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META 5Pt Jumbo Guidance Update

PIPELINE
  • Date $MM Issuer (Priced *, Launch #)
  • 05/01 $Benchmark Meta Platforms 5Y +105a, 7Y +130a, 10Y +145a, 30Y +190a, 40Y +205a.
  • For context: the last time Meta issued was on August 4, 2022: a total of $10B over 4-tranches: $2.75B 5Y +75, $3B 10Y +115, $2.75B 30Y +145, $1.5B 40Y +165.
  • If today's issuance is as large as last August, rate lock hedging will likely weigh on Treasury futures given how thin and illiquid markets are this morning. As such, Tsy futures slip back near late overnight lows in the last few minutes.

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