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Thursday had the first US$ sovereign....>

US PIPELINE
US PIPELINE: Thursday had the first US$ sovereign bond from China since 2014;
the mkt thus had a $5.0B total of high-grade bond issuance, bringing the week's
total to $41.1B:
-
10/26 $1.0B *China MOF $2B deal Oct26: RegS $1B 5Y+15 bp; 2.196%
10/26 $1.0B *China MOF $2B deal Oct26: RegS $1B 10Y+25 bp; 2.687%
- Leads/book mgrs: BOC/BOCOM/ABC/CCB/CICC/C/DB/HSBC/ICBC/STAND
- China last sold US$ debt in 2004: Was $1.7B $/EUR 5Y, 7Y notes 
- The new US dollar bond will trade on HKSE; drew $22B order books (BBG) 
- 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+58 BAML/BARC/JPM
10/26 $600M *Capital One Fincl Corp: 3Y+68 BAML/COF/JPM/MS/RBC
10/26 $400M *Capital One Fincl Corp: 3Y FRN 3ml+45 BAML/COF/JPM/MS/RBC
10/26 $1.5B *Capital One Financial Corp: 7Y+105 BAML/COF/JPM/MS/RBC

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