Just Priced — New Issues
Bonds issued within the last 90 days.
The Just Priced theme gathers USD bonds issued within the last 90 days, offering a fresh slate of newissue paper priced to current market conditions across high yield and emerging markets. Fresh issues often carry pricing that seasoned secondary paper no longer offers. Yield is the headline: CSNABZ's 11% 2030 notes, rated B, offer a 19.25% yield to worst at 78.53, while ZENARC's 8.875% 2031s yield 13.17% from a BB rating. These levels compensate investors for Brazilian basic materials risk and US communications credit, respectively. Among higherquality names, SOFTBK's 9.75% 2034s (BB+) yield 10.23%, and ARXOFN's 11% 2031s (B) yield 12.04%, allowing a direct read on the yield given up or gained per notch of credit quality. Sovereign exposure is also represented, with GABON's 9.375% 2034s yielding 12.37% and PDSJAR's 9.55% 2035s yielding 10.72%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Inova Ventures | …AA54 | 11 | 19.248 | 78.53 | 2030-08-12 | B- | USD | 700MM | |
| 2 | Zenith Arc LLC | …AA70 | 8.875 | 13.165 | 85 | 2031-08-31 | 2028-08-31 | BB | USD | 2.25BN |
| 3 | Giga Mais Fibra Luxembourg S.a r.l. | …AA01 | 11.95 | 12.422 | 98.15 | 2032-02-25 | 2028-02-15 | No Rating | USD | 350MM |
| 4 | Gabonese (Republic of) | …2253 | 9.375 | 12.368 | 85.1026191 | 2034-10-21 | No Rating | USD | 580MM | |
| 5 | ARXO FINANCE PLC | …9844 | 11 | 12.04 | 96.215 | 2031-09-24 | 2029-03-24 | B | USD | 300MM |
| 6 | San Juan (Province Of) | …AC23 | 9.55 | 10.724 | 93.355 | 2035-10-01 | 2035-08-01 | High Yield 2 | USD | 600MM |
| 7 | National Power Company Ukrenergo Private Joint Stock Company | …4210 | 8.5 | 10.719 | 91.5 | 2031-12-01 | No Rating | USD | 395MM | |
| 8 | EDL-Generation Public Company | …AA05 | 11.125 | 10.688 | 100.9856625 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
| 9 | EDL-Generation Public Company | …AA97 | 11.125 | 10.688 | 100.9856625 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
| 10 | Softbank Group Corp. | …AC70 | 9.75 | 10.226 | 97.5515 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.