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Corporate Issuance Surge Certainly Weighing on Rates

PIPELINE
Surge in $Benchmark corporate, bank, supra-sovereign debt issuance across the board -- rate-lock hedging in addition to some prop acct selling with some large names on the docket weighing. Issuance has fallen from over $230B in March to $97.12B in August. Low estimate for this WEEK is $45B.
  • Date $MM Issuer (Priced *, Launch #)
  • 09/07 $Benchmark Nestle 6pt: 3NC2 +35a, 5Y +50a, 7Y +60a, 10Y +70a, 20Y +80a, 30Y +90a
  • 09/07 $Benchmark TD Bank 3Y +45a, 3Y FRN/SOFR, 5Y +65a, 5Y FRN/SOFR, 10Y +85a
  • 09/07 $Benchmark Danske Bank 4Y +80a, 6Y +100a
  • 09/07 $Benchmark Royal Bank of Canada 5Y +20a
  • 09/07 $Benchmark Banco Santander 6NC5 +115a
  • 09/07 $Benchmark John Deere Capital -2Y FRN/SOFR+25, 3Y +40a
  • 09/07 $Benchmark Home Depot 7Y +65a, 10Y +80a, 30Y +105a
  • 09/07 $Benchmark Met Tower Funding 5Y +65a
  • 09/07 $1.5B Texas Inst 5Y +55a, 10Y +80a, 30Y +100a
  • 09/07 $1B Enterprise Products WNG +31Y +160a
  • 09/07 $1B Union Pacific 2031 Tap, 30Y
  • 09/07 $700M Packaging Corp WNG 30Y +135a
  • 09/07 $Benchmark Caterpillar Financial 3Y fix/FRN, 5Y
  • 09/07 $Benchmark American Honda 3Y +55a, 5Y +70a
  • 09/07 $Benchmark Waste Connections 10Y +105a, 30Y +125a
  • 09/07 $Benchmark DBS Group 5.5Y +37a
  • 09/07 $Benchmark Amphenol 10Y +110a
  • 09/07 Investor calls: Walmart, CGI Inc, AvalonBay FI

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