US$ Corporate Supply Pipeline

$28.425B launched on day - still waiting for SocGen 4pt and TD 2pt - should push total issuance over $30B. 75% of the estimated $40B for week as accts rush to secure funding after plying sidelines for all of December (worst month on record w/ under $8B).

• Date $MM Issuer (Priced *, Launch #)
• 1/03 $5.8B #SMFG $1.5B 3Y +130, $300M 3Y SOFR+143, $1.5B 5Y +160, $1B 7Y +185, $.5B 10Y +200
• 1/03 $4B #United Mexican States $1.25B 5Y +150, $2.75B 12Y +260
• 1/03 $4B #UBS $1.75B 4NC3 +155, $2.25B 11NC10 +220
• 1/03 $2.3B #John Deere $1.2B 3Y +65, $1.1B 3Y SOFR, 5Y +85
• 1/03 $2.15B #MetLife $650M 3Y +83, $500M 5Y +113, $1B 31Y +140
• 1/03 $1.8B #Duke Energy Carolinas $900M each: 10Y +120, 30Y +145
• 1/03 $1.75B #Enterprise Products Op $750M 3Y +90, $1B 10Y +160
• 1/03 $1.75B #Targa Resources $900M 10Y +235, $850M 30Y +275
• 1/03 $1.5B #Santander UK 6NC5 +260
• 1/03 $1.5B #Com Bank of Australia (CBA) $1.2B 2Y +68, $300M 2Y SOFR+63
• 1/03 $975M #ComEdison $400M 10Y +115, $575M 30Y +140
• 1/03 $900M #Caterpillar 3Y +63
• 1/03 $Benchmark SocGen 4NC3 +230, 6NC5 +255, 11NC10 +295, 30Y +350
• 1/03 $Benchmark TD 3Y +95, 3Y SOFR, 5Y +125
• Expected Wednesday:
• 1/04 $Benchmark EIB 5Y SOFR+41a

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