QUICK SUMMARY

• S&P 500 Bond Index was down -0.85% today, with investment grade down -0.88% and high yield down -0.61% (YTD total return: -6.47%)
• The iBoxx USD Liquid Investment Grade Total Return Index was down -1.060% today (Month-to-date: -2.14%; Year-to-date: -7.98%)
• The iBoxx USD Liquid High Yield Total Return Index was down -0.395% today (Month-to-date: -1.55%; Year-to-date: -5.02%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst up 6.0 bp, now at 147.0 bp (YTD change: +52.0 bp)
• ICE BofA US High Yield Index spread to worst down -1.0 bp, now at 424.0 bp (YTD change: +94.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index down -0.40% today (YTD total return: -1.3%)

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA up by 3 bp at 82 bp
• AA up by 5 bp at 95 bp
• A up by 6 bp at 122 bp
• BBB up by 6 bp at 181 bp
• BB unchanged at 297 bp
• B up by 2 bp at 439 bp
• CCC up by 2 bp at 803 bp

CDS INDICES (mid-spreads)

• Markit CDX.NA.IG 5Y down 1.6 bp, now at 76bp (YTD change: +26.8bp)
• Markit CDX.NA.IG 10Y down 1.5 bp, now at 111bp (YTD change: +22.0bp)
• Markit CDX.NA.HY 5Y down 8.7 bp, now at 403bp (YTD change: +110.6bp)
• Markit iTRAXX Europe 5Y down 3.0 bp, now at 85bp (YTD change: +36.9bp)
• Markit iTRAXX Europe Crossover 5Y down 16.9 bp, now at 392bp (YTD change: +149.4bp)
• Markit iTRAXX Japan 5Y down 1.2 bp, now at 73bp (YTD change: +27.0bp)
• Markit iTRAXX Asia Ex-Japan 5Y down 1.4 bp, now at 122bp (YTD change: +42.6bp)

SELECTED RECENT USD BOND ISSUES

• Avista Corp (Utility - Other | Spokane, Washington, United States | Rating: BBB): US$400m First Mortgage Bond (US05379BAR87), fixed rate (4.00% coupon) maturing on 1 April 2052, priced at 99.96 (original spread of 205 bp), callable (30nc30)
• Commonwealth Edison Co (Utility - Other | Chicago, Illinois, United States | Rating: A): US$450m First Mortgage Bond (US202795JV39), fixed rate (3.85% coupon) maturing on 15 March 2052, priced at 99.82 (original spread of 187 bp), callable (30nc30)
• Commonwealth Edison Co (Utility - Other | Chicago, Illinois, United States | Rating: A): US$300m First Mortgage Bond (US202795JW12), fixed rate (3.15% coupon) maturing on 15 March 2032, priced at 99.87 (original spread of 131 bp), callable (10nc10)
• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, New Jersey, United States | Rating: AA+): US$225m Bond (US3133ENRN21), fixed rate (3.54% coupon) maturing on 16 March 2037, priced at 100.00 (original spread of 246 bp), callable (15nc1)
• Federal Home Loan Banks (Agency | Washington, Washington Dc, United States | Rating: NR): US$250m Bond (US3130ARBW05), fixed rate (2.75% coupon) maturing on 25 March 2027, priced at 100.00 (original spread of 232 bp), callable (5nc1m)
• Federal Home Loan Mortgage Corp (Agency | Mc Lean, United States | Rating: NR): US$125m Unsecured Note (US3134GXNG52), fixed rate (2.35% coupon) maturing on 25 March 2025, priced at 100.00, callable (3nc6m)
• Southern California Gas Co (Gas Utility - Local Distrib | Los Angeles, United States | Rating: A): US$700m Senior Note (US842434CW01), fixed rate (2.95% coupon) maturing on 15 April 2027, priced at 99.53 (original spread of 125 bp), callable (5nc5)
• The Howard University (Service - Other | Washington, United States | Rating: NR): US$300m Bond (US442851BH38), fixed rate (5.21% coupon) maturing on 1 October 2052, priced at 100.00 (original spread of 295 bp), callable (31nc11)
• Travere Therapeutics Inc (Pharmaceuticals | San Diego, California, United States | Rating: NR): US$250m Bond (US89422GAA58), fixed rate (1.75% coupon) maturing on 1 March 2029, priced at 100.00, non callable, convertible
• Asian Development Bank (Supranational | Mandaluyong, Philippines | Rating: AAA): US$1,500m Senior Note (US045167FL20), fixed rate (1.88% coupon) maturing on 15 March 2029, priced at 99.44 (original spread of 14 bp), non callable
• Asian Development Bank (Supranational | Mandaluyong, Philippines | Rating: AAA): US$2,250m Senior Note (US045167FK47), fixed rate (1.63% coupon) maturing on 15 March 2024, priced at 99.87 (original spread of 11 bp), non callable
• Nomura International Funding Pte Ltd (Financial - Other | Japan | Rating: NR): US$250m Unsecured Note (XS2217933824), floating rate maturing on 20 December 2026, priced at 100.00, non callable
• Nomura International Funding Pte Ltd (Financial - Other | Japan | Rating: NR): US$3,000m Unsecured Note (XS2217934806), floating rate maturing on 20 June 2027, priced at 100.00, non callable

NEW LOANS

• Sumitomo Corp (BBB+) signed a US$ 1,060m Revolving Credit Facility, to be used for general corporate purposes. It matures on 03/23/24 and initial pricing is set at Term SOFR +50bp
• SPX FLOW Inc (CCC+), signed a US$ 1,540m Term Loan B, to be used for a leveraged buyout. It matures on 03/17/29 and initial pricing is set at Term SOFR +450bp
• Cornerstone Bldg Brands Inc (B-), signed a US$ 1,675m Bridge Loan, to be used for a leveraged buyout.
• Ardagh Metal Beverage USA Inc, signed a US$ 500m Revolving Credit Facility, to be used for general corporate purposes and working capital. It matures on 03/31/27 and initial pricing is set at Term SOFR +125bp
• Comunidad Autonoma de Madrid (A-), signed a € 300m Term Loan, to be used for general corporate purposes.