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Corporate Debt Issuance Nears $200B

PIPELINE

No new issuance expected Friday after heavy $46.26B domestic/foreign high-grade debt issuance priced Tue-Thu this week, total for month at $188.31B already compares to $227.55B in 2021. Likely see total for Jan over $200B with pause around next week's FOMC. Pace of issuance may start to slow as Fed starts to to hike rates (March expected 25bp hike)

  • CDX IG 5Y credit spds holding near highs for the week after gaining latter half Thursday, currently 57.12 (+3.99 on day) vs. 53.42 late last Friday. CDX HY 5Y at 107.60 (-0.63 on day) vs. 108.39 late last Friday.
    • Date $MM Issuer (Priced *, Launch #)
    • 01/20 $1.5B *Bank of New Zealand (BNZ) $750M 5Y +68, $400M 5Y SOFR+81, $350M 10Y +105
    • 01/20 $2.1B *US Bancorp $1.25B 6NC5 +60, $850M 11NC10 +85 (6NC5 SOFR dropped)
    • 01/20 $1.75B *Bank of America PerpNC5 4.375%

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