QUICK SUMMARY

• S&P 500 Bond Index was up 0.10% today, with investment grade up 0.11% and high yield up 0.01% (YTD total return: +0.31%)
• The iBoxx USD Liquid Investment Grade Total Return Index was up 0.15% today (Month-to-date: 1.50%; Year-to-date: -0.11%)
• The iBoxx USD Liquid High Yield Total Return Index was up 0.009% today (Month-to-date: 0.11%; Year-to-date: 3.15%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst down -1.0 bp, now at 87.0 bp (YTD change: -11.0 bp)
• ICE BofA US High Yield Index spread to worst unchanged, now at 340.0 bp (YTD change: -50.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index down -0.06% today (YTD total return: +1.9%)

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA down by -1 bp at 49 bp
• AA down by -1 bp at 57 bp
• A unchanged at 73 bp
• BBB down by -1 bp at 112 bp
• BB down by -2 bp at 231 bp
• B down by -2 bp at 379 bp
• CCC up by 6 bp at 626 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y down 0.6 bp, now at 49bp (YTD change: -1.0bp)
• Markit CDX.NA.HY 5Y down 1.8 bp, now at 287bp (YTD change: -5.9bp)
• Markit iTRAXX Europe down 0.7 bp, now at 47bp (YTD change: -1.4bp)
• Markit iTRAXX Japan up 1.2 bp, now at 47bp (YTD change: -4.0bp)
• Markit iTRAXX Asia Ex-Japan down 0.7 bp, now at 92bp (YTD change: +34.0bp)

TOP BONDS MOVES IN THE PAST WEEK - USD HY

• Issuer: Vedanta Resources Finance II PLC (London, United Kingdom) | Coupon: 8.95% | Maturity: 11/3/2025 | Rating: B- | ISIN: USG9T27HAD62 | Z-spread up by 69.2 bp to 1,045.1 bp, with the yield to worst at 10.6% and the bond now trading down to 93.9 cents on the dollar (1Y price range: 93.8-99.8).
• Issuer: Seazen Group Ltd (Shanghai, Cayman Islands) | Coupon: 6.00% | Maturity: 12/8/2024 | Rating: BB+ | ISIN: XS2215175634 | Z-spread up by 68.9 bp to 519.3 bp, with the yield to worst at 5.2% and the bond now trading down to 101.1 cents on the dollar (1Y price range: 101.1-105.8).
• Issuer: Periama Holdings LLC (Baytown, Texas (US)) | Coupon: 5.95% | Maturity: 19/4/2026 | Rating: BB- | ISIN: XS2224065289 | Z-spread up by 50.0 bp to 384.6 bp, with the yield to worst at 4.3% and the bond now trading down to 106.0 cents on the dollar (1Y price range: 104.1-109.3).
• Issuer: YPF SA (Buenos Aires, Argentina) | Coupon: 6.95% | Maturity: 21/7/2027 | Rating: CCC | ISIN: USP989MJBL47 | Z-spread up by 33.0 bp to 1,447.3 bp, with the yield to worst at 14.6% and the bond now trading down to 69.6 cents on the dollar (1Y price range: 56.6-72.0).
• Issuer: SoftBank Group Corp (Minato-ku, Japan) | Coupon: 5.25% | Maturity: 6/7/2031 | Rating: BB+ | ISIN: XS2361253607 | Z-spread up by 32.8 bp to 401.6 bp, with the yield to worst at 5.1% and the bond now trading down to 100.3 cents on the dollar (1Y price range: 99.9-102.5).
• Issuer: Wynn Las Vegas LLC (Las Vegas, Nevada (US)) | Coupon: 5.25% | Maturity: 15/5/2027 | Rating: B+ | ISIN: USU98347AL87 | Z-spread up by 26.3 bp to 322.9 bp, with the yield to worst at 3.9% and the bond now trading down to 105.8 cents on the dollar (1Y price range: 101.5-108.1).
• Issuer: Dilijan Finance BV (Amsterdam, Netherlands) | Coupon: 6.50% | Maturity: 28/1/2025 | Rating: B+ | ISIN: XS2080321198 | Z-spread up by 26.2 bp to 647.8 bp, with the yield to worst at 6.6% and the bond now trading down to 98.8 cents on the dollar (1Y price range: 93.6-101.0).
• Issuer: Pennsylvania Electric Co (Akron, Ohio (US)) | Coupon: 3.25% | Maturity: 15/3/2028 | Rating: BB+ | ISIN: USU70842AC04 | Z-spread down by 26.2 bp to 105.7 bp (CDS basis: -34.3bp), with the yield to worst at 1.9% and the bond now trading up to 107.4 cents on the dollar (1Y price range: 102.0-107.7).
• Issuer: Starwood Property Trust Inc (Greenwich, Connecticut (US)) | Coupon: 5.50% | Maturity: 1/11/2023 | Rating: B+ | ISIN: USU85656AE39 | Z-spread down by 27.2 bp to 255.3 bp, with the yield to worst at 2.7% and the bond now trading up to 105.2 cents on the dollar (1Y price range: 103.4-105.5).
• Issuer: Syngenta Finance NV (Enkhuizen, Netherlands) | Coupon: 4.44% | Maturity: 24/4/2023 | Rating: BB | ISIN: USN84413CM88 | Z-spread down by 30.6 bp to 92.1 bp, with the yield to worst at 1.0% and the bond now trading up to 105.4 cents on the dollar (1Y price range: 101.5-106.4).
• Issuer: Bank razvitiya Respubliki Belarus' OAO (MINSK, Belarus) | Coupon: 6.75% | Maturity: 2/5/2024 | Rating: B | ISIN: XS1904731129 | Z-spread down by 38.8 bp to 961.8 bp, with the yield to worst at 9.6% and the bond now trading up to 92.8 cents on the dollar (1Y price range: 91.3-102.5).
• Issuer: Grupo de Inversiones Suramericana SA (Medellin, Colombia) | Coupon: 5.50% | Maturity: 29/4/2026 | Rating: BB+ | ISIN: USG42036AB25 | Z-spread down by 47.5 bp to 249.8 bp, with the yield to worst at 3.0% and the bond now trading up to 109.5 cents on the dollar (1Y price range: 107.0-114.6).
• Issuer: Oi SA em Recuperacao Judicial (Rio de Janeiro, Brazil) | Coupon: 10.00% | Maturity: 27/7/2025 | Rating: CCC+ | ISIN: USP7354PAA23 | Z-spread down by 52.3 bp to 951.6 bp, with the yield to worst at 9.6% and the bond now trading up to 100.4 cents on the dollar (1Y price range: 98.3-107.0).

TOP BONDS MOVES IN THE PAST WEEK - EUR HY

• Issuer: SoftBank Group Corp (Minato-Ku, Japan) | Coupon: 2.88% | Maturity: 6/1/2027 | Rating: BB+ | ISIN: XS2361254597 | Z-spread up by 30.9 bp to 364.4 bp, with the yield to worst at 3.2% and the bond now trading down to 97.9 cents on the dollar (1Y price range: 97.8-100.0).
• Issuer: Fortune Star (BVI) Ltd (British Virgin Islands) | Coupon: 3.95% | Maturity: 2/10/2026 | Rating: BB- | ISIN: XS2357132849 | Z-spread up by 19.4 bp to 479.3 bp, with the yield to worst at 4.4% and the bond now trading down to 98.0 cents on the dollar (1Y price range: 97.0-102.1).
• Issuer: Standard Industries Inc (Parsippany, New Jersey (US)) | Coupon: 2.25% | Maturity: 21/11/2026 | Rating: BB- | ISIN: XS2080766475 | Z-spread up by 17.0 bp to 294.3 bp, with the yield to worst at 2.5% and the bond now trading down to 98.2 cents on the dollar (1Y price range: 96.7-102.9).
• Issuer: Syngenta Finance NV (Enkhuizen, Netherlands) | Coupon: 1.25% | Maturity: 10/9/2027 | Rating: BB | ISIN: XS1199954691 | Z-spread up by 15.4 bp to 102.6 bp, with the yield to worst at 0.7% and the bond now trading down to 102.9 cents on the dollar (1Y price range: 93.2-103.7).
• Issuer: Petroleos Mexicanos (Miguel Hidalgo, Mexico) | Coupon: 4.88% | Maturity: 21/2/2028 | Rating: BB- | ISIN: XS1568888777 | Z-spread up by 9.5 bp to 528.0 bp (CDS basis: -109.8bp), with the yield to worst at 4.9% and the bond now trading down to 99.3 cents on the dollar (1Y price range: 97.7-103.3).
• Issuer: Adler Group SA (Senningerberg, Luxembourg) | Coupon: 2.75% | Maturity: 13/11/2026 | Rating: BB+ | ISIN: XS2248826294 | Z-spread up by 4.7 bp to 311.4 bp, with the yield to worst at 2.6% and the bond now trading down to 99.8 cents on the dollar (1Y price range: 99.7-103.2).
• Issuer: Esselunga SpA (Pioltello, Italy) | Coupon: 1.88% | Maturity: 25/10/2027 | Rating: BB+ | ISIN: XS1706922256 | Z-spread down by 5.1 bp to 106.5 bp, with the yield to worst at 0.6% and the bond now trading up to 106.4 cents on the dollar (1Y price range: 103.6-106.7).
• Issuer: Elis SA (Saint-Cloud, France) | Coupon: 1.63% | Maturity: 3/4/2028 | Rating: BB | ISIN: FR0013449998 | Z-spread down by 8.2 bp to 196.3 bp, with the yield to worst at 1.6% and the bond now trading up to 99.4 cents on the dollar (1Y price range: 95.8-99.5).
• Issuer: International Consolidated Airlines Group SA (London, Spain) | Coupon: 1.50% | Maturity: 4/7/2027 | Rating: B+ | ISIN: XS2020581752 | Z-spread down by 12.0 bp to 371.8 bp, with the yield to worst at 3.3% and the bond now trading up to 89.9 cents on the dollar (1Y price range: 84.0-92.1).
• Issuer: Deutsche Lufthansa AG (Cologne, Germany) | Coupon: 3.50% | Maturity: 14/7/2029 | Rating: BB- | ISIN: XS2363235107 | Z-spread down by 15.8 bp to 359.4 bp (CDS basis: -52.6bp), with the yield to worst at 3.3% and the bond now trading up to 100.6 cents on the dollar (1Y price range: 97.7-100.6).
• Issuer: Teva Pharmaceutical Finance Netherlands II BV (Amsterdam, Netherlands) | Coupon: 1.88% | Maturity: 31/3/2027 | Rating: BB- | ISIN: XS1211044075 | Z-spread down by 22.7 bp to 357.8 bp, with the yield to worst at 3.1% and the bond now trading up to 92.9 cents on the dollar (1Y price range: 90.5-95.4).

USD BOND ISSUES

• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, New Jersey, United States | Rating: AA+): US$108m Bond (US3133EMY636), fixed rate (2.25% coupon) maturing on 4 August 2036, priced at 100.00 (original spread of 81 bp), callable (15nc1)
• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, New Jersey, United States | Rating: AA+): US$350m Bond (US3133EMY552), floating rate (SOFR + 2.5 bp) maturing on 4 August 2023, priced at 100.00, non callable
• Jefferies Finance LLC (Banking Services | New York City | BB-): US$ 1bn fixed rate (5% coupon) maturing on 15 August 2028 (7nc3)
• Abu Dhabi Commercial Bank PJSC (Banking | Abu Dhabi, Abu Dhabi, United Arab Emirates | Rating: A): US$150m Unsecured Note (XS2371040218), fixed rate (1.63% coupon) maturing on 3 August 2026, priced at 100.00, non callable
• Ferroglobe Finance Company PLC (Financial - Other | London, Spain | Rating: NR): US$350m Bond (XS2360592195), fixed rate (9.38% coupon) maturing on 31 December 2025, priced at 100.00, non callable
• Ferroglobe Finance Company PLC (Financial - Other | London, Spain | Rating: NR): US$350m Bond (XS2360592609), fixed rate (9.38% coupon) maturing on 31 December 2200, priced at 100.00, non callable
• Jefferson Capital Holdings LLC (Service - Other | Rating: NR): US$300m Senior Note (US472481AA80), fixed rate (6.00% coupon) maturing on 15 August 2026, priced at 100.00 (original spread of 528 bp), callable (5nc2)
• Mitsubishi UFJ Investor Services & Banking Luxembourg SA (Banking | Luxembourg, Japan | Rating: A): US$560m Bond (XS2359373284) zero coupon maturing on 15 July 2026, priced at 100.00, non callable
• EUR BOND ISSUES
• Single Platform Investment Repackaging Entity SA (Financial - Other | Luxembourg, Netherlands | Rating: NR): €125m Unsecured Note (XS2357168363), fixed rate (1.83% coupon) maturing on 25 June 2044, priced at 100.00, non callable

NEW LOANS

• Duravant LLC (B-), signed a US$ 1,135m Term Loan B, to be used for general corporate purposes, maturing on 05/21/28.
• Duravant LLC (B-), signed a US$ 375m Term Loan, to be used for general corporate purposes and maturing on 05/21/29. Initial pricing is set at LIBOR +650bp
• Medline Industries Inc, signed a US$ 4,000m Bridge Loan, to be used for leveraged buyout. and maturing on 08/12/22.

NEW ISSUES IN SECURITIZED CREDIT

• CSMC Series 2021-980m issued a fixed-rate CMBS in 7 tranches, for a total of US$ 159 m. Highest-rated tranche offering a yield to maturity of 2.25%, and the lowest-rated tranche a yield to maturity of 3.64%. Bookrunners: Credit Suisse
• PRPM Series 2021-Rpl1 LLC issued a fixed-rate RMBS in 3 tranches, for a total of US$ 183 m. Highest-rated tranche offering a yield to maturity of 1.32%, and the lowest-rated tranche a yield to maturity of 2.68%. Bookrunners: Nomura Securities New York Inc, Goldman Sachs & Co
• KNDR Trust 2021-Kind issued a floating-rate CMBS in 7 tranches, for a total of US$ 642 m. Highest-rated tranche offering a spread over the floating rate of 95bp, and the lowest-rated tranche a spread of 605bp. Bookrunners: Goldman Sachs & Co, JP Morgan & Co Inc