PIPELINE: US$ Credit Supply Pipeline: Earnings Blackout

Corporate issuance is muted as the latest earnings cycle picks up momentum. Approximately 15% of the S&P 500 reporting this week (the largest week so far), focus shifts from financials to more notable reports across consumer discretionary, industrials and healthcare. Highlights in the coming week include General Electric, Coca-Cola and Tesla, while IBM and Texas Instruments provide first real look at Tech performance for the quarter.

Date $MM Issuer (Priced *, Launch #)

10/21 $1.75B *American Honda $750M 3Y +53, $300M 3Y SOFR+72, $700M 7Y +80
10/21 $1B *P&G $500M 5Y +22, $500M 10Y +37

10/18 No new issuance Friday, $30.775B/ total last wk

$6.2B Priced Thursday
10/17 $2.3B *State Street $1.2B 3Y +43, $300M 3Y SOFR+64, $800M 8NC7 +68
10/17 $1.75B *US Bank $1.25B 3NC2 +52, $500M 3NC2 SOFR+69
10/17 $1.15B *Jane Street Group 8NC3 +6.125%
10/17 $1B *RBC 60NC10 6.35%

$16.575B Priced Wednesday
10/16 $5.75B *Morgan Stanley 3NC2 +52, $1B 3NC2 SOFR+68.5, $3B 6NC5 +82
10/16 $5.5B *Goldman Sachs $2.5B 6NC5 +85, $3.5B 11NC10 +100
10/16 $1.75B *Ecopetrol +7Y 7.8%
10/16 $1.5B *PNC Financial 8NC7 +90
10/16 $925M NRG Energy 
10/16 $650M *Export Financing Australia 5Y SOFR+46
10/16 $500M *Antares Holdings 5Y +260

10/15 $8B JP Morgan $2B 4NC3 +65, $500M 4MC3 SOFR+86, $2.5B 6NC5 +75, $3B 11NC10 +92

10/14 No new issuance

10/10-10/11 No new corporate issuance Thursday-Friday, $30.54B/wk

$7.15B Priced Wednesday
10/09 $1.8B *Cleveland-Cliffs $900M 5NC2 6.875%, $900M 8.5NC3.5 7.375%
10/09 $1.25B *Rabobank $750M 5Y +60, $500M 5Y SOFR+89
10/09 $1B *Navoi Mining WNG $500M 4Y 6.7%, $500M 7Y 6.95%
10/09 $850M *Braskem 10Y 8%
10/09 $750M *Ares Mngmt 30Y +130
10/09 $500M *Dubai Islamic Bnk PerpNC6 5.25
10/09 $500M *Jefferies Finance 7NC3 6.625%
10/09 $500m *Kexim (Imp/Exp Bank of Korea) 3Y +36

$16.2B Priced Tuesday
10/08 $5B *World Bank 5Y +39
10/08 $4.7B *Royal Bank of Canada $750M 3NC2 +55, $650M 3NC2 SOFR+72, $850M 4NC3 +65, $450M 4NC3 SOFR+86, $2B 6NC5 +80
10/08 $1.5B *NWB 2Y SOFR+33
10/08 $1.5B *Standard Chartered 6NC5 +115
10/08 $1.25B *Islamic Development Bank5Y SOFR+50
10/08 $1B *KDB (Korea Development Bank) WNG 3Y SOFR+60
10/08 $750M *Sharjah 10.5Y +140
10/08 $500M *Norinchukin Bank 5Y +123

$7.19B Priced Monday
10/07 $3B *Toyota Motor Cr $1B 1.5Y SOFR+45, $1.25B 3Y +47, $750M 7Y +72
10/07 $1.44B *Chile Electricity Lux 11Y +165
10/07 $1.25B *KBC Group 6NC5 +107
10/07 $900M *Eastern Energy Gas 30Y +135
10/07 $600M *Athene 30NC10 6.625%

10/04 No new US$ corporate issuance Friday, $15.15B total on wk

$5.1B Priced Thursday
10/03 $1.5B *National Bank of Canada 5Y +92
10/03 $1.5B *Kazakhstan +10Y +88
10/03 $600M *Athene Global Funding 5Y +110
10/03 $500M *Apollo Global 30NC10 6%
10/03 $500M *McCormick & Co WNG 10Y +90
10/03 $500M *Ooredoo Int Finance WNG 10Y +80

$7.55B Priced Wednesday, $14.05/wk
10/02 $1.75B *Canada Pension Plan (CPPIB) 3Y SOFR+45
10/02 $1.75B *Taqa $900M 7Y +85, $850M +12Y +105
10/02 $1.1B *Caesars Entertainment 8NC3 6%
10/02 $1B *MuniFin 5Y SOFR+46
10/02 $750M *Nama 7Y Sukuk +165
10/02 $600M *Keysight 10Y +118
10/02 $600M *Goodman US Finance 10Y +140

$6.5B Priced Tuesday
10/01 $5B *Accenture Capital $1.1B 3Y +42, $1.2B 5Y +57, $1.2B 7Y +67, $1.5B 10Y +77
10/01 $1.5B *Dell International $700M +5Y +85, $800M +10Y +115
10/01 $1.4B *Latam Airlines 6Y 7.875%
10/01 $1.25B *Alaska Airlines $625M 5Y +150, $625M 7Y +170
10/01 $750M *Ferguson Ent 10Y +127
10/01 $600M *IADB 2029 Tap SOFR+37
10/01 $500M *F&G Annuities & Life 10Y +260
10/01 $500M *Africa Finance Corp WNG 5Y 5.55%

9/30 $3.905B Priced Monday, September wraps up with $224.75B total ($94.625B priced in the first week of the month), $513.125B total for Q3.