DAILY SUMMARY

• S&P 500 Bond Index was up 0.27% today, with investment grade up 0.24% and high yield up 0.52% (YTD total return: -10.69%)
• The iBoxx USD Liquid Investment Grade Total Return Index was up 0.231% today (Month-to-date: 1.82%; Year-to-date: -12.85%)
• The iBoxx USD Liquid High Yield Total Return Index was up 0.741% today (Month-to-date: 1.14%; Year-to-date: -7.10%)
• ICE BofA US Corporate Index (Investment Grade) spread to worst down -2.0 bp, now at 140.0 bp (YTD change: +45.0 bp)
• ICE BofA US High Yield Index spread to worst down -17.0 bp, now at 434.0 bp (YTD change: +104.0 bp)
• S&P/LSTA U.S. Leveraged Loan 100 Index up 0.54% today (YTD total return: -3.2%)

US CORPORATE OPTION-ADJUSTED SPREAD (OAS) BY RATING

• AAA down by -2 bp at 63 bp
• AA down by -2 bp at 83 bp
• A down by -2 bp at 114 bp
• BBB down by -3 bp at 175 bp
• BB down by -14 bp at 274 bp
• B down by -23 bp at 468 bp
• CCC down by -27 bp at 978 bp

CDS INDICES TODAY (mid-spreads)

• Markit CDX.NA.IG 5Y down 2.4 bp, now at 79bp (YTD change: +29.6bp)
• Markit CDX.NA.IG 10Y down 2.1 bp, now at 115bp (YTD change: +25.6bp)
• Markit CDX.NA.HY 5Y down 9.2 bp, now at 457bp (YTD change: +164.8bp)
• Markit iTRAXX Europe 5Y down 2.2 bp, now at 87bp (YTD change: +38.9bp)
• Markit iTRAXX Europe Crossover 5Y down 8.4 bp, now at 430bp (YTD change: +188.0bp)
• Markit iTRAXX Japan 5Y down 1.4 bp, now at 69bp (YTD change: +22.7bp)
• Markit iTRAXX Asia Ex-Japan 5Y down 1.7 bp, now at 116bp (YTD change: +36.6bp)

5Y USD CDS SINGLE NAMES - LARGEST MOVES OVER THE PAST WEEK

• Transocean Inc (Country: KY; rated: Caa3): down 467.2 bp to 1,643.9bp (1Y range: 941-1,784bp)
• Staples Inc (Country: US; rated: B3): down 399.7 bp to 1,623.4bp (1Y range: 768-1,842bp)
• Macy's Inc (Country: US; rated: Ba1): down 196.7 bp to 392.8bp (1Y range: 181-565bp)
• DISH DBS Corp (Country: US; rated: B2): down 165.4 bp to 1,045.8bp (1Y range: 317-1,205bp)
• Nordstrom Inc (Country: US; rated: Ba1): down 158.6 bp to 375.5bp (1Y range: 211-509bp)
• American Airlines Group Inc (Country: US; rated: B2): down 158.1 bp to 1,113.2bp (1Y range: 596-1,343bp)
• Bombardier Inc (Country: CA; rated: Caa1): down 136.6 bp to 819.3bp (1Y range: 395-937bp)
• Nabors Industries Inc (Country: US; rated: B3): down 126.9 bp to 643.5bp (1Y range: 489-1,096bp)
• Realogy Group LLC (Country: US; rated: WR): down 101.9 bp to 665.0bp (1Y range: 278-758bp)
• Talen Energy Supply LLC (Country: US; rated: CCC-): down 100.0 bp to 4,625.0bp (1Y range: 1,007-13,972bp)
• Goodyear Tire & Rubber Co (Country: US; rated: WR): down 97.2 bp to 410.2bp (1Y range: 188-524bp)
• Pitney Bowes Inc (Country: US; rated: B1): down 91.7 bp to 815.4bp (1Y range: 363-842bp)
• Carnival Corp (Country: US; rated: LGD5 - 72%): down 89.5 bp to 694.4bp (1Y range: 291-857bp)

5Y EURO CDS SINGLE NAMES - LARGEST MOVES OVER THE PAST WEEK

• Boparan Finance PLC (Country: GB; rated: Caa1): down 209.1 bp to 1,892.8bp (1Y range: 863-2,690bp)
• Novafives SAS (Country: FR; rated: Caa1): down 149.1 bp to 1,163.6bp (1Y range: 618-1,395bp)
• Iceland Bondco PLC (Country: GB; rated: LGD3 - 46%): down 99.7 bp to 980.1bp (1Y range: 418-1,092bp)
• Casino Guichard Perrachon SA (Country: FR; rated: WR): down 64.8 bp to 1,168.7bp (1Y range: 464-1,452bp)
• Jaguar Land Rover Automotive PLC (Country: GB; rated: WD): down 58.4 bp to 711.4bp (1Y range: 339-797bp)
• Marks and Spencer PLC (Country: GB; rated: Ba1): down 54.2 bp to 350.3bp (1Y range: 139-405bp)
• Premier Foods Finance PLC (Country: GB; rated: B1): down 51.5 bp to 349.9bp (1Y range: 154-409bp)
• Telecom Italia SpA (Country: IT; rated: LGD4 - 53%): down 46.8 bp to 402.0bp (1Y range: 149-440bp)
• Altice Finco SA (Country: LU; rated: Caa1): down 42.8 bp to 602.9bp (1Y range: 333-649bp)
• Fortum Oyj (Country: FI; rated: baa3): down 39.4 bp to 178.3bp (1Y range: 40-252bp)
• CMA CGM SA (Country: FR; rated: Ba2): down 37.6 bp to 411.8bp (1Y range: 259-496bp)
• ThyssenKrupp AG (Country: DE; rated: B1): down 33.4 bp to 368.3bp (1Y range: 205-445bp)
• British Telecommunications PLC (Country: GB; rated: BB+): down 33.1 bp to 100.8bp (1Y range: 63-135bp)
• Glencore International AG (Country: CH; rated: WR): down 32.6 bp to 168.6bp (1Y range: 109-211bp)
• Air France KLM SA (Country: FR; rated: B-): down 32.1 bp to 561.8bp (1Y range: 386-652bp)

TOP BONDS MOVES IN THE PAST WEEK - USD HY

• Issuer: Wynn Las Vegas LLC (Las Vegas, Nevada (US)) | Coupon: 5.50% | Maturity: 1/3/2025 | Rating: B | ISIN: USU98347AK05 | Z-spread down by 78.9 bp to 417.1 bp, with the yield to worst at 6.6% and the bond now trading up to 96.3 cents on the dollar (1Y price range: 93.5-103.5).
• Issuer: HanesBrands Inc (Winston-Salem, North Carolina (US)) | Coupon: 4.63% | Maturity: 15/5/2024 | Rating: BB- | ISIN: USU24437AD43 | Z-spread down by 84.5 bp to 190.3 bp, with the yield to worst at 4.2% and the bond now trading up to 99.8 cents on the dollar (1Y price range: 97.5-104.5).
• Issuer: Nextera Energy Operating Partners LP (Juno Beach, Florida (US)) | Coupon: 4.50% | Maturity: 15/9/2027 | Rating: BB | ISIN: USU6500TAB18 | Z-spread down by 98.0 bp to 228.7 bp, with the yield to worst at 4.9% and the bond now trading up to 97.3 cents on the dollar (1Y price range: 92.5-107.8).
• Issuer: Enact Holdings Inc (Raleigh, North Carolina (US)) | Coupon: 6.50% | Maturity: 15/8/2025 | Rating: BB | ISIN: USU3230LAA45 | Z-spread down by 98.9 bp to 328.0 bp (CDS basis: -25.8bp), with the yield to worst at 6.0% and the bond now trading up to 100.8 cents on the dollar (1Y price range: 97.5-109.5).
• Issuer: NCL Corporation Ltd (Miami, Bermuda) | Coupon: 5.88% | Maturity: 15/3/2026 | Rating: CCC+ | ISIN: USG6436QAL08 | Z-spread down by 101.8 bp to 675.2 bp, with the yield to worst at 9.2% and the bond now trading up to 88.5 cents on the dollar (1Y price range: 84.3-100.0).
• Issuer: Block Inc (San Francisco, California (US)) | Coupon: 2.75% | Maturity: 1/6/2026 | Rating: BB | ISIN: USU85223AA03 | Z-spread down by 102.4 bp to 199.3 bp, with the yield to worst at 4.5% and the bond now trading up to 92.6 cents on the dollar (1Y price range: 88.3-100.5).
• Issuer: American Airlines Group Inc (Fort Worth, Texas (US)) | Coupon: 3.75% | Maturity: 1/3/2025 | Rating: CCC | ISIN: USU0242AAD47 | Z-spread down by 107.9 bp to 588.2 bp (CDS basis: 404.3bp), with the yield to worst at 8.4% and the bond now trading up to 88.5 cents on the dollar (1Y price range: 83.5-95.6).
• Issuer: EQM Midstream Partners LP (Pittsburgh, Pennsylvania (US)) | Coupon: 6.50% | Maturity: 1/7/2027 | Rating: BB- | ISIN: USU26886AB46 | Z-spread down by 109.3 bp to 336.0 bp, with the yield to worst at 6.0% and the bond now trading up to 101.1 cents on the dollar (1Y price range: 95.8-112.0).
• Issuer: Rockies Express Pipeline LLC (Leawood, Kansas (US)) | Coupon: 3.60% | Maturity: 15/5/2025 | Rating: BB | ISIN: USU75111AK72 | Z-spread down by 111.8 bp to 263.0 bp, with the yield to worst at 5.1% and the bond now trading up to 95.0 cents on the dollar (1Y price range: 91.8-103.0).
• Issuer: Wynn Resorts Finance LLC (Las Vegas, Nevada (US)) | Coupon: 5.13% | Maturity: 1/10/2029 | Rating: B | ISIN: USU98354AA80 | Z-spread down by 113.9 bp to 451.0 bp, with the yield to worst at 7.1% and the bond now trading up to 87.8 cents on the dollar (1Y price range: 81.5-102.3).
• Issuer: ZF North America Capital Inc (Northville, Michigan (US)) | Coupon: 4.75% | Maturity: 29/4/2025 | Rating: BB+ | ISIN: USU98737AC03 | Z-spread down by 117.1 bp to 275.8 bp, with the yield to worst at 5.1% and the bond now trading up to 98.0 cents on the dollar (1Y price range: 94.8-107.1).
• Issuer: Goodyear Tire & Rubber Co (Akron, Ohio (US)) | Coupon: 5.25% | Maturity: 15/7/2031 | Rating: B | ISIN: USU38255AP71 | Z-spread down by 136.4 bp to 375.4 bp (CDS basis: 123.4bp), with the yield to worst at 6.5% and the bond now trading up to 91.0 cents on the dollar (1Y price range: 82.0-108.0).

TOP BONDS MOVES IN THE PAST WEEK - EUR HY

• Issuer: UPL Corporation Ltd (Port Louis, Mauritius) | Coupon: 4.50% | Maturity: 8/3/2028 | Rating: BB+ | ISIN: XS1789391148 | Z-spread up by 118.0 bp to 350.5 bp, with the yield to worst at 6.1% and the bond now trading down to 91.9 cents on the dollar (1Y price range: 91.3-105.4).
• Issuer: FMG Resources (August 2006) Pty Ltd (Australia) | Coupon: 4.38% | Maturity: 1/4/2031 | Rating: BB+ | ISIN: USQ3919KAN11 | Z-spread up by 103.7 bp to 321.8 bp, with the yield to worst at 5.9% and the bond now trading down to 88.8 cents on the dollar (1Y price range: 83.9-104.8).
• Issuer: Immobiliare Grande Distribuzione SIIQ SpA (Bologna, Italy) | Coupon: 2.13% | Maturity: 28/11/2024 | Rating: BB+ | ISIN: XS2084425466 | Z-spread up by 100.9 bp to 293.9 bp, with the yield to worst at 3.4% and the bond now trading down to 95.6 cents on the dollar (1Y price range: 95.4-101.4).
• Issuer: Ford Motor Credit Company LLC (Dearborn, Michigan (US)) | Coupon: 3.02% | Maturity: 6/3/2024 | Rating: BB | ISIN: XS1959498160 | Z-spread down by 56.4 bp to 247.2 bp (CDS basis: -28.4bp), with the yield to worst at 2.8% and the bond now trading up to 99.5 cents on the dollar (1Y price range: 96.9-104.5).
• Issuer: Saipem Finance International BV (Amsterdam, Netherlands) | Coupon: 2.63% | Maturity: 7/1/2025 | Rating: B+ | ISIN: XS1711584430 | Z-spread down by 66.8 bp to 536.1 bp (CDS basis: 63.2bp), with the yield to worst at 6.3% and the bond now trading up to 91.1 cents on the dollar (1Y price range: 73.9-101.2).
• Issuer: Iliad SA (Paris, France) | Coupon: 0.75% | Maturity: 11/2/2024 | Rating: BB | ISIN: FR0014001YE4 | Z-spread down by 68.5 bp to 232.9 bp, with the yield to worst at 2.9% and the bond now trading up to 96.1 cents on the dollar (1Y price range: 92.9-99.3).
• Issuer: Bper Banca SpA (Modena, Italy) | Coupon: 1.88% | Maturity: 7/7/2025 | Rating: BB- | ISIN: XS2190502323 | Z-spread down by 69.9 bp to 201.3 bp, with the yield to worst at 3.0% and the bond now trading up to 96.2 cents on the dollar (1Y price range: 95.5-101.9).
• Issuer: Adient Global Holdings Ltd (Saint Helier, Jersey) | Coupon: 3.50% | Maturity: 15/8/2024 | Rating: B- | ISIN: XS1468662801 | Z-spread down by 70.3 bp to 588.3 bp, with the yield to worst at 6.7% and the bond now trading up to 93.4 cents on the dollar (1Y price range: 89.5-101.5).
• Issuer: Teva Pharmaceutical Finance Netherlands II BV (Amsterdam, Netherlands) | Coupon: 1.13% | Maturity: 15/10/2024 | Rating: BB- | ISIN: XS1439749281 | Z-spread down by 90.2 bp to 297.2 bp, with the yield to worst at 3.8% and the bond now trading up to 93.6 cents on the dollar (1Y price range: 89.9-96.7).
• Issuer: Renault SA (Boulogne-Billancourt, France) | Coupon: 1.25% | Maturity: 24/6/2025 | Rating: BB | ISIN: FR0013428414 | Z-spread down by 90.9 bp to 341.7 bp (CDS basis: -55.2bp), with the yield to worst at 4.4% and the bond now trading up to 90.7 cents on the dollar (1Y price range: 88.5-98.6).
• Issuer: Telecom Italia SpA (Rome, Italy) | Coupon: 3.63% | Maturity: 19/1/2024 | Rating: BB- | ISIN: XS1347748607 | Z-spread down by 92.2 bp to 228.5 bp (CDS basis: -33.2bp), with the yield to worst at 3.0% and the bond now trading up to 100.9 cents on the dollar (1Y price range: 97.4-103.9).

SELECTED RECENT USD BOND ISSUES

• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, New Jersey, United States | Rating: AA+): US$125m Bond (US3133ENXV72), fixed rate (4.33% coupon) maturing on 2 June 2031, priced at 100.00 (original spread of 160 bp), callable (9nc1)
• Federal Farm Credit Banks Funding Corp (Agency | Jersey City, United States | Rating: AA+): US$700m Bond (US3133ENXZ86), floating rate (SOFR + 4.5 bp) maturing on 3 June 2024, priced at 100.00, non callable
• Southwestern Public Service Co (Utility - Other | Amarillo, Texas, United States | Rating: A-): US$200m First Mortgage Bond (US845743BW27), fixed rate (5.15% coupon) maturing on 1 June 2052, priced at 99.47 (original spread of 216 bp), callable (30nc30)
• Bank of Nova Scotia (Banking | Toronto, Canada | Rating: A): US$1,500m Covered Bond (Other) (US06418BAG32), fixed rate (3.19% coupon) maturing on 3 June 2025, priced at 100.00 (original spread of 56 bp), non callable
• CMHI Finance (BVI) Co Ltd (Financial - Other | China (Mainland) | Rating: NR): US$500m Senior Note (XS2477918846), fixed rate (4.00% coupon) maturing on 1 June 2027, priced at 99.97 (original spread of 130 bp), callable (5nc5)
• Chongqing Hechuan City Construction Investment Group Co Ltd (Financial - Other | Chongqing, Chongqing, China (Mainland) | Rating: BB): US$207m Senior Note (XS2470154779), fixed rate (6.00% coupon) maturing on 31 May 2025, priced at 100.00, non callable
• Credit Suisse Ag London Branch (Banking | London, Switzerland | Rating: NR): US$500m Unsecured Note (XS2472409346) zero coupon maturing on 12 June 2024, non callable
• Deutsche Bank AG (Banking | Frankfurt, Hessen, Germany | Rating: BBB+): US$500m Note (XS0459894969), fixed rate (3.30% coupon) maturing on 1 July 2025, priced at 100.00, non callable
• Industrial and Commercial Bank of China Ltd (Hong Kong Branch) (Banking | China (Mainland) | Rating: A+): US$1,200m Senior Note (XS2446005907), fixed rate (2.95% coupon) maturing on 1 June 2025, priced at 99.79 (original spread of 46 bp), non callable
• Industrial and Commercial Bank of China Ltd (Singapore Branch) (Banking | China (Mainland) | Rating: A+): US$600m Senior Note (XS2484328021), floating rate (SOFR + 75.0 bp) maturing on 1 June 2025, priced at 100.00, non callable
• Korea Development Bank (Agency | Seoul, Seoul, South Korea | Rating: AA-): US$300m Senior Note (XS2487342300), fixed rate (3.13% coupon) maturing on 7 June 2025, priced at 100.00 (original spread of 53 bp), non callable
• Nomura International Funding Pte Ltd (Financial - Other | Japan | Rating: NR): US$200m Unsecured Note (XS2430498068), floating rate maturing on 20 June 2027, priced at 100.00, non callable
• Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia III (Agency | Jakarta Utara, Indonesia | Rating: NR): US$1,500m Islamic Sukuk (Wakala bil istithmar) (US71567RAV87), fixed rate (4.70% coupon) maturing on 6 June 2032, priced at 100.00 (original spread of 193 bp), non callable
• Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia III (Agency | Jakarta Utara, Indonesia | Rating: NR): US$1,750m Islamic Sukuk (Wakala bil istithmar) (US71567PAU49), fixed rate (4.40% coupon) maturing on 6 June 2027, priced at 100.00 (original spread of 164 bp), non callable
• Santander UK PLC (Banking | London, Spain | Rating: A): US$1,000m Covered Bond (Other) (USG7809LAA29), fixed rate (3.21% coupon) maturing on 12 June 2026, priced at 100.00 (original spread of 56 bp), non callable
• Single Platform Investment Repackaging Entity SA (Financial - Other | Luxembourg, Netherlands | Rating: NR): US$270m Unsecured Note (XS2484084566) zero coupon maturing on 21 March 2052, priced at 36.99, non callable
• Zhangzhou City Transportation Development Group Co Ltd (Transportation - Other | Zhangzhou, China (Mainland) | Rating: BB+): US$500m Senior Note (XS2485520261), fixed rate (4.98% coupon) maturing on 1 June 2025, priced at 100.00, non callable

SELECTED RECENT EUR BOND ISSUES

• ABN Amro Bank NV (Banking | Amsterdam, Noord-Holland, Netherlands | Rating: BBB): €750m Note (XS2487054939), fixed rate (3.00% coupon) maturing on 1 June 2032, priced at 99.82 (original spread of 208 bp), non callable
• ABN Amro Bank NV (Banking | Amsterdam, Noord-Holland, Netherlands | Rating: BBB): €750m Note (XS2487054004), fixed rate (2.38% coupon) maturing on 1 June 2027, priced at 99.64 (original spread of 178 bp), non callable
• AXA SA (Life Insurance | Paris, Ile-De-France, France | Rating: A-): €1,250m Subordinated Note (XS2487052487), floating rate maturing on 10 March 2043, priced at 99.14 (original spread of 336 bp), callable (21nc10)
• Alcon Finance BV (Financial - Other | Amsterdam, Switzerland | Rating: BBB): €500m Senior Note (XS2486839298), fixed rate (2.38% coupon) maturing on 31 May 2028, priced at 99.48 (original spread of 170 bp), callable (6nc6)
• Allianz SE (Property and Casualty Insurance | Muenchen, Bayern, Germany | Rating: AAA): €1,250m Senior Note (DE000A30VJZ6), floating rate maturing on 5 July 2052, priced at 100.01 (original spread of 330 bp), non callable
• Aprr SA (Service - Other | Saint-Apollinaire, Bourgogne-Franche-Comte, France | Rating: A-): €500m Senior Note (FR001400AOL7), fixed rate (1.88% coupon) maturing on 3 January 2029, priced at 98.76 (original spread of 130 bp), callable (7nc6)
• Asb Finance Ltd (London Branch) (Financial - Other | London, Australia | Rating: NR): €500m Unsecured Note (XS2485814763) maturing on 3 June 2032, priced at 100.00, non callable
• Athora Netherlands NV (Property and Casualty Insurance | Amstelveen, Noord-Holland, Bermuda | Rating: BBB-): €500m Subordinated Note (XS2468390930), fixed rate (5.38% coupon) maturing on 31 August 2032, priced at 100.00 (original spread of 470 bp), callable (10nc5)
• Austria, Republic of (Government) (Sovereign | Wien, Wien, Austria | Rating: AA+): €4,000m Bundesanleihe (AT0000A2Y8G4), fixed rate (1.85% coupon) maturing on 23 May 2049, priced at 99.45 (original spread of 71 bp), non callable
• BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (Banking | Wien, Wien, Austria | Rating: A): €750m Mortgage Note (XS2487770104), fixed rate (1.25% coupon) maturing on 8 June 2026, non callable
• Bank Gospodarstwa Krajowego (Agency | Warsaw, Woj. Mazowieckie, Poland | Rating: A-): €500m Senior Note (XS2486282358), fixed rate (3.00% coupon) maturing on 30 May 2029, priced at 99.42 (original spread of 232 bp), non callable
• Barclays PLC (Banking | London, United Kingdom | Rating: BBB): €1,000m Senior Note (XS2487667276), fixed rate (2.89% coupon) maturing on 31 January 2027, priced at 100.00 (original spread of 236 bp), callable (5nc4)
• Bayerische Landesbodenkreditanstalt (Financial - Other | Muenchen, Germany | Rating: NR): €250m Inhaberschuldverschreibung (DE000A161RP2), fixed rate (1.88% coupon) maturing on 2 June 2042, priced at 98.98 (original spread of 79 bp), non callable
• Berlin, State of (Official and Muni | Berlin, Berlin, Germany | Rating: AAA): €650m Jumbo Landesschatzanweisung (DE000A3MQYK2), fixed rate (1.25% coupon) maturing on 1 June 2028, priced at 99.62 (original spread of 57 bp), non callable
• Blackstone Holdings Finance Co LLC (Financial - Other | New York City, New York, United States | Rating: A+): €500m Senior Note (XS2485132760), fixed rate (3.50% coupon) maturing on 1 June 2034, priced at 98.53 (original spread of 270 bp), with a make whole call
• Credit Agricole Home Loan SFH SA (Financial - Other | Montrouge, Ile-De-France, France | Rating: AAA): €1,000m Obligation de Financement de l'Habitat (Covered Bond) (FR001400AO71), fixed rate (1.63% coupon) maturing on 31 May 2030, priced at 99.50 (original spread of 88 bp), non callable
• Credit Suisse Ag London Branch (Banking | London, Switzerland | Rating: A-): €750m Senior Note (XS2480523419), floating rate (EU03MLIB + 123.0 bp) maturing on 31 May 2024, priced at 100.00, non callable
• Credit Suisse Ag London Branch (Banking | London, Switzerland | Rating: A-): €1,000m Senior Note (XS2480543102), fixed rate (2.13% coupon) maturing on 31 May 2024, priced at 99.94 (original spread of 189 bp), non callable
• Credito Emiliano SpA (Banking | Reggio Nell'Emilia, Reggio Emilia, Italy | Rating: NR): €500m Covered Bond (Other) (IT0005495889), fixed rate (1.75% coupon) maturing on 31 May 2029, priced at 99.94 (original spread of 94 bp), non callable
• DNB Bank ASA (Banking | Oslo, Oslo, Norway | Rating: AA-): €750m Note (XS2486092492), floating rate maturing on 31 May 2026, priced at 99.64 (original spread of 128 bp), non callable
• DZ Hyp AG (Mortgage Banking | Hamburg, Hamburg, Germany | Rating: A+): €750m Hypothekenpfandbrief (Covered Bond) (DE000A3MP684), fixed rate (1.63% coupon) maturing on 30 May 2031, priced at 99.45 (original spread of 83 bp), non callable
• Deutsche Bank AG (Banking | Frankfurt, Hessen, Germany | Rating: A-): €500m Inhaberschuldverschreibung (DE000DB9U7H3), floating rate maturing on 1 July 2027, priced at 100.00, non callable
• Deutsche Bank AG (Banking | Frankfurt, Hessen, Germany | Rating: A-): €500m Inhaberschuldverschreibung (DE000DB9U7G5), fixed rate (1.35% coupon) maturing on 1 July 2025, priced at 100.00, non callable
• Finland, Republic of (Government) (Sovereign | Helsinki, Etela-Suomen, Finland | Rating: AA+): €3,000m Bond (FI4000523238), fixed rate (1.50% coupon) maturing on 15 September 2032, priced at 99.72 (original spread of 61 bp), non callable
• France, Republic of (Government) (Sovereign | Paris, Ile-De-France, France | Rating: AA): €4,000m Obligation Assim du Tresor indexee sur l'inflation zone euro (FR001400AQH0), fixed rate (0.10% coupon) maturing on 25 July 2038, priced at 108.62 (original spread of 12 bp), non callable, inflation protected
• Industrial and Commercial Bank of China Ltd (London Branch) (Banking | London, China (Mainland) | Rating: A+): €500m Senior Note (XS2446008083), fixed rate (1.63% coupon) maturing on 1 June 2025, priced at 99.97 (original spread of 58 bp), non callable
• Instituto de Credito Oficial (Agency | Madrid, Madrid, Spain | Rating: BBB+): €500m Senior Note (XS2487056041), fixed rate (1.30% coupon) maturing on 31 October 2026, priced at 99.92 (original spread of 60 bp), non callable
• Italy, Republic of (Government) (Sovereign | Rome, Roma, Italy | Rating: BBB-): €5,000m Buono del Tesoro Poliennali (IT0005496770), fixed rate (3.25% coupon) maturing on 1 March 2038, priced at 99.65 (original spread of 198 bp), non callable
• Japan Bank for International Cooperation (Agency | Chiyoda-Ku, Tokyo-To, Japan | Rating: A+): €1,000m Senior Note (XS2485856681), fixed rate (1.50% coupon) maturing on 1 June 2029, priced at 99.35 (original spread of 86 bp), non callable
• La Poste SA (Agency | Paris, Ile-De-France, France | Rating: A+): €150m Bond (FR001400AMT4), fixed rate (0.63% coupon) maturing on 21 October 2026, priced at 100.00 (original spread of 98 bp), non callable
• Landesbank Baden Wuerttemberg (Banking | Stuttgart, Baden-Wuerttemberg, Germany | Rating: A-): €500m Oeffenlicher Pfandbrief (Covered Bond) (DE000LB2ZVE4), floating rate (EU03MLIB + 50.0 bp) maturing on 30 May 2034, priced at 104.45, non callable
• Landesbank Baden Wuerttemberg (Banking | Stuttgart, Baden-Wuerttemberg, Germany | Rating: A-): €500m Oeffenlicher Pfandbrief (Covered Bond) (DE000LB2ZVD6), floating rate maturing on 30 August 2027, priced at 102.15, non callable
• Landesbank Saar (Banking | Saarbruecken, Saarland, Germany | Rating: AAA): €250m Oeffenlicher Pfandbrief (Covered Bond) (DE000SLB4SA6), fixed rate (1.75% coupon) maturing on 31 May 2032, priced at 99.25 (original spread of 87 bp), non callable
• Lansforsakringar Hypotek AB (publ) (Mortgage Banking | Stockholm, Stockholm, Sweden | Rating: NR): €500m Sakerstallda Obligation (Covered Bond) (XS2486449072), fixed rate (1.38% coupon) maturing on 31 May 2027, priced at 99.56 (original spread of 78 bp), non callable
• Lithuania, Republic of (Government) (Sovereign | Vilnius, Vilniaus, Lithuania | Rating: A): €650m Senior Note (XS2487342649), fixed rate (2.13% coupon) maturing on 1 June 2032, priced at 98.70 (original spread of 135 bp), non callable
• McDonald's Corp (Restaurants | Oak Brook, Illinois, United States | Rating: BBB+): €700m Senior Note (XS2486285294), fixed rate (2.38% coupon) maturing on 31 May 2029, priced at 99.49 (original spread of 170 bp), callable (7nc7)
• McDonald's Corp (Restaurants | Oak Brook, Illinois, United States | Rating: BBB+): €600m Senior Note (XS2486285377), fixed rate (3.00% coupon) maturing on 31 May 2034, priced at 99.05 (original spread of 215 bp), callable (12nc12)
• National Grid PLC (Service - Other | London, United Kingdom | Rating: BBB): €500m Senior Note (XS2486461283), fixed rate (2.95% coupon) maturing on 30 March 2030, priced at 100.00 (original spread of 208 bp), callable (8nc8)
• National Grid PLC (Service - Other | London, United Kingdom | Rating: BBB): €700m Senior Note (XS2486461523), fixed rate (3.25% coupon) maturing on 30 March 2034, priced at 100.00 (original spread of 229 bp), callable (12nc12)
• National Grid PLC (Service - Other | London, United Kingdom | Rating: BBB): €650m Senior Note (XS2486461010), fixed rate (2.18% coupon) maturing on 30 June 2026, priced at 100.00 (original spread of 156 bp), callable (4nc4)
• Oberoesterreichische Landesbank AG (Banking | Linz, Oberoesterreich, Austria | Rating: AA+): €250m Pfandbrief Anleihe (Covered Bond) (AT0000A2Y7L6), fixed rate (1.63% coupon) maturing on 1 June 2029, priced at 99.47 (original spread of 91 bp), non callable
• Regie Autonome des Transports Parisiens EPIC (Agency | Paris, Ile-De-France, France | Rating: AA): €500m Bond (FR001400AON3), fixed rate (1.88% coupon) maturing on 25 May 2032, priced at 99.75 (original spread of 88 bp), non callable
• Safari Holding Verwaltungs GmbH (Leisure | Bingen Am Rhein, Rheinland-Pfalz, Germany | Rating: NR): €258m Senior Note (XS2480044101), fixed rate (7.75% coupon) maturing on 15 December 2025, callable (4nc2)
• Safari Holding Verwaltungs GmbH (Leisure | Bingen Am Rhein, Rheinland-Pfalz, Germany | Rating: CCC+): €258m Senior Note (XS2480044010), fixed rate (7.75% coupon) maturing on 15 December 2025 (original spread of 865 bp), callable (4nc2)
• Societe Generale SA (Banking | Paris, Ile-De-France, France | Rating: A): €1,000m Bond (FR001400AO14), fixed rate (2.63% coupon) maturing on 30 May 2029, priced at 99.97 (original spread of 203 bp), callable (7nc2)
• Societe Generale SA (Banking | Paris, Ile-De-France, France | Rating: A): €1,000m Bond (FR001400AO22), floating rate maturing on 30 May 2025, priced at 99.89 (original spread of 128 bp), callable (3nc2)
• Stedin Holding NV (Utility - Other | Rotterdam, Zuid-Holland, Netherlands | Rating: A-): €500m Senior Note (XS2487016250), fixed rate (2.38% coupon) maturing on 3 June 2030, priced at 99.32 (original spread of 165 bp), callable (8nc8)
• Svenska Handelsbanken AB (Banking | Stockholm, Sweden | Rating: AA-): €500m Subordinated Note (XS2486857431), fixed rate (3.25% coupon) maturing on 1 June 2033, priced at 99.91 (original spread of 251 bp), callable (11nc6)
• Swedbank Hypotek AB (Mortgage Banking | Sundbyberg, Stockholm, Sweden | Rating: AAA): €1,000m Sakerstallda Obligation (Covered Bond) (XS2487057106), fixed rate (1.38% coupon) maturing on 31 May 2027, priced at 99.57 (original spread of 78 bp), non callable
• TDC NET AS (Financial - Other | Kobenhavn Sv, United Kingdom | Rating: BBB-): €500m Senior Note (XS2484502823), fixed rate (5.06% coupon) maturing on 31 May 2028, priced at 100.00 (original spread of 434 bp), callable (6nc6)
• Visa Inc (Financial - Other | San Francisco, California, United States | Rating: AA-): €1,000m Senior Note (XS2479941572), fixed rate (2.00% coupon) maturing on 15 June 2029, priced at 99.68 (original spread of 129 bp), callable (7nc7)
• Visa Inc (Financial - Other | San Francisco, California, United States | Rating: AA-): €650m Senior Note (XS2479942034), fixed rate (2.38% coupon) maturing on 15 June 2034, priced at 99.03 (original spread of 152 bp), callable (12nc12)
• Visa Inc (Financial - Other | San Francisco, California, United States | Rating: AA-): €1,350m Senior Note (XS2479941499), fixed rate (1.50% coupon) maturing on 15 June 2026, priced at 99.54 (original spread of 107 bp), callable (4nc4)
• Volvo Car AB (Automotive Manufacturer | Goeteborg, Vastra Gotalands, China (Mainland) | Rating: BB+): €500m Senior Note (XS2486825669), fixed rate (4.25% coupon) maturing on 31 May 2028, priced at 99.35 (original spread of 348 bp), callable (6nc6)
• Volvo Treasury AB (Financial - Other | Goeteborg, Vastra Gotalands, Sweden | Rating: A-): €500m Senior Note (XS2486812683), floating rate (EU03MLIB + 75.0 bp) maturing on 31 May 2024, priced at 100.71, non callable
• Wuxi Jinyuan Industrial Investment Development Group Co Ltd (Financial - Other | Wuxi, China (Mainland) | Rating: NR): €139m Bond (XS2478677599), fixed rate (2.40% coupon) maturing on 1 June 2025, priced at 100.00 (original spread of 203 bp), non callable

NEW ISSUES IN SECURITIZED CREDIT

• SMB Private Education Loan Trust 2022-B issued a floating-rate ABS backed by student loans in 5 tranches, for a total of US$ 2,214 m. Highest-rated tranche offering a spread over the floating rate of 145bp, and the lowest-rated tranche a spread of 330bp. Bookrunners: Credit Suisse
• Freddie Mac Spc Series K-F137 issued a floating-rate Agency CMBS in 1 tranche offering a spread over the floating rate of 45bp, for a total of US$ 767 m. Bookrunners: Credit Suisse, Bank of America Merrill Lynch
• Upstart Securitization Trust 2022-2 issued a fixed-rate ABS backed by consumer loan in 3 tranches, for a total of US$ 542 m. Highest-rated tranche offering a yield to maturity of 4.40%, and the lowest-rated tranche a yield to maturity of 8.48%. Bookrunners: Goldman Sachs & Co
• CSMC 2022-Ath2 Trust issued a fixed-rate RMBS in 2 tranches, for a total of US$ 213 m. Highest-rated tranche offering a coupon of 4.98%, and the lowest-rated tranche a yield to maturity of 5.38%. Bookrunners: Credit Suisse, HSBC Securities (USA) Inc