G-250 USD New Issue Supply with Trade Indicators for May 5, 2025

DTE – Reported last week – New 1st Mortgage Bond (Aa3/A)

USD 2Y Fixed (May 14, 2027) IPT +80 Area attractive to 54/2Y

USD 10Y Fixed (May 15, 2035) IPT +120 Area attractive to 94/10Y

USD 30Y Fixed (May 15, 2055) IPT +135 Area attractive to 106/30Y

Apple (AAPL Aaa/AA+) first new issue in 2 years.

USD 3Y Fixed (May 12, 2028) IPT +45 Area

USD 5Y Fixed (May 12, 2030) IPT +50 Area

USD 7Y Fixed (May 12, 2032) IPT +60 Area

USD 10Y Fixed (May 12, 2035) IPT +70 Area

Our trading model has made 10 AAPL new issue recs in the past 10 years. This one is no different. Buy as many bonds as possible @ new issue spread. Sell the bonds (-8bp) tighter when they get to that trading level.

Comcast (CMCSA) NBC Universal A3/A- First 2025 new issue

USD 7Y Fixed IPT +115-120 attractive to 93/7Y

USD 10Y Fixed (May 15, 2035) IPT +130 Area attractive to 104/10Y

USD 30Y Fixed (May 15, 2055) IPT +155 Area attractive to 127/30Y

Reminder – issuer is re-levering which impacts new issue attractive levels.

Prologis (PLD) A2/A new issue – very impressive 1Q numbers but still re-levering

$Benchmark Long 5Y Fixed (Jan. 15, 2031) IPT +110 Area attractive to 84/5Y

$Benchmark 10Y Fixed (May 15, 2035) IPT +130 Area attractive to 104/10Y

General Motors (GM) Baa2/BBB – if you don't like today's offering, not to worry, there will be more.

One piece of data to note: April Ward's US SAAR (17.27mm) showing little impact (yet) from US tariffs.

USD 3Y Fixed (April 15, 2028) IPT +185 Area attractive to 157/3Y

USD 5Y Fixed (April 15, 2030) IPT +200 Area attractive to 175/5Y

USD 10Y Fixed (April 15, 2035) IPT +220 Area attractive to 197/10Y

Given the April SAAR – this will most likely be the first of several USD auto finance deals.

Disclaimer - This report is not intended as, and does not constitute an offer, or a solicitation to buy or sell any securities or financial instruments. All data, levels, opinions, and representations herein are provided for informational purposes only and should not be relied upon for making investment decisions. Past performance is not indicative of future results. The authors of this report assume no liability for losses or damages arising from the use of this information. Investors should consult with a qualified financial advisor before making any investment decisions. The information in this report is based on sources believed to be reliable, but no guarantee is made as to its accuracy, completeness, or timeliness.