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High Grade Issuance Halts Ahead Earnings

PIPELINE

As expected, corporate bond issuance has screeched to a halt ahead start of latest earnings cycle Friday. Financials and large cap US banks are the initial focus, with markets watching for headlines on provisions, costs and capital plans.

  • Total $9.65B priced Wednesday; $63.9B for the week -- pushes running total for January to $158.675B (near last 3 months of '22 combined at appr $175B).
    • Date $MM Issuer (Priced *, Launch #)
    • 01/11 $2.75B *Turkey 10Y 9.75%
    • 01/11 $1.8B *Daimler Trucks $650M 2Y +103, $650M 3Y +123, $500M 5Y +148
    • 01/11 $1B *OKB 3Y SOFR+35
    • 01/11 $1B *KBC Group 6NC5 +210
    • 01/11 $1B *Kommunalbanken 5Y SOFR+57
    • 01/11 $1B *CDC (Caisse des Depots) 3Y SOFR+44
    • 01/11 $600M *ICBC (Industrial/Commercial Bank of China) Dubai 3Y SOFR+93
    • 01/11 $500M *Bank Leumi 10.5NC5.5 +345

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