Put a coupon beside the rating at issue, the issue date and the offering route.
Randeep Bubbra | Lawyer | Making space 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 |
|---|---|---|---|
| High yield at issue | 4 | 7% | 5.62%–9% |
| No public rating found | 17 | 8.5% | 5.25%–13% |
21 fixed-rate US dollar tranches in the register pay coupons from 5.25%–13%. Each dot is one tranche, placed by its issue date and shaded by its rating at issue.
Every rated tranche here is high yield at issue: median coupon 7% across 4 tranches.
The rate cycle shows: tranches issued from 2022 pay a median 9%, against 8% for 2015 to 2021.
The highest coupon on file is Globalstar US$200m 13% senior notes due 2029 (Värde Partners) at 13% (28 Mar 2023).
17 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 satellite operators, launch and space infrastructure. By Randeep Bubbra.
Working on a financing like this? Book 20 minutes with Randeep to see how it compares.