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High-grade corporate bond issuance......>

US PIPELINE
US PIPELINE: High-grade corporate bond issuance going smoothly. Tuesday had $4B
in supra-sovereign issuance:
-
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
8/23 $4.0B *KfW Aaa/AAA/AAA px Wed 2Y MS-4             BAML/BNP/JPM
8/23 $1.0B #Development Bank of Japan A1/A+ 5Y MS+42   C/DAIWA/BNP/BARC
8/23 $800M #Development Bank of Japan A1/A+ 10Y MS+59  C/DAIWA/BNP/BARC
8/23 $300M  Ntnl Rural Utils Cooprtv A2/A/A Fin 5Y +65-70 MUFG/RBC/SCOT/USB
8/23 N/A    FHLBks passes on agency debt issuance slot
8/23 TBD    China Great Wall AM:Baa1/BBB+/A roadshow HKG Aug. 22
- Leads: JPM/ICBC(Asia)/ICBC Intl/ABC Intl/Agric. Bk of China HKG/CCB/STD/MS
8/23 TBD    Hanjin Bank: Potentl US$ deal w/ KEXIM Guarantee? BNP/DAIWA/GS
8/23 TBD    Lotte Shippping Aa2/AA/AA-(KEXIM Guar?)rdshw Aug21,on BNP/HSBC/STD
8/23 TBD    Apple Aa1/AA+:Had good earnings;did debt in May,Feb post-earnings
8/22 $3.0B *World Bank (IBRD) Aaa/AAA global 3Y MS-4    BAML/C/JPM/TD
8/22 $1.0B *Swedish Export Credit Aa1/AA+/AAA glob 5Y MS+20 CA/JPM/NOM/SCOT

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