January High-Grade Issuance Just Over $203B

High-grade debt issuance slowed into January month end due to combination of corporate earnings and FOMC policy announcement that kept many domestic issuers sidelined. That said, January saw $203.26B high grade US$ issuance mostly from domestic but including foreign companies and supra-sovereigns. In comparison, January 2021 total: $227.55B; January 2020 total: $165.18B.

• Date $MM Issuer (Priced *, Launch #)
• 02/01 $Benchmark Bank of America 5pt jumbo: 3NC2 +80a, 3NC2 SOFR, 6NC5 +110a, 6NC5 SOFR, 11NC10 +135a
• 02/01 $1B *Kommuninvest +2Y SOFR+15
• 02/01 $500M CAF 5Y SOFR+85
• 02/01 $500N Tyco Electronics Group 10Y +120a
• Note on prior Bank of America issuance, last year BOA issued a total of $15B on April 16 ( $2.25B 4NC3 +65, $600M 4NC3 FRN SOFR+69, $3.75B 6.25NC5.25 +90, $400M 6.25NC5.25 FRN SOFR+97, $4.5B 11NC10 +110, $3.5B 21NC20 +115.
• The month prior, BoA issued $5.5B last month on March 8: $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115. Compares to total of $9.5B debt issued by BoA for all of 2020.
• On tap for Wednesday:
• 02/02 $Benchmark Development Bank of Japan 3Y
• $1.5B Priced Monday, Jan'22 finishes with $203.26B total issuance
• 01/31 $1.5B *National Rural Utilities $400M 1.5YNCL SOFR+40, $600M 3YNCL +50, $500M 10Y +100
• 01/28 No new issuance Friday, $13.45B priced on week
• $9.2B Priced Thursday
• 01/27 $4B *Rep of Chile $1.5B 5Y +110, $1.5B 12Y +170, $1B 30Y +195
• 01/27 $2.35N *Athenahealth 8NC3 6.5%
• 01/27 $1.85B *Proctor & Gamble (P&G) $1B 5Y +27, $850M 10Y +50
• 01/27 $1B *Bausch Health 5NC2 6.125%
• 01/27 $Benchmark Kia Corp 3Y, 5Y investor calls
• 01/26 No new corporate debt issuance Wednesday ahead FOMC
• $1.5B Priced Tuesday, $4.25B/wk
• 01/25 $1.5B *CDP Financial 5Y SOFR+39
• $2.75B Priced Monday
• 01/24 $1B *China Cinda 5Y +175
• 01/24 $1B *Pakistan Sukuk 7Y 7.95%
• 01/24 $750M *Hanwha Life 10NC5 +185
• 01/21 No new issuance Friday, $46.26B/wk
• 
  
• $5.35B Priced Thursday
• 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%
• $31.21B priced Wednesday
• 01/19 $12B *Goldman Sachs $2B 3NC2 +70, $650M 3NC2 SOFR+70, $3B 6NC5 +100, $350M 6NC5 SOFR+112, $4B 11NC10 +125, $2B 21NC20 +120
• 01/19 $6B *Morgan Stanley $1.25B 3NC2 +62.5, $2.25B 6NC5 +87.5, $2.5B 11NC10 +112.5
• 01/19 $3B *CADES 10Y social +47
• 01/19 $2.41B *Romania $1.35B 5Y +150, $1.06B 10Y +185
• 01/19 $2B *Target $1B 5Y +38, $1B 30Y +85
• 01/19 $1.5Bk *JBS 7Y +170a, 30Y +235a
• 01/19 $1.3B *Bank of NY Mellon $850M 5Y +45, $450M 10Y +70
• 01/19 $1.25B *NWB +2Y SOFR +15
• 01/19 $1B *Caisse des Depots et Consignations (CDC) 3Y SOFR+22
• 01/19 $750M *JFM 3Y Green +26, upsized from $500M
• $9.7B Priced Tuesday
• 01/18 $5.5B *Citigroup $2B 4NC3 +67, $500M 4NC3 SOFR, $3B 11NC10 +118
• 01/18 $3.5B *JP Morgan 11NC10 +110
• 01/18 $700M *Hyundai Capital $400M 3.25Y +87, $300M 5Y +97
• 01/18 $Benchmark Islamic Rep of Pakistan 7Y Sukuk investor call
• 01/14-01/17 No new US$ debt issuance Friday-Monday
• $10.2B Priced Thursday, $61.45B/wk
• 01/13 $2B *China Construction Bank 10NC5 +140
• 01/13 $1.5B *Province of Ontario 10Y +60
• 01/13 $1.2B *CCO Holdings 10NC5 4.75%
• 01/13 $1B *Kommunekredit 12/2023 SOFR+13
• 01/13 $500M *Mitsui & Co 5Y +68
• 01/13 $500M *CIMB Bank 5.5Y +70
• 01/13 $500M *Ares Finance 30Y +172
• 01/13 $500M *Indian Railway Finance 10Y Green +185
• 01/13 $2.5B *EIG Pearl 14.5Y-15Y +185a, 24.5Y-25Y +235a
• $10.25B Priced Wednesday, $51.25B/wk
• 01/12 $3B *BNP Paribas $1.75B 6NC5 +110, $1.25B 11NC10 +140
• 01/12 $3B *World Bank $1B WNG 4Y SOFR+18, $2B 7Y SOFR+30
• 01/12 $2.5B *Florida Power & Light $1B 2NC.5 SOFR+38, $1.5B 10Y +73
• 01/12 $2.2B *Royal Bank of Canada $1B 3Y +42, $400M 3Y SOFR+44, $500M 5Y +57, $300M 5Y SOFR+71
• 01/12 $1.25B *Kommunalbanken Norway 5Y SOFR+27
• 01/12 $500M *JBIC WNG 5Y Green +33
• 01/12 $Benchmark Hyundai 3Y, 5Y investor calls
• $28.5B Priced Tuesday, $41B/wk lead by dealers, foreign banks, energy and autos. CDX investment grade spds a hair tighter (51.0, -0.67 Markit Indices)
• 01/11 $5B *Societe Generale $1.25B 4NC3 +105, $750M 4NC3 SOFR+105, $1.25B 6NC5 +130, $1B 11NC10 +160, $750M 21NC20 +190
• 01/11 $5B *KFW 3Y SOFR+10
• 01/11 $3.5B *ADB 5Y SOFR+22
• 01/11 $3.25B *Prosus $1B 5Y +180, 10Y +250, 30Y +295
• 01/11 $2.5B *Panama 11Y +185a, 40Y +270a
• 01/11 $2.5B *CIBC 5Y SOFR+48
• 01/11 $2.3B *MUFG 6NC5 +83, 11NC10 +110
• 01/11 $1.75B *American Honda $1.1B 3Y +35, $650M 7Y +60
• 01/11 $1.2B *SONOCO Products $400M 3NC1 +62.5, $300M 5Y +75, $500M 10Y +112.5
• 01/11 $900M *NY Life $450M 3Y +30, $450M 3Y SOFR+33
• 01/11 $600M *Triton Container Int 10Y +155
• $12.5B Priced Monday
• 01/10 $2.6B *Toyota Motor Cr $1.15B 3Y +30, $300M 3Y SOFR+32, $750M 5Y +40, $400M 10Y +68
• 01/10 $2B *BP Capital 10Y +95
• 01/10 $1.2B *Southern California Edison $500M 10Y +98, $700M 30Y +135
• 01/10 $1.5B *Dick's Sporting $750M 10Y +140, $750M 30Y +200
• 01/10 $1.15B *Blackstone Private Cr Fund $500M 3Y +150, $650M 7Y +240
• 01/10 $2.05B *Groupe BPCE $850M 3Y +55, $400M 3Y SOFR+57, $800M 15NC10 +190
• 01/10 $1.5B *Korea National Oil 3.25Y +60, 5.25Y +70, 10.25Y +90
• 01/10 $500M *GCC WNG +10Y +185
• 01/10 $Benchmark investor calls: Prosus (US$/EUR multi-tranche); Coca Cola Icecek 7Y, Abu Dhabi Sweihan Power
• 01/07 No corporate supply Friday
• 
  
• $10.95B Priced Thursday, $80.6B total on week
• 01/06 $3.5B *IADB 5Y SOFR+22
• 01/06 $2.5B *GM Fncl $1B 5Y +90, $300M 5Y SOFR+104, $1.2B 10Y +138
• 01/06 $1.5B *UBS Group perp NC5 4.875%
• 01/06 $1B *Genuine Parts $500M 3NC1 +70, $500M 10Y +115
• 01/06 $1B *Federal Farm Credit System Banks 3Y+6
• 01/06 $500M *Banco de Brasil 7Y 4.95%
• 01/06 $500M *Ares Capital +5Y +150
• 01/06 $450M *Protective Life 3Y +50a
• 
  
• $33.45B to price Wednesday; $69.65B/wk
• 01/05 $5B *EIB 5Y SOFR+22
• 01/05 $4B *Reliance Industries $1.5B 10Y +120, $1.75B 30Y +160, $750M 40Y +170
• 01/05 $4B *Airport Authority $1B 5Y +42.5, $1.2B 10Y +80, $1.2B 30Y +120, $600M 40Y +140
• 01/05 $3B *Bank of Montreal (BMO) $1.35 3Y +45, $400M 3Y SOFR+46.5, $1.25B 15NC10 +140
• 01/05 $2B *Sumitomo Mitsui Fncl Grp (SMFG) $500M each: 5Y +75, 5Y SOFR+88, 20Y +85, 7Y +93
• 01/05 $2.5B *Toronto Dominion (TD) $800M 3Y +40, $350M 3Y SOFR+41, $750M 5Y +55, +600M10Y +80
• 01/05 $2B *Standard Chartered $1.25B6NC5 +118, $750M 11NC10 +190
• 01/05 $2B *Ford Motor Co $1.25B 3Y 2.3%, $750M 7Y 2.9%
• 01/05 $3B *Kexim $1B 3Y +25, $1B 5Y +30, $1B 10Y +50
• 01/05 $1.5B *Air Lease 5Y +105a, 10Y +145a
• 01/05 $1.45B *Rabobank $1B 3Y +37, $450M 3Y SOFR+38
• 01/05 $1.25B *BNP Paribas perpNC5 4.625%
• 01/05 $1B *Virgina Electric $600M 10Y +70, $400M 2051 Tap +98
• 01/05 $750M *Jackson National Life 3Y +68
• 
  
• $24.45B Priced Tuesday; $36.2B for week
• 01/04 $4.75B *National Australia Bank (NAB) $1.25B 3Y +38, $500M 3Y FRN/SOFR+38, $1.25B 5Y +53, $500M 5Y FRN/SOFR+65, $1.25B 15NC10 +170
• 01/04 $4.1B *Mexico $2.2B 12Y +190, $1.9B 30Y +235
• 01/04 $3B *Deutsche Bank $1.75B 6NC5 +120, $1.25B 11NC10 +210
• 01/04 $3B *UBS Group $1.5B 11NC10 +110, $1.5B 21NC20 +110
• 01/04 $1.6B *Athene Global $850M 3Y +70, $300M 3Y FRN/SOFR+71.5, $450M 7Y +115
• 01/04 $1.3B *UBS $1B 3Y +45, $300 3Y FRN/SOFR+47
• 01/04 $2.5B *Nomura $1.25B 5Y +97, $500M 7Y +115, $750M 10Y +135
• 01/04 $1.8B *John Deere $500M 2Y +15, $800M 3Y +25, $500M 5Y +35
• 01/04 $1.25B *Credit Agricole 5Y +65
• 01/04 $1B *Santander UK 6NC5 fix/FRN +110
• 01/04 $600M *Principal Life Global Fndng 3Y +47
• 01/04 $550M *Northwest Mutual, 5Y +40
• 01/05 $Benchmark Banco de Brasil investor call Tuesday
• $11.75B Priced Monday
• 01/03 $3.25B *Scotiabank, $1.35B 3Y +45, $300M 3Y FRN/SOFR+46, $750M 5Y +60, $850M 10Y +85
• 01/03 $2B *Caterpillar Fncl $1.2B 2Y +18, $300M 2Y FRN/SOFR +17, $500M 5Y +35
• 01/03 $1.5B *Metropolitan Life Global $900M 5Y +53, +600M 10Y +78
• 01/03 $1.5B *Blackstone Holdings, $500M +10Y +95, $1B 30Y +120
• 01/03 $1.5B *Santander 6NC5 +112.5
• 01/03 $1.1B *GA Global Funding Trust $550M 5Y +90, +550M 10Y +130
• 01/03 $900M *CNO Global $400M 3Y +65, $500M 7Y +112

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