Just Priced — New Issues
Bonds issued within the last 90 days, newest first.
The latest primary market vintage is dominated by highgrade corporate issuance, offering institutional investors a compelling window to lock in attractive yields across the 20282037 maturity spectrum. Technology bellwether Texas Instruments anchors the upper tier of credit quality with its A+ rated stack, where the 2033 maturity delivers a 5.511% YTW and the longerdated 2036 line pushes yields to 5.727%. Beyond the tech sector, primary issuance extends across diversified industrials, financials, and utilities, providing portfolio managers with ample opportunity for crosssector relative value positioning. Notable new offerings include Iberdrola's Spanish utility paper, highlighted by the 2033 maturity yielding 5.857%, and CBG's financial paper offering a 6.18% YTW on its 2037 tranche. The cohort also accommodates select highyield exposure for portfolios seeking enhanced carry, led by Argentina’s AEROAR issuing an 8% coupon note due November 2036 at an 8.182% YTW. With pricing clustered near par across most USDdenominated lines—such as the R 2031 industrial paper trading at a 5.651% YTW—this 90day cohort combines clean liquidity with robust yield pickup.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Aeropuertos Argentina 2000 S.A. | …AT01 | 8 | 8.182 | 98.725 | 2036-11-05 | 2029-11-05 | No Rating | USD | 400MM |
| 2 | CBRE Services Inc | …AP58 | 5.9 | 6.18 | 97.92 | 2037-01-15 | 2036-10-15 | BBB+ | USD | 500MM |
| 3 | Iberdrola Finanzas S.A.U. | …EF99 | 5.85 | 5.857 | 99.9622567 | 2033-11-04 | 2033-09-04 | BBB+ | USD | 800MM |
| 4 | CBRE Services Inc | …AN01 | 5.65 | 5.747 | 99.58 | 2032-01-15 | 2031-12-15 | BBB+ | USD | 500MM |
| 5 | Texas Instruments Inc. | …CR39 | 5.75 | 5.727 | 100.1734515 | 2036-11-09 | 2036-08-09 | A+ | USD | 500MM |
| 6 | Ryder System, Inc. | …LJ67 | 5.6 | 5.651 | 99.7693796 | 2031-12-01 | 2031-11-01 | BBB+ | USD | 700MM |
| 7 | Texas Instruments Inc. | …CQ55 | 5.5 | 5.511 | 99.9362239 | 2033-11-09 | 2033-09-09 | A+ | USD | 500MM |
| 8 | Iberdrola Finanzas S.A.U. | …EE25 | 5.4 | 5.433 | 99.9109018 | 2029-11-04 | 2029-10-04 | BBB+ | USD | 800MM |
| 9 | Texas Instruments Inc. | …CP72 | 5.35 | 5.322 | 100.1226058 | 2031-11-09 | 2031-10-09 | A+ | USD | 500MM |
| 10 | Texas Instruments Inc. | …CN25 | 5 | 4.951 | 100.0930082 | 2028-11-09 | A+ | USD | 500MM |
Market Color CBRE Services Inc We recently priced our new offering consisting of a $500m long 5year senior unsecured note and a $500m long 10year senior unsecured note. Both tranches saw strong reception, with the 5year tranche tightening significantly from an initial price thoughts (IPT) of T+125a to launch at T+95, and the 10year tranche tightening from T+150a to T+120. We achieved robust highgrade allocation rates of 102% for the 5year notes and 98% for the 10year notes.
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.