Dell, Coreweave, Danantara and Others Price $ Bonds

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June 12, 2026

Credit Ratings
Macro News

US Treasury yields broadly eased by over 7bp across the curve amid reports about easing geopolitical tensions. After initially issuing an ultimatum to Iran, US President Donald Trump said that planned attacks had been called off since both sides were nearing an agreement. However, reports from Iran do not yet convey any news about an agreement being reached. Initial jobless claims for the previous week rose by 229k, worse than expectations of 220k.

Looking at equity markets, the S&P and Nasdaq ended higher by 1.8% and 2.5% respectively. US IG CDS spreads tightened by 1.7bp and HY CDS spreads tightened 10.8bp. European equity markets ended higher too. The ECB raised its policy rates by 25bp, the first time in nearly three years amid inflationary pressures. European IG CDS spreads were 0.5bp tighter and Crossover spreads tightened by 2.7bp. Asian equity markets have opened in the green this morning. Asia ex-Japan CDS spreads tightened by 1bp.

New Bond Issues

Dell International raised $3bn via a three-trancher. It raised:

$1bn via a 5Y bond at a yield of 4.847%, 30bp inside initial guidance of T+95bp area
$750mn via a long 7Y bond at a yield of 5.096%, 28bp inside initial guidance of T+105bp area
$1.25bn via a long 10Y bond at a yield of 5.343%, 28bp inside initial guidance of T+115bp area

The senior unsecured notes are rated Baa2/BBB+/BBB+. Proceeds will be used for general corporate purposes, which may include debt repayment.

CoreWeave raised ~$4.55bn via a dual-currency issuance. It raised $1.25bn via a 6NC3 bond at a yield of 9.625%, inside initial guidance of high-9%s area. It also raised €2bn via a 6NC3 bond at a yield of 8.5%, inside initial guidance of high-8%s area. The senior notes are rated B1/B/BB-. Proceeds will be used for general corporate purposes.

ICBC Dubai raised $300mn via a 3Y green FRN at SOFR+35bp, 55bp inside initial guidance of SOFR+90bp area. The senior unsecured note is rated A1. Proceeds will be used to finance/refinance eligible green assets.

PT Danantara Investment raised $1.5bn via a two-trancher. It raised $750mn via a 5Y bond at a yield of 5.35%, 35bp inside initial guidance of 5.70% area. It also raised $750mn via a 10Y bond at a yield of 5.95%, 35bp inside initial guidance of 6.30% area. The senior unsecured notes are rated Baa2/BBB/BBB. Proceeds will be used for general corporate purposes, including investments and refinancing of outstanding borrowings.

AES Corp raised $1bn via a dual-trancher. It raised $600mn via a 4Y bond at a yield of 5.217%, 40bp inside initial guidance of T+150bp area. It raised $400mn via a 7Y bond at a yield of 5.794%, 33bp inside initial guidance of T+180bp area. The senior unsecured notes are rated Baa3/BBB-/BBB-. Proceeds will be used to repay existing debt and for general corporate purposes.

New Bonds Pipeline

Vedanta Resources $ long 5Y, long 7Y, long 10Y bonds
Korea Gas $ 3Y FRN, 5Y bond

Rating Changes

Nvidia Corp. Upgraded To ‘AA’ On Strong AI-Driven Secular Growth, Significant Cash Flow; Outlook Stable
Transocean Ltd. Upgraded To ‘B-‘ From ‘CCC+’ On Improved Leverage, Off CreditWatch Positive; Outlook Positive
Xerox Holdings Corp. Downgraded To ‘SD’ From ‘CCC+’ On Below-Par Debt Repurchase
Tenneco Inc. Downgraded To ‘B-‘ From ‘B’ Due To Persistent Cash Flow Deficits; Outlook Revised To Stable
Fitch Downgrades Arauco’s IDRs to ‘BBB-‘; Outlook Stable
Fitch Downgrades Frigorifico Concepcion to ‘CC’
Moody’s Ratings downgrades Frigorifico Concepcion’s ratings to Ca; outlook negative; Affirms at ‘B-‘

Term of the Day: Selective Default (SD)

A Selective Default (SD) credit rating is assigned by S&P when the rating agency believes that the obligor/issuer has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor/issuer is also lowered to D or SD if it is conducting a distressed debt restructuring.

Talking Heads

On Seeing Warsh Changing Fed Signals Without Silencing Them

Richard Clarida, Pimco

“Really the question for me is the extent to which and how Warsh puts his own stamp and puts his own focus on that communication… unlike many of my colleagues past and present, I don’t believe in forward guidance”

Dan Ivascyn, Pimco

“A Warsh Fed will be sufficiently independent in the areas that the market is most focused on, mostly rates and balance sheet policy.”

On Seeing Distressed Opportunities as Kick-the-Can Era Ends – Oaktree

“There’s been a lot of kicking of the can as a result of LMEs and PIK. You’ve really kind of stretched as much as possible to delay the inevitable. But once you get to these hard maturities, we see that there is going to be a lot of opportunities”

On ECB Likely Needs to Keep Hiking After Thursday’s Move – IMF

“The policy rate will need to rise to keep the impact of the shock on inflation contained. If incoming data are consistent with the baseline projection, a slightly more restrictive policy stance than assumed in the baseline might be needed.”

Top Gainers and Losers- 12-Jun-26*