Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
Primary market activity over the past ninety days offers institutional portfolios a fresh crosssection of global issuance, balancing highbeta emerging market sovereign paper with investmentgrade corporate supply. Yieldseeking accounts can evaluate compelling absolute returns further down the quality spectrum, highlighted by Gabon's 2034 maturity offering a 12.271% yieldtoworst alongside select highcoupon Chinese technology tranches like Tencent's 2036 notes trading at a 5.988% yieldtoworst. Highgrade relative value plays are well represented by major financial institutions and diversified corporates, featuring Agricultural Bank of China's 2031 paper at a 4.312% yieldtoworst and Emirates Investment Bank's 2031 lines delivering a 5.891% yieldtoworst to anchor portfolio duration.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gabonese Republic | …2253 | 9.375 | 12.271 | 85.5 | 2034-10-21 | No Rating | USD | 580MM | |
| 2 | DAH SING BANK, LIMITED | …1058 | 6.25 | 6.315 | 99.702 | 2037-04-20 | 2032-04-20 | Inv Grade 4 | USD | 300MM |
| 3 | Tencent Holdings Ltd. | …BG88 | 6.1 | 5.988 | 100.8275 | 2036-10-21 | 2036-07-21 | No Rating | USD | 1.3BN |
| 4 | EI Sukuk Co Ltd. | …3016 | 6.126 | 5.891 | 101.005 | 2031-10-20 | No Rating | USD | 500MM | |
| 5 | Tencent Holdings Ltd. | …BH61 | 6.75 | 5.624 | 113.231 | 2046-10-21 | 2046-04-21 | No Rating | USD | 500MM |
| 6 | JPMorgan Chase & Co. | …AX91 | 0 | 4.751 | 100.02 | 2030-10-20 | 2029-10-20 | A | USD | 350MM |
| 7 | Agricultural Bank of China Limited | …3067 | 4.2986 | 4.312 | 99.937 | 2031-10-21 | No Rating | USD | 240MM | |
| 8 | Agricultural Bank of China Limited | …2846 | 4.2686 | 4.282 | 99.9625 | 2029-10-21 | No Rating | USD | 500MM | |
| 9 | Standard Chartered Bank New York Branch | …2D70 | 0 | -0.008 | 100.0168136 | 2029-10-20 | 2028-10-20 | A+ | USD | 400MM |
| 10 | Buckeye Partners LP | …AF54 | 6.875 | 2031-11-01 | 2028-11-01 | BB | USD | 550MM |
Market Color Agricultural Bank of China Limited We recently priced a dualtranche USD floatingrate note offering through our Macao branch, comprising a USD 500 million 3year tranche and a USD 240 million 5year tranche. Both tranches are senior unsecured notes drawn under our USD 15 billion Medium Term Note Programme, utilizing the SOFR Compounded Index benchmark with reoffer spreads set at +38bps and +41bps respectively. The proceeds from these issues are designated for general corporate purposes.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.