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Front-Loaded September Corporate Issuance Continues

PIPELINE

This week's surge in corporate issuance (post-Labor Day, pre-September FOMC meeting / August CPI release, and in the absence of US Treasury auctions) continues apace. The 19 primary market deals seen yesterday was the 2nd biggest on record (the highest was a year ago at this time). Heavy issuance is likely to continue help pressure Treasuries this week. Today's updates:

  • FINAL SPREAD: IADB $Benchmark 7Y Sust. SOFR MS+46
  • REVISED GUIDANCE: JBIC $Benchmark 3Y SOFR MS+59a (+/-1)
  • LAUNCH: IFC $2b 3Y SOFR MS+25
  • MANDATE: Mitsubishi HC $Benchmark 5- or 10Y USD 144A/Reg S Bond
  • IPT: Norinchukin Bank $Bmark; 5Y Green +175a, 10Y +205a
  • IPT: Mizuho $Benchmark; 6NC5 +230 Area, 11NC10 +260-265
  • SPREAD SET: AIIB 5y Sustainable Development Bond SOFR MS+63

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