QUICK SUMMARY

• S&P 500 Bond Index was down -0.18% today, with investment grade down -0.20% and high yield down -0.03% (YTD total return: -2.78%)
• 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 -4.0 bp, now at 342.0 bp (YTD change: -48.0 bp)

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA up by 1 bp at 47 bp
• AA unchanged at 54 bp
• A unchanged at 69 bp
• BBB unchanged at 113 bp
• BB down by -3 bp at 236 bp
• B down by -4 bp at 369 bp
• CCC down by -4 bp at 632 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y up 0.7 bp, now at 51bp (YTD change: +1.0bp)
• Markit CDX.NA.HY 5Y up 2.8 bp, now at 288bp (YTD change: -5.6bp)
• Markit iTRAXX Europe up 0.7 bp, now at 50bp (YTD change: +1.9bp)
• Markit iTRAXX Japan up 0.2 bp, now at 46bp (YTD change: -4.9bp)
• Markit iTRAXX Asia Ex-Japan up 0.9 bp, now at 88bp (YTD change: +29.4bp)

USD BOND ISSUES

• Blue Owl Finance LLC (Financial - Other | Rating: BBB): US$700m Senior Note (USU0942JAA44), fixed rate (3.13% coupon) maturing on 10 June 2031, priced at 98.73 (original spread of 165 bp), callable (10nc10)
• Bombardier Inc (Aerospace | Montreal, Canada | Rating: CCC): US$1,200m Senior Note (USC10602BJ59), fixed rate (7.13% coupon) maturing on 15 June 2026, priced at 100.00 (original spread of 629 bp), callable (5nc2)
• CI Financial Corp (Securities | Toronto, Ontario, Canada | Rating: BBB): US$900m Senior Note (US125491AP51), fixed rate (4.10% coupon) maturing on 15 June 2051, priced at 99.95 (original spread of 219 bp), callable (30nc30)
• CSCIF Asia Ltd (Financial - Other | Tortola, China (Mainland) | Rating: NR): US$500m Senior Note (XS2349739248), fixed rate (1.13% coupon) maturing on 10 June 2024, priced at 99.62 (original spread of 93 bp), non callable
• CSN Resources SA (Financial - Other | Luxembourg, Brazil | Rating: NR): US$850m Senior Note (US12644VAD01), fixed rate (4.63% coupon) maturing on 10 June 2031, priced at 100.00, callable (10nc5)
• Chongqing NanAn Urban Construction Development Group Co Ltd (Financial - Other | Chongqing, China (Mainland) | Rating: BBB): US$350m Senior Note (XS2337489350), fixed rate (4.56% coupon) maturing on 10 June 2026, priced at 99.38, non callable
• Council of Europe Development Bank (Supranational | Paris, Ile-De-France, France | Rating: AA+): US$500m Senior Note (US222213AX87), fixed rate (0.38% coupon) maturing on 10 June 2024, priced at 99.92 (original spread of 8 bp), non callable
• Gansu Provincial Highway Aviation Tourism Investment Group Co Ltd (Financial - Other | Lanzhou, China (Mainland) | Rating: BBB): US$400m Senior Note (XS2349205455), fixed rate (3.50% coupon) maturing on 10 June 2024, priced at 100.00, non callable
• Nomura International Funding Pte Ltd (Financial - Other | Singapore | Rating: NR): US$200m Unsecured Note (XS2218493968), floating rate maturing on 25 June 2031, priced at 100.00, non callable
• Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia III (Agency | Jakarta Utara, Dki Jakarta, Indonesia | Rating: BBB): US$1,000m Islamic Sukuk (Wakala bil-Istithmar) (US71567PAS92), fixed rate (2.55% coupon) maturing on 9 June 2031, priced at 100.00 (original spread of 96 bp), non callable
• Ares Capital Corp (Financial - Other | New York City, New York, United States | Rating: BBB-): US$850m Senior Note (US04010LBB80), fixed rate (2.88% coupon) maturing on 15 June 2028, priced at 99.53 (original spread of 165 bp), callable (7nc7)
• CareTrust REIT Inc (Real Estate Investment Trust | San Clemente, United States | Rating: BB+): US$400m Senior Note (USU1268FAB41), fixed rate (3.88% coupon) maturing on 30 June 2028, priced at 100.00 (original spread of 258 bp), callable (7nc7)
• Consolidated Edison Company of New York Inc (Utility - Other | New York City, New York, United States | Rating: BBB+): US$750m Senior Debenture (US209111GA54), fixed rate (2.40% coupon) maturing on 15 June 2031, priced at 99.75 (original spread of 80 bp), callable (10nc10)
• Consolidated Edison Company of New York Inc (Utility - Other | New York City, United States | Rating: BBB+): US$750m Senior Debenture (US209111GB38), fixed rate (3.60% coupon) maturing on 15 June 2061, priced at 99.60 (original spread of 130 bp), callable (40nc40)
• Federal Home Loan Banks (Agency | Washington, Washington Dc, United States | Rating: NR): US$120m Bond (US3130AMT853), fixed rate (0.40% coupon) maturing on 28 June 2024, priced at 100.00, callable (3nc6m)
• Inter-American Development Bank (Supranational | Washington, United States | Rating: AAA): US$500m Unsecured Note (XS2352256973), fixed rate (1.00% coupon) maturing on 10 June 2031, priced at 100.00, non callable
• Travelers Companies Inc (Property and Casualty Insurance | Saint Paul, Minnesota, United States | Rating: A): US$750m Senior Note (US89417EAR09), fixed rate (3.05% coupon) maturing on 8 June 2051, priced at 99.71 (original spread of 75 bp), callable (30nc30)
• Western Alliance Bancorp (Banking | Phoenix, United States | Rating: NR): US$600m Senior Subordinated Note (US957638AD14), floating rate maturing on 15 June 2031, priced at 100.00, callable (10nc5)

EUR BOND ISSUES

• Senegal, Republic of (Government) (Sovereign | Dakar, Senegal | Rating: B+): €775m Senior Note (XS2333676133), fixed rate (5.38% coupon) maturing on 8 June 2037, priced at 100.00 (original spread of 527 bp), non callable

NEW USD LOANS

• MaxLinear Inc (BB-), signed a US$ 350m Term Loan B, to be used for general corporate purposes. It matures on 06/17/28.
• Karoon Petroleo & Gas Ltda, signed a US$ 160m Revolving Credit / Term Loan, to be used for project finance. Initial margin was set at +425bps

NEW ISSUES IN SECURITIZED CREDIT

• Golub Capital Partners ABS Funding 2019-1 issued a fixed-rate CLO in 1 tranche, for a total of US$ 347 m. Bookrunners: Deutsche Bank Securities Inc