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Date $MM...................................>

PIPELINE
PIPELINE: Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
No new issuance Friday; $10.7B priced Thursday, $4B UnitedHealth 5-part lead:
06/14 $4B *UnitedHealth 5-part: $400M 3Y fix +48, $350M 3Y FRN +26, 
      $750M 5Y fix +70, $1.15B 10Y fix +93, $1.35B 30Y fix +123
06/14 $1.75B *Deutsche Telekom $1.2B 10Y +150, $550M 20Y +175
06/14 $1.2B *CME Group 10Y +80, 30Y +110
06/14 $1B *MGM Resorts upsized from $500M 7NCL sr
06/14 $450M *Ryder WNG 5Y +98
06/14 $1B *GM Financial 5Y +137.5
06/14 $700M *Public Services Co of Colorado, $350M 10Y +78, $350M 30Y +105
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On the radar: German based multi-national pharma Bayer AG is looking looking to
issue $6.9B in 3- to 30Y US$ denominated debt to "simplify its capital
structure" after closing it's $63B buyout recently. Aside from US$ denominated
issuance, Bayer also looks to issue appr E14.2B Euro denominated supply between
4- and 12Y tranches in the near term.

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