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Pepsi 5Pt, CVS 4Pt Details, Tsys Support Evaporates

PIPELINE
Tsys reverse from pre-open highs on rate lock selling vs. several multi-tranche issuers. Precedent: CVS ranks third overall largest debt issuer w/ $40B over 9 tranches in Sep 2018. Philip Morris issued $6B over 5tranches in Nov 2022 while
Pepsi has averaged $2.75B last couple years.
  • Date $MM Issuer (Priced *, Launch #)
  • 02/13 $Benchmark Pepsi 5pt 3Y +60a, 3Y SOFR, 5Y +75a, 10Y +100a, 30Y +115a
  • 02/13 $Benchmark CVS 4pt 3Y +115a, 7Y +160a, 10Y +175a, 30Y +210a
  • 02/13 $Benchmark Philip Morris 3Y +100a, 5Y +130a, 7Y +165a, 10Y +190a
  • 02/13 $Benchmark Union Pacific 3Y, 30Y details TBA
  • 02/10 No new issuance Friday after total $60.2B high-grade corporate debt issued on wk

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