QUICK SUMMARY

• S&P 500 Bond Index was up 0.1% today, with investment grade up 0.1% and high yield up 0.1% (YTD total return: -3.1%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst down -1.0 bp, now at 89.0 bp (YTD change: -9.0 bp)
• ICE BofA US High Yield Index spread to worst down -2.0 bp, now at 343.0 bp (YTD change: -47.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index unchanged (YTD total return: +1.5%)

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y down -0.2 bp, now at 50bp (YTD change: +0.3bp)
• Markit CDX.NA.HY 5Y up -1.5 bp, now at 285bp (YTD change: -8.2bp)
• Markit iTRAXX Asia Ex-Japan down -1.6 bp, now at bp (YTD change: +20.4bp)

USD CORPORATE CDS MOVERS - 5Y PAR SPREADS

• Genworth Holdings Inc (Country: US; rated: Caa2): up 24.3 bp to 500.0bp (1Y range: 476-1,070bp)
• International Game Technology (Country: US; rated: Ba3): up 9.4 bp to 283.6bp (1Y range: 272-297bp)
• Telefonos de Mexico SAB de CV (Country: MX; rated: Baa1): up 7.5 bp to 99.2bp (1Y range: 83-264bp)
• Transocean Inc (Country: KY; rated: Caa3): up 7.1 bp to 1,587.1bp (1Y range: 1,459-7,695bp)
• Cummins Inc (Country: US; rated: A2): up 6.0 bp to 64.6bp (1Y range: 56-65bp)
• Corning Inc (Country: US; rated: P-2): up 5.9 bp to 85.3bp (1Y range: 72-85bp)
• Power Finance Corporation Ltd (Country: IN; rated: BBB-): up 5.6 bp to 218.6bp (1Y range: 154-258bp)
• Israel Electric Corp Ltd (Country: IL; rated: ): down 5.7 bp to 108.0bp (1Y range: 100-139bp)
• Sberbank Rossii PAO (Country: RU; rated: BBB): down 6.2 bp to 157.7bp (1Y range: 149-243bp)
• Pitney Bowes Inc (Country: US; rated: LGD2 - 16%): down 16.0 bp to 419.8bp (1Y range: 366-1,506bp)  

EUR CORPORATE CDS MOVERS - 5Y PAR SPREADS

• Air France KLM SA (Country: FR; rated: B-): up 8.7 bp to 500.0bp (1Y range: 479-1,211bp)
• Hammerson PLC (Country: GB; rated: Baa3): up 5.3 bp to 243.1bp (1Y range: 238-604bp)
• Cable & Wireless Ltd (Country: GB; rated: WR): up 5.3 bp to 116.1bp (1Y range: 75-209bp)
• Danske Bank A/S (Country: DK; rated: A low): up 4.7 bp to 33.8bp (1Y range: 26-45bp)
• Standard Chartered PLC (Country: GB; rated: BBB+): up 4.5 bp to 49.8bp (1Y range: 36-68bp)
• Telefonaktiebolaget LM Ericsson (Country: SE; rated: Ba1): up 2.5 bp to 65.4bp (1Y range: 59-112bp)
• J Sainsbury PLC (Country: GB; rated: WR): up 2.0 bp to 65.4bp (1Y range: 52-76bp)
• CNH Industrial NV (Country: GB; rated: NR): up 1.9 bp to 93.8bp (1Y range: 84-248bp)
• Accor SA (Country: FR; rated: B): down 2.0 bp to 149.1bp (1Y range: 139-292bp)
• Nokia Oyj (Country: FI; rated: BBB-): down 2.2 bp to 102.6bp (1Y range: 80-187bp)

USD BOND ISSUES

• Equinix Inc (Real Estate Investment Trust | Redwood City, United States | Rating: BBB): US$1,000m Senior Note (US29444UBS42), fixed rate (2.50% coupon) maturing on 15 May 2031, priced at 99.52 (original spread of 98 bp), callable (10nc10)
• Equinix Inc (Real Estate Investment Trust | Redwood City, United States | Rating: BBB): US$400m Senior Note (US29444UBR68), fixed rate (2.00% coupon) maturing on 15 May 2028, priced at 99.46 (original spread of 80 bp), callable (7nc7)
• Equinix Inc (Real Estate Investment Trust | Redwood City, United States | Rating: BBB): US$700m Senior Note (US29444UBQ85), fixed rate (1.45% coupon) maturing on 15 May 2026, priced at 99.86 (original spread of 65 bp), callable (5nc5)
• Equinix Inc (Real Estate Investment Trust | Redwood City, United States | Rating: BBB): US$500m Senior Note (US29444UBT25), fixed rate (3.40% coupon) maturing on 15 February 2052, priced at 99.18 (original spread of 149 bp), callable (31nc30)
• eBay Inc (Retail Stores - Other | San Jose, United States | Rating: BBB+): US$1,000m Senior Note (US278642AZ62), fixed rate (3.65% coupon) maturing on 10 May 2051, priced at 99.91 (original spread of 170 bp), callable (30nc30)
• eBay Inc (Retail Stores - Other | San Jose, United States | Rating: BBB+): US$750m Senior Note (US278642AX15), fixed rate (1.40% coupon) maturing on 10 May 2026, priced at 99.87 (original spread of 60 bp), callable (5nc5)
• eBay Inc (Retail Stores - Other | San Jose, United States | Rating: BBB+): US$750m Senior Note (US278642AY97), fixed rate (2.60% coupon) maturing on 10 May 2031, priced at 99.96 (original spread of 100 bp), callable (10nc10)
• General Dynamics Corp (Transportation - Other | Reston, United States | Rating: A-): US$500m Senior Note (US369550BQ02), fixed rate (2.85% coupon) maturing on 1 June 2041, priced at 99.65 (original spread of 70 bp), callable (20nc20)
• General Dynamics Corp (Transportation - Other | Reston, United States | Rating: A-): US$500m Senior Note (US369550BP29), fixed rate (2.25% coupon) maturing on 1 June 2031, priced at 99.91 (original spread of 65 bp), callable (10nc10)
• General Dynamics Corp (Transportation - Other | Reston, United States | Rating: A-): US$500m Senior Note (US369550BN70), fixed rate (1.15% coupon) maturing on 1 June 2026, priced at 99.84 (original spread of 35 bp), callable (5nc5)
• TKC Holdings Inc (Securities | St. Louis, United States | Rating: B-): US$425m Note (US87256YAC75), fixed rate (6.88% coupon) maturing on 15 May 2028, priced at 100.00, callable (7nc3)
• TKC Holdings Inc (Securities | St. Louis, United States | Rating: B-): US$675m Senior Note (US87256YAA10), fixed rate (10.50% coupon) maturing on 15 May 2029, priced at 100.00, callable (8nc3)
• Norfolk Southern Corp (Railroads | Norfolk, United States | Rating: BBB+): US$600m Senior Note (US655844CJ57), fixed rate (4.10% coupon) maturing on 15 May 2121, priced at 99.74 (original spread of 219 bp), callable (100nc100)
• Norfolk Southern Corp (Railroads | Norfolk, United States | Rating: BBB+): US$500m Senior Note (US655844CK21), fixed rate (2.30% coupon) maturing on 15 May 2031, priced at 99.85 (original spread of 73 bp), callable (10nc10)
• Federal Home Loan Banks (Agency | Washington, United States | Rating: NR): US$110m Bond (US3130AMER95), floating rate (SOFR + 6.0 bp) maturing on 3 May 2024, priced at 100.00, non callable
• Federal Home Loan Banks (Agency | Washington, United States | Rating: NR): US$100m Bond (US3130AMEQ13), fixed rate (0.18% coupon) maturing on 6 May 2024, priced at 100.00, callable (3nc1)
• Federal Home Loan Banks (Agency | Washington, United States | Rating: NR): US$150m Bond (US3130AMEM09), fixed rate (0.30% coupon) maturing on 17 November 2023, priced at 100.00 (original spread of 27 bp), callable (3nc1m)
• ION Trading Technologies SARL (Financial - Other | Luxembourg | Rating: B): US$450m Note (US46205YAA91), fixed rate (5.75% coupon) maturing on 15 May 2028, priced at 100.00 (original spread of 448 bp), callable (7nc3)
• NGPL PipeCo LLC (Gas Utility - Pipelines | Houston, United States | Rating: BBB-): US$725m Senior Note (US62928CAA09), fixed rate (3.25% coupon) maturing on 15 July 2031, priced at 99.93 (original spread of 165 bp), callable (10nc10)
• Southern Co (Utility - Other | Atlanta, United States | Rating: BBB): US$1,000m Junior Subordinated Note (US842587DJ36), fixed rate (3.75% coupon) maturing on 15 September 2051, priced at 100.00, callable (30nc5)

EUR BOND ISSUES

• BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (Banking | Wien, Austria | Rating: A): US$500m Unsecured Note (XS2340854848), fixed rate (0.10% coupon) maturing on 12 May 2031, priced at 100.00, non callable
• Raiffeisen Centrobank AG (Banking | Wien, Austria | Rating: NR): US$100m Index Linked Security (AT0000A2R9L1) zero coupon maturing on 6 May 2026, priced at 100.00, non callable

NEW ISSUES IN STRUCTURED CREDIT

• GS Mortgage-Backed Securities Trust 2021-Nqm1 issued a fixed-rate RMBS in 6 tranches, for a total of US$ 268 m. Highest-rated tranche offering a yield to maturity of 1.02%, and the lowest-rated tranche a yield to maturity of 4.21%. Bookrunners: Goldman Sachs & Co
• Colt 2021-3r Mortgage Loan Trust issued a fixed-rate RMBS in 6 tranches, for a total of US$ 133 m. Highest-rated tranche offering a yield to maturity of 1.05%, and the lowest-rated tranche a yield to maturity of 4.57%. Bookrunners: Morgan Stanley International Ltd.