Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
The primary driver in the current primary calendar is highgrade and crossborder issuance offering compelling yield pickup across the intermediatetolong curve, led by Texas Instruments (TXN) delivering yields from 5.034% on its 2028 maturity up to 5.74% on its 2036 lines within the A+ tech sector. Institutional portfolios seeking quality yield can also look to international utility names like Iberdrola (IBESM), which recently priced 2029 paper at a 5.44% yieldtoworst and 2033 paper at 5.84% under a BBB+ rating, providing defensive diversification away from domestic corporate supply. Higherbeta opportunities are emerging in the industrial and financial segments—such as Aeropuertos Argentina (AEROAR) offering an 8.219% yield on its 2036 maturity, and CBG issuing 2032 and 2037 paper yielding 5.751% and 6.18% respectively—allowing portfolio managers to selectively enhance overall portfolio carry amid steady demand for newly priced paper.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aeropuertos Argentina 2000 S.A. | …AT01 | 8 | 8.219 | 98.475 | 2036-11-05 | 2029-11-05 | No Rating | USD | 400MM |
| 2 | CBRE Services Inc | …AP58 | 5.9 | 6.18 | 97.9195 | 2037-01-15 | 2036-10-15 | Inv Grade 4 | USD | 500MM |
| 3 | Iberdrola Finanzas S.A.U. | …EF99 | 5.85 | 5.84 | 100.0561266 | 2033-11-04 | 2033-09-04 | BBB+ | USD | 800MM |
| 4 | CBRE Services Inc | …AN01 | 5.65 | 5.751 | 99.5615 | 2032-01-15 | 2031-12-15 | Inv Grade 4 | USD | 500MM |
| 5 | Texas Instruments Inc. | …CR39 | 5.75 | 5.74 | 100.0775 | 2036-11-09 | 2036-08-09 | A+ | USD | 500MM |
| 6 | RYDER SYSTEM, INC. | …LJ67 | 5.6 | 5.628 | 99.87 | 2031-12-01 | 2031-11-01 | BBB+ | USD | 700MM |
| 7 | Iberdrola Finanzas S.A.U. | …EE25 | 5.4 | 5.44 | 99.8915 | 2029-11-04 | 2029-10-04 | BBB+ | USD | 800MM |
| 8 | Texas Instruments Inc. | …CP72 | 5.35 | 5.391 | 99.82 | 2031-11-09 | 2031-10-09 | A+ | USD | 500MM |
| 9 | Texas Instruments Inc. | …CN25 | 5 | 5.034 | 99.9365 | 2028-11-09 | A+ | USD | 500MM | |
| 10 | Texas Instruments Inc. | …CQ55 | 5.5 | 2033-11-09 | 2033-09-09 | A+ | USD | 500MM |
Market Color CBRE Services Inc We recently priced a dualtranche offering consisting of a $500 million Long 5year senior unsecured note and a $500 million Long 10year senior unsecured note, guaranteed by CBRE Group Inc. Both tranches saw strong demand, with initial price thoughts tightening significantly by 30 basis points to final pricing at T+95 for the 5year and T+120 for the 10year.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.