Just Priced — New Issues
Bonds issued within the last 90 days.
The latest primary market vintage highlights a pronounced hunt for yield, with newly minted paper across the highyield and emergingmarket spectra trading at significant discounts and offering doubledigit yields to maturity. Notably, issues like the CSNABZ 11% 2030 and QVCG 10% 2032 are commanding yields of 19.2% and 13.742% respectively, signaling deep market skepticism offset by compelling cashflow compensation. Recent supply offers tactical entry points for institutional portfolios seeking duration paired with aggressive risk premiums, spanning cyclical consumer names, distressed propertybacked financials, and sovereign borrowers. For instance, the GABON 9.375% 2034 and MPW 9.25% 2032 present attractive relative value propositions at yields of 12.835% and 12.093%, respectively, trading well below par to amplify total return potential. Across basic materials, utilities, and communications, these fresh issues underscore a repricing of credit risk where primary discounts provide a robust cushion against nearterm volatility. Strong doubledigit return profiles are readily accessible in select credits such as the GIGABZ 11.95% 2032 and ARXOFN 11% 2031, yielding 12.42% and 11.959% respectively, making them standout opportunities for yieldfocused mandates.
| # | 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.