US$ Credit Supply Pipeline, Bank Issuance Surge Post Earnings

Domestic and some foreign bank US$ high-grade debt issuance surged this week, helping push running total for the month just under $165B. Expect issuance to remain strong ahead the May 4 FOMC where 50bp is widely expected (while 75bp hike is not ruled out by markets).

• Date $MM Issuer (Priced *, Launch #)
• $18.05B Priced Thursday, $68.65B total for the week
• 04/21 $8.75B *Bank of America 4pt $2B 3NC2 +115, $500M 3NC2 SOFR+110, $2.25B 6NC5 +140, $4B 11NC10 +165
• 04/21 $5B *KFW 5Y SOFR+31
• 04/21 $2.3B *Lockheed Martin $800M 10Y +100, $850M 31Y +125, $650M 40Y +140
• 04/21 $1B *Development Bank of Japan 5Y SOFR+57
• 04/21 $1B *PNC Financial perpNC5 6%
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• $18B Priced Wednesday; $50.6 total for week
• 04/20 $5B *VICI Properties $500M 3Y +160, $1.25B +5Y +190, $1B +7Y +210, $1.5B 10Y +230, $750M 30Y +275
• 04/20 $4B *CSL Finance $500M 5Y +100, $500M 7Y +120, $1B 10Y +145, $500M 20Y +155, $1B 30Y +185, $500M 40Y +205
• 04/20 $4B *ADB $3B 3Y SOFR+22, $1B 10Y SOFR+47
• 04/20 $3.5B *Canada 3Y +9
• 04/20 $1B *Fifth Third Bancorp $40M 6NC5 +118, $600M 11NC10 +148
• 04/20 $500M *Jabil 5Y +148
• $18.85B Priced Tuesday; $32.6B total for week
• 04/19 $8.5B *JP Morgan 4pt 4NC3 +125, 4NC3 SOFR, 6NC5 +132, 11NC10 +150
• 04/19 $2.15B *Cargill $500M 3NC1 +80, $500M 5Y +85, $650M 10Y +117, $500M 30Y +140
• 04/19 $3.5B *Taiwan Semiconductor Mfg (TSMC) 5Y +100, 7Y +120, 10Y +135, 30Y +150
• 04/19 $2B *Bank of America Perp NC5 6.125%
• 04/19 $1.7B *BNY Mellon 3Y +55, 3Y FRN, 7Y +90
• 04/19 $1B *Berkshire Hathaway 31Y +162.5
• $13.75B Priced Monday
• 04/18 $7B #Morgan Stanley $2B 3NC2 +118, $500M 3NC2 SOFR+116.5, $2.5B 6NC5 +143, $2B 15NC10+245
• 04/18 $6.75B #Wells Fargo $2.75B 4NC3 +125, $750M 4NC3 SOFR+132, $3.25B 31NC30 +168
• $1.75B Priced Wednesday, $61.55 total on week
• 04/13 $1B *IDB 3Y SOFR+32
• 04/13 $750M *Viterra Finance $450M 5Y +235a, $300M 10Y +265
• $1.6B Priced Tuesday, $59.8B total for week
• 04/12 $600M *John Deere Capital 7Y +65
• 04/12 $1B *Ferguson Finance $300M 5Y +165, $700M 10Y +200
• $23.5B Priced Monday, running total for April: $58.2B
• 04/11 $12.75B *Amazon 7pt: $1.5B 2Y +22, $1.5B 3Y +32, $2B 5Y +55, $1.5B 7Y +65, $2.5B 10Y +85, $2.5B 30Y +115, $1.25B 40Y +130
• 04/11 $3B *South Africa $1.4B 10Y 5.875%, $1.6B 30Y 7.30%
• 04/11 $2B *MUFG $500M 4NC3 +112.5, $800M 6NC5 +130, $700M 11NC10 +155
• 04/11 $2B *TD Bank 5Y SOFR+70
• 04/11 $1.1B *OMERS Fnc Trust $600M 10Y +75, $500M 30Y +125
• 04/11 $2B *MUFG $500M 4NC3 +112.5, $800M 6NC5 +130, $700M 11NC10 +155
• 04/11 $650M *Bayport 5Y +195a, 10Y +235a
• 04/11 $Benchmark IDB 3Y investor calls
• 04/11 $Benchmark John Deere Capital investor calls
• No new issuance on tap Friday after $34.7B total priced on week
• $16.65B Priced Thursday, $34.7B/wk
• 07/07 $4B *Royal Bank of Canada $1.4B 3Y +75, $400M 3Y SOFR+84, $1.2B 5Y +95, $1B 10Y +125
• 04/07 $3B *Freeport Indonesia $750M 5Y +205, $1.5B 10Y +265, $750M 3Y +350
• 04/07 $3B *Keurig Dr Pepper $1B 7Y +125, $850M 10Y +145, $1.15B 30Y +185
• 04/07 $2.7B *Take-Two $1B 2Y +85, $600M 3Y +90, $600M 5Y +100, $500M 10Y +135
• 07/07 $1.75B *Republic of Angola 10Y 8.75%
• 04/07 $1.5B *JBIC 3Y SOFR+39
• 07/07 $700M *South32 10Y +175
• $5.5B Priced Wednesday, $18.05B/wk
• 04/06 $3B *EIB +3Y SOFR+22
• 04/06 $1.5B *Ontario Teachers Fnc 5Y SOFR+55
• 04/06 $500M *Shinhan Bank 10Y NC+185
• 04/06 $500M *Orix 10Y +145
• $7.55B Priced Tuesday, $13.05B/wk
• 04/05 $3.35B #Bank of Nova Scotia 3Y fix/FRN, 15NC10
• 04/05 $1B *IADB 5Y SOFR+28
• 04/05 $1.6B #Entergis Escrow Corp 7NC +215
• 04/05 $600M #Sun Communities 10Y +172
• 04/05 $500M #JAB Holdings 30Y +200
• 04/05 $500M #Sammons Fncl 10Y +220
• $5.5B Priced Monday
• 04/04 $2.5B *GM Financial $1.1B 3Y +120, $300M 3Y SOFR+130, $1.1B 7Y +180
• 04/04 $2.5B *Credit Suisse $2.1B 3Y +115, $400M 3Y SOFR+126
• 04/04 $500M *NY Life 5Y +70
• 04/01 No new issuance Friday

Total 2021 high-grade corporate US$ issuance at $1.879T 2021 vs. record $2.196T for 2020