QUICK SUMMARY

• S&P 500 Bond Index was unchanged today (YTD total return: -2.8%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst unchanged at 88.0 bp (YTD change: -10.0 bp)
• ICE BofA US High Yield Index spread to worst down -1.0 bp, now at 341.0 bp (YTD change: -49.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index unchanged (YTD total return: +1.6%)
• New issues: US$ 27.2bn in dollars (including the giant Amazon offering) and € 6.7bn in euros

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA unchanged at 47 bp
• AA unchanged at 55 bp
• A unchanged at 72 bp
• BBB unchanged at 115 bp
• BB down by -1 bp at 236 bp
• B down by -3 bp at 361 bp
• CCC up by 1 bp at 637 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y up 1.5 bp, now at 52bp (YTD change: +1.9bp)
• Markit CDX.NA.HY 5Y up 4.8 bp, now at 291bp (YTD change: -1.9bp)
• Markit iTRAXX Europe unchanged at 50bp (YTD change: +2.2bp)
• Markit iTRAXX Japan down -0.9 bp, now at 47bp (YTD change: -4.7bp)
• Markit iTRAXX Asia Ex-Japan down -1.0 bp, now at 79bp (YTD change: +20.5bp)

USD CORPORATE CDS MOVERS - 5Y PAR SPREADS

• MBIA Inc (Country: US; rated: Ba3): up 12.2 bp to 393.1bp (1Y range: 378-757bp)
• Goodyear Tire & Rubber Co (Country: US; rated: LGD2 - 22%): down 10.9 bp to 235.3bp (1Y range: 235-690bp)
• Bombardier Inc (Country: CA; rated: Caa2): down 11.9 bp to 571.1bp (1Y range: 529-2,926bp)
• Turkey, Republic of (Government) (Country: TR; rated: B2): down 16.0 bp to 389.4bp (1Y range: 283-629bp)
• Turkiye Is Bankasi AS (Country: TR; rated: WD): down 19.0 bp to 587.3bp (1Y range: 482-829bp)
• American Axle & Manufacturing Holdings Inc (Country: US; rated: B): down 20.8 bp to 414.0bp (1Y range: 343-769bp)
• Transocean Inc (Country: KY; rated: Caa3): down 38.1 bp to 1,429.2bp (1Y range: 1,429-7,695bp)
• Road King Infrastructure Ltd (Country: HK; rated: WR): down 52.9 bp to 596.6bp (1Y range: 482-805bp)
• Talen Energy Supply LLC (Country: US; rated: BB): down 63.1 bp to 1,032.1bp (1Y range: 875-1,710bp)

EUR CORPORATE CDS MOVERS - 5Y PAR SPREADS

• Boparan Finance PLC (Country: GB; rated: B3): up 30.5 bp to 796.6bp (1Y range: 478-1,093bp)
• TUI AG (Country: DE; rated: LGD4 - 50%): up 8.1 bp to 880.0bp (1Y range: 590-2,880bp)
• Novafives SAS (Country: FR; rated: Caa1): up 8.1 bp to 801.5bp (1Y range: 716-2,335bp)
• NXP BV (Country: NL; rated: WR): up 3.1 bp to 67.0bp (1Y range: 62-102bp)
• Monitchem Holdco 3 SA (Country: LU; rated: B2): down 2.0 bp to 266.1bp (1Y range: 252-409bp)
• ArcelorMittal SA (Country: LU; rated: Ba1): down 2.0 bp to 138.8bp (1Y range: 128-407bp)
• Ardagh Packaging Finance PLC (Country: IE; rated: B1): down 2.5 bp to 216.4bp (1Y range: 188-350bp)
• Rexel SA (Country: FR; rated: WR): down 3.0 bp to 123.1bp (1Y range: -123bp)
• Ineos Group Holdings SA (Country: LU; rated: LGD5 - 88%): down 5.9 bp to 251.1bp (1Y range: 246-457bp)
• Stonegate Pub Company Financing PLC (Country: GB; rated: WR): down 8.8 bp to 535.0bp (1Y range: 516-984bp)

USD BOND ISSUES

• African Export Import Bank (Supranational | Cairo, Egypt | Rating: BBB-): US$700m Senior Note (XS2343007170), fixed rate (3.80% coupon) maturing on 17 May 2031, priced at 100.00 (original spread of 233 bp), callable (10nc10)
• African Export Import Bank (Supranational | Cairo, Egypt | Rating: BBB-): US$600m Senior Note (XS2343006958), fixed rate (2.63% coupon) maturing on 17 May 2026, priced at 100.00 (original spread of 185 bp), callable (5nc5)
• Amazon.com Inc (Retail Stores - Other | Seattle, Washington, United States | Rating: A+): US$1,750m Senior Note (US023135CC87), fixed rate (3.25% coupon) maturing on 12 May 2061, priced at 99.18 (original spread of 95 bp), callable (40nc40)
• Amazon.com Inc (Retail Stores - Other | Seattle, United States | Rating: A+): US$2,500m Senior Note (US023135BW50), fixed rate (0.45% coupon) maturing on 12 May 2024, priced at 99.85 (original spread of 20 bp), with a make whole call
• Amazon.com Inc (Retail Stores - Other | Seattle, Washington, United States | Rating: A+): US$3,250m Senior Note (US023135CB05), fixed rate (3.10% coupon) maturing on 12 May 2051, priced at 99.28 (original spread of 80 bp), callable (30nc30)
• American Water Capital Corp (Financial - Other | Camden, United States | Rating: BBB+): US$550m Senior Note (US03040WAY12), fixed rate (2.30% coupon) maturing on 1 June 2031, priced at 99.70 (original spread of 82 bp), callable (10nc10)
• American Water Capital Corp (Financial - Other | Camden, New Jersey, United States | Rating: BBB+): US$550m Senior Note (US03040WAZ86), fixed rate (3.25% coupon) maturing on 1 June 2051, priced at 99.71 (original spread of 93 bp), callable (30nc30)
• CSI Financial Products Ltd (Financial - Other | China (Mainland) | Rating: NR): US$133m Unsecured Note (XS2342524613) zero coupon maturing on 10 May 2023, non callable
• Cathay Pacific MTN Financing HK Ltd (Financial - Other | Hong Kong | Rating: NR): US$650m Senior Note (XS2333657422), fixed rate (4.88% coupon) maturing on 17 August 2026, priced at 99.98, non callable
• DISH DBS Corp (Cable/Media | Englewood, Colorado, United States | Rating: B-): US$1,500m Senior Note (US25470XBC83), fixed rate (5.13% coupon) maturing on 1 June 2029, priced at 100.00 (original spread of 376 bp), with a make whole call
• Dynavax Technologies Corp (Chemicals | Emeryville, United States | Rating: NR): US$200m Bond (US268158AC66), fixed rate (2.00% coupon) maturing on 15 May 2026, priced at 100.00, non callable, convertible
• EQT Corp (Oil and Gas | Pittsburgh, United States | Rating: BB): US$500m Senior Note (US26884LAM19), fixed rate (3.13% coupon) maturing on 15 May 2026, priced at 100.00 (original spread of 236 bp), callable (5nc2)
• EQT Corp (Oil and Gas | Pittsburgh, United States | Rating: BB): US$500m Senior Note (US26884LAN91), fixed rate (3.63% coupon) maturing on 15 May 2031, priced at 100.00 (original spread of 207 bp), callable (10nc10)
• Guardian Life Global Funding (Financial - Other | Rating: NR): US$300m Note (US40139LBD47), fixed rate (1.25% coupon) maturing on 13 May 2026, priced at 100.00 (original spread of 47 bp), non callable
• Hyundai Motor Securities Co Ltd (Securities | Seoul, Seoul, South Korea | Rating: NR): US$100m Index Linked Security (KR6HM0000398) zero coupon maturing on 14 May 2024, non callable
• Insmed Inc (Pharmaceuticals | Bridgewater, United States | Rating: NR): US$500m Bond (US457669AB50), fixed rate (0.50% coupon) maturing on 1 June 2028, priced at 100.00, non callable, convertible
• KWG Group Holdings Ltd (Financial - Other | Guangzhou, Guangdong | Rating: B+): US$378m Note (XS2343325622), fixed rate (6.00% coupon) maturing on 14 August 2026, priced at 100.00, callable (5nc3)
• LCI Industries (Service - Other | Elkhart, United States | Rating: NR): US$400m Bond (US501812AA94), fixed rate (0.75% coupon) maturing on 15 May 2026, priced at 100.00, non callable, convertible
• LPL Holdings Inc (Securities | Boston, United States | Rating: BB): US$400m Senior Note (US50212YAF16), fixed rate (4.38% coupon) maturing on 15 May 2031, priced at 100.00 (original spread of 278 bp), callable (10nc5)
• Pioneer Natural Resources Co (Oil and Gas | Irving, United States | Rating: BBB): US$750m Senior Note (US723787AU18), fixed rate (0.55% coupon) maturing on 15 May 2023, priced at 99.99 (original spread of 40 bp), non callable

EUR BOND ISSUES

• AIB Group plc (Banking | Dublin, Ireland | Rating: BBB-): €750m Senior Note (XS2343340852), fixed rate (0.50% coupon) maturing on 17 November 2027, priced at 99.91 (original spread of 110 bp), callable (7nc6)
• Berlin, State of (Official and Muni | Berlin, Berlin, Germany | Rating: AAA): €200m Landesschatzanweisung (DE000A3H2Y40), floating rate maturing on 8 October 2026, priced at 104.23, non callable
• Citigroup Inc (Banking | New York City, New York, United States | Rating: BBB+): €156m Unsecured Note (XS1273453412) zero coupon maturing on 20 May 2056, priced at 44.35, non callable
• Landesbank Baden Wuerttemberg (Banking | Stuttgart, Germany | Rating: AA-): €100m Senior Note (DE000LB2V551), fixed rate (0.10% coupon) maturing on 13 May 2026, non callable
• Nord LB Covered Finance Bank SA (Banking | Findel, Luxembourg | Rating: NR): €150m Unsecured Note (XS2342987711), floating rate maturing on 12 May 2023, priced at 100.00, non callable
• Nordea Bank Abp (Banking | Helsinki, Etela-Suomen, Finland | Rating: AA-): €1,000m Subordinated Note (XS2343459074), fixed rate (0.63% coupon) maturing on 18 August 2031, priced at 99.78 (original spread of 126 bp), callable (10nc5)
• Red Electrica Financiaciones SAU (Financial - Other | Alcobendas, Spain | Rating: NR): €600m Senior Note (XS2343540519), fixed rate (0.50% coupon) maturing on 24 May 2033, priced at 98.56 (original spread of 84 bp), callable (12nc12)
• Region of Bruxelles-Capitale (Official and Muni | Brussels, Belgium | Rating: AA-): €200m Bond (BE0002789700), fixed rate (1.12% coupon) maturing on 11 May 2071, priced at 98.00 (original spread of 250,000 bp), non callable
• Volvo Treasury AB (Financial - Other | Goeteborg, Sweden | Rating: NR): €500m Senior Note (XS2342706996) zero coupon maturing on 18 May 2026, priced at 99.45 (original spread of 70 bp), callable (5nc5)

NEW ISSUES IN LOANS

• Symrise Gmbh & Co Kg, signed a € 500m Revolving Credit Facility, to be used for general corporate purposes. It matures on 05/10/24.
• Azelis SA, signed a € 330m Term Loan B, to be used for general corporate purposes. It matures on 11/07/25.

NEW ISSUES IN STRUCTURED CREDIT

• BA Credit Card Trust 2021-A1 issued a US$ 1,000 m fixed-rate ABS backed by receivables in 1 tranche, offering a yield to maturity of 0.44%. Bookrunners: Bank of America Merrill Lynch
• Bank 2021-Bnk33 issued a fixed-rate CMBS in 9 tranches, for a total of US$ 872 m. Highest-rated tranche offering a yield to maturity of 0.61%, and the lowest-rated tranche a yield to maturity of 3.14%. Bookrunners: Morgan Stanley International Ltd, Wells Fargo Securities LLC, Bank of America Merrill Lynch