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Corrective Pullback Extends


Gains Considered Corrective


(M2) Broader Trend Condition Remains Bearish


(M2) Corrective Recovery

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Credit spds continue to narrow amid robust issuance since beginning of Jan ($186.56B) with more to follow as companies exit latest earnings blackout. Race to secure funding ahead widely expected tighter monetary policy may run out of steam ahead March when the Fed is widely expected to hike rates.

  • Date $MM Issuer (Priced *, Launch #)
  • 01/20 $1.5B #Bank of New Zealand (BNZ) $750M 5Y +68, $400M 5Y SOFR+81, $350M 10Y +105
  • 01/20 $2.1B #US Bancorp $1.25B 6NC5 +60, $850M 11NC10 +85 (dropped 6NC5 SOFR)
  • 01/20 $Benchmark Bank of America PerpNC5 4.5%a
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |

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