US$ Credit Supply Pipeline

July closes out month with just over $100B high-grade corporate issuance, compares to $124.885B for July 2021.

• Date $MM Issuer (Priced *, Launch #)
• 07/29 No new US$ issuance Friday after $19.4B total priced on wk
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• $5.1B Priced Thursday
• 07/28 $2.25B *General Motors $1B 7Y +270, $1.25B 10Y +295
• 07/28 $1.35B *CIBC 3Y +115 (drops 3Y SOFR)
• 07/28 $1B *Posco $700M 3Y +160, $300M 5Y +185
• 07/28 $500M *Appalachian Power 10Y +18507/27 Issuers sidelined ahead Wed's FOMC annc, running total for week at $14.3B
• $800M Priced Tuesday
• 07/26 $800M *Swedish Export Credit 4Y SOFR+57
• $13.5B Priced Monday
• 07/25 $3.5B *American Express $2.25B 3Y +100, $1.25b 11NC10 +160
• 07/25 $2.75B *RBC $1.5B 2Y +95, $1.25B 5Y +135
• 07/25 $2.5B *Truist Financial $1.5B 4NC3 +128, $1B 11NC10 +210
• 07/25 $2.25B *Capital One $1.35B 4NC3 +200, $900M 8NC7 +235
• 07/25 $1.5B *Kinder Morgan $750M each: 10Y +200, 30Y +240
• 07/25 $1B *Fifth Third 8NC7 +187.5
• 07/22 No new US$ issuance Friday, $50.35B/total for week
• $2B Priced Thursday
• 07/21 $2B *CSX $950M 10Y +120, $900M 30Y +145, $150M 46Y +180
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• $9.05B Priced Wednesday; $48.35B/wk
• 07/20 $3.25B *IBM $1B 3Y +75, $750M 5Y +100, $750M 10Y +145, $750M 30Y +180 (adds to $1.8B issued in early Feb w/ $650M 5Y +60, $500M 10Y +95, $650M 30Y +132)
• 07/20 $1.5B *NTT Finance $500M Each: 2Y +90, 3Y +100, 5Y +120
• 07/20 $1.25B *Lenovo $625M each: 5.5Y +265, 10Y +350
• 07/20 $1B *Imperial Brands 5Y +320
• 07/20 $850M *Nationwide BS 5Y +170
• 07/20 $700M *Korea Hydro 5Y +123
• 07/20 $500M *Bank Leumi 5Y +210
• $18.55B Priced Tuesday, $39.3B/wk
• 07/19 $10B *Bank of America $2B 4NC3 +160, $3B 6NC5 +180, $5B 11NC10 +200
• 07/19 $3.05B *US Bancorp $1.75B 6NC5 +140, $1.3B 11NC10 +195
• 07/19 $2B *TD Bank 3Y SOFR+79
• 07/19 $1.75B *Bank of NY Mellon $1.25B 4NC3 +120, $500M 8NC7 +148
• 07/19 $1B *Taiwan Semiconductor Mfg (TSMC) 5Y +150a, 10Y +200a
• 07/19 $750M *Autozone 10Y +175
• $20.75B Priced Monday
• 07/18 $7B *JP Morgan $3.5B 6NC5 +175, $3.5B 11NC10 +193
• 07/18 $6.5B *Wells Fargo $3B 6NC5 +175, $3.5B 11NC10 +195
• 07/18 $4B *Morgan Stanley $2B 4NC3 +152, $2B 11NC10 +192
• 07/18 $2.5B *Bank of Montreal 3Y SOFR+79
• 07/18 $750M *American Movil SAB 10Y +175
• 07/18 $Benchmark Lenovo multi-tranche investor calls
• 07/15 No new issuance Friday, $15.55B total priced on week, $30.85B/month
• 07/14 $2.5B *PepsiCo $750M +5Y +55, $1.25B 10Y Green +95, $500M 30Y +108
• 07/13 $Benchmark issuers sidelined after CPI-induced volatility
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• $5.3B Priced Tuesday
• 07/12 $4B *World Bank5Y (IBRD) SOFR+40
• 07/12 $1.3B *Deutsche Bank 4NC3 +325a, 4NC3 SOFR
• $6.75B Priced Monday
• 07/11 $4.5B *MUFG $1.4B 3NC2 +170, $350M 3NC2 SOFR+165, $1.25B 6NC5 +195, $1.5B 11NC10 +212.5
• 07/11 $1.75B *BPCE $750M 5Y +177, $1B 11NC10 +277
• 07/11 $500M *Bermuda 10Y +210
• 07/08 No new issuance Friday, $15.3B total on wk
• $10.6B Priced Thursday
• 07/07 $7.5B *Celanese $2B 2Y +287, $1.75B 3Y +300, $2B 5Y +312, $750M 7Y +325, $1B 10Y +337
• 07/07 $1.5B *FHLBanks 2Y +9.5
• 07/07 $1B *MetLife 30Y +180
• 07/07 $600M *Tampa Electric $300M 2Y +85, $300M 30Y +180
• $4.2B Priced Wednesday
• 07/06 $2.5B *Fidelity National $750M 3Y +155, $500M 5Y +180, $750M 10Y +220, $500M 30Y +250
• 07/06 $1.7B BFCM (Banque Federative du Credit Mutuel) $800M 3Y +155, $900M 5Y +180
• 07/05 $500M *Korea Gas 5Y +115
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• 07/01 No new issuance Fri

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