Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
Primary market activity over the past ninety days has delivered a robust slate of newly priced USD paper, offering institutional investors attractive entry points across defensive and cyclical sectors alike. Investmentgrade participation is anchored by frequent issuers like KimberlyClark, whose multitranche offering spans the curve with yields ranging from 5.132% on the 2028 maturity up to 5.826% on the 2036 paper, providing predictable highquality duration. Yieldseeking accounts can also tap into solid crossborder supply from the utilities and government segments, headlined by Abu Dhabi National Energy Company (TAQAUH) printing a 2032 maturity yielding 5.886% alongside longerdated 2036 paper at 6.118%. Meanwhile, regional sovereignlinked issuance such as Kuwait International Bank's 2036 line offers a 6.161% yieldtoworst, adding incremental spread for portfolios benchmarked against core USD debt. Highyield and cyclical allocations find fresh opportunities in names like Buckeye Partners (BPL), which recently priced a 2031 maturity offering an attractive 6.708% yieldtoworst at a 100.701 cash price. These newly issued tranches collectively allow portfolio managers to lock in elevated base rates across solid ratings tiers before anticipated macroeconomic shifts alter primary market dynamics.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buckeye Partners LP | …AF54 | 6.875 | 6.708 | 100.701 | 2031-11-01 | 2028-11-01 | BB | USD | 550MM |
| 2 | STATE OF KUWAIT, ACTING THROUGH THE MINISTRY OF FINANCE | …0079 | 6.198 | 6.161 | 100.275 | 2036-10-26 | No Rating | USD | 1BN | |
| 3 | ABU DHABI NATIONAL ENERGY COMPANY - P J S C | …4739 | 6.125 | 6.118 | 100.05 | 2036-10-26 | No Rating | USD | 650MM | |
| 4 | ABU DHABI NATIONAL ENERGY COMPANY - P J S C | …4595 | 5.875 | 5.886 | 99.95 | 2032-04-26 | No Rating | USD | 1.1BN | |
| 5 | Kimberly-Clark Corp | …AK18 | 5.8 | 5.826 | 99.8035435 | 2036-10-29 | 2036-07-29 | A | USD | 1.15BN |
| 6 | Kimberly-Clark Corp | …AJ45 | 5.65 | 5.683 | 99.81528 | 2034-01-29 | 2033-11-29 | A | USD | 750MM |
| 7 | Kimberly-Clark Corp | …AH88 | 5.45 | 5.502 | 99.775 | 2031-10-29 | 2031-09-29 | A | USD | 1.25BN |
| 8 | Kimberly-Clark Corp | …AG06 | 5.3 | 5.293 | 100.02 | 2029-10-29 | 2029-09-29 | A | USD | 1BN |
| 9 | Kimberly-Clark Corp | …AF23 | 5.1 | 5.132 | 99.94 | 2028-10-29 | A | USD | 750MM | |
| 10 | Toyota Motor Finance Netherlands BV | …2018 | 5.18 | 2031-10-15 | No Rating | USD | 737MM |
Market Color KimberlyClark Corp We recently came to market with a new threetranche debt offering across the curve. Our issuance included a $1 billion tranche bearing a 5.3% coupon maturing in '29 priced at PX+47, a $1.25 billion tranche with a 5.45% coupon maturing in '31 priced at PX+57, and a $1.15 billion tranche carrying a 5.8% coupon maturing in '36 priced at PX+72.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.