Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
The latest primary market vintage highlights a distinct bifurcation in global fixedincome pricing, offering professional portfolios a broad spectrum of duration profiles and riskadjusted yield opportunities across both developed and emerging markets. Supranational and toptier financial paper provides solid defensive anchoring, exemplified by the African Development Bank line yielding 4.949% alongside ASB Bank offering a 5.608% yield to maturity, balancing high credit quality with steady income generation. Higherbeta segments present compelling totalreturn catalysts for tactical allocations, led by Arada Developments printing at a 9.269% yield and Aeropuertos Argentina offering an 8% coupon within the industrial sector.
| # | 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 | 7.092 | 100.46875 | 2176-10-30 | 2032-01-15 | BBB | USD | 1BN |
| 3 | ASB Bank Ltd. | …AB72 | 5.696 | 5.608 | 100.239 | 2029-11-02 | No Rating | USD | 600MM | |
| 4 | National Rural Utilities Cooperative Finance Corp | …GL06 | 5.6 | 5.465 | 100.57325 | 2031-10-30 | 2031-08-30 | No Rating | USD | 400MM |
| 5 | National Rural Utilities Cooperative Finance Corp | …GK23 | 5.4 | 5.303 | 100.2635 | 2029-10-30 | 2029-09-30 | No Rating | USD | 400MM |
| 6 | National Rural Utilities Cooperative Finance Corp | …GJ59 | 5.25 | 5.159 | 100.171 | 2028-10-27 | No Rating | USD | 400MM | |
| 7 | African Development Bank | …FQ70 | 4.875 | 4.949 | 99.789 | 2030-01-18 | No Rating | USD | 2.5BN | |
| 8 | Aeropuertos Argentina 2000 S.A. | …AT01 | 8 | 2036-11-05 | 2029-11-05 | No Rating | USD | 400MM | ||
| 9 | United States of America | …RR42 | 2.25 | 2031-10-15 | No Rating | USD | 26BN | |||
| 10 | Mizuho Bank Ltd | …BV10 | 4.5493 | 2028-10-30 | No Rating | USD | 450MM |
Market Color African Development Bank We recently priced our USD 2.5 billion long 3year benchmark bond maturing on January 18, 2030. The offering drew strong demand with indications of interest surpassing $3.7 billion, allowing us to tighten the final spread to SOFR midswaps plus 28 basis points from initial price thoughts in the MS+30 bps area. The issue carries a 4.875% fixed coupon and settled at a reoffer price of 99.837.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.