US$ Credit Supply Pipeline

Generally muted start to February corporate bond issuance, many sidelined into last week's event risk that included the FOMC policy announcement and employment data for January. Ongoing earnings cycle also weighing on supply.

• Date $MM Issuer (Priced *, Launch #)
• 02/03 No new issuance Friday, $11.15B total first two days of February

• $10.45B Priced Thursday
• 02/02 $5.25B *Oracle $750M 5Y +110, $750M 7Y +130, $1.5B 10Y +155, $2.25B 30Y +203
• 02/02 $1.6B *MPLX $1.1B 10Y +170, $500M 30Y +212.5
• 02/02 $1.5B *PNC Financial PerpNC7 6.25%
• 02/02 $1.1B *National Rural Utilities $600M 3Y +70, $200M tap 5Y +95, $300M tap 10Y +123
• 02/02 $1B *Alexandria Real Estate $500M 12Y +137.5, $500M 30Y +160

• Muted Wednesday supply
• 02/01 $700M *Dominican Rep 8Y 7.0%

January kicked off 2023 with total of $231.425B high-grade corporate issuance, highest since March '22.

Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020