US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• $2.6B priced Thursday, $67.225B/wk, $254.2B for the month so far
• 2/29 $1B #Prologis Targeted Fund $500M 5Y +110, $500M 10Y +135
• 2/29 $1B #Bank of Montreal 60NC5 7.7%
• 2/29 $600M #TPG Operating Group 10Y +165
• 2/29 $Benchmark Doha Bank 5Y Investor calls
• $18.275B Priced Wednesday
• 2/28 $6B *AON NA $600M 3Y +75, $1B 5Y +90, $650M 7Y +105, $1.75B 10Y +120, $2B 30Y +140
• 2/28 $2.25B *Sumi Trust $1B 3Y +80, $750M 5Y +95, $500M 10Y +110
• 2/28 $1.5B *Tyson Foods $600M 5Y +115, $900M 10Y +145
• 2/28 $1.5B *Raizen Fuels $1B 10Y +220, $500M 30Y +265
• 2/28 $1B *PSE&G $450M 10Y +93, $550M 30Y +108
• 2/28 $1B *Standard Chartered PerpNC6 7.875%
• 2/28 $1B *NRW Bank WNG 3Y SOFR+34a
• 2/28 $1B *NatWest 10.25NC5.25 +220
• 2/28 $750M *Govt of Sharjah 12Y +195
• 2/28 $625M *Radian +5Y +195
• 2/28 $600M *Kommunalbanken 4Y SOFR+40
• 2/28 $550M *Citigroup WNG PerpNC5 7.2%
• 2/28 $500M *Coterra Energy 10Y +135
• $17.6B Priced Tuesday, $46.35B/wk
• 2/27 $3.5B *Asian Development Bank (ADB) 5Y SOFR+38
• 2/27 $2B *Rabobank $650M 3Y +55, $600M 3Y SOFR+71, $750M 6NC5 +112
• 2/27 $2B *Agence Francaise de Developpement (AFD) 5Y +52
• 2/27 $2B *Public Inv Fund (PIF; SA wealth fund) Sukuk 7+85
• 2/27 $2B *Bank of England 3Y +10
• 2/27 $1.75B *SEB $650M 3Y +73, $350M 3Y SOFR+89, $750M 5Y +117
• 2/27 $1.6B *SoCal Edison $600M 2Y +62, $600M 5Y +83, $400M 30Y +135
• 2/27 $1B *KommuneKredit WNG 3Y SOFR+32
• 2/27 $1B *SMFG PerpNC10.25 6.6%
• 2/27 $750M *Willis NA 30Y +150
• $28.75B Priced Monday
• 2/26 $4.15B *Honeywell $500M +5Y +55, $500M +7Y +65, $750M 11Y +75, $1.75B 30Y +85, $650M 40Y +95
• 2/26 $2.8B *Natwest $1B 4NC3 +110, $300M 4NC3 SOFR+125, $1.5B 11NC10+150
• 2/26 $2.75B *HSBC 6NC5 +123, $1.25B 11NC10 +143
• 2/26 $2.25B *PG&E $850M +5Y +125, $1.1B 10Y +153, $300M 30Y +170
• 2/26 $2.25B *Danske Banke $1B 4NC3 +95, $1.25B 6NC5 +140
• 2/26 $2B *Fiserv $750M 3Y +68, $500M 7Y +105, $750M 10Y +115
• 2/26 $1.75B *Wesco $900M 5NC2 6.375%, $850M 8NC3 6.625%
• 2/26 $1.5B *Phillips 66 $700M Y +100, $400M 2033 Tap +110, $500M 30Y +1425
• 2/26 $1.5B *HSBC USA $1B 3Y +80, $500M 3Y SOFR+96
• 2/26 $1.3B *BP Capital Markets PerpNC10 6.45%
• 2/26 $1B *Dubai Islamic Bank (DIB) Sukuk 5Y +125a
• 2/26 $1B *Keycorp 11NC10 +210
• 2/26 $900M *Ryder $350M 3Y +83, $550M 5Y +105
• 2/26 $800M *Xcel Energy 10Y +125
• 2/26 $800M *Southern Co $400M 5Y +85, $400M 10Y +117
• 2/26 $750M *Lyondellbasell WNG 10Y +130
• 2/26 $750M *Brookfield Finance 30Y +155
• 2/26 $500M *Westinghouse Air Brake WNG 10Y +132
• $6.9B Priced Friday, $73.15B/wk
• 2/23 $6.9B #Solventum Corporation $1B 3Y +100, $1.5B 5Y +115, $1B 7Y +120, $1.65B 10Y +135, $1.25B 30Y +155, $500M 40Y +165
• 2/23 $Benchmark Potomac Electric Power investor calls
• 2/23 $Benchmark KeyCorp investor calls
• $27.75B Priced Thursday, $66.25B for the week - over $50B estimated
• 2/22 $15B *Abbvie** $2.25B 3Y +35, $2.5B 5Y +50, $2B 7Y +60, $3B 10Y +75, $750M 20Y +75, $3B 30Y +95, $1.5B 40Y +105
• 2/22 $3.1B *Panama $1.1B 7Y 7.5%, $1.25B 13Y 8%, $750M 33Y 8.25%
• 2/22 $2B *Federal Rep of Germany (KFW) 10Y +51
• 2/22 $2B *BNG Bank 3Y SOFR +32
• 2/22 $1.7B *Exelon $650M 5Y +87.5, $650M 10Y +115, $400M 29Y +130
• 2/22 $1.25B *Royal Caribbean 8NC3 6.25%
• 2/22 $700M *Northern States WNG 30Y +97
• 2/22 $2B *Caterpillar $800M 2Y +35, $600M 2Y SOFR+46, $600M 5Y +55
• **Abbvie held investor calls yesterday after filing funding offer to fund Immunogen deal. For historical context, back on November 12, 2019, Abbvie issued $30B debt over 10 tranches
• $22.85B Priced Wednesday, $38.5B/wk
• 2/21 $13.5B *Cisco Sys $1B 2Y +25, $2B 3Y +40, $2.5B 5Y +55, $2.5B 7Y +65, $.5B 10Y +75, $2B 30Y +85, $1B 40Y +95
• 2/21 $5B *Astrazeneca $1.25B 3Y +42, $1.25B 5Y +57, $1B 7Y +62, $1.5B 10Y +72
• 2/21 $1.5B *NWB (Nederlandse Waterschapsbank) 5Y SOFR+46
• 2/21 $1.5B *Nordic Investment Bank (NIB) 5Y +37
• 2/21 $850M *First Abu Dhabi Bank 5Y +90
• 2/21 $500M *Inversiones CMPC 10Y +185
• 2/21 $Benchmark Abbvie investor calls, filed to offer notes to fund Immunogen deal
• 2/21 $Benchmark Boston Scientific 5Y, 8Y investor calls
• $15.65B Priced Tuesday
• 2/20 $4.5B *HCA Health Care $1B 7Y +120, $1.3B 10Y +135, $1.5B 30Y +160, $700M 40Y +170
• 2/20 $1.5B *Mizuho $750M 6.25NC5.25 +112, $750M 11.25NC10.25 +130
• 2/20 $1.5B *Westpac New Zealand $750M 3Y +75, $750M 5Y +95
• 2/20 $1.5B *Marriott Int $500M +5Y +90, $1B +10Y +120
• 2/20 $1.4B *American Water Capital $700M 10Y +92, $700M 30Y +107
• 2/20 $1.4B *Georgia Power $500M 3Y +62, $900M 10Y +92
• 2/20 $1B *DTE Electric $500M -3Y +47, $500M 10Y +93
• 2/20 $1B *Verizon 30Y WNG +115
• 2/20 $850m *Saudi National Bank 5Y Sukuk +90
• 2/20 $500M *CBRE Services 5Y +130
• 2/20 $500M *Korea Housing Finance Corp (KHFC) 3.5Y 4.942%
• 2/16 No new US$ corporate debt issuance Friday after $8B priced Thursday, $44.85B/wk
• 2/15 $2.55B *Intel $500M 7Y +82, $900M 10Y +95, $1.15B 30Y +120
• 2/15 $1.7B *BAT Capital Corp 7Y +158, 10Y +183
• 2/15 $1.25B *World Bank 3Y SOFR+28
• 2/15 $750M *Waste Connections 10Y +92
• 2/15 $750M *Eastman Chemical 10Y +142
• 2/15 $500M *Kyndryl WNG 10Y +212.5
• 2/15 $500M *Mondelez 5Y +65
• $18.9B Priced Wednesday - led by BMY's $13B 9pt jumbo (vs. massive order book of $85B)
• 2/14 $13B *Bristol-Meyers Squibb $1B 2Y +40, $500M 2Y SOFR+49, $1B 3Y +55, $1.75B 5Y +70, $1.25B 7Y +85, $2.5B 10Y +95, $500M 20Y +100, $2.75B 30Y +115, $1.75B 40Y +125
• 2/14 $2.25B *Cummins $500M 5Y +70, $750M 10Y +93, $1B 30Y +105
• 2/14 $1.5B *BNP Paribas PerpNC7.5 8%
• 2/14 $1.15B *Cardinal Health $650M 5Y +90, $500M 10Y +120
• 2/14 $1B *Marsh & McLennan $500M 10Y +90, $500M 30Y +103
• 2/14 $Benchmark Synchrony Financial investor calls
• $750M Priced Tuesday, $17.95B/wk
• 2/13 $750M *EBRD 4Y SOFR+33a
• 2/13 $Benchmark Bristol-Meyers Squibb investor calls
• $17.2B Priced Monday
• 2/12 $4.4B *TransDigm $2.2B 5NC2 6.375%, $2.2B 8NC3 6.625%
• 2/12 $3.25B *BNP Paribas $1.75B 6.25NC5.25 +138, $1B 11NC10+158
• 2/12 $2B *American Express $1.7B 4NC3 +85, $300M 4NC3 SOFR+100
• 2/12 $1.75B *PepsiCo Singapore $550M 3Y +40, $300M 3Y SOFR+56, $450M 5Y +45, $450M 10Y +55
• 2/12 $1.5B *Kenya 7Y 10.375%
• 2/12 $1.45B *Bell Canada $700M 10Y +105, $750M 30Y +120
• 2/12 $1.2B *DTE Energy 5Y +103
• 2/12 $1B *Arthur J Gallagher $500M 10Y +132, $500M 30Y +147
• 2/12 $650M *Estee Lauder 10Y +87
• $6.5B Priced Friday, $67.975B total last week
• 2/9 $4.75B #Philip Morris $750M 3Y +70, $1B 5Y +95, $1.25B 7Y +120, $1.75B 10Y +135
• 2/9 $1.75B #Ardonagh $750M 7NC3 7.75%, $1B 8NC3 8.875%
• $3.6B Priced Thursday, $61.475B/wk
• 2/8 $3B *Turkiye Gov international bond +10Y 7.875%
• 2/8 $600M *Boardwalk Pipelines +10Y +148
• $14.25B Priced Wednesday, $57.875B/wk
• 2/7 $6.5B *Eli Lilly $1B 3Y +30, $1B 5Y +45, $1.5B 10Y +60, $1.5B 30Y +70, $1.5B 40Y +77 (for comparison, Eli Lilly issued $4B on Feb 23 last year: $750M 3NC1 +65, $1B 10Y +85, $1.25B 30Y +100, $1B 40Y +115)
• 2/7 $2.5B *Rogers Communications $1.25B 5Y +100, $1.25B 10Y +130
• 2/7 $1.25B *Dow Chemical $600M 10Y +105, $650M 30Y +130
• 2/7 $1B *Constellation Software $500M 5Y +110, $500M 10Y +135
• 2/7 $1B *Inter-American Inv Bank (IDB) 5Y SOFR+51
• 2/7 $1B *UBS WNG Perp NC7.2 7.75%
• 2/7 $500M *NEDC 5Y Sukuk +160
• 2/7 $500M *Turkiye Wealth Fund (Varlik Fonu) WNG 5Y
• $25.9B Priced Tuesday, $43.625B/wk
• 2/6 $5.5B *Citigroup $3B 6NC5 +115, $2.5B 11NC10 +175
• 2/6 $4B *EIB 10Y SOFR+50
• 2/6 $3.5B *Export Development Canada 5Y SOFR+41
• 2/6 $3B *KDB 3Y $1.75B SOFR+66, $1.25B 5Y SOFR+78
• 2/6 $2.5B *Air Products $750M 5Y +60, $600M 7Y +70, $1.15B 10Y +80
• 2/6 $2B *Bahrain $1B 7Y Sukuk 6.0%, $1B 12Y 7.5%
• 2/6 $2B *Land NRW 3Y SOFR+35
• 2/6 $1.5B *Couche-Tard $900M 10Y +118, $600M 30Y +130
• 2/6 $750M #Rep of Benin 14Y 8.375%
• 2/6 $650M Swedbank PNC6.5 Reg S AT1 7.75%
• 2/6 $500M *CNA Financial 10Y +120
• $17.725B Priced Monday
• 2/5 $4.5B *Cigna $1B +5Y +90, $750M +7Y +100, $1.25B 10Y +110, $1.5B 30Y +125
• 2/5 $3B *Texas Instruments $650M 3Y+35, $650M 5Y+50, $100M 0Y+70, $750M 30Y+85, $350M 39Y+92
• 2/5 $2.55B *GM Financial $1.2B 3Y +115, $350M 3Y SOFR+135, $1B 7Y +165
• 2/5 $2B *Starbucks $1B 3Y +60, $500M 7Y +80, $500M 10Y +90
• 2/5 $1.5B *ERAC Finance $750M 5Y +90, $750M +10Y +105
• 2/5 $1.5B *Morgan Stanley 15NC10 +180
• 2/5 $1.175B *Becton Dickinson $625M 5Y +75, $550M 10Y +95
• 2/5 $1B *Deutsche Bank 4NC3 +145
• 2/5 $500M *Cencora WNG 10Y +98
• 2/5 $Benchmark Paraguay 7Y 8%a, 12Y 6.25%a
• 2/2 No new US$ corporate issuance Friday after $1B priced Thursday.
• $1B Priced Thursday
• 2/1 $1B *Alexandria Real Estate $400M 12Y +140, $600M 30Y +150
• 2/1 $Benchmark Korean Development Bank (KDB) 3Y, 5Y investor calls
• 2/1 $Benchmark Republic of Benin 14Y investor calls
• 2/1 $500M Allied Universal Holdco 7NC3 investor calls

1/31 No new US$ high grade supply Wednesday. Total $295.35B for Jan'24, highest since April 2020.

Total high grade issuance for 2023 at $1.560T - compares to $1.463T total for 2022.