Just Priced — New Issues
Bonds issued within the last 90 days.
The primary market for newly minted paper over the past 90 days presents a bifurcated opportunity set, ranging from idiosyncratic distressed sovereign and corporate credits to deeply discounted highyield industrials offering doubledigit yields to maturity. Fixedincome investors seeking highbeta exposure can tap recent primary flow across cyclical and emergingmarket issuers, highlighted by Brazilian basic materials names like CSNABZ yielding 19.2% and offshore sovereign paper such as GABON offering a 12.815% YTW. Additional value resides in secondarypriced new issues trading at meaningful discounts to par, including domestic consumer and communications credits like QVCG at a 13.742% YTW and ZENARC offering 13.119%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | United States Treasury Bills | …XA04 | 0 | 34087.748 | 4.07275 | 2027-02-23 | No Rating | USD | 80.4BN | |
| 2 | United States Treasury Bills | …WT04 | 0 | 782.473 | 4.1808 | 2027-10-28 | No Rating | USD | 58.8BN | |
| 3 | CSN Inova Ventures | …AA54 | 11 | 19.2 | 78.6 | 2030-08-12 | B- | USD | 700MM | |
| 4 | QVC Group Inc. | …AA44 | 10 | 13.742 | 85.25 | 2032-08-06 | 2026-11-12 | No Rating | USD | 1.22BN |
| 5 | MPT Operating Partnership LP / MPT Finance Corporation | …AB77 | 9.25 | 13.249 | 85.1528286 | 2032-02-15 | 2028-08-10 | CCC+ | USD | 2.4BN |
| 6 | Zenith Arc LLC | …AA70 | 8.875 | 13.119 | 85.125 | 2031-08-31 | 2028-08-31 | BB | USD | 2.25BN |
| 7 | Gabonese (Republic of) | …2253 | 9.375 | 12.815 | 83.125 | 2034-10-21 | No Rating | USD | 580MM | |
| 8 | 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 |
| 9 | ARXO FINANCE PLC | …9844 | 11 | 12.039 | 96.215 | 2031-09-24 | 2029-03-24 | B | USD | 300MM |
| 10 | EDL-Generation Public Company | …AA97 | 11.125 | 11.108 | 100.03 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.