QUICK SUMMARY

• S&P 500 Bond Index was down -0.23% today, with investment grade down -0.24% and high yield down -0.15% (YTD total return: -0.23%)
• The iBoxx USD Liquid Investment Grade Total Return Index was down -0.24% today (Month-to-date: -0.26%; Year-to-date: -0.75%)
• The iBoxx USD Liquid High Yield Total Return Index was down -0.11% today (Month-to-date: 0.12%; Year-to-date: 4.02%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst down -2.0 bp, now at 83.0 bp (YTD change: -15.0 bp)
• ICE BofA US High Yield Index spread to worst up 2.0 bp, now at 320.0 bp (YTD change: -70.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index up 0.01% today (YTD total return: +3.1%)
• New issues: US$ 6.3bn in dollars and € 2.9bn in euros

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA down by -2 bp at 46 bp
• AA down by -1 bp at 55 bp
• A down by -1 bp at 70 bp
• BBB down by -1 bp at 108 bp
• BB up by 1 bp at 207 bp
• B up by 2 bp at 354 bp
• CCC up by 1 bp at 634 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y up 0.1 bp, now at 90bp (YTD change: -0.4bp)
• Markit CDX.NA.HY 5Y up 1.2 bp, now at 276bp (YTD change: -17.7bp)
• Markit iTRAXX Europe up 0.5 bp, now at 49bp (YTD change: +1.1bp)
• Markit iTRAXX Japan down 2.2 bp, now at 47bp (YTD change: -4.2bp)
• Markit iTRAXX Asia Ex-Japan up 3.1 bp, now at 86bp (YTD change: +28.0bp)

USD BOND ISSUES

• Blackstone Mortgage Trust Inc (Real Estate Investment Trust | New York City, United States | Rating: B+): US$400m Note (US09257WAD20), fixed rate (3.75% coupon) maturing on 15 January 2027, priced at 100.00 (original spread of 274 bp), callable (5nc5)
• Federal Home Loan Banks (Agency | Washington, United States | Rating: NR): US$300m Bond (US3130APCH62), fixed rate (1.13% coupon) maturing on 29 September 2026, priced at 100.00 (original spread of 108 bp), callable (5nc3m)
• Altice France SA (Telecommunications | Saint-Denis, Luxembourg | Rating: B): US$2,000m Note (US02156LAH42), fixed rate (5.50% coupon) maturing on 15 October 2029, priced at 100.00 (original spread of 452 bp), callable (8nc3)
• Clearway Energy Operating LLC (Financial - Other | Princeton | Rating: BB): US$350m Senior Note (US18539UAE55), fixed rate (3.75% coupon) maturing on 15 January 2032, priced at 100.00 (original spread of 237 bp), callable (10nc5)
• Consensus Cloud Solutions Inc (Financial - Other | Los Angeles | Rating: B+): US$500m Senior Note (US20848VAB18), fixed rate (6.50% coupon) maturing on 15 October 2028, priced at 100.00 (original spread of 525 bp), callable (7nc5)
• Consensus Cloud Solutions Inc (Financial - Other | Los Angeles | Rating: B+): US$305m Senior Note (US20848VAA35), fixed rate (6.00% coupon) maturing on 15 October 2026, priced at 100.00 (original spread of 505 bp), callable (5nc2)
• Erste Group Bank AG (Banking | Wien, Wien, Austria | Rating: A): US$150m Inhaberschuldverschreibung (AT0000A2TKM0), fixed rate (1.51% coupon) maturing on 30 September 2026, priced at 100.00, non callable
• NATWEST MARKETS PLC (Banking | Edinburgh, United Kingdom | Rating: A-): US$300m Senior Note (US63906YAE86), floating rate (SOFR + 76.0 bp) maturing on 29 September 2026, priced at 100.00, non callable
• NATWEST MARKETS PLC (Banking | Edinburgh, United Kingdom | Rating: A-): US$1,000m Senior Note (US63906YAD04), fixed rate (1.60% coupon) maturing on 29 September 2026, priced at 99.98 (original spread of 65 bp), non callable
• Sberbank Rossii PAO (Banking | Moscow, Moscow, Russia | Rating: BBB): US$990m Bond (RU000A103QW8) zero coupon maturing on 14 November 2031, priced at 100.00, non callable

EUR BOND ISSUES

• Altice France SA (Telecommunications | Saint-Denis, Ile-De-France, Luxembourg | Rating: B): €800m Note (XS2390217276), fixed rate (4.25% coupon) maturing on 15 October 2029, priced at 100.00 (original spread of 464 bp), callable (8nc3)
• Deutsche Bank AG (Banking | Frankfurt, Hessen, Germany | Rating: AAA): €1,250m Hypothekenpfandbrief (Covered Bond) (DE000DL19V89), floating rate (EU03MLIB + 90.0 bp) maturing on 27 September 2027, priced at 105.38, 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
• RRE 8 Loan Management DAC (Financial - Other | Dublin, Dublin, Ireland | Rating: AAA): €303m Bond (XS2379452639), floating rate maturing on 15 October 2036, priced at 100.00, non callable
• UniCredit SpA (Banking | Milan, Milano, Italy | Rating: BBB-): €250m Senior Note (XS2390849664), floating rate maturing on 22 October 2031, priced at 100.00, non callable

NEW LOANS

• Pool Corp, signed a US$ 750m Revolving Credit Facility and a US$ 250m Delayed Draw Term Loan maturing on 09/27/26 , to be used for general corporate purposes.
• F W Webb Company, signed a US$ 400m Revolving Credit Facility, to be used for general corporate purposes. It matures on 09/30/26 and initial pricing is set at LIBOR +150bps
• EPR Properties (BBB-), signed a US$ 1,000m Revolving Credit Facility, to be used for general corporate purposes. It matures on 10/07/25 and initial pricing is set at LIBOR +120bps

NEW ISSUES IN SECURITIZED CREDIT

• Bumper Be issued a floating-rate ABS backed by auto receivables in 2 tranches, for a total of € 628 m. Highest-rated tranche offering a spread over the floating rate of 35bp, and the lowest-rated tranche a spread of 85bp. Bookrunners: BNP Paribas SA, ING