revenues of ¥2.2t (+15%) in FY26 (ended Mar 2026); this was driven by a sharp drop in interest expense (-9%) even as total revenues grew only slightly (+0.5%). Net income improved 6% to ¥362b, led by double-digit growth in Wealth Management and Wholesale (which includes Global Markets & Investment Banking). Nomura’s CET1 ratio stood at 12.9%, while Tier 1 capital ratio was 15.7%, as of Mar 2026, lower than a year back (Mar 2025: CET1 14.5%; Tier 1 16.2%), attributed to the recent Macquarie acquisition (0.5pp impact) and a greater reliance on AT1 funding. Nonetheless, we think Nomura remains well-capitalised over regulatory requirements (Dec 2025 CET1 requirement: ~7.7%). Liquidity remained strong as Nomura held a liquidity portfolio of ¥10.7t with a liquidity coverage ratio of 214%. Overall, Nomura continues to benefit from its leading domestic franchise with a solid balance sheet.

Related article: New on Bondsupermart Live – Nomura 5Y AUD bonds with yields of over 6%!

8. Wee Hur: WHURSP 4.800% 04Nov2030 Corp (SGD) (Yield: 4.48%)

Wee Hur is a Singapore-listed property and construction group with operations in Singapore and Australia. Its properties include worker dormitories in Singapore and purpose-built student accommodation (PBSA) in Australia. These 2030 bonds provide investors with decent ~4.5% yields, making them among the highest-yielding bonds within the SGD space.

Wee Hur delivered a strong performance in FY25, with revenues surging 47% y/y to $295m. Gross profits increased 63% to $136m, as gross margins improved from 41% in FY24 to 46% in FY25. Importantly, recurring income from worker dormitories and PBSA persisted in FY25; furthermore, within construction, its order book stood at an all-time high of $673m as of Dec 2025, up sharply from $263m at Dec 2024, with project visibility until FY29.

Its debt maturity profile is well-staggered, with the $63m due within the next 12 months comfortably covered by its cash position ($251m). Total-debt-to-EBITDA softened to 2.7x in FY25 on the back of this recent issuance, though we expect it to stabilise in the coming months, assuming EBITDA continues to improve. Furthermore, its interest coverage of 8.4x reflects its capacity to service interest payments. Overall, while Wee Hur is certainly more niche than the other names above, it is supported by a stabilised credit profile and improved operating performances today.

Related article: Credit Update: Wee Hur’s decent credit profile makes their bonds the sector's best-kept secret

Declaration: For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) holds positions in NVDA 3.500% 01Apr2050 Corp (USD), PETBRA 6.000% 13Jan2035 Corp (USD), XYZ 6.500% 15May2032 Corp (USD), VALEBZ 3.750% 08Jul2030 Corp (USD), WMT 4.500% 15Apr2053 Corp (USD), V 2.000% 15Aug2050 Corp (USD), NOMURA 6.170% 16Apr2031 Corp (AUD), WHURSP 4.800% 04Nov2030 Corp (SGD), BNKEA 6.750% 27Jun2034 Corp (USD), HPQ 5.500% 15Jan2033 Corp (USD), BA 6.528% 01May2034 Corp (USD), CVS 5.450% 15Sep2035 Corp (USD), and EBAY 3.650% 10May2051 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.