PERU: Petroperu Arrears Putting Domestic Oil Production at Risk

Adding Novartis 7Pt issuance with prior for comparison:

• Date $MM Issuer (Priced *, Launch #)
• 11/03 $Benchmark Alphabet 8-pt jumbo**: 3Y +60a, 3Y SOFR, +5Y +70a, 7Y +80a, 10Y +90a, 20Y +100a, 30Y +110a, 50Y +135a (massive debt issuance includes $6.5B over 6 tranches: 3Y, 6Y, 7Y, 13Y, 19Y and 39Y).
  11/03 $1B Neptune Bidco 5.5NC2
• 11/03 $Benchmark Novartis Capital 7Pt**: 3Y +55a, 3Y SOFR, 5Y +70a, 7Y +75a, 10Y +80a, 20Y +80a, 30Y +90a
• 11/03 $Benchmark UBS 8NC7 +120a, 21.5NC20.5 +115a
• 11/03 $Benchmark Peoples Republic of China 3Y, 5Y
• 11/03 $Benchmark Qatar 3Y +45a, 10Y Sukuk +55a
• 11/03 $Benchmark Kingdom of Jordan 7Y investor calls
• **Piror Alphabet issuance for comparison: $5B on April 28 of this year ($750M 5Y +32, $1.25B 10Y +47, $1.5B 30Y +62, $1.5B 40Y +70) a long stretch since issuing $10B on Aug 3 2020 ($1B 5Y +25, $1B 7Y +45, $2.25B 10Y +58, $1.25B 20Y +73, $2.5B 30Y +88 and $2B 40Y +108)
• **Prior Novartis issuance for comparison: $3.7B on September 16, 2024 ($1B 5Y +45, $850M 7Y +57, $1.1B 10Y +67, $750M 30Y +77)

0RH6 97.87/97.75/97.68/97.56p condor, bought for 2.5 in 4k.

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Monday 3 November:

• France: Debate in the National Assembly resumes on the 2026 state budget and social security budget. With thousands of amendments needing to be discussed and voted on, the Tuesday deadline for voting on the revenue part of the state budget is at risk of being missed. If this is the case, the debate on the revenue section will be paused until 13 November, raising the prospect of the entire budget failing to be passed before Christmas (the final deadline that would allow the Constitutional Court to review the legislation before being sent to President Emmanuel Macron’s desk for final sign-off).