Just Priced — New Issues
Bonds issued within the last 90 days.
The Just Priced theme gathers ten USDdenominated bonds issued within the last 90 days, giving investors a current read on where highyield primary markets are clearing across sectors, geographies and credit quality. Yields are wide and span the credit spectrum, from Brazil's B rated CSNABZ 11% 2030 at a 19.248% yieldtoworst to the BBrated ZENARC 8.875% 2031 at 13.29%, underscoring how sharply compensation rises as ratings fall. Sovereign paper also screens well, with GABON 9.375% 2034 yielding 12.143% and Argentina's PDSJAR 9.55% 2035 offering 10.724%, though investors must weigh country risk against that premium. On a relativevalue basis, higherquality options stand out: SoftBank's BB+ rated 9.25% 2032 notes yield 10.355%, a level that looks attractive against frontiermarket peers. Canadian energy issuer SNMCN 10.25% 2031 yields 10.314% at a nearpar price of 99.75, offering a straightforward entry point for incomefocused portfolios.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Inova Ventures | …AA54 | 11 | 19.248 | 78.56 | 2030-08-12 | B- | USD | 700MM | |
| 2 | Zenith Arc LLC | …AA70 | 8.875 | 13.29 | 84.625 | 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 | 12.143 | 86.125 | 2034-10-21 | No Rating | USD | 580MM | |
| 5 | ARXO FINANCE PLC | …9844 | 11 | 12.129 | 95.905 | 2031-09-24 | 2029-03-24 | B | USD | 300MM |
| 6 | San Juan (Province Of) | …AC23 | 9.55 | 10.724 | 93.36 | 2035-10-01 | 2035-08-01 | High Yield 2 | USD | 600MM |
| 7 | National Power Company Ukrenergo Private Joint Stock Company | …4210 | 8.5 | 10.723 | 91.5 | 2031-12-01 | No Rating | USD | 395MM | |
| 8 | Softbank Group Corp. | …AC70 | 9.75 | 10.69 | 95.2552496 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 9 | Softbank Group Corp. | …AB97 | 9.25 | 10.355 | 95.5005322 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 10 | Shamaran Petroleum Ltd. | …3440 | 10.25 | 10.314 | 99.75 | 2031-11-05 | 2029-05-05 | No Rating | USD | 200MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.