Put a coupon beside the rating at issue, the issue date and the offering route.
Randeep Bubbra | Lawyer | Making defence financeable
Coupons as stated in the register; floating-rate notes and hybrids are left out. Ratings from the term sheet, the issuer or Fitch's issuer rating on the issue date.
| Rating at issue | Tranches | Median coupon | Range |
|---|---|---|---|
| Investment grade at issue | 155 | 4.25% | 0.67%–6.4% |
| High yield at issue | 2 | 5.75% | 5%–6.5% |
| No public rating found | 25 | 4.75% | 1.88%–7.5% |
182 fixed-rate US dollar tranches in the register pay coupons from 0.67%–7.5%. Each dot is one tranche, placed by its issue date and shaded by its rating at issue.
Rated investment grade at issue, the median coupon is 4.25% (155 tranches). High-yield tranches pay a median 5.75% (2).
The rate cycle shows: tranches issued from 2022 pay a median 5.28%, against 3.44% for 2015 to 2021.
The highest coupon on file is TransDigm US$550m 7.50% senior subordinated notes due 2027 at 7.5% (13 Feb 2019).
25 tranches have no public rating in the sources found; they are shown in grey. Most are private Rule 144A deals.
Selected observations from the register, not a market census, investment recommendation or legal advice. Working on a deal like these? Book 20 minutes with Randeep to see how your terms compare.
Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.
Working on a financing like this? Book 20 minutes with Randeep to see how it compares.