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Overall high-grade issuance for July.......>

PIPELINE
PIPELINE: Overall high-grade issuance for July remains muted as latest earning
cycle keeps many sidelined. Estimated volume for wk appr $15B-20B
w/supra-sovereigns keeping things rolling. GS Caltex launched recently
Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #
07/20 $300M #GS Caltex 5Y +142.5
07/20 $Benchmark Shanghai Pudong Dvlp Bank (SPDB) 3Y FRN L+85
07/20 $Benchmark Industrial & Commercial Bank of China (ICBC) inv call
07/?? $1B Canada Pension Plan Inv. Brd (CPPIB) WNG 5Y
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07/17 No new issuance Friday; $20.2B priced on week

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