Just Priced — New Issues
Bonds issued within the last 90 days.
The latest primary market cohort highlights a decisive pivot toward doubledigit yields, driven by riskadjusted repricing across recent distressadjacent and highbeta debt issuance. Professional investors navigating this window will find compelling entry points in deeply discounted paper, such as CSN Resources' August 2030 maturities trading at a 19.2% yieldtoworst and QVC’s 2032 notes offering a 13.7% return. This cohort spans diverse global sectors—from Brazilian basic materials and emerging market sovereigns like Gabon yielding 12.8%, to domestic cyclical consumer and telecom issues like Zenefits yielding nearly 13%. These structures provide portfolio managers with tactical opportunities to lock in elevated coupons ahead of broader macroeconomic shifts. Even within more specialized credit tiers, such as medical property trusts or international utilities, issuers are coming to market with robust doubledigit compensation, exemplified by Medical Properties Trust yielding 12.1% and National Power Company of Ukraine offering a 10.7% yieldtoworst. This current batch of paper rewards selective credit pickers seeking immediate yield enhancement without leaning on esoteric structural enhancements.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Inova Ventures | …AA54 | 11 | 19.2 | 78.57 | 2030-08-12 | B- | USD | 700MM | |
| 2 | QVC Group Inc. | …AA44 | 10 | 13.742 | 85.25 | 2032-08-06 | 2026-11-09 | No Rating | USD | 1.22BN |
| 3 | Zenith Arc LLC | …AA70 | 8.875 | 12.995 | 85.5 | 2031-08-31 | 2028-08-31 | BB | USD | 2.25BN |
| 4 | Gabonese (Republic of) | …2253 | 9.375 | 12.835 | 83.0357143 | 2034-10-21 | No Rating | USD | 580MM | |
| 5 | Giga Mais Fibra Luxembourg S.a r.l. | …AA01 | 11.95 | 12.42 | 98.15 | 2032-02-25 | 2028-02-15 | No Rating | USD | 350MM |
| 6 | MPT Operating Partnership LP / MPT Finance Corporation | …AB77 | 9.25 | 12.093 | 89.1315 | 2032-02-15 | 2028-08-10 | CCC+ | USD | 2.4BN |
| 7 | ARXO FINANCE PLC | …9844 | 11 | 11.959 | 96.495 | 2031-09-24 | 2029-03-24 | B | USD | 300MM |
| 8 | EDL-Generation Public Company | …AA97 | 11.125 | 11.108 | 100.0030955 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
| 9 | Banco Multiva SA | …AC86 | 11 | 10.762 | 100.8355 | 2176-08-10 | 2031-08-10 | High Yield 2 | USD | 300MM |
| 10 | National Power Company Ukrenergo Private Joint Stock Company | …4210 | 8.5 | 10.714 | 91.5 | 2031-12-01 | No Rating | USD | 395MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.