[THE ENDGAME] : It's All About the Bonds, 'Bout the Bonds

I’m not going to bore with the details of the broader markets today. It suffices to say it was just another volatile day in the neighborhood in the equity markets and a lackluster day in the Treasury market where yields rose again. No, today it was all about the bonds, ‘bout high grade corporate bonds, and lots of them.

Recently, some had suggested that issuance would begin to taper, after all, we had already seen $1.024.558bln raised in the high grade US public debt market, as the summer drags on and the closer, we get to the presidential election in November. However, others have argued that that could be good news in the near term for investors, since many potential borrowers are likely to accelerate their financing plans while they have a receptive audience and relatively tight spreads, ahead of the expected volatility that goes along with the run up to the election itself. Well, that may just be what happened today.

In what was the busiest ex-SSA issuance day of the year, as a matter of fact the busiest day in the last 11 months -one has to go back to the week following Labor Day last year to find a busier session ($38.2bln) - 17 high grade borrowers, through 37 tranches, raised a staggering $31.8bln in the high grade primary market, courtesy of one jumbo deal – Meta Platform’s $10.5bln 5-pt offering – and a trio of chunkier deals from BMW US Capital ($3.7bln), HCA Inc ($3bln) Volkswagen Group of America ($2bln).

That brought ex-SSA issuance for the week, a week that started out with the fourteenth “zero” issuance day of the year, to $38.75bln, easily topping not only the lowest weekly estimate of $25bln, but the average estimate of $37.5bln, marking the twenty-fourth time this year that the weekly issuance total has surpassed the Street’s average expectations.

A funny thing happened on the way to the close tonight. Three of today’s deals – DR Horton’s $700m 10yr, BorgWarner’s $1bln 2-pt offering of 5s and 10s, and Sherwin-Williams’ $850m 2-pt offering of 3s and 7s – relaunched at 5bp tighter than the original launch, while two other deals, BMW US Capital’s $600m 5yr and $600m 7yr and HCA’s $750m 7yr tap and its $1.25bln 10yr, priced 5bp through guidance. That, plus the fact that today’s deals contracted an average of 31.1bp from IPT/PX is testament to investor demand for relatively high yielding corporate paper, or was it just your typical bait and switch. In any event, today’s deals, collectively built a book of nearly $160bln, or 4.94x covered – the Meta deal alone attracted $42bln in orders at its peak, while the GE Healthcare $1bl 5yr deal was 7.5x covered. Whereas, yesterday’s 10 deals offered investors a rather hefty 7.44bp concession, today’s deals priced with an average NIC of 4.91bp.

As for the general market, as previously stated, it was another volatile day in the stock market with the Dow trading up as much as 480 points, before closing lower by 234 points. At one point the S&P500 and the Nasdaq were up 1.73% and 2%, respectively, before they too closed on the negative side of the ledger, down 0.77% and 1.05%, respectively. Disappointing quarterly results from Super Micro Computer, who saw its stock drop 20.1%, dragged down the entire tech sector including AI darling Nvidia (-5.1%), Tesla (-4.4%) and Meta (-1.5%), weighing heavily on the indices.

Over in the Treasury market, things were not much better with the benchmark 10yr note yield jumping 6bp to close at 3.96%, while the long bond closed 8bp higher at 4.26%. However, on the short end, the 2yr note saw its yield hang right in there, edging just 1bp higher to close at 4.00%.

A3/BBB+/A-	Volkswagen Group of America Finance LLC (VW)
	$2bln [Volkswagen Group of America Finance LLC] (VW) 144a/RegS 4-pt (2yr fixed and/or FRN (8/14/26), 3yr (8/15/27) & 5yr (8/15/29)) senior unsecured notes. A3/BBB+/A- (s/s/s). DB/GS(B&D)/HSBC/MIZ/SMBC. UOP: GCP. Guarantor: Volkswagen AG, Volkswagen Aktiengesellschaft. MWC. Tax changes call. No PRIIPs KID / No sales to retail investors in the EEA, the United Kingdom or elsewhere. Sales to Canada: YES. Denoms 200k x 1k. S/D 8/15 (F)
IPT(s):	SOFR+Equiv, +120 area, +130 area, +155 area
GUIDANCE:	2yr FRN SOFR+106#, 2yr +90#, 3yr +100#, 5yr +120#
LAUNCHED:	$400m 8/14/26 SOFR+106, $500m 8/14/26 +90, $500m 8/15/27 +100, $600m 8/15/29 +120
PRICED:	$400m SOFR+106 8/14/26 100.00 SOFR+106 $500m 4.90% 8/14/26 99.987 4.907% +90 MW T+15 (TSY 4.375% 7/31/26) $500m 4.85% 8/15/27 99.981 4.857% +100 MW T+15 (TSY 3.75% 8/15/27) $600m 4.95% 8/15/29 99.812 4.993% +120 MW T+20 (TSY 4.00% 7/31/29)
BOOKS:	$1.6bln, $2.1bln, $1.75bln, $3.9bln
NIC(s):	N/A, +08, +08, +05
COMP(s):	VW 5.400 03/20/26 $100.88 ~T+85 G+68 VW 5.700 09/12/26 $101.80 ~T+81 G+83 VW 5.300 03/22/27 $101.53 ~T+84 G+80 VW 1.625 11/24/27 $90.70 ~T+87 G+90 VW 4.600 06/08/29 $99.25 ~T+100 G+100 VW 3.750 05/13/30 $94.07 ~T+117 G+114

A1/A+	Unilever Capital Corp (UNANA)
	$1.75bln [Unilever Capital Corp] (UNANA) 2-pt (3yr (8/12/27) & 10yr (8/12/34)) SEC registered senior unsecured notes. A1/A+. BofA/BNP/HSBC (D&I Coordinator)/MS(B&D). UOP: GCP. MWC. Par call 1mo (3yr), 3mo (10yr) prior to mat. CUSIPs: 3yr: 904764BU0 10yr: 904764BV8 ISINs: 3yr: US904764BU02 10yr: US904764BV84. PRIIPs: No UK PRIIPs key information document (KID) has been prepared as not available to retail in UK. No EU PRIIPs key information document (KID) has been prepared as not available to retail in EEA. Selling restrictions: As per the Preliminary Prospectus Supplement. Denoms 100k x 1k.. S/D 8/12 (F)
IPT(s):	+80 area, +110 area.
GUIDANCE:	3yr +50#, 10yr +80#
LAUNCHED:	$750m 8/12/27 +50, $1bln 8/12/34 +80
PRICED:	$750m 4.25% 8/12/27 99.733 4.346% +50 MW T+10 (TSY 4.375% 7/15/27) $1bln 4.625% 8/12/34 99.022 4.749% +80 MW T+15 (TSY 4.375% 5/15/34)
BOOKS:	$3.2bln, $4.25bln
NIC(s):	+05, +05
COMP(s):	UNANA 2.90 05/05/27 $96.46 ~T+45 G+42 UNANA 3.50 03/22/28 $97.15 ~T+59 G+59 UNANA 1.75 08/12/31 $83.60 ~T+56 G+67 UNANA 5.90 11/15/32 $108.66 ~T+68 G+74

A2/A	BMW US Capital LLC (BMW)
	$3.7bln [BMW US Capital LLC] (BMW) 144a/RegS (w/o rts) 6-pt (2yr fixed and/or FRN (8/13/26), 3yr fixed and/or FRN (8/13/27), 5yr (8/13/29) & 7yr(8/13/31)) senior unsecured notes. A2/A. BARC(B&D)/CITI/MUFG/SANT/WFS. UOP: GCP. MWC. Tax Changes Call. Par call 1mo (5yr), 3mo (7yr) prior to mat. Guarantor: Bayerische Motoren Werke Aktiengesellschaft. Marketing: eRed. CUSIPs: 2yr FRN: 144A: 05565E CN3 / REGS: U09513 KA6 2yr: 144A: 05565E CP8 / REGS: U09513 KB4 3yr FRN: 144A: 05565E CT0 / REGS: US05565ECT013yr: 144A: 05565E CQ6 / REGS: U09513 KC2 5yr: 144A: 05565E CR4 / REGS: U09513 KD0 7yr: 144A: 05565E CS2 / REGS: U09513 KE8 ISINs: 2yr FRN: 144A: US05565ECN31 /REGS: USU09513KA67 2yr: 144A: US05565ECP88 / REGS: USU09513KB41 3yr FRN: 144A: U09513 KF5 /REGS: USU09513KF54 3yr: 144A: US05565ECQ61 / REGS: USU09513KC24 5yr: 144A: US05565ECR45 / REGS: USU09513KD07 7yr: 144A: US05565ECS28 / REGS: USU09513KD07. No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/13 (F)
IPT(s):	SOFR+Equiv, +100 area, SOFR+Equiv, +110 area,+135 area, +150 area
GUIDANCE:	2yr FRN SOFR+Equiv, 2yr +65#, 3yr FRN SOFR+Equiv, 3yr +75#, 5yr +95#, 7yr +110#.
LAUNCHED:	$750m 8/13/26 SOFR+80, $750m 8/13/26 +65, $300m 8/13/27 SOFR+92, $700m 8/13/27 +75, $600m 8/13/29 +90, $600m 8/13/31 +105
PRICED:	$750m SOFR+80 8/13/26 100.00 SOFR+80 $750m 4.65% 8/13/26 99.998 4.651% +65 MW T+10 (TSY 4.375% 7/31/26) $300m SOFR+92 8/13/27 100.00 SOFR+92 $700m 4.60% 8/13/27 99.992 4.603% +75 MW T+15 (TSY 4.375% 7/15/27) $600m 4.65% 8/13/29 99.841 4.686% +90 MW T+15 (TSY 4.00% 7/31/29) $600m 4.85% 8/13/31 99.724 4.897% +105 MW T+20 (TSY 4.125% 7/31/31)
BOOKS:	$1.9bln, $2.1bln, $2.6bln, $1.3bln, $3.6bln, $3.3bln
NIC(s):	N/A, +10, N/A, +06, +04, +05
COMP(s):	BMW 5.300 08/11/25 $100.53 ~T+79 G+34 BMW 5.050 04/02/26 $100.79 ~T+58 G+43 BMW 3.450 04/01/27 $97.55 ~T+62 G+58 BMW 4.900 04/02/27 $100.96 ~T+69 G+65 BMW 3.625 04/18/29 $96.07 ~T+80 G+80 BMW 2.850 08/14/29 $92.81 ~T+70 G+70 BMW 1.950 08/12/31 $83.14 ~T+87 G+98 BMW 3.700 04/01/32 $92.66 ~T+92 G+101

A1/A+	Coca-Cola Company (KO)
	$3bln [Coca-Cola Company] (KO) 3-pt (10yr (8/14/34), long 30yr (1/14/55) & 5.40% 5/13/64 tap) SEC registered senior unsecured notes. A1/A+ (s/s). BofA (B&D)/BARC/CITI/DB/GS/MS. UOP: General corporate purposes, which may include working capital, capital expenditures, acquisitions of or investments in businesses or assets and redemption and repayment of short-term or long-term borrowings, as well as for making any potential payments in connection with the Company’s ongoing tax litigation with the IRS and the Company’s final contingent consideration payment in 2025 in connection with the acquisition of fairlife. MWC. Par call 3mo (10yr), 6mo (30yr, tap) prior to mat. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/14 (I).
IPT(s):	+105 area, +130 area, +140 area.
GUIDANCE:	10yr +75#, 30yr +100#, 5/13/64 tap +112#.
LAUNCHED:	$750m 8/14/34 +70, $1.5bln 1/14/55 +95, $750m 5/13/64 tap +110
PRICED:	$750m 4.65% 8/14/34 99.968 4.654% +70 MW T+15 (TSY 4.375% 5/15/34) $1.5bln 5.20% 1/14/55 99.91 5.206% +95 MW T+15 (TSY 4.25% 2/15/54) $750m 5.40% 5/13/64 tap 100.709 5.356% +110 MW T+20 (TSY 4.25% 2/15/54)
BOOKS:	$3.8bln, $4.7bln, $3.7bln
NIC(s):	+04, -01, +04
COMP(s):	KO 5.00 05/13/34 $103.24 ~T+63 G+64 KO 2.25 01/05/32 $86.62 ~T+44 G+54 KO 5.30 05/13/54 $101.69 ~T+93 G+94 KO 2.75 06/01/60 $62.69 ~T+74 G+75 KO 5.40 05/13/64 $101.22 ~T+107 G+108

Baa1/BBB/BBB+	BorgWarner Inc (BWA)
	$1bln [BorgWarner Inc] (BWA) 2-pt (5yr (8/15/29) & 10yr (8/15/34)) senior unsecured notes Baa1/BBB/BBB+ (s/s/s). BofA(B&D)/CITI/WFS. UOP: The Company intends to use the net proceeds from this offering together with cash on hand and other available sources of liquidity, as necessary to pay the purchase price for, and accrued and unpaid interest on, the Outstanding Notes validly tendered and accepted for purchase in the Tender Offers and to pay fees and expenses in connection with the Tender Offers. The Company intends to use any remaining proceeds for general corporate purposes. MWC. par call 1mo (5yr), 3mo (10yr) prior to mat. CoC: Put @ 101%. CUSIPs: 5yr: 099724AP1 10yr: 099724AQ9 IPTs: 5yr: US099724AP16 10yr: US099724AQ98. Marketing: www.netroadshow.com Passcode: BWA2024. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/9 (I)
IPT(s):	+160 area, +185 area.
LAUNCHED:	$500m 8/15/29 +125, $500m 8/15/34 +155
RELAUNCHED:	$500m 8/15/29 +120, $500m 8/15/34 +150
PRICED:	$500m 4.95% 8/15/29 99.79 4.998% +120 MW T+20 (TSY 4.00% 7/31/29) $500m 5.40% 8/15/34 99.467 5.470% +150 MW T+25 (TSY4 .375% 5/15/34)
BOOKS:	$3.5bln, $3.4bln
NIC(s):	+05, +03
COMP(s):	BWA 3.375 03/15/25 $98.91 ~T+127 G+40 BWA 2.650 07/01/27 $95.22 ~T+61 G+61 BWA 7.125 02/15/29 $110.87 ~T+68 T+67

Baa1/BBB+/A-	DR Horton Inc (DHI)
	$700m [DR Horton Inc] (DHI) 10yr (10/15/34) SEC registered senior unsecured notes. Baa1/BBB+/A-. BofA/MIZ/WFS. UOP: General corporate purposes, including repaying outstanding 2.500% senior notes due 2024 at or prior to maturity. MWC. Par call 3mos prior to mat. COC @101. Denoms 2k x 1k. S/D 8/14 (I)
IPT(s):	+150 area
GUIDANCE:	+120#
LAUNCHED:	$700m 10/15/34 +120. RELAUNCHED: $700m 10/15/34
PRICED:	$700m 5.00% 10/15/34 99.005 5.125% +115 MW T+20 (TSY 4.375% 5/15/34)
BOOKS:	$2.6bln
NIC(s):	+01
COMP(s):	DHI 2.6 10/15/25 $97.48 ~T+83 G+46 DHI 1.3 10/15/26 $93.30 ~T+58 G+61 DHI 1.4 10/15/27 $91.02 ~T+62 G+65

Aa3/AA-	Meta Platforms Inc (META)
	$10.5bln [Meta Platforms Inc] (META) 5-pt (5yr (8/15/29), 7yr (8/15/31), 10yr (8/15/34), 30yr (8/15/54), 40yr (8/15/64)) SEC registered senior unsecured notes. Aa3/AA-. BofA/JPM/MS. UOP: GCP. MWC. Par call 1mos (5yr), 2mos (7yr), 3mos (10yr), 6mos (30yr & 40yr) prior to mat. Denoms 2k x 1k. ISINs: US30303M8S40, US30303M8T23, US30303M8U95, US30303M8V78, US30303M8W51. S/D 8/09 (I).
IPT(s):	+80 area, +95 area, +105 area, +140 area, +155 area.
GUIDANCE:	5yr +55#, 7yr +70#, 10yr +80#, 30yr +115#, 40yr +130#
LAUNCHED:	$1bln 8/15/29 +55, $1bln 8/15/31+70, $2.5bln 8/15/34 +80, $3.25bln 8/15/54 +115, $2.75bln 8/15/64+130
PRICED:	$1bln 4.30% 8/15/29 99.807 4.343% +55 MW T+10 (TSY 4.00% 7/31/29) $1bln 4.55% 8/15/31 99.952 4.558% +70 MW T+15 (TSY 4.125% 7/31/31) $2.5bln 4.75% 8/15/34 99.814 4.774% +80 MW T+15 (TSY 4.375% 5/15/34) $3.25bln 5.40% 8/15/54 99.601 5.427% +115 MW T+20 (TSY 4.625% 5/15/54) $2.75bln 5.55% 8/15/64 99.568 5.577% +130 MW T+20 (TSY 4.625% 5/15/54)
BOOKS:	$5bln, $5.5bln, $9bln, $13.3bln, $9.6bln
NIC(s):	+08, +08, +09, +06, +10
COMP(s):	META 3.50 08/15/27 $97.72 ~T+48 G+50 META 4.60 05/15/28 $101.22 ~T+46 G+44 META 4.80 05/15/30 $102.39 ~T+54 G+52 META 3.85 08/15/32 $94.90 ~T+67 G+74 META 4.95 05/15/33 $102.47 ~T+64 G+70 META 5.60 05/15/53 $103.78 ~T+107 G+107 META 4.65 08/15/62 $87.81 ~T+114 G+115 META 5.75 05/15/63 $104.50 ~T+120 G+121

Baa3/BBB-	Quanta Services Inc (PWR)
	$1.25bln [Quanta Services Inc] (PWR) 2-pt (3yr (8/9/27) & 10yr (8/9/34)) SEC registered senior unsecured notes. Baa3/BBB- (s/p). BofA(B&D 3yr)/JPM/PNC/TSI/WFS(B&D 10yr). MWC. Par call 3mo prior to mat (10yr). Denoms 2k x 1k. S/D 8/9 (I)
IPT(s):	+130 area, +170 area
GUIDANCE:	3yr +100#, 10yr +140#
LAUNCHED:	$600m 8/9/27 +95, $650m 8/9/34 +135
PRICED:	$600m 4.75% 8/9/27 99.818 4.816% +95 MW T+15 (TSY 4.375% 7/15/27) $650m 5.25% 8/9/34 99.409 5.327% +135 MW T+25 (TSY 4.375% 5/15/34)
BOOKS:	$2.3bln, $2.8bln
NIC(s):	-01, -02
COMP(s):	PWR 2.90 10/01/30 $90.16 ~T+99 G+95 PWR 2.35 01/15/32 $83.82 ~T+103 G+112 PWR 3.05 10/01/41 $72.41 ~T+123 G+133

Baa3/BBB-	HCA Inc (HCA)
	$3bln [HCA Inc] (HCA) 3-pt (5.45% 4/1/31 tap, 10yr (9/15/34) & 30yr(9/15/54))SEC registered senior unsecured notes. Baa3/BBB- (s/s). BofA/CITI(B&D 30yr)/JPM(B&D 10yr)/WFS(B&D tap). UOP: General corporate purposes, which may include the repayment of borrowings outstanding under its senior secured asset-based revolving credit facility. MWC. Par call 2mo (tap), 3mo (10yr), 6mo (30yr) prior to mat. CoC: Put @101%. CUSIPs: tap: 404119CT4 10yr: 404121AK1 30yr: 404121 AL9 ISINs: tap: US404119CT49 10yr: US404121AK12 30yr: US404121AL94. Sales to Canada: YES. Denoms 2k x 1k. S/D 8/12 (I)
IPT(s):	+155 area, +180 area, +205 area.
GUIDANCE:	N/A
LAUNCHED:	$750m 4/1/31 tap +125, $1.25bln 9/15/34 +150, $1bln 9/15/54 +168
PRICED:	$750m 5.45% 4/1/31 tap 101.864 5.107 +120 MW T+20 (TSY 4.125% 7/31/31) $1.25bln 5.45% 9/15/34 99.854 5.468% +150 MW T+25 (TSY 4.375% 5/15/34) $1bln 5.95% 9/15/54 99.935 5.954% +168 MW T+30 (TSY 4.625% 5/15/54)
BOOKS:	$2.9bln, $10bln, $4bln
NIC(s):	+0, -05, +01
COMP(s):	HCA 5.450 04/01/31 $102.04 ~T+125 G+127 HCA 2.375 07/15/31 $84.26 ~T+115 G+127 HCA 5.500 06/01/33 $101.24 ~T+137 G+143 HCA 5.600 04/01/34 $101.69 ~T+142 G+144 HCA 5.500 06/01/33 $100.26 ~T+160 G+168

Baa2/BBB+	Extra Space Storage LP (EXR)
	$400m [Extra Space Storage LP] (EXR) long 10yr (1/15/35) SEC registered senior unsecured notes. Baa2/BBB+ (s/s). BofA(B&D)/PNC/TSI. UOP: Refinance, General Corporate Purposes, Acquisition Financing. MWC. Par call 3mo prior to mat. CUSIP: 30225VAT4 ISIN: US30225VAT44. Denoms 2k x 1k. S/D 8/12 (I)
IPT(s):	+165 area
GUIDANCE:	N/A
LAUNCHED:	$400m 1/15/35 +140
PRICED:	$400m 5.35% 1/15/35 99.973 5.354% +140 MW T+25 (TSY 4.375% 5/15/34)
BOOKS:	$2.2bln
NIC(s):	+09
COMP(s):	EXR 2.40 10/15/31 $84.51 ~T+105 G+115 EXR 2.35 03/15/32 $82.25 ~T+126 G+135 EXR 5.40 02/01/34 $101.15 ~T+130 G+132 EXR 5.35 01/15/35 $100.07 ~T+140 G+137

Baa3/BBB-/BBB	Host Hotels & Resorts Inc (HST)
	$700m [Host Hotels & Resorts Inc] (HST) long 10yr (4/15/35) SEC registered senior unsecured notes. Baa3/BBB-/BBB. BofA/GS/JPM/WFS. UOP:GCP. MWC. Par call 3mos prior to mat. Denoms 2k x 1k. S/D 8/12 (I)
IPT(s):	+200 area
GUIDANCE:	+175#.
LAUNCHED:	$700m 4/15/35 +175
PRICED:	$700m 5.50% 4/15/35 98.486 5.69% +175 MW T+30 (TSY 4.375% 5/15/34)
BOOKS:	$2.2bln
NIC(s):	+04
COMP(s):	HST 3.375 12/15/29 $91.55 ~T+144 G+143 HST 3.500 09/15/30 $90.97 ~T+148 G+145 HST 2.900 12/15/31 $85.25 ~T+141 G+151 HST 5.700 07/01/34 $100.67 ~T+166 G+167

Baa2/BBB/BBB+	Sherwin-Williams Co (SHW)
	$850m [Sherwin-Williams Co] (SHW) 2-pt (long 3yr (3/1/28) & 7yr (9/1/31)) SEC registered senior unsecured notes. Baa2/BBB/BBB+ (p/s/s). CITI/USB(B&D 3yr)/WFS(B&D 7yr). UOP: The issuer intends to use net proceeds from the offering to repay outstanding borrowings under the domestic commercial paper program. The issuer intends to use any remaining net proceeds for general corporate purposes.MWC. Par call 1mo (3yr), 2mon(7yr) prior to mat. COC: Put @ 101%. Marketing: eRed. CUSIPs: 3yr: 824348BS4 7yr: 824348BT2 ISINs: 3yr: US824348BS43 7yr: US824348BT26. Denoms 2k x 1k S/D 8/9 (I)
IPT(s):	+110 area, +145 area
LAUNCHED:	$400m 3/1/28 +78, $450m 9/1/31 +108
RELAUNCHED:	$400m 3/1/28 +73, $450m 9/1/31 +103
PRICED:	$400m 4.55% 3/1/28 99.997 4.550% +73 MW T+15 (TSY 3.75% 7/15/27) $450m 4.80% 9/1/31 99.706 4.849% +103 MW T+20 (TSY 4.125% 7/31/31)
BOOKS:	$2.25bln, $4bln
NIC(s):	+0, +02
COMP(s):	SHW 3.45 06/01/27 $97.09 ~T+73 G+72 SHW 2.95 08/15/29 $92.54 ~T+86 G+86 SHW 2.30 05/15/30 $88.18 ~T+89 G+86 SHW 2.20 03/15/32 $84.12 ~T+75 G+85´

Baa1/BBB	Genuine Parts Co (GPC)
	$750m [Genuine Parts Co] (GPC) 5yr (8/15/29) SEC registered senior unsecured notes. Baa1/BBB (s/s). GS/JPM(B&D)/PNC/SANT. MWC. Par call 1mo prior to mat. Denoms 2k x 1k. S/D 8/9 (I)
IPT(s):	+150 area.
GUIDANCE:	N/A
LAUNCHED:	$750m 8/15/29 +125
PRICED:	$750m 4.95% 8/15/29 99.696 5.019% +125 MW T+20 (TSY 4.00% 7/31/29)
BOOKS:	$2.1bln
NIC(s):	+22
COMP(s):	GPC 6.500 11/01/28 $107.05 ~T+85 G+83 GPC 1.875 11/01/30 $83.87 ~T+115 G+110 GPC 2.750 02/01/32 $85.16 ~T+122 G+132

A3/A-	Tucson Electric Power Co (FTSCN)
	$400m (WNG) [Tucson Electric Power Co] (FTSCN) 10yr (9/15/34) SEC registered senior unsecured notes. A3/A- (s/n). BKNY/MUFG(B&D)/TSI/PNC. UOP: GCP. MWC. Par call 3mo prior to mat. CUSIP: 898813AW0 ISIN: US898813AW06. Denoms 2k x 1k. S/D 8/9 (U)
IPT(s):	+155 area
GUIDANCE:	N/A
LAUNCHED:	$400m 9/15/34 +128
PRICED:	$400m 5.20% 9/15/34 99.844 5.219% +128 MW T+20 (TSY 4.375% 5/15/34)
BOOKS:	$2.1bln
NIC(s):	+12
COMP(s):	FTSCN 1.50 08/01/30 $84.56 ~T+71 G+68 FTSCN 3.25 05/15/32 $89.79 ~T+90 G+98

Baa2/BBB/BBB+	IDEX Corp (IEX)
	$500m (WNG) [IDEX Corp] (IEX) 5yr (9/1/29) SEC registered senior unsecured notes. Baa2/BBB/BBB+. BofA/JPM/WFS. UOP: GCP. MWC. Par call 1mos prior to mat. Denoms 2k x 1k. S/D 8/21 (I)
IPT(s):	+145 area
GUIDANCE:	N/A
LAUNCHED:	$500m (WNG) 9/1/29 +118
PRICED:	$500m (WNG) 4.95% 9/1/29 99.941 4.963% +118 MW T+20 (4.00% 7/31/29)
BOOKS:	$2.5bln
NIC(s):	+02
COMP(s):	IEX 3.000 05/01/30 $90.90 ~T+125 G+123 IEX 2.625 06/15/31 $86.33 ~T+105 G+117

Baa2/BBB/BBB	GE Healthcare Technologies Inc (GEHC)
	$1bln [GE Healthcare Technologies Inc] (GEHC) 5yr (8/14/29) SEC registered senior unsecured notes. Baa2/BBB/BBB. BofA(B&D)/GS/MS. UOP: The Issuer expects to use the net proceeds from this offering, together with cash on hand, to repay the $1,000 million aggregate principal amount outstanding of the 2024 notes, and pay accrued interest, related premiums, fees and expenses in connection therewith. MWC. Par call 1mos prior to mat. COC @101. Denoms 2k x 1k. ISIN: US36266GAA58. S/D 8/14 (I)
IPT(s):	+140 area
GUIDANCE:	+103#
LAUNCHED:	$1bln 8/14/29 +103
PRICED:	$1bln 4.80% 8/14/29 99.881 4.827% +103 MW T+20 (TSY 4.00% 7/31/29)
BOOKS:	$7.5bln
NIC(s):	+12
COMP(s):	GEHC 5.650 11/15/27 $102.93 ~T+83 G+85 GEHC 5.857 03/15/30 $105.31 ~T+97 G+96 GEHC 5.905 11/22/32 $105.60 ~T+111 G+118

A2/A-	Idaho Power Co (IDA)
	$300m (WNG) [Idaho Power Co] (IDA) 10yr (8/15/34) SEC registered first mortgage bonds. A2/A-. BofA/JPM/USB/WFS. UOP: To fund a portion of Idaho Power Company’s capital expenditures and for other general corporate purposes. MWC. Par call 3mos prior to mat. Denoms 1k x 1k. S/D 8/12 (U).
IPT(s):	+155 area
GUIDANCE:	N/A
LAUNCHED:	$300m (WNG) 8/15/34 +125
PRICED:	$300m (WNG) 5.20% 8/15/34 99.938 5.208% +125 MW T+20 (TSY 4.375% 5/15/34)
BOOKS:	$2.6bln
NIC(s):	+04
COMP(s):	IDA 5.50 04/01/33 $102.13 ~T+124 G+129 IDA 5.50 03/15/34 $99.80 ~T+158 G+159 IDA 5.30 08/15/35 $97.24 ~T+169 G+164 IDA 6.30 06/15/37 $104.54 ~T+185 G+173

	VOL	IPT/PX	XCVRD	NIC	TRADING
(TODAY) 08/06	31,800	-31	4.94	4.91	0.00
WK ENDING 08/09/24	38,570	-31	5.20	5.43	0.00
WK ENDING 08/02/24	31,125	-23	2.97	3.67	4.89
WK ENDING 07/26/24	31,504	-26	3.00	3.00	-1.52
WK ENDING 07/19/24	48,100	-27	3.63	0.94	-5.83
WK ENDING 07/12/24	18,250	-27	2.85	3.46	-1.30
WK ENDING 07/05/24	5,350	-30	4.95	6.00	-9.00
WK ENDING 06/28/24	31,950	-26	3.16	5.84	0.20
WK ENDING 06/21/24	31,400	-24	3.09	3.14	0.50
WK ENDING 06/14/24	5,750	-24	4.09	3.90	0.70
WK ENDING 06/07/24	33,575	-24	3.38	3.61	1.28
WK ENDING 05/31/24	19,700	-22	3.18	3.38	-1.34
WK ENDING 05/24/24	28,175	-22	4.53	3.78	-0.80
WK ENDING 05/17/24	28,100	-22	2.87	2.65	-1.14
WK ENDING 05/10/24	55,875	-28	4.05	0.55	-0.34
WK ENDING 05/03/24	19,000	-32	5.89	2.74	-7.60
WK ENDING 04/26/24	11,600	-27	3.22	-0.57	-0.73
WK ENDING 04/19/24	35,800	-27	3.61	2.78	-0.24
WK ENDING 04/12/24	10,480	-28	4.41	0.76	-0.88
WK ENDING 04/05/24	24,000	-24	3.60	1.50	-2.55
YTD "ZERO DAYS"	14	2023 / 32
YTD FRNS DROPPED	15	2023 / 39
24-Aug	47,395	-28.86	4.63	5.51	0.67
24-Jul	125,504	-26.26	4.80	2.47	-2.96
24-Jun	102,675	-24.60	3.28	4.08	0.70
24-May	136,050	-29.89	3.51	1.93	-0.84
24-Apr	106,680	-23.93	4.07	1.65	-1.10
24-Mar	142,909	-25.00	3.82	1.46	0.59
24-Feb	199,425	-26.51	3.93	1.89	-1.18
24-Jan	195,620	-25.66	3.73	2.70	-2.20
23-Dec	24,025	-23.94	3.04	5.59	-2.90
23-Nov	100,725	-25.50	3.95	7.40	-5.15
23-Oct	81,880	-22.37	3.45	6.06	-0.35
23-Sep	128,015	-24.60	3.40	4.59	-1.90
23-Aug	68,100	-27.16	3.67	4.40	-1.96
	VOL	IPT/PX	XCVRD	NIC	TRADING
2024 YTD	1,056,358	-26.80	3.73	3.06	-1.16
2023 YTD	848,310	-25.50	3.52	5.10	-2.20
24 VS '23 (% DIF)	24.50%	-1.30	0.21	-2.04	1.04

AUG	AUG VOL	LOW EST	AVE EST	HI EST	DIF (+/-)
2024	47,395	80,000	90,000	110,000	-42,605

2024	2024 YTD	LOW EST	AVE EST	HI EST	DIF (+/-)
YTD	1,056,358	1,100,000	1,275,000	1,350,000	-218,642

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