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The US$ high-grade......................>

US PIPELINE
US PIPELINE: The US$ high-grade corporate/sovereign bond issuance is active
today with the China US$2.0B two-part sovereign US$ issuance, its first US$ debt
since 2004; the issue has launched:
-
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
10/26 $1.0B #China MOF $2B deal Oct26: RegS $1B 5Y+15 bps
10/26 $1.0B #China MOF $2B deal Oct26: RegS $1B 10Y+25 bps
- Leads/book mgrs: BOC/BOCOM/ABC/CCB/CICC/C/DB/HSBC/ICBC/STAND
- China last sold US$ debt in 2004: Was $1.7B $/EUR 5Y, 7Y notes 
- The new US dollar bond will trade on HKSE 
- S&P downgraded China rating by one step Sep 21 to A+, stable outlook
10/26 $500M Texas Instruments Inc A1/A+//A+ 10Y T+75s BAML/BARC/JPM
10/26 BM    Capital One Financial Corp: 3Y/FRN; 7Y BAML/COF/JPM/MS/RBC
10/26 TBD   Hanjin Bank: Potentl US$ deal w/ KEXIM Guar? BNP/DAIWA/GS

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