G-255 USD New Issue Supply with Trading Indicators for August 4, 2025
USD Supply –
Expected average holding period on new indicators is 22 trading days,
With minimum -5bp of spread tightening.
Dominion Energy Inc (D, Baa3/BBB-)
$ 30.5NC5.25 Fixed Rate Reset IPT 6.5% Model attractive point 6.15%
$ 30.5NC10.25 Fixed Rate Reset IPT 6.625% Model attractive point 6.3%
Issuer is re-levering
CenterPoint Energy Houston Electric LLC (CNP, A2/A/A)
$10Y general mortgage fixed IPT +110 Area Model attractive point +81
Issuer is re-levering
Fiserv (FI Baa2/BBB)
$5Y Fixed IPT + 115 Model attractive point +81/5Y
$10 Fixed IPT +135 Model attractive point + 102/10Y
Issuer is re-levering
Public Service Co of Colorado (XEL, A1/A)
$10Y 1st Mortgage Bond IPT + 120 Model attractive point + 91/10Y
XEL 5.85 05/15/55 TAP IPY+125 Model attractive point + 105/30Y
Issuer is re-levering
Altria (MO A3/BBB+)
$5Y Fixed IPT + 110 Model attractive point + 79/5Y
$10 Fixed IPT + 140 Model attractive point + 108/10Y
Issuer is re-levering
Kentucky Utilities (PPL, A1/A)
30Y First mortgage bonds IPT + 140 Model attractive point +111/30Y
Issuer is re-levering
Barclays (BACR Baa1/BBB+)
$4.25 nc 3.25 FRN Model attractive point DM 100
$4.25 nc 3.25 Fxd – FRN IPT +110 Model attractive point +77/3Y
$21nc20 Fxd – FRN IPT + 145 Model attractive point +114/20Y
Issuer has more cash than debt
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.