Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
The primarymarket window highlights a robust crosssection of fresh USD paper issued within the last 90 days, offering professional investors attractive entry points across diverse credit tiers and geographies. Highbeta and emergingmarket issuance provides standout carry opportunities, underscored by Gabon’s 9.375% 2034 sovereign printing at a 12.411% yield, alongside highyield energy exposure via BPL’s 6.875% 2031 line yielding 6.702%. Investmentgrade accounts can tap highquality duration through Tencent’s dualtranche offering—featuring the 2036 maturity at a 5.999% yield and the 2046 tranche at 5.624%—while prime sovereign names like Komins anchor the frontend with stable, highgrade profiles.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gabonese Republic | …2253 | 9.375 | 12.411 | 84.875 | 2034-10-21 | No Rating | USD | 580MM | |
| 2 | Buckeye Partners LP | …AF54 | 6.875 | 6.702 | 100.7253323 | 2031-11-01 | 2028-11-01 | BB | USD | 550MM |
| 3 | Tencent Holdings Ltd. | …BG88 | 6.1 | 5.999 | 100.7442002 | 2036-10-21 | 2036-07-21 | A+ | USD | 1.3BN |
| 4 | Tencent Holdings Ltd. | …BH61 | 6.75 | 5.624 | 113.42 | 2046-10-21 | 2046-04-21 | A+ | USD | 500MM |
| 5 | Agricultural Bank of China Limited Macao Branch | …3067 | 4.312 | 99.937 | 2031-10-21 | No Rating | USD | 240MM | ||
| 6 | Agricultural Bank of China Limited Macao Branch | …2846 | 4.282 | 99.9625 | 2029-10-21 | No Rating | USD | 500MM | ||
| 7 | Standard Chartered Bank New York Branch | …2D70 | 0 | -0.008 | 100.0168136 | 2029-10-20 | 2028-10-20 | A+ | USD | 400MM |
| 8 | Toyota Motor Finance Netherlands BV | …2018 | 5.18 | 2031-10-15 | No Rating | USD | 737MM | |||
| 9 | China Cinda (2020) I Management Limited | …4172 | 4.7687 | 2030-04-22 | 2030-01-22 | No Rating | USD | 400MM | ||
| 10 | Kommuninvest Cooperative Society | …8272 | 4.875 | 2031-11-12 | No Rating | USD | 1BN |
Market Color China Cinda (2020) I Management Limited We recently launched two new bond tranches under our US$8.9bn Medium Term Note Programme, guaranteed by China Cinda (HK) Holdings Company Limited. The offering includes a 3.5year USD senior unsecured floating rate note benchmark issued with initial price guidance at the SOFR Compounded Index + 140bps area, as well as a 2.5year HKD senior unsecured fixed rate note benchmark. The HKD tranche saw strong tightening, moving from an initial price guidance of the 5.15% area down to a final price guidance of 4.75%.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.