2. Identify your focus company (the one hypothetically issuing a bond that you are evaluating) 3. Select two maturities to analyze - either 5-, 10-, or 30-year bonds a. XEL 5.4508/15/33 for example would be a 10 YR bond example since there are 10 years remaining from today through 2033 4. Reference the process below - set a G spread level that you think the bond would come to the market at for initial price talks 5. Analyze your proposed bond against secondaries and peers to then form a view on where syndicate teams would bring the spread to in the guidance phase (comes after IPT's) 6. Assume your bond prices (final stage) at the guidance spread level Provide rationale on how you thought about selecting your tenors, comparison to peer secondaries, and how you arrived at your IPT and guidance G Spread levels. \begin{tabular}{|c|c|c|c|c|c|c|} \hline 1 & Security & B Spd & A Spd & B GSpd & B PX & B YTM \\ \hline 2 & AAPL 4.15 05/10/30 & 33 & 29 & 32 & 96.83 & 4.71 \\ \hline 3 & AAPL 1.25 08/20/30 & 46 & 41 & 37 & 79.55 & 4.75 \\ \hline 4 & AAPL 1.65 02/08/31 & 46 & 42 & 41 & 80.86 & 4.75 \\ \hline 5 & AAPL 1.7 08/05/31 & 46 & 41 & 45 & 80.13 & 4.75 \\ \hline 6 & AAPL 3.35 08/08/32 & 45 & 38 & 42 & 90 & 4.74 \\ \hline 7 & AAPL 4.3 05/10/33 & 46 & 41 & 46 & 96.53 & 4.75 \\ \hline 8 & AAPL 4.5 02/23/36 & 49 & 42 & 47 & 97.38 & 4.78 \\ \hline 9 & AAPL 2.375 02/08/41 & 49 & 42 & 60 & 69.21 & 5.06 \\ \hline 10 & AAPL 4.45 05/06/44 & 53 & 43 & 54 & 91.78 & 5.1 \\ \hline 11 & AAPL 3.45 02/09/45 & 54 & 47 & 55 & 78.57 & 5.11 \\ \hline 12 & AAPL 4.375 05/13/45 & 61 & 54 & 62 & 89.61 & 5.18 \\ \hline 13 & AAPL 4.65 02/23/46 & 62 & 55 & 63 & 92.91 & 5.19 \\ \hline 14 & AAPL 3.85 08/04/46 & 62 & 55 & 64 & 82.2 & 5.19 \\ \hline 15 & AAPL 4.25 02/09/47 & 71 & 66 & 55 & 88.46 & 5.1 \\ \hline 16 & AAPL 3.75 09/12/47 & 77 & 72 & 61 & 80.73 & 5.16 \\ \hline 17 & AAPL 3.75 11/13/47 & 77 & 72 & 61 & 80.65 & 5.16 \\ \hline 18 & AAPL 2.95 09/11/49 & 74 & 69 & 62 & 68.9 & 5.13 \\ \hline 19 & AAPL 2.65 05/11/50 & 73 & 69 & 63 & 64.3 & 5.12 \\ \hline 20 & AAPL 2.4 08/20/50 & 62 & 55 & 53 & 61.65 & 5.01 \\ \hline 21 & AAPL 2.65 02/08/51 & 72 & 67 & 65 & 63.94 & 5.11 \\ \hline 22 & AAPL 2.7 08/05/51 & 72 & 67 & 66 & 64.39 & 5.11 \\ \hline 23 & AAPL 3.95 08/08/52 & 75 & 70 & 73 & 82.19 & 5.14 \\ \hline 24 & AAPL 4.85 05/10/53 & 74 & 69 & 74 & 95.75 & 5.13 \\ \hline 25 & AAPL 2.55 08/20/60 & 52 & 45 & 53 & 59.95 & 4.91 \\ \hline 26 & AAPL 2.8 02/08/61 & 72 & 65 & 73 & 61.64 & 5.11 \\ \hline 27 & AAPL 2.85 08/05/61 & 72 & 68 & 73 & 62.31 & 5.11 \\ \hline 28 & AAPL 4.1 08/08/62 & 85 & 81 & 86 & 81.15 & 5.24 \\ \hline 29 & & & & & & \\ \hline \end{tabular} 2. Identify your focus company (the one hypothetically issuing a bond that you are evaluating) 3. Select two maturities to analyze - either 5-, 10-, or 30-year bonds a. XEL 5.4508/15/33 for example would be a 10 YR bond example since there are 10 years remaining from today through 2033 4. Reference the process below - set a G spread level that you think the bond would come to the market at for initial price talks 5. Analyze your proposed bond against secondaries and peers to then form a view on where syndicate teams would bring the spread to in the guidance phase (comes after IPT's) 6. Assume your bond prices (final stage) at the guidance spread level Provide rationale on how you thought about selecting your tenors, comparison to peer secondaries, and how you arrived at your IPT and guidance G Spread levels. \begin{tabular}{|c|c|c|c|c|c|c|} \hline 1 & Security & B Spd & A Spd & B GSpd & B PX & B YTM \\ \hline 2 & AAPL 4.15 05/10/30 & 33 & 29 & 32 & 96.83 & 4.71 \\ \hline 3 & AAPL 1.25 08/20/30 & 46 & 41 & 37 & 79.55 & 4.75 \\ \hline 4 & AAPL 1.65 02/08/31 & 46 & 42 & 41 & 80.86 & 4.75 \\ \hline 5 & AAPL 1.7 08/05/31 & 46 & 41 & 45 & 80.13 & 4.75 \\ \hline 6 & AAPL 3.35 08/08/32 & 45 & 38 & 42 & 90 & 4.74 \\ \hline 7 & AAPL 4.3 05/10/33 & 46 & 41 & 46 & 96.53 & 4.75 \\ \hline 8 & AAPL 4.5 02/23/36 & 49 & 42 & 47 & 97.38 & 4.78 \\ \hline 9 & AAPL 2.375 02/08/41 & 49 & 42 & 60 & 69.21 & 5.06 \\ \hline 10 & AAPL 4.45 05/06/44 & 53 & 43 & 54 & 91.78 & 5.1 \\ \hline 11 & AAPL 3.45 02/09/45 & 54 & 47 & 55 & 78.57 & 5.11 \\ \hline 12 & AAPL 4.375 05/13/45 & 61 & 54 & 62 & 89.61 & 5.18 \\ \hline 13 & AAPL 4.65 02/23/46 & 62 & 55 & 63 & 92.91 & 5.19 \\ \hline 14 & AAPL 3.85 08/04/46 & 62 & 55 & 64 & 82.2 & 5.19 \\ \hline 15 & AAPL 4.25 02/09/47 & 71 & 66 & 55 & 88.46 & 5.1 \\ \hline 16 & AAPL 3.75 09/12/47 & 77 & 72 & 61 & 80.73 & 5.16 \\ \hline 17 & AAPL 3.75 11/13/47 & 77 & 72 & 61 & 80.65 & 5.16 \\ \hline 18 & AAPL 2.95 09/11/49 & 74 & 69 & 62 & 68.9 & 5.13 \\ \hline 19 & AAPL 2.65 05/11/50 & 73 & 69 & 63 & 64.3 & 5.12 \\ \hline 20 & AAPL 2.4 08/20/50 & 62 & 55 & 53 & 61.65 & 5.01 \\ \hline 21 & AAPL 2.65 02/08/51 & 72 & 67 & 65 & 63.94 & 5.11 \\ \hline 22 & AAPL 2.7 08/05/51 & 72 & 67 & 66 & 64.39 & 5.11 \\ \hline 23 & AAPL 3.95 08/08/52 & 75 & 70 & 73 & 82.19 & 5.14 \\ \hline 24 & AAPL 4.85 05/10/53 & 74 & 69 & 74 & 95.75 & 5.13 \\ \hline 25 & AAPL 2.55 08/20/60 & 52 & 45 & 53 & 59.95 & 4.91 \\ \hline 26 & AAPL 2.8 02/08/61 & 72 & 65 & 73 & 61.64 & 5.11 \\ \hline 27 & AAPL 2.85 08/05/61 & 72 & 68 & 73 & 62.31 & 5.11 \\ \hline 28 & AAPL 4.1 08/08/62 & 85 & 81 & 86 & 81.15 & 5.24 \\ \hline 29 & & & & & & \\ \hline \end{tabular}