G-250 USD New Issue Supply with Trade Indicators for May 27, 2025

Toronto-Dominion Bank (TD, A2/A-)

$3Y Fixed IPT +85-90 attractive to 63/3Y

$3Y FRN IPT SOFR Equiv attractive to DM74

$5Y Fixed IPT +100-105 attractive to 71/5Y

$ 5Y FRN SOFR Equiv attractive to DM80

Bank Notes

TD has more cash than debt

Equinor ASA (EQNR, Aa2/AA-)

$ 3Y Fixed IPT +55 attractive to 29/3Y

$ 5Y Fixed IPT +70 Area attractive to 41/5Y

$ 10Y Fixed IPT +90 Area attractive to 59/10Y

This is Equinor's first USD offering since April 2020

EQNR is de- levering

New York Life Global Funding (NYLIFE, Aa1/AA+)

$ 5Y FA Backed Fixed IPT +80 Area attractive to 54/5Y

Northrop Grumman Corp (NOC, Baa1/BBB+)

$ 5Y Fixed IPT +90 Area attractive to 67/5Y

$ 10Y Fixed IPT +112.5 Area attractive to 84/10Y

This is NOC's first new issue since Jan 2024

NOC is re-levering

General Motors Financial Co Inc (GM, Baa2/BBB)

$ 2Y Fixed IPT +137.5 Area attractive to 111/2Y

$ 5Y Fixed IPT +175 Area attractive to 147/5Y

$10Y Fixed IPT +200 Area attractive to 179/10Y

GM is re-levering

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.