G–250 USD New Issue Supply with Trade Indicators

Honda Motor Co Ltd (HNDA, A3/A-)

$ 3Y Fixed IPT +90 – attractive to 62/3Y

$ 5Y Fixed IPT +105 – attractive to 77/5Y

$ 10Y Fixed IPT +125 – attractive to 98/10Y

Issuer is re-levering.

These are Opco bonds (same as Toyota deal yesterday)

Caixa Bank (CABKSM Baa2/BBB)

$ 4NC3 Fxd-to-FRN IPT +120 – attractive to 90/3Y

$ 4NC3 FRN IPT SOFR Equiv – attractive to DM 110

$ 6NC5 Fxd to FRN IPT +135 - attractive to 104/105Y

$ 11NC10 Fxd-to-FRN IPT +155 – attractive to 127/10Y

Issuer is de-levering –

Caixa has only come to the US market twice since Sept. 2023

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