G-250 USD New Issue Supply with Trade Indicators for June 24, 2025

Athene Holding Ltd (ATH, Baa2/BBB-)

$30NC10 Fixed Rate Reset IPT 7.25% Area – attractive to 6.90%

Issuer is re-levering

Imperial Brands Finance PLC (IMBLN, Baa2/BBB)

$3Y Fixed IPT +115 Area – attractive to 88/3Y

$10Y Fixed IPT +170 Area – attractive to 141/10Y

$30Y Fixed IPT +195 Area – attractive to 167/30Y

Issuer is re-levering

Nomura Holdings (NOMURA, Ba3/BB)

$PerpNC5.5 Sub Fixed Rate Reset IPT 7.375% - attractive to 7.375%

Nomura Holdings Inc (NOMURA, Baa1/BBB+)

$5Y Fixed TLAC eligible IPT +125/5Y – attractive to 103/5Y

$10Y Fixed TLAC eligible IPT + 145 – attractive to 122/ 10Y

Issuer is re-levering

Toyota Motor Corp (TOYOTA, A1/A+)

$3Y Fixed IPT +60 - attractive to 35/3Y

$5Y Fixed IPT +85 – attractive to 57/5Y

$10Y Fixed IPT +100 – attractive to 70/10Y

Issuer is de-levering

Westpac Banking Corp (WSTP, Aa2/AA-)

$5Y Fixed IPT +70/5Y – attractive to 47/5Y

$5Y FRN IPT – attractive to DM70

Issuer is re-levering

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.