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Slow finish to wk, Thu's Carrier Global....>

PIPELINE
PIPELINE: Slow finish to wk, Thu's Carrier Global was 5x oversubscribed!
Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #
02/14 $Benchmark Export Development Canada 3Y +7a
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$11.15B priced Thursday; just over $35B/wk
02/13 $9.25B *Carrier Global 6-tranche: $500M 3Y +50, $2B 5Y +80, $1.25B 7Y +95,
$2B 10Y +110, $1.5B 20Y +130, $2B 30Y +150
02/13 $750M *Bank of New Zealand 5Y +68
02/13 $750M *Carlisle 10Y +128
02/13 $400M *Amphenol WNG 5Y +65
Note on Carrier Global: jumbo issue not as large as estimates ($15B) but still
largest for year so far. Practical effect on market, less than expected had
specs scramble to cover shorts, adding to post 30Y auction gap bid, while Tsy
futures pared gains soon after. Also note, swap spds narrowed across the curve
on supply.

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