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Corporate Credit Update; Debt Issuers Returning

PIPELINE

Issuers returning after no new corporate debt issued ahead Wed's FOMC. Some still sidelined, however, as heavy slate of earnings releases from financial names remains.

  • Date $MM Issuer (Priced *, Launch #)
  • 01/27 $1B Bausch Health 5NC2
  • 01/27 $Benchmark Proctor & Gamble (P&G) 5Y +45a, 10Y +65a
  • 01/27 $Benchmark Rep of Chile 5Y +150a, 12Y +200a, 30Y +225a
  • 01/27 $Benchmark Kia Corp 3Y, 5Y investor calls
Credit Update:
  • In-line with strong bounce in stocks (ESH2 +73.0 at 4414.0), IG corporate credit risk measured by Markit's CDX IG5 index moving lower/paring Wed's late run higher, currently -1.045 at 59.405.
  • After climbing to 60.859 on Mon's equity rout (highest since Nov 2020), IG5 index initially slipped to 56.607 on the FOMC annc -- reversed course, surging to 60.866 high as Fed Chairman Powell held his press conference.
  • High-yield index, CDXHY5, currently at 107.031 (+.129) vs. Wed's 107.814 high.
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