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Active issuance today in US$............>

US PIPELINE
US PIPELINE: Active issuance today in US$ high-grade corporate bonds and
quasisovereigns: ESM and ADB have launched already:
-
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
10/24 $3B   #European Stability Mechanism Aa1/AAA 5Y MS+10 C/DB/JPM
- Will be the inaugural ESM US$ 5-year benchmark note
10/24 $1B    Canada Pensn Pln Invst Brd Aaa/AA 144a 10Y Low 40s BAML/BNP/DB/TD
10/24 $1.5B #ADB Aaa/AAA/AAA global IOIs Mon;px Tues 10Y MS+23s C/DAIWA/HSBC/JPM
10/24 BM     KEXIM        3Y, 5Y/FRN          BAML/BNP/C/CACIB/MUFG
10/24 BM     Boral Finance Baa2/BBB 5Y+135s; 10.5Y +170-175  C/JPM 
10/25 BM     Sweden I0Is Tuesday; sale Wed 3Y IPT MS-6s BAR/C/JPM
10/26 $2B    China to do $2B deal Oct26: RegS $1B 5Y, $1B 10Y in HKG
- Leads/book mgrs: BOC/BOCOM/ABC/CCB/CICC/C/DB/HSBC/ICBC/STAND
- China last sold US$ debt in 2004:$1.7B $/EUR 5Y,7Y notes; 
- The new US dollar bond will trade on HKSE 
- S&P downgraded China rating by one step Sep 21 to A+, stable outlook

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