EM LATAM CREDIT: Suriname: Debt Tender

• Date $MM Issuer (Priced *, Launch #)
• 09/23 $5B #Lowes $650M 2Y +37, $750M 3Y +47, $1.1B +5Y +62, $1.3B 7Y +67, $1.2B 10Y +77
• 09/23 $4.5B #Enel Finance $1B 3Y +65, $1.25B 5Y +80, $1.25B 10Y +100, $1B 30Y +112
• 09/23 $1.5B #MuniFin 3Y SOFR+35
• 09/23 $1.2B #Gildan Activewear $600M each: 5Y +103, 10Y +130
• 09/23 $1B #Nationwide BS $700M 5Y +68, $300M 5Y SOFR+101
• 09/23 $500M #AfDB PerpNC10 5.875%
• 09/23 $500M #CK Hutchison 5Y +62.5
• 09/23 $Benchmark American Electric 30.5NC5.25 5.8%, 30.5NC10.25 6.05%

• +20,000 SFRZ5 96.37/96.50/96.62 call flys, 2.5-2.75 ref 96.33
• +30,000 SFRH6 97.25 calls 3.0 vs. 96.55/0.10%
• -20,000 SFRH6 96.75/97.00 call spds 4.5 vs. 96.545

A new Gallup survey has found, “Americans’ satisfaction with the way things are going in the U.S. is at its lowest since President Donald Trump took office in January, with 29% now saying they are satisfied. This contrasts with 31% to 33% readings each of the past three months and a term high of 38% in May.”

• Gallup notes, “Most of the decline in U.S. satisfaction this month is the result of fewer Republicans saying they are satisfied, now 68%, down from 76% in August. Satisfaction among both independents and Democrats is essentially unchanged, at 23% and 1%, respectively.”

Figure 1: In general, are you satisfied or dissatisfied with the way things are going in the United States at this time? (Since 2021)

Source: Gallup