Halister News

(Bloomberg) -- Goldman Sachs executive Jim Donovan is pulling out as Trump’s nominee to serve as deputy Treasury secretary, Politico’s Ben White reports on Twitter.

(Bloomberg) -- Deal launched across nine tranches.

• Tranches (Guidance, IPT)
  • $1.25b 2y Fxd (5/20/2019) at +60
    • +65a, +70a
  • $750m 2y FRN (5/20/2019) at 3mL+36
    • L equiv
  • $1.5b 3y Fxd (5/20/2020) at +65
    • +70a, +80a
  • $500m 3y FRN (5/20/2020) at 3mL+45
    • L equiv
  • $1.5b 5.5y Fxd (1/30/2023) at +85
    • +90a, +100a
  • $500m 5.5y FRN (1/30/2023) at 3mL+73
    • L+78a, L+88a
  • $1.5b 7y (5/20/2024) at +90
    • +95a, +110a
  • $2b 10y (5/20/2027) at +105
    • +110a, +125a
  • $1.5b 30y (5/20/2047) at +140
    • +145a, +165a
  • Guidance area was (+/-5bp)
• Issuer: Qualcomm Inc (QCOM)
• Ratings: A1/A
• Format: SEC Registered Sr Unsecured Notes
• UOP: To pay for NXP and GCP
• Bookrunners: BofAML, GS, JPM
• Settlement: 5/26/2017 (T+5)
• Denoms: $2k x $1k
• Special Mandatory Redemption: 101% on 2y, 3y only
• Par Calls: 5y (1mo), 7y (2mo), 10y (3mo), 30y (6mo)
• NOTE: Qualcomm May Issue $10b-$12b for NXP Deal, BI Says
• NOTE: QCOM last issued 8-part $10b debt two years ago
• Information from person familiar with the matter, who is not authorized to speak publicly and asked not to be identified

(Bloomberg) -- 20-year sector “has cheapened along the curve” since TBAC recommended the Treasury Department consider reintroducing a 20-year bond instead of an ultra-long, JPMorgan strategists led by Jay Barry say in May 18 note.

• In particular, the 4.5% due 2/15/36 cheapened by 2bp vs fitted curve after the refunding announcement, while the 15-year sector richened
• Most securities near the 20-year sector in the US futures deliverables basket have made “significant,” though not uniform, moves
• Steepness of May-38/Feb-39 curve “stands out to us as particularly appealing”; they recommend that flattener (4.5% due 5/15/38 vs 3.5% due 2/15/39)
• Treasury may pose a charge question on the topic of 20-year issuance at the August refunding with an aim to sell one in February, “which should allow the 20-year sector to trade with a smaller premium than in recent years”

To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net To contact the editors responsible for this story: Boris Korby at bkorby1@bloomberg.net Greg Chang, Elizabeth Stanton