QUICK SUMMARY

• S&P 500 Bond Index was down -0.09% today, with investment grade down -0.11% and high yield up 0.08% (YTD total return: -2.65%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst unchanged at 86.0 bp (YTD change: -12.0 bp)
• ICE BofA US High Yield Index spread to worst down -5.0 bp, now at 345.0 bp (YTD change: -45.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index unchanged (YTD total return: +2.0%)
• New issues: US$ 22.6bn in dollars and € 11.7bn in euros

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA unchanged at 46 bp
• AA unchanged at 54 bp
• A unchanged at 69 bp
• BBB unchanged at 113 bp
• BB down by -4 bp at 240 bp
• B down by -7 bp at 367 bp
• CCC down by -6 bp at 637 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y down 0.6 bp, now at 51bp (YTD change: +1.1bp)
• Markit CDX.NA.HY 5Y down 1.3 bp, now at 290bp (YTD change: -3.7bp)
• Markit iTRAXX Europe down 0.5 bp, now at 51bp (YTD change: +2.7bp)
• Markit iTRAXX Japan unchanged at 47bp (YTD change: -4.8bp)
• Markit iTRAXX Asia Ex-Japan up 0.2 bp, now at 86bp (YTD change: +28.0bp)

LARGEST USD CORPORATE CDS MOVERS IN THE LAST 5 DAYS (5Y PAR SPREADS)

• Road King Infrastructure Ltd (Country: HK; rated: WR): up 91.5 bp to 636.6bp (1Y range: 482-786bp)
• Transocean Inc (Country: KY; rated: Caa3): up 82.1 bp to 1,402.6bp (1Y range: 1,315-7,695bp)
• Talen Energy Supply LLC (Country: US; rated: BB): up 71.2 bp to 1,084.9bp (1Y range: 875-1,710bp)
• MBIA Inc (Country: US; rated: Ba3): up 38.7 bp to 524.2bp (1Y range: 378-757bp)
• Nabors Industries Inc (Country: US; rated: B+): up 37.4 bp to 1,049.7bp (1Y range: 808-4,514bp)
• Liberty Interactive LLC (Country: US; rated: Ba3): down 26.2 bp to 333.4bp (1Y range: 249-404bp)
• Murphy Oil Corp (Country: US; rated: Ba3): down 26.5 bp to 333.2bp (1Y range: 238-763bp)
• Royal Caribbean Cruises Ltd (Country: US; rated: LGD4 - 61%): down 35.4 bp to 351.2bp (1Y range: 340-1,979bp)
• Ford Motor Co (Country: US; rated: Ba2): down 44.1 bp to 210.1bp (1Y range: 180-646bp)
• Carnival Corp (Country: US; rated: LGD5 - 71%): down 47.6 bp to 326.2bp (1Y range: 292-1,408bp)

LARGEST EUR CORPORATE CDS MOVERS IN THE LAST 5 DAYS - 5Y PAR SPREADS

• Deutsche Lufthansa AG (Country: DE; rated: Ba2): down 12.9 bp to 275.7bp (1Y range: 233-421bp)
• Iceland Bondco PLC (Country: GB; rated: LGD3 - 46%): down 14.4 bp to 461.4bp (1Y range: 358-1,004bp)
• Stonegate Pub Company Financing PLC (Country: GB; rated: WR): down 14.8 bp to 529.2bp (1Y range: 516-984bp)
• CMA CGM SA (Country: FR; rated: B1): down 15.4 bp to 389.5bp (1Y range: 389-1,510bp)
• Thyssenkrupp AG (Country: DE; rated: B1): down 15.5 bp to 277.5bp (1Y range: 206-479bp)
• Jaguar Land Rover Automotive PLC (Country: GB; rated: WD): down 15.7 bp to 372.7bp (1Y range: 355-1,223bp)
• Altice Finco SA (Country: LU; rated: Caa1): down 20.4 bp to 374.5bp (1Y range: 317-477bp)
• Novafives SAS (Country: FR; rated: Caa1): down 26.0 bp to 852.9bp (1Y range: 716-1,746bp)
• Premier Foods Finance PLC (Country: ; rated: B1): down 27.1 bp to 230.1bp (1Y range: 141-273bp)
• TUI AG (Country: DE; rated: LGD4 - 50%): down 56.6 bp to 789.6bp (1Y range: 590-1,799bp)

USD BOND ISSUES

• Agence Centrale des Organismes de Securite Sociale (Agency | Montreuil, Ile-De-France, France | Rating: AA): US$1,250m All Commercial Paper (XS2348710646) zero coupon maturing on 4 June 2021, non callable
• Agence Centrale des Organismes de Securite Sociale (Agency | Montreuil, Ile-De-France, France | Rating: AA): US$170m All Commercial Paper (XS2349450416) zero coupon maturing on 28 July 2021, non callable
• Agence Centrale des Organismes de Securite Sociale (Agency | Montreuil, Ile-De-France, France | Rating: AA): US$110m All Commercial Paper (XS2349345897) zero coupon maturing on 1 July 2021, non callable
• Agricultural Bank of China Ltd (Sydney Branch) (Banking | Sydney, New South Wales, China (Mainland) | Rating: NR): US$200m Certificate of Deposit (XS2348892659), fixed rate (0.16% coupon) maturing on 3 September 2021, priced at 100.00, non callable
• Agricultural Bank of China Ltd (Sydney Branch) (Banking | Sydney, New South Wales, China (Mainland) | Rating: NR): US$200m Certificate of Deposit (XS2348557351), fixed rate (0.16% coupon) maturing on 2 September 2021, priced at 100.00, non callable
• Air Lease Corp (Leasing | Los Angeles, California, United States | Rating: BBB): US$600m Senior Note (US00914AAN28), floating rate (US3MLIB + 35.0 bp) maturing on 15 December 2022, priced at 100.00, non callable
• Arabella Finance Ltd (Financial - Other | Dublin, Dublin, Ireland | Rating: NR): US$589m Asset Backed Commercial Paper (XS2349391065) zero coupon maturing on 4 June 2021, non callable
• Bank of Montreal (London Branch) (Banking | London, Canada | Rating: NR): US$300m Certificate of Deposit (XS2348770038) zero coupon maturing on 10 June 2021, non callable
• Bip-V Chinook Holdco LLC (Financial - Other | Rating: NR): US$1,400m Note (US12657NAA81), fixed rate (5.50% coupon) maturing on 15 June 2031, priced at 100.00, callable (10nc5)
• Bng Bank NV (Agency | S-Gravenhage, Zuid-Holland, Netherlands | Rating: AAA): US$400m All Commercial Paper (XS2349429139) zero coupon maturing on 4 June 2021, non callable
• China Construction Bank Corp (Macau Branch) (Banking | China (Mainland) | Rating: NR): US$200m Certificate of Deposit (XS2348520516), fixed rate (0.23% coupon) maturing on 3 December 2021, priced at 100.00, non callable
• China Construction Bank Corp (Macau Branch) (Banking | China (Mainland) | Rating: NR): US$200m Certificate of Deposit (XS2349348305), fixed rate (0.23% coupon) maturing on 2 December 2021, priced at 100.00, non callable
• DZ BANK AG Deutsche Zentral Genossenschaftsbank Frankfurt am Main (Banking | Frankfurt, Hessen, Germany | Rating: AA-): US$400m Certificate of Deposit (XS2348774535) zero coupon maturing on 4 June 2021, non callable
• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, New Jersey, United States | Rating: AA+): US$175m Bond (US3133EMF494), fixed rate (1.98% coupon) maturing on 2 June 2031, priced at 100.00, callable (10nc3m)
• Federal Home Loan Banks (Agency | Washington, Washington Dc, United States | Rating: AA+): US$425m Bond (US3133EMF312), fixed rate (0.13% coupon) maturing on 2 June 2023, priced at 100.00, non callable
• Federal Home Loan Banks (Agency | Washington, Washington Dc, United States | Rating: NR): US$300m Bond (US3130AMR535), fixed rate (0.62% coupon) maturing on 9 December 2024, priced at 100.00, callable (3nc1m)
• Industrial Bank Co Ltd (Hong Kong Branch) (Banking | China (Mainland) | Rating: NR): US$120m Certificate of Deposit (XS2348282158), fixed rate (0.29% coupon) maturing on 1 March 2022, priced at 100.00, non callable
• La Banque Postale SA (Banking | Paris, Ile-De-France, France | Rating: A): US$225m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126841867) zero coupon maturing on 30 August 2021, non callable
• Landeskreditbank Baden Wuerttemberg Foerderbank (Agency | Karlsruhe, Baden-Wuerttemberg, Germany | Rating: AA+): US$200m All Commercial Paper (XS2348714044) zero coupon maturing on 30 July 2021, non callable
• Landeskreditbank Baden Wuerttemberg Foerderbank (Agency | Karlsruhe, Baden-Wuerttemberg, Germany | Rating: AA+): US$300m All Commercial Paper (XS2349441852) zero coupon maturing on 1 July 2021, non callable
• Landwirtschaftliche Rentenbank (Agency | Frankfurt, Hessen, Germany | Rating: AAA): US$150m All Commercial Paper (XS2349500533) zero coupon maturing on 1 September 2021, non callable
• Landwirtschaftliche Rentenbank (Agency | Frankfurt, Hessen, Germany | Rating: AAA): US$300m All Commercial Paper (XS2349345541) zero coupon maturing on 2 August 2021, non callable
• Landwirtschaftliche Rentenbank (Agency | Frankfurt, Hessen, Germany | Rating: AAA): US$300m All Commercial Paper (XS2349282447) zero coupon maturing on 1 July 2021, non callable
• MDGH GMTN (RSC) Ltd (Financial - Other | Abu Dhabi, Abu Dhabi, United Arab Emirates | Rating: NR): US$500m Senior Note (XS2348658035), fixed rate (2.50% coupon) maturing on 3 June 2031, priced at 99.72 (original spread of 91 bp), callable (10nc10)
• MDGH GMTN BV (Financial - Other | Amsterdam, Noord-Holland, United Arab Emirates | Rating: NR): US$1,000m Senior Note (XS2324826994), fixed rate (3.40% coupon) maturing on 7 June 2051, priced at 100.00 (original spread of 108 bp), callable (30nc30)
• Mitsubishi Ufj Trust and Banking Corp (London Branch) (Banking | London, Japan | Rating: NR): US$186m Certificate of Deposit (XS2348717492), fixed rate (0.15% coupon) maturing on 31 August 2021, priced at 100.00, non callable
• Mizuho Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$250m Certificate of Deposit (XS2349426382) zero coupon maturing on 10 September 2021, non callable
• Mizuho Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$104m Certificate of Deposit (XS2349425814) zero coupon maturing on 1 September 2021, non callable
• NRW Bank (Agency | Dusseldorf, Nordrhein-Westfalen, Germany | Rating: AA): US$500m All Commercial Paper (XS2348698338) zero coupon maturing on 8 June 2021, non callable
• NWD Finance (BVI) Ltd (Financial - Other | Hong Kong | Rating: NR): US$1,200m Capital Security (XS2348062899), fixed rate (4.13% coupon) perpetual , priced at 100.00 (original spread of 286 bp), callable (Pnc7)
• Nacional Financiera SNC (London Branch) (Banking | London, Mexico | Rating: NR): US$341m Certificate of Deposit (XS2348767240) zero coupon maturing on 24 June 2021, non callable
• National Australia Bank Ltd (London Branch) (Banking | London, Australia | Rating: NR): US$150m Certificate of Deposit (XS2348323879), fixed rate (0.11% coupon) maturing on 27 August 2021, priced at 100.00, non callable
• Nordea Bank Abp (Banking | Helsinki, Etela-Suomen, Finland | Rating: AA-): US$150m Unsecured Note (XS2349345202), fixed rate (1.43% coupon) maturing on 4 June 2026, priced at 100.00, non callable
• Oman Arab Bank SAOG (Banking | Jordan | Rating: NR): US$250m Capital Security (XS2346530244), fixed rate (7.63% coupon) perpetual , priced at 100.00 (original spread of 681 bp), callable (Pnc5)
• Pakistan Water and Power Development Authority (Utility - Other | Lahore, Punjab, Pakistan | Rating: B-): US$500m Senior Note (XS2348591707), fixed rate (7.50% coupon) maturing on 4 June 2031, priced at 100.00 (original spread of 589 bp), non callable
• Realogy Group LLC (Home Builders | Madison New Jersey, New Jersey, United States | Rating: B+): US$300m Bond (US75606DAN12), fixed rate (0.25% coupon) maturing on 15 June 2026, priced at 100.00, non callable, convertible
• Select Access Investments Ltd (Financial - Other | New South Wales, Australia | Rating: NR): US$4,650m Unsecured Note (XS2349441001), fixed rate (1.00% coupon) maturing on 14 July 2021, priced at 100.00, non callable
• Shanghai Pudong Development Bank Co Ltd (Hong Kong Branch) (Banking | China (Mainland) | Rating: NR): US$200m Certificate of Deposit (XS2349347083), fixed rate (0.28% coupon) maturing on 3 March 2022, priced at 100.00, non callable
• Shannon Assets DAC (Financial - Other | Ireland | Rating: NR): US$105m Unsecured Note (XS2349107875), fixed rate (7.00% coupon) maturing on 7 June 2023, priced at 100.00, non callable
• Single Platform Investment Repackaging Entity SA (Financial - Other | Luxembourg, Netherlands | Rating: NR): US$209m Unsecured Note (XS2342623274) zero coupon maturing on 20 March 2051, priced at 47.90, non callable
• Skandinaviska Enskilda Banken AB (Publ) (London Branch) (Banking | London, Sweden | Rating: NR): US$150m Certificate of Deposit (XS2348772323), fixed rate (0.14% coupon) maturing on 29 November 2021, priced at 100.00, non callable
• Stratus Capital II DAC (Financial - Other | Dublin, Ireland | Rating: NR): US$120m Unsecured Note (XS2348772919), floating rate maturing on 30 April 2026, priced at 100.00, non callable
• Sumitomo Mitsui Trust Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$200m Certificate of Deposit (XS2348771945) zero coupon maturing on 12 October 2021, non callable
• Sumitomo Mitsui Trust Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$113m Certificate of Deposit (XS2349461371), fixed rate (0.17% coupon) maturing on 1 December 2021, priced at 100.00, non callable
• Sumitomo Mitsui Trust Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$200m Certificate of Deposit (XS2348772166) zero coupon maturing on 31 August 2021, non callable
• Times China Holdings Ltd (Service - Other | Guangzhou, Guangdong | Rating: BB-): US$400m Senior Note (XS2348280962), fixed rate (5.55% coupon) maturing on 4 June 2024, priced at 100.00, callable (3nc2)
• UniCredit SpA (Banking | Milan, Milano, Italy | Rating: BBB): US$1,000m Senior Note (XS2348714713), floating rate maturing on 3 June 2032, priced at 100.00 (original spread of 156 bp), callable (11nc10)
• UniCredit SpA (Banking | Milan, Milano, Italy | Rating: BBB): US$1,000m Senior Note (XS2348710562), floating rate maturing on 3 June 2027, priced at 100.00, callable (6nc5)
• Yango Justice International Ltd (Financial - Other | China (Mainland) | Rating: NR): US$290m Senior Note (XS2347769833), fixed rate (7.88% coupon) maturing on 4 September 2024, priced at 99.52, callable (3nc2)

EUR BOND ISSUES

• Arabella Finance Ltd (Financial - Other | Dublin, Dublin, Ireland | Rating: NR): €278m Asset Backed Commercial Paper (XS2348721767) zero coupon maturing on 31 May 2021, non callable
• Atos SE (Information/Data Technology | Bezons, Ile-De-France, France | Rating: BBB+): €200m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126864778) zero coupon maturing on 28 September 2021, non callable
• BANK OF CHINA LTD (PARIS BRANCH) (Banking | Paris, Ile-De-France, China (Mainland) | Rating: NR): €150m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126864604) zero coupon maturing on 30 August 2021, non callable
• Citycon Oyj (Retail Stores - Other | Espoo, Etela-Suomen, Finland | Rating: BBB-): €350m Capital Security (XS2347397437), fixed rate (3.63% coupon) perpetual , priced at 98.50 (original spread of 450 bp), callable (Pnc5)
• Colgate-Palmolive Co (Consumer Products | New York City, New York, United States | Rating: AA-): €115m All Commercial Paper (XS2348776746) zero coupon maturing on 30 June 2021, non callable
• Deutsche Telekom AG (Telecommunications | Bonn, Nordrhein-Westfalen, Germany | Rating: BBB): €450m All Commercial Paper (XS2349350624) zero coupon maturing on 14 June 2021, non callable
• Electricite de France SA (Agency | Paris, Ile-De-France, France | Rating: BB-): €1,250m Bond (FR0014003S56), floating rate perpetual , priced at 99.21 (original spread of 321 bp), callable (Pnc7)
• HSBC Institutional Trust Services (Singapore) Ltd (Building Products | United Kingdom | Rating: NR): €300m Unsecured Note (XS2349343090), fixed rate (1.00% coupon) maturing on 14 June 2028, priced at 100.00, non callable
• Linde Finance BV (Financial - Other | Amsterdam, Noord-Holland, United Kingdom | Rating: A): €125m All Commercial Paper (XS2349391735) zero coupon maturing on 2 August 2021, non callable
• Managed and Enhanced Tap Magenta Funding ST SA (Securities | Paris, Ile-De-France, France | Rating: NR): €150m Asset Backed Commercial Paper (XS2349347919) zero coupon maturing on 2 August 2021, non callable
• Managed and Enhanced Tap Magenta Funding ST SA (Securities | Paris, Ile-De-France, France | Rating: NR): €137m Asset Backed Commercial Paper (XS2349341391) zero coupon maturing on 1 June 2021, non callable
• North-Rhine Westphalia, State of (Official and Muni | Dusseldorf, Nordrhein-Westfalen, Germany | Rating: AA): €2,000m Jumbo Landesschatzanweisung (DE000NRW0MY1), fixed rate (0.13% coupon) maturing on 4 June 2031, priced at 99.91 (original spread of 30 bp), non callable
• North-Rhine Westphalia, State of (Official and Muni | Dusseldorf, Nordrhein-Westfalen, Germany | Rating: AA): €1,500m Jumbo Landesschatzanweisung (DE000NRW0MZ8), fixed rate (0.60% coupon) maturing on 4 June 2041, priced at 99.83 (original spread of 48 bp), non callable
• Novo Nordisk Finance Netherlands BV (Financial - Other | Denmark | Rating: NR): €650m Senior Note (XS2348030268) zero coupon maturing on 4 June 2024, priced at 100.67 (original spread of 45 bp), callable (3nc3)
• Novo Nordisk Finance Netherlands BV (Financial - Other | Denmark | Rating: NR): €650m Senior Note (XS2348030425), fixed rate (0.13% coupon) maturing on 4 June 2028, priced at 99.41 (original spread of 65 bp), callable (7nc7)
• Oesterreichische Kontrollbank AG (Agency | Wien, Wien, Austria | Rating: AA+): €300m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126864570) zero coupon maturing on 28 September 2021, non callable
• Raiffeisenbank as (Banking | Praha, Praha, Austria | Rating: NR): €350m Unsecured Note (XS2348241048), fixed rate (1.00% coupon) maturing on 1 June 2028, priced at 100.00, non callable
• Romulus Funding Corp (Financial - Other | United States | Rating: NR): €500m Asset Backed Commercial Paper (XS2348719860) zero coupon maturing on 30 June 2021, non callable
• Romulus Funding Corp (Financial - Other | United States | Rating: NR): €215m Asset Backed Commercial Paper (XS2348717732) zero coupon maturing on 28 June 2021, non callable
• SG Issuer SA (Financial - Other | Luxembourg, France | Rating: NR): €200m Unsecured Note (XS2314222857) zero coupon maturing on 31 December 2099, priced at 100.00, non callable
• Synthos SA (Conglomerate/Diversified Mfg | Oswiecim, Woj. Malopolskie, Luxembourg | Rating: BB): €600m Note (XS2348767836), fixed rate (2.50% coupon) maturing on 7 June 2028, priced at 100.00 (original spread of 285 bp), callable (7nc3)
• TenneT Holding BV (Utility - Other | Arnhem, Gelderland, Netherlands | Rating: A-): €450m All Commercial Paper (XS2349276555) zero coupon maturing on 9 June 2021, non callable
• The Norinchukin Bank (London Branch) (Banking | London, Japan | Rating: NR): €250m Certificate of Deposit (XS2349356076) zero coupon maturing on 1 September 2021, non callable
• Wabtec Transportation Netherlands BV (Industrials - Other | Ede, Gelderland, United States | Rating: NR): €500m Senior Note (XS2345035963), fixed rate (1.25% coupon) maturing on 3 December 2027, priced at 99.27 (original spread of 180 bp), callable (7nc6)

NEW ISSUES IN LOANS

• Acciona Energia SA, signed a € 500m Term Loan, to be used for general corporate purposes. It matures on 06/04/26.
• Acciona Energia SA, signed a € 1,000m Term Loan, to be used for general corporate purposes. It matures on 06/04/24.

NEW ISSUES IN SECURITIZED CREDIT

• LFT CRE 2021-Fl1 LLC issued a floating-rate CMBS in 6 tranches, for a total of US$ 834 m. Highest-rated tranche offering a spread over the floating rate of 117bp, and the lowest-rated tranche a spread of 295bp. Bookrunners: JP Morgan & Co Inc, Wells Fargo Securities LLC
• American Finance Trust 2021-1 issued a fixed-rate ABS backed by leases in 4 tranches, for a total of US$ 240 m. Highest-rated tranche offering a yield to maturity of 2.21%, and the lowest-rated tranche a yield to maturity of 3.60%. Bookrunners: Credit Suisse
• Sky Leasing 2021-1 issued a fixed-rate ABS backed by aircraft leases in 2 tranches, for a total of US$ 663 m. Highest-rated tranche offering a yield to maturity of 2.43%, and the lowest-rated tranche a yield to maturity of 3.42%. Bookrunners: Morgan Stanley International Ltd, Deutsche Bank Securities Inc, Citigroup Global Markets Inc, SG Americas Securities LLC, Bank of America Merrill Lynch, MUFG Securities Americas Inc, Natixis Securities Americas LLC