PIPELINE: Corporate Bond Update: $5B CBA 5Pt Launched

• RES 4: 159.45 High Jul 12  
• RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
• RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger 
• RES 1: 155.72/156.75 20-day EMA / High Jan 23       
• PRICE: 154.61 @ 16:44 GMT Feb 4
• SUP 1: 153.72/34 Low Jan 27 / Low Dec 18  
• SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
• SUP 3: 151.81 Low Dec 12   
• SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY is in consolidation mode. The primary trend condition is bullish, however, the Jan 27 move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of the bear leg would open 152.55, a Fibonacci retracement point. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this hurdle would be a bullish development.        

• Date $MM Issuer (Priced *, Launch #)
• 02/04 $6.065B #Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180

• Date $MM Issuer (Priced *, Launch #)
• 02/04 $6.065B #Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180
• 02/04 $3B *EIB WNG 10Y +60
• 02/04 $2.5B #NextEra Capital Energy $1.5B 30.5NC5.25 6.375%, $1B 30.5NC10.25 6.5%
• 02/04 $2B *L-Bank $1B 2Y SOF+30, $1B 5Y SOFR+47
• 02/04 $1.5B #BNG Bank 3Y SOFR+37
• 02/04 $1.25B #BNY Mellon 6NC5 +62
• 02/04 $1.1B #National Rural Utilities $600M 3Y +52, $500M 5Y +67
• 02/04 $1B #Altria $500M 3Y +67, $500M 10Y +117
• 02/04 $1B #National Fuel Gas $00M 5Y +118, $500M 10Y +147
• 02/04 $800M #GATX $500M 10Y +102, $300M 2054 Tap +113
• 02/04 $650M #Valero Energy 5Y +87
• Expected to issue Wednesday:
  • 02/05 $1B KFW 4% 2026 TAP SOFR+20
  • 02/05 $Benchmark IDA 10Y SOFR+63a