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Updated guidance for Walt Disney,..........>

PIPELINE
PIPELINE: Updated guidance for Walt Disney, PayPal, should launch soon
Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #
05/11 $1.5B #Becton Dickinson $750M each 10Y +210, 30Y +235
05/11 $550M #Quest Diagnostics WNG 11Y +210
05/11 $350M #Southwestern Public Service 30Y +175
05/11 $Benchmark Walt Disney Co 6pt: 5Y +145, 7Y +170, 10Y +195, 20Y +210, 30Y
+220 and 40Y +240 (Back on March 19 Walt Disney Co issued $6B, breakdown: $1.75B
5Y +270, $500M 7Y +270, $1.25B 10Y +270, $750M 20Y +275 and $1.75B 30Y +285).
05/11 $Benchmark PayPal 4pt: 3Y +115, 5Y +130, 10Y +160, 30Y +185
05/11 $500M ITC Holdings 10Y +250a
05/11 $Benchmark Fiserv 7Y +175, 10Y +200
05/11 $Benchmark Nutrien 3Y +170, 10Y +225, 30Y +255

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