G-255 USD New Issue Supply with Trading Indicators for September 8, 2025

We wrote in July - seldom do we see 6 G-255 issuers that are de-levering come to market in a week. Today 5 de-levering or net cash issuers. Additionally, BBB TMT has been the trading model's top attractive long sector for almost 3 months and post AVGO/HPE earnings that indicator remains. Even though HPE is re-levering, the BBB TMT sector remains the most attractive from a spread tightening perspective according to the trading model.

HOW TO USE THIS TABLE:

The column "Trading Model Indicator" is the model's assessment of where it values the bond. In other words, the model "expects" this level.

The "Issuer Leverage Status" - the model synthesizes balance sheet information to determine if an issuer adding debt .

Adding debt = re-levering… suggestive of widening pressure

Reducing debt = de-levering… suggestive of tightening pressure

Net cash = company is sitting on cash… suggestive of tightening pressure

Disclaimer - This report is not intended as, and does not constitute an offer, or a solicitation to buy or sell any securities or financial instruments. All data, levels, opinions, and representations herein are provided for informational purposes only and should not be relied upon for making investment decisions. Past performance is not indicative of future results. The authors of this report assume no liability for losses or damages arising from the use of this information. Investors should consult with a qualified financial advisor before making any investment decisions. The information in this report is based on sources believed to be reliable, but no guarantee is made as to its accuracy, completeness, or timeliness.