Just Priced — New Issues
Bonds issued within the last 90 days.
This theme captures the ten bonds priced within the last 90 days, a fresh pipeline that spans highyield credits across communications, sovereigns, utilities, energy and basic materials. New issues often come with concessions, so the list gives investors a view of where primary markets are clearing for current risk appetite. Yields across the group are notably high, led by Zenarc's BBrated 8.875% notes due 2031 at a 13.29% yield to worst and Gigabz's 11.95% 2032s at 12.422%. Gabon's 9.375% 2034 sovereign paper, at 12.199%, offers a similar pickup for investors comfortable with frontiermarket exposure. Higherquality names provide a counterweight. SoftBank's BB+ rated 9.75% 2034 notes yield 10.588%, while its 9.25% 2032s yield 10.34%, giving investors a shorterdated option within the same issuer and rating. Relative value differs across the curve and the credit spectrum. Arxofn's Brated 11% 2031s yield 12.138%, a meaningful premium to the BB+ SoftBank paper, while Snmcn's 10.25% 2031 energy notes yield 10.314% at a price near par.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | China SCE Group Holdings Ltd | …2495 | 0 | 3366.704 | 0.6455 | 2028-04-15 | 2026-12-10 | No Rating | USD | 711MM |
| 2 | Zenith Arc LLC | …AA70 | 8.875 | 13.29 | 84.63 | 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 | 12.199 | 85.875 | 2034-10-21 | No Rating | USD | 580MM | |
| 5 | ARXO FINANCE PLC | …9844 | 11 | 12.138 | 95.875 | 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 | 10.588 | 95.7544755 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 9 | Softbank Group Corp. | …AB97 | 9.25 | 10.34 | 95.5625 | 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.