Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
The latest USD primary market flow highlights attractive entry points across recent corporate and supranational issues, offering institutional investors robust yields to lock in duration. National Rural Utilities (NRUC) paper maturing across the 20282031 curve delivers compelling riskadjusted value in the defensive utilities sector, with yields ranging from the low5% handle. Highgrade corporate supply provides strong duration extension opportunities, notably demonstrated by KimberlyClark’s (KMB) Arated tranching, where the 2036 maturity trades at a 5.81% YTW. Meanwhile, crossborder financial and emerging issuer placements—such as Arada Development’s (ARADAD) 2031 line offering a 9.269% YTW—cater to portfolios seeking enhanced yield pickup. Supranational names like the African Development Bank (AFDB) headline the sovereignsupranationalagency space with their 2030 paper, while highquality banking credits like ASB Bank (ASBBNK) anchor the intermediate sector with yields hovering near 5.695%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Arada Sukuk 2 Ltd | …5478 | 8.875 | 9.269 | 98.45 | 2031-11-02 | 2031-08-02 | No Rating | USD | 400MM |
| 2 | U.S. BANCORP | …BF28 | 7.2 | 7.108 | 100.4006993 | 2176-10-30 | 2032-01-15 | No Rating | USD | 1BN |
| 3 | Kimberly-Clark Corporation | …AK18 | 5.8 | 5.81 | 99.9246876 | 2036-10-29 | 2036-07-29 | A | USD | 1.15BN |
| 4 | ASB BANK LIMITED | …AB72 | 5.696 | 5.695 | 100.0019143 | 2029-11-02 | No Rating | USD | 600MM | |
| 5 | Kimberly-Clark Corporation | …AH88 | 5.45 | 5.507 | 99.7544334 | 2031-10-29 | 2031-09-29 | A | USD | 1.25BN |
| 6 | National Rural Utilities Cooperative Finance Corp | …GL06 | 5.6 | 5.428 | 100.7275 | 2031-10-30 | 2031-08-30 | No Rating | USD | 400MM |
| 7 | National Rural Utilities Cooperative Finance Corp | …GK23 | 5.4 | 5.286 | 100.3075 | 2029-10-30 | 2029-09-30 | No Rating | USD | 400MM |
| 8 | Kimberly-Clark Corporation | …AF23 | 5.1 | 5.155 | 99.8967028 | 2028-10-29 | A | USD | 750MM | |
| 9 | African Development Bank | …FQ70 | 4.875 | 2030-01-18 | No Rating | USD | 2.5BN | |||
| 10 | National Rural Utilities Cooperative Finance Corp | …GJ59 | 5.25 | 2028-10-27 | No Rating | USD | 400MM |
Market Color African Development Bank We recently priced our USD 2.5bn long 3year benchmark for the African Development Bank maturing January 18, 2030. Initial price thoughts opened at SOFR MS +30 bps area and were tightened to +28 bps on strong demand, with the final order book surpassing USD 4.8bn (including 50m JLM). ASB BANK LIMITED We recently opened books for our new US$ Benchmark 3year Fixed Rate Tier 2 Notes offering, operating under Rule 144A and Reg S formats. Initial price thoughts for the tranche are circulating in the T+110 area over the benchmark U.S. Treasury, with pricing expected later today in New York.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.