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Morgan Stanley, Bank of NY Mellon on Tap

PIPELINE
As anticipated, dealers continue to extend debt issuance: Morgan Stanley, Bank of NY Mellon join Goldman Sachs soon after earnings announcements. Pace of credit spd narrowing slows slightly (CDX IG -0.08 to 54.93) with all cash bonds gaining ground after inverting w/CDS last week.
  • Date $MM Issuer (Priced *, Launch #)
  • 01/19 $3B #CADES 10Y social +47
  • 01/19 $1.25B NWB +2Y SOFR +15
  • 01/18 $1B *Caisse des Depots et Consignations (CDC) 3Y SOFR+22
  • 01/19 $750M #JFM 3Y Green +26, upsized from $500M
  • 01/19 $Benchmark GS 3NC2 +90a, 3NC2 SOFR, 6NC5 +120a, 6NC5 SOFR, 11NC10 +140a, 21NC20 +145a
  • 01/19 $Benchmark Morgan Stanley 3NC2, 6NC5, 11NC10
  • 01/19 $Benchmark Bank of NY Mellon 5Y +60a, 10Y +85a
  • 01/19 $Benchmark Target 5Y +60a, 30Y +100a
  • 01/19 $Benchmark JBS 7Y +170a, 30Y +235a
  • 01/19 $Benchmark Romania 5Y +160a, 10Y +195a

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