QUICK SUMMARY

• S&P 500 Bond Index was down -0.51% today, with investment grade down -0.54% and high yield down -0.25% (YTD total return: -1.15%)
• The iBoxx USD Liquid Investment Grade Total Return Index was down -0.693% today (Month-to-date: -0.82%; Year-to-date: -2.25%)
• The iBoxx USD Liquid High Yield Total Return Index was down -0.152% today (Month-to-date: 0.12%; Year-to-date: 3.52%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst unchanged at 88.0 bp (YTD change: -10.0 bp)
• ICE BofA US High Yield Index spread to worst up 1.0 bp, now at 330.0 bp (YTD change: -60.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index down -0.03% today (YTD total return: +3.4%)

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA up by 1 bp at 52 bp
• AA unchanged at 57 bp
• A unchanged at 73 bp
• BBB unchanged at 112 bp
• BB up by 2 bp at 212 bp
• B unchanged at 357 bp
• CCC up by 1 bp at 650 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y unchanged at 90bp (YTD change: -0.1bp)
• Markit CDX.NA.HY 5Y down 0.7 bp, now at 294bp (YTD change: +0.9bp)
• Markit iTRAXX Europe up 0.1 bp, now at 49bp (YTD change: +1.0bp)
• Markit iTRAXX Japan down 0.1 bp, now at 47bp (YTD change: -4.5bp)
• Markit iTRAXX Asia Ex-Japan up 0.1 bp, now at 89bp (YTD change: +30.7bp)

TOP BONDS MOVES IN THE PAST WEEK - USD HY

• Issuer: Rail Capital Markets PLC (London, United Kingdom) | Coupon: 7.88% | Maturity: 15/7/2026 | Rating: B | ISIN: XS2365120885 | Z-spread up by 49.2 bp to 702.6 bp, with the yield to worst at 8.0% and the bond now trading down to 98.0 cents on the dollar (1Y price range: 98.0-103.4).
• Issuer: Metinvest BV (S-GRAVENHAGE, Netherlands) | Coupon: 8.50% | Maturity: 23/4/2026 | Rating: B+ | ISIN: XS1806400708 | Z-spread up by 47.6 bp to 497.1 bp, with the yield to worst at 5.9% and the bond now trading down to 108.4 cents on the dollar (1Y price range: 105.0-115.1).
• Issuer: YPF SA (Buenos Aires, Argentina) | Coupon: 6.95% | Maturity: 21/7/2027 | Rating: CCC | ISIN: USP989MJBL47 | Z-spread up by 47.5 bp to 1,491.0 bp, with the yield to worst at 15.5% and the bond now trading down to 68.0 cents on the dollar (1Y price range: 56.6-76.3).
• Issuer: Royal Caribbean Cruises Ltd (Miami, Liberia) | Coupon: 4.25% | Maturity: 1/7/2026 | Rating: B | ISIN: USV7780TAF04 | Z-spread up by 40.0 bp to 360.1 bp (CDS basis: -47.4bp), with the yield to worst at 4.6% and the bond now trading down to 97.3 cents on the dollar (1Y price range: 94.1-100.9).
• Issuer: bijeo jgupi ss (Tbilisi, Georgia) | Coupon: 6.00% | Maturity: 26/7/2023 | Rating: BB- | ISIN: XS1405775880 | Z-spread up by 39.1 bp to 285.7 bp, with the yield to worst at 3.3% and the bond now trading down to 104.1 cents on the dollar (1Y price range: 104.1-106.5).
• Issuer: JSW Steel Ltd (Mumbai, India) | Coupon: 5.05% | Maturity: 5/4/2032 | Rating: BB- | ISIN: USY44680RW11 | Z-spread down by 42.0 bp to 361.7 bp, with the yield to worst at 5.2% and the bond now trading up to 97.7 cents on the dollar (1Y price range: 95.0-100.9).
• Issuer: Starwood Property Trust Inc (Greenwich, Connecticut (US)) | Coupon: 5.50% | Maturity: 1/11/2023 | Rating: B+ | ISIN: USU85656AE39 | Z-spread down by 55.6 bp to 148.6 bp, with the yield to worst at 1.9% and the bond now trading up to 105.6 cents on the dollar (1Y price range: 103.4-105.6).
• Issuer: Saka Energi Indonesia PT (Jakarta Selatan, Indonesia) | Coupon: 4.45% | Maturity: 5/5/2024 | Rating: B | ISIN: USY7140VAA80 | Z-spread down by 61.7 bp to 494.1 bp, with the yield to worst at 5.4% and the bond now trading up to 97.0 cents on the dollar (1Y price range: 81.5-98.8).
• Issuer: Bonitron DAC (DUBLIN, Ireland) | Coupon: 9.00% | Maturity: 22/10/2025 | Rating: B- | ISIN: XS2243344434 | Z-spread down by 63.9 bp to 653.9 bp, with the yield to worst at 7.3% and the bond now trading up to 104.8 cents on the dollar (1Y price range: 103.3-109.9).
• Issuer: Seazen Group Ltd (Shanghai, Cayman Islands) | Coupon: 6.00% | Maturity: 12/8/2024 | Rating: BB+ | ISIN: XS2215175634 | Z-spread down by 91.1 bp to 1,154.4 bp, with the yield to worst at 11.7% and the bond now trading up to 86.0 cents on the dollar (1Y price range: 66.0-105.8).
• Issuer: China Hongqiao Group Ltd (Binzhou, Cayman Islands) | Coupon: 6.25% | Maturity: 8/6/2024 | Rating: B+ | ISIN: XS2348238259 | Z-spread down by 121.8 bp to 711.9 bp, with the yield to worst at 7.4% and the bond now trading up to 96.3 cents on the dollar (1Y price range: 93.9-103.4).
• Issuer: Gemdale Ever Prosperity Investment Ltd (Hong Kong) | Coupon: 4.95% | Maturity: 12/8/2024 | Rating: BB- | ISIN: XS2357443410 | Z-spread down by 149.1 bp to 601.5 bp, with the yield to worst at 6.5% and the bond now trading up to 95.3 cents on the dollar (1Y price range: 88.3-102.0).
• Issuer: Vedanta Resources Finance II PLC (London, United Kingdom) | Coupon: 8.95% | Maturity: 11/3/2025 | Rating: B- | ISIN: USG9T27HAD62 | Z-spread down by 173.1 bp to 800.0 bp, with the yield to worst at 8.7% and the bond now trading up to 99.5 cents on the dollar (1Y price range: 93.5-102.4).
• Issuer: Hopson Development Holdings Ltd (Bermuda) | Coupon: 6.80% | Maturity: 28/12/2023 | Rating: B+ | ISIN: XS2353028298 | Z-spread down by 435.1 bp to 1,116.6 bp, with the yield to worst at 11.4% and the bond now trading up to 90.6 cents on the dollar (1Y price range: 83.6-99.9).

TOP BONDS MOVES IN THE PAST WEEK - EUR HY

• Issuer: Adler Real Estate AG (Berlin, Germany) | Coupon: 2.13% | Maturity: 6/2/2024 | Rating: BB- | ISIN: XS1731858715 | Z-spread up by 60.7 bp to 600.8 bp, with the yield to worst at 5.6% and the bond now trading down to 92.7 cents on the dollar (1Y price range: 86.6-102.1).
• Issuer: Telecom Italia Finance SA (Luxembourg, Luxembourg) | Coupon: 7.75% | Maturity: 24/1/2033 | Rating: BB | ISIN: XS0161100515 | Z-spread up by 38.6 bp to 351.0 bp (CDS basis: -63.6bp), with the yield to worst at 3.6% and the bond now trading down to 136.6 cents on the dollar (1Y price range: 136.6-149.5).
• Issuer: Telecom Italia SpA (Rome, Italy) | Coupon: 3.63% | Maturity: 25/5/2026 | Rating: BB | ISIN: XS1419869885 | Z-spread up by 23.7 bp to 224.5 bp (CDS basis: -48.4bp), with the yield to worst at 2.0% and the bond now trading down to 106.3 cents on the dollar (1Y price range: 106.1-111.3).
• Issuer: Petroleos Mexicanos (Miguel Hidalgo, Mexico) | Coupon: 3.75% | Maturity: 16/4/2026 | Rating: BB- | ISIN: XS1057659838 | Z-spread up by 20.9 bp to 380.1 bp (CDS basis: -93.5bp), with the yield to worst at 3.6% and the bond now trading down to 100.2 cents on the dollar (1Y price range: 95.9-103.3).
• Issuer: Saipem Finance International BV (Amsterdam, Netherlands) | Coupon: 2.63% | Maturity: 7/1/2025 | Rating: BB- | ISIN: XS1711584430 | Z-spread up by 17.1 bp to 251.7 bp (CDS basis: 37.0bp), with the yield to worst at 2.2% and the bond now trading down to 100.9 cents on the dollar (1Y price range: 100.8-104.4).
• Issuer: Teva Pharmaceutical Finance Netherlands II BV (Amsterdam, Netherlands) | Coupon: 1.13% | Maturity: 15/10/2024 | Rating: BB- | ISIN: XS1439749281 | Z-spread down by 15.7 bp to 291.6 bp, with the yield to worst at 2.5% and the bond now trading up to 95.6 cents on the dollar (1Y price range: 92.5-96.8).
• Issuer: Standard Industries Inc (Parsippany, New Jersey (US)) | Coupon: 2.25% | Maturity: 21/11/2026 | Rating: B+ | ISIN: XS2080766475 | Z-spread down by 16.7 bp to 289.2 bp, with the yield to worst at 2.7% and the bond now trading up to 97.3 cents on the dollar (1Y price range: 95.5-102.9).
• Issuer: Thyssenkrupp AG (Essen, Germany) | Coupon: 2.88% | Maturity: 22/2/2024 | Rating: B+ | ISIN: DE000A2TEDB8 | Z-spread down by 17.8 bp to 238.2 bp (CDS basis: -62.3bp), with the yield to worst at 1.9% and the bond now trading up to 101.6 cents on the dollar (1Y price range: 100.3-103.7).
• Issuer: Schaeffler AG (Herzogenaurach, Germany) | Coupon: 3.38% | Maturity: 12/10/2028 | Rating: BB+ | ISIN: DE000A3H2TA0 | Z-spread down by 18.7 bp to 156.4 bp, with the yield to worst at 1.4% and the bond now trading up to 111.3 cents on the dollar (1Y price range: 108.0-114.1).
• Issuer: Orano SA (Chatillon, France) | Coupon: 2.75% | Maturity: 8/3/2028 | Rating: BB+ | ISIN: FR0013533031 | Z-spread down by 22.8 bp to 204.8 bp, with the yield to worst at 1.9% and the bond now trading up to 104.0 cents on the dollar (1Y price range: 102.8-106.0).

SELECTED RECENT USD BOND ISSUES

• Ameren Corp (Utility - Other | St. Louis, United States | Rating: BBB+): US$500m Senior Note (US023608AL60), fixed rate (1.95% coupon) maturing on 15 March 2027, priced at 99.98 (original spread of 70 bp), callable (5nc5)
• Blackstone Private Credit Fund (Financial - Other | New York City, United States | Rating: BBB-): US$1,000m Senior Note (USU0926HAH31), fixed rate (3.25% coupon) maturing on 15 March 2027, priced at 99.70 (original spread of 205 bp), callable (5nc5)
• Blackstone Private Credit Fund (Financial - Other | New York City, United States | Rating: BBB-): US$500m Senior Note (USU0926HAG57), fixed rate (2.35% coupon) maturing on 22 November 2024, priced at 99.93 (original spread of 150 bp), with a make whole call
• Compass Group Diversified Holdings LLC (Electronics | Westport, Connecticut, United States | Rating: B+): US$300m Senior Note (US20451RAC60), fixed rate (5.00% coupon) maturing on 15 January 2032, priced at 100.00 (original spread of 341 bp), callable (10nc5)
• Dana Inc (Vehicle Parts | Maumee, United States | Rating: BB): US$350m Senior Note (US235825AJ53), fixed rate (4.50% coupon) maturing on 15 February 2032, priced at 100.00 (original spread of 288 bp), callable (10nc5)
• DigitalOcean Holdings Inc (Information/Data Technology | New York City, United States | Rating: NR): US$900m Bond (US25402DAA00), fixed rate (0.25% coupon) maturing on 1 December 2026, priced at 100.00, non callable, convertible
• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, United States | Rating: AA+): US$1,000m Bond (US3133ENEJ55), fixed rate (0.88% coupon) maturing on 18 November 2024, priced at 100.00, non callable
• Federal Home Loan Banks (Agency | Washington, United States | Rating: NR): US$300m Bond (US3130APXH34), fixed rate (0.80% coupon) maturing on 27 November 2023, priced at 100.00 (original spread of 73 bp), callable (2nc1m)
• Healthpeak Properties Inc (Real Estate Investment Trust | Denver, United States | Rating: BBB+): US$500m Senior Note (US42250PAD50), fixed rate (2.13% coupon) maturing on 1 December 2028, priced at 99.40 (original spread of 73 bp), callable (7nc7)
• Marathon Digital Holdings Inc (Information/Data Technology | Las Vegas, United States | Rating: NR): US$500m Bond (US565788AA40), fixed rate (1.00% coupon) maturing on 1 December 2026, priced at 100.00, non callable, convertible
• Moody's Corp (Service - Other | New York City, United States | Rating: BBB+): US$500m Senior Note (US615369AX35), fixed rate (3.10% coupon) maturing on 29 November 2061, priced at 98.64 (original spread of 145 bp), callable (40nc40)
• State Street Corp (Financial - Other | Boston, United States | Rating: A): US$500m Senior Note (US857477BQ55), floating rate maturing on 18 November 2027, priced at 100.00 (original spread of 42 bp), callable (6nc5)
• Travel + Leisure Co (Lodging | Orlando, Florida, United States | Rating: BB-): US$650m Note (US894164AA06), fixed rate (4.50% coupon) maturing on 1 December 2029, priced at 100.00 (original spread of 300 bp), callable (8nc8)
• United Wholesale Mortgage LLC (Financial - Other | Pontiac, United States | Rating: NR): US$500m Senior Note (US913229AC47), fixed rate (5.75% coupon) maturing on 15 June 2027, priced at 100.00 (original spread of 443 bp), callable (6nc3)
• Canacol Energy Ltd (Oil and Gas | Calgary, Canada | Rating: BB-): US$500m Senior Note (US134808AD63), fixed rate (5.75% coupon) maturing on 24 November 2028, priced at 100.00, with a make whole call
• Chubb INA Holdings Inc (Property and Casualty Insurance | Philadelphia, Switzerland | Rating: A): US$1,000m Senior Note (US171239AJ50), fixed rate (3.05% coupon) maturing on 15 December 2061, priced at 99.45 (original spread of 131 bp), callable (40nc40)
• Chubb INA Holdings Inc (Property and Casualty Insurance | Philadelphia, Switzerland | Rating: A): US$600m Senior Note (US171239AH94), fixed rate (2.85% coupon) maturing on 15 December 2051, priced at 99.92 (original spread of 107 bp), callable (30nc30)
• HSBC Holdings PLC (Banking | London, United Kingdom | Rating: A-): US$2,500m Senior Note (US404280CX53), floating rate maturing on 22 November 2027, priced at 100.00, callable (6nc5)
• HSBC Holdings PLC (Banking | London, United Kingdom | Rating: A-): US$1,250m Senior Note (US404280CW70), floating rate maturing on 22 November 2024, priced at 100.00, callable (3nc2)
• HSBC Holdings PLC (Banking | London, United Kingdom | Rating: A-): US$1,750m Senior Note (US404280CY37), floating rate maturing on 22 November 2032, priced at 100.00 (original spread of 125 bp), callable (11nc10)
• NXP BV (Electronics | Eindhoven, Netherlands | Rating: BBB): US$1,000m Senior Note (US62954HAH12), fixed rate (2.65% coupon) maturing on 15 February 2032, priced at 99.75 (original spread of 105 bp), callable (10nc10)
• NXP BV (Electronics | Eindhoven, Netherlands | Rating: BBB): US$500m Senior Note (US62954HAK41), fixed rate (3.13% coupon) maturing on 15 February 2042, priced at 98.91 (original spread of 142 bp), callable (20nc20)
• NXP BV (Electronics | Eindhoven, Netherlands | Rating: BBB): US$500m Senior Note (US62954HAM07), fixed rate (3.25% coupon) maturing on 30 November 2051, priced at 98.77 (original spread of 153 bp), callable (30nc30)
• Yuanta Securities Korea Co Ltd (Securities | Seoul, Seoul, Taiwan | Rating: NR): US$915m Index Linked Security (KR6YT0000KN0) zero coupon maturing on 8 November 2024, priced at 100.00, non callable

SELECTED RECENT EUR BOND ISSUES

• Allianz Finance II BV (Financial - Other | Amsterdam, Noord-Holland, Germany | Rating: NR): €700m Senior Note (DE000A3KY342) zero coupon maturing on 22 November 2026, priced at 99.85 (original spread of 58 bp), callable (5nc5)
• Allianz Finance II BV (Financial - Other | Amsterdam, Germany | Rating: NR): €500m Senior Note (DE000A3KY359), fixed rate (0.50% coupon) maturing on 22 November 2033, priced at 98.59 (original spread of 87 bp), callable (12nc12)
• Allianz Finance II BV (Financial - Other | Amsterdam, Noord-Holland, Germany | Rating: NR): €300m Senior Note (DE000A3KY367), floating rate (EU03MLIB + 100.0 bp) maturing on 22 November 2024, priced at 102.76, callable (3nc3)
• Bayerische Landesbank (Banking | Muenchen, Germany | Rating: NR): €500m Subordinated Note (XS2411178630), fixed rate (1.38% coupon) maturing on 22 November 2032, priced at 99.97 (original spread of 188 bp), callable (11nc6)
• Bng Bank NV (Agency | S-Gravenhage, Netherlands | Rating: AAA): €1,500m Senior Note (XS2408981103), fixed rate (0.25% coupon) maturing on 22 November 2036, priced at 98.45 (original spread of 48 bp), non callable
• Citadele Banka AS (Banking | Riga | Rating: NR): €200m Note (XS2393742122), floating rate maturing on 22 November 2026, priced at 99.62 (original spread of 236 bp), callable (5nc4)
• Fluvius System Operator CVBA (Utility - Other | Melle, Belgium | Rating: NR): €600m Bond (BE0002831122), fixed rate (0.63% coupon) maturing on 24 November 2031, priced at 99.32 (original spread of 94 bp), callable (10nc10)
• LEG Immobilien SE (Home Builders | Dusseldorf, Nordrhein-Westfalen, Germany | Rating: BBB+): €500m Senior Note (DE000A3MQMD2), fixed rate (1.00% coupon) maturing on 19 November 2032, priced at 98.64 (original spread of 138 bp), callable (11nc11)

NEW ISSUES IN SECURITIZED CREDIT

• DBGS 2021-W52 Mortgage Trust issued a floating-rate CMBS in 6 tranches, for a total of US$ 402 m. Highest-rated tranche offering a spread over the floating rate of 140bp, and the lowest-rated tranche a spread of 415bp. Bookrunners: Goldman Sachs & Co, Deutsche Bank Securities Inc
• Pretium Trust 2021-Rn4 issued a fixed-rate RMBS in 2 tranches, for a total of US$ 359 m. Highest-rated tranche offering a yield to maturity of 2.49%, and the lowest-rated tranche a yield to maturity of 5.19%. Bookrunners: Credit Suisse
• Star 2021-5 issued a fixed-rate RMBS in 6 tranches, for a total of US$ 410 m. Highest-rated tranche offering a yield to maturity of 1.92%, and the lowest-rated tranche a yield to maturity of 4.09%. Bookrunners: Credit Suisse, Morgan Stanley International Ltd, Deutsche Bank Securities Inc
• Ready Capital Mortgage Financing 2021-Fl7 LLC issued a floating-rate CLO in 6 tranches, for a total of US$ 753 m. Highest-rated tranche offering a spread over the floating rate of 120bp, and the lowest-rated tranche a spread of 340bp. Bookrunners: Credit Suisse, JP Morgan & Co Inc, Deutsche Bank Securities Inc
• PBD Germany Auto Lease Master SA issued a floating-rate ABS backed by auto receivables in 7 tranches, for a total of € 690 m. Highest-rated tranche offering a spread over the floating rate of 45bp, and the lowest-rated tranche a spread of 450bp. Bookrunners: Santander Investment Securities Inc, UniCredit Group
• Nassau Euro CLO I Designated Activity Company issued a floating-rate CLO in 7 tranches, for a total of € 373 m. Highest-rated tranche offering a spread over the floating rate of 105bp, and the lowest-rated tranche a spread of 939bp. Bookrunners: Barclays Capital Group