QUICK SUMMARY

• ICE BofA US Corporate Index (Investment Grade) spread to worst down -1.0 bp, now at 85.0 bp (YTD change: -13.0 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: +2.0%)
• New issues: US$ 9.6bn in dollars and € 1.6bn 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 down by -1 bp at 112 bp
• BB unchanged at 240 bp
• B up by 1 bp at 368 bp
• CCC down by -11 bp at 626 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y down 0.4 bp, now at 51bp (YTD change: +0.7bp)
• Markit CDX.NA.HY 5Y down 2.3 bp, now at 287bp (YTD change: -5.9bp)
• Markit iTRAXX Europe down 0.6 bp, now at 50bp (YTD change: +2.0bp)
• Markit iTRAXX Japan down 0.4 bp, now at 46bp (YTD change: -5.2bp)
• Markit iTRAXX Asia Ex-Japan down 0.3 bp, now at 86bp (YTD change: +27.8bp)

TOP BONDS MOVERS - USD HY

• Issuer: Bank razvitiya Respubliki Belarus' OAO (MINSK, Belarus) | Coupon: 6.75% | Maturity: 2/5/2024 | Rating: B | ISIN: XS1904731129 | Option-adjusted spread up by 85.2 bp to 898.5 bp, with the yield to worst at 9.0% and the bond now trading down to 93.9 cents on the dollar (1Y price range: 93.9-102.5).
• Issuer: Oi SA em Recuperacao Judicial (Rio de Janeiro, Brazil) | Coupon: 10.00% | Maturity: 27/7/2025 | Rating: CCC+ | ISIN: USP7354PAA23 | Option-adjusted spread up by 39.4 bp to 920.9 bp, with the yield to worst at 9.3% and the bond now trading down to 101.2 cents on the dollar (1Y price range: 101.2-107.0).
• Issuer: Jersey Central Power & Light Co (Akron, Ohio (US)) | Coupon: 4.70% | Maturity: 1/4/2024 | Rating: BB+ | ISIN: USU04536AC95 | Option-adjusted spread up by 31.1 bp to 114.3 bp (CDS basis: -62.7bp), with the yield to worst at 1.4% and the bond now trading down to 108.2 cents on the dollar (1Y price range: 107.9-109.8).
• Issuer: FMG Resources (August 2006) Pty Ltd (Australia) | Coupon: 4.50% | Maturity: 15/9/2027 | Rating: BB+ | ISIN: USQ3919KAM38 | Option-adjusted spread up by 21.2 bp to 207.4 bp, with the yield to worst at 3.0% and the bond now trading down to 107.4 cents on the dollar (1Y price range: 105.5-111.4).
• Issuer: Empresa Nacional del Petroleo (LAS CONDES, Chile) | Coupon: 4.38% | Maturity: 30/10/2024 | Rating: BB+ | ISIN: USP37110AJ50 | Option-adjusted spread up by 19.0 bp to 151.5 bp (CDS basis: -106.4bp), with the yield to worst at 1.9% and the bond now trading down to 107.8 cents on the dollar (1Y price range: 107.6-110.4).
• Issuer: Bonitron DAC (DUBLIN, Ireland) | Coupon: 9.00% | Maturity: 22/10/2025 | Rating: B- | ISIN: XS2243344434 | Option-adjusted spread up by 17.7 bp to 630.8 bp, with the yield to worst at 6.6% and the bond now trading down to 107.9 cents on the dollar (1Y price range: 106.8-109.9).
• Issuer: Sensata Technologies BV (Almelo, Netherlands) | Coupon: 4.88% | Maturity: 15/10/2023 | Rating: BB- | ISIN: USN78840AH33 | Option-adjusted spread up by 15.9 bp to 172.7 bp, with the yield to worst at 1.8% and the bond now trading down to 106.6 cents on the dollar (1Y price range: 105.9-108.1).
• Issuer: Canara Bank (London Branch) (London, United Kingdom) | Coupon: 3.88% | Maturity: 28/3/2024 | Rating: BB+ | ISIN: XS1965523084 | Option-adjusted spread down by 16.1 bp to 143.6 bp, with the yield to worst at 1.7% and the bond now trading up to 105.7 cents on the dollar (1Y price range: 105.1-106.4).
• Issuer: IMH Capital DAC (Ireland) | Coupon: 5.90% | Maturity: 23/9/2025 | Rating: B | ISIN: XS2232013263 | Option-adjusted spread down by 18.0 bp to 325.1 bp, with the yield to worst at 3.7% and the bond now trading up to 107.4 cents on the dollar (1Y price range: 106.1-107.6).
• Issuer: NCL Corporation Ltd (Miami, Bermuda) | Coupon: 5.88% | Maturity: 15/3/2026 | Rating: CCC+ | ISIN: USG6436QAL08 | Option-adjusted spread down by 19.3 bp to 406.6 bp, with the yield to worst at 4.7% and the bond now trading up to 104.1 cents on the dollar (1Y price range: 98.5-105.0).

TOP BONDS MOVERS - EUR HY

• Issuer: Banca Monte dei Paschi di Siena SpA (Siena, Italy) | Coupon: 2.63% | Maturity: 28/4/2025 | Rating: CCC+ | ISIN: XS2110110686 | Option-adjusted spread up by 13.7 bp to 220.3 bp, with the yield to worst at 1.7% and the bond now trading down to 102.9 cents on the dollar (1Y price range: 102.0-105.8).
• Issuer: Arcelik AS (Istanbul, Turkey) | Coupon: 3.00% | Maturity: 27/5/2026 | Rating: BB+ | ISIN: XS2346972263 | Option-adjusted spread up by 5.5 bp to 305.7 bp, with the yield to worst at 2.6% and the bond now trading down to 100.9 cents on the dollar (1Y price range: 100.4-101.1).
• Issuer: Adler Group SA (Senningerberg, Luxembourg) | Coupon: 1.88% | Maturity: 14/1/2026 | Rating: BB+ | ISIN: XS2283224231 | Option-adjusted spread down by 7.2 bp to 251.8 bp, with the yield to worst at 2.1% and the bond now trading up to 98.4 cents on the dollar (1Y price range: 96.4-99.3).
• Issuer: Autostrade per l'Italia SpA (Rome, Italy) | Coupon: 1.88% | Maturity: 26/9/2029 | Rating: BB- | ISIN: XS1688199949 | Option-adjusted spread down by 7.3 bp to 165.1 bp (CDS basis: 10.2bp), with the yield to worst at 1.5% and the bond now trading up to 101.7 cents on the dollar (1Y price range: 98.5-102.6).
• Issuer: Adler Real Estate AG (Berlin, Germany) | Coupon: 3.00% | Maturity: 27/4/2026 | Rating: BB+ | ISIN: XS1713464524 | Option-adjusted spread down by 8.1 bp to 237.0 bp, with the yield to worst at 1.9% and the bond now trading up to 104.1 cents on the dollar (1Y price range: 103.0-105.6).

USD BOND ISSUES

• Agence Centrale des Organismes de Securite Sociale (Agency | Montreuil, Ile-De-France, France | Rating: AA): US$130m All Commercial Paper (XS2349695796) zero coupon maturing on 2 August 2021, non callable
• Agricultural Bank of China Ltd (Hong Kong Branch) (Banking | China (Mainland) | Rating: A): US$200m Certificate of Deposit (XS2347208055), fixed rate (0.33% coupon) maturing on 27 May 2022, 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 (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
• Bank of Montreal (London Branch) (Banking | London, Canada | Rating: NR): US$500m Certificate of Deposit (XS2349446570) zero coupon maturing on 8 June 2021, non callable
• Bred Banque Populaire SA (Banking | Paris, Ile-De-France, France | Rating: A+): US$200m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126864851) zero coupon maturing on 1 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
• China Development Bank (Hong Kong Branch) (Banking | China (Mainland) | Rating: NR): US$400m Senior Note (XS2348667705), floating rate (US3MLIB + 100.0 bp) maturing on 7 June 2023, non callable
• KfW (Agency | Frankfurt, Hessen, Germany | Rating: AAA): US$300m All Commercial Paper (XS2349620786) zero coupon maturing on 2 July 2021, non callable
• La Banque Postale SA (Banking | Paris, Ile-De-France, France | Rating: A): US$250m CD/CP 1YR or less: French Negotiable European Commerc Paper (FR0126841925) zero coupon maturing on 3 June 2021, non callable
• Landeskreditbank Baden Wuerttemberg Foerderbank (Agency | Karlsruhe, Baden-Wuerttemberg, Germany | Rating: AA+): US$500m All Commercial Paper (XS2349687934) zero coupon maturing on 2 March 2022, priced at 100.00, 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
• 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 (Hong Kong Branch) (Banking | Japan | Rating: NR): US$150m Certificate of Deposit (XS2347621414), fixed rate (0.16% coupon) maturing on 27 August 2021, priced at 100.00, non callable
• Mizuho Bank Ltd (Hong Kong Branch) (Banking | Japan | Rating: NR): US$150m Certificate of Deposit (XS2347623030), fixed rate (0.16% coupon) maturing on 1 September 2021, priced at 100.00, non callable
• Mizuho Bank Ltd (London Branch) (Banking | London, Japan | Rating: NR): US$200m Certificate of Deposit (XS2349755798) zero coupon maturing on 31 August 2021, 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
• 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
• 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$113m Certificate of Deposit (XS2349461371), fixed rate (0.17% coupon) maturing on 1 December 2021, priced at 100.00, non callable

EUR BOND ISSUES

• Deutsche Bank AG (Banking | Frankfurt, Hessen, Germany | Rating: BBB): €500m Inhaberschuldverschreibung (DE000DB9U4G2), floating rate maturing on 21 June 2028, priced at 100.00, non callable
• Ensemble Investment Corporation SA (Financial - Other | Luxembourg, Luxembourg | Rating: NR): €165m Unsecured Note (XS2344301812), fixed rate (0.20% coupon) maturing on 29 November 2021, priced at 100.00, non callable
• EOF-ZMG US Residential Holdco LLC (Financial - Other | Wilmington, Delaware, United States | Rating: NR): €260m Bond (XS2312742864), fixed rate (4.50% coupon) maturing on 31 December 2027, priced at 100.00, non callable
• Fair Oaks Loan Funding II DAC (Financial - Other | Dublin, Ireland | Rating: AAA): €214m Bond (XS2346331049), floating rate maturing on 15 April 2034, priced at 100.00, non callable
• 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
• 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

NEW LOANS

• Kape Technologies PLC, signed a US$ 120m Term Loan, to be used for general corporate purposes. It matures on 05/28/24 and initial pricing is set at LIBOR +200.000bps
• Investec Bank PLC, signed a US$ 225m Term Loan, to be used for general corporate purposes. It matures on 06/24/23 and initial pricing is set at LIBOR +85.000bps
• Investec Bank PLC, signed a US$ 225m Term Loan, to be used for general corporate purposes. It matures on 06/24/22 and initial pricing is set at LIBOR +65.000bps

NEW ISSUES IN SECURITIZED CREDIT

• TPGI Trust 2021-Dgwd issued a floating-rate CMBS in 8 tranches, for a total of US$ 500 m. Highest-rated tranche offering a spread over the floating rate of 70bp, and the lowest-rated tranche a spread of 565bp. Bookrunners: Goldman Sachs & Co, Bank of America Merrill Lynch
• Toorak Mortgage Trust 2021-1 issued a fixed-rate RMBS in 3 tranches, for a total of US$ 340 m. Highest-rated tranche offering a yield to maturity of 2.24%, and the lowest-rated tranche a yield to maturity of 5.81%. Bookrunners: Morgan Stanley International Ltd, Deutsche Bank Securities Inc, KKR Capital Markets LLC
• Zaxbys Funding LLC issued a fixed-rate ABS backed by business cashflow in 1 tranche, for a total of US$ 900 m. Highest-rated tranche offering a yield to maturity of 3.24%, and the lowest-rated tranche a yield to maturity of 3.24%. Bookrunners: Goldman Sachs & Co, Barclays Capital Group, Guggenheim Securities LLC