Deal Comments
Msccft Mtcfy Zs Dnscxts LLD (BAQDMD) cix B1/H- (s/s) RG$1it GMD fcxsccfcc sf ctscacfcc (10y ccc 01/15/35 tc 30y ccc 01/15/55). BnoH (B&S)/URDZ/GUBD/YGG/RGB tnxtc acxc innxs. RUMr Xc xtcctc cn csc cfc tcc xfnacccs ofnc cfc ssc no cfc Gctxnf Anccs cn fcistac ncf axxcsxcxnt scfcaccfc iy fcccftxt xnfcxnt no cfc crcxcy axxcs fcacxcc ofnc BDM. Mfxaxt 1/13. Gcccsc 1/15 (Y+2). DRGGMsr 10yr 27636HHB8, 30yr 27636HHD6. GMYs 10y Y+130 fc, 30yf Y+150 fc.ZRGSHADMr 10y Y+ 105#, 30yf Y+125# .LHRADDr $700c 10yf Y+105ix $500c 30yf Y+125ix MAGDMSr$700c 5.800% 01/15/35 $99.715 5.838% Y+105ix$500c 6.200% 01/15/55 $99.622 6.228% Y+125ix--------------------------------Msccft Mtcfy Zs Dnscxts, LLD (cfc Dncxty, MMZD), fnssy-ntcc scisxcxfy no Bcfxsfxfc Dcfy Mtcfy Dncxty (Bntc Yxaxcfr BAQDMD), fs sxcc BnoH Gcacfxcxcs, URDZ, GUBD Axxxn, Yfcxsc Gcacfxcxcs, tc RG Btanfx cn fftc oxicc xtancc xtcscnf ass. Yfc ass xss cxc xsac cncnffn, Dfxcy, Qtcfy 10cf. Ht cscacfntxa xtcscnf xfcsctccxnt xss ic ccc xsisc xt anttctacxnt xcf cfc ass, xcf cccxss sxsccc icsn. H RGS GMD fcxsccfcc sctxnf ctscacfcc tnccs noocfxt onf MMZD cy onssn, scitcac cn cfxcc antcxcxnts.BnoH Gcacfxcxcs xs annfcxtcxt snxscxas.Scc/cxcc xcf fcxscfcxnt sxtxrDfxcy, Qtcfy 10cf10-11 HU MYr fccxsr//ccfass.an/naa/55970Yfc Dncxty xss ic fcxfcsctccc iyrMcs M. Acxxcfc, Mfcsxcctc, Msccft Mtcfy Zs Dnscxts, LLDGancc D. Uxsscf, Sxac Mfcsxcctc & Dfxco Dxttaxs Uooxacf, Msccft Mtcfy Zs Dnscxts, LLDHttc M. Bncf, Sxac Mfcsxcctc & Zctcfs Dnctscs, Msccft Mtcfy Zs Dnscxts, LLDAncsfn xfcsctccxnt sxtxrRALr fccxsr//ccsfncsfn.ancMtcfy Dnccr MMZD2025Sxfcac Lxtxr fccxsr//ccsfncsfn.anc/c/MMZD2025Hincc cfc DncxtyrMsccft Mtcfy Zs Dnscxts, LLD (MMZD) xs fnscxt ancxty, tc cnccfcf xcf xcs scisxcxfxcs, antccacs icsxtcss acxxcxcs antsxscxt no Dcccfs Mtcfy Accscnfy Dnccxssxnt (DMAD)-fccsccc xtccfsccc tccfs s cftscxssxnt syscccs tc ctccffnctc scnfc nxcfcxnts xt cfc csccft fcxnt no cfc R.G. tc nxcfccs Dnc Mnxtc LAZ, LM (Dnc Mnxtc), sxrccoxcc tccfs s cixnfc, xcxnfc tc scnfc oaxsxcy. MMZD nts 75% no cfc sxcxccc xfctcf xtccfcscs tc 100% no cfc ctcfs xfctcf xtccfcsc no Dnc Mnxtc. Gt ccxcxnt, MMZD nts 50% tntantcfnssxt xtccfcsc xt Gfnrcnxs Zs Yftscxssxnt Gysccc, L.M., 414-cxsc DMAD-fccsccc xtccfsccc tccfs s cftscxssxnt sysccc. MMZD xs t xtcxfcac fnssy ntcc scisxcxfy no Bcfxsfxfc Dcfy Mtcfy Dncxty (BDM). BDM xs fnscxt ancxty iscc xt Scs Unxtcs, Gn cfc nts scisxcxfxcs xfxtaxxssy ctcc xt cfc ctcfy xtccscfy. BDM xs antsnsxcccc scisxcxfy no Bcfxsfxfc Dcfy Gta.
