US$ Credit Supply Pipeline, $37.2B/Wk

$6.55B To Priced Friday, $37.2B total for week

• Date $MM Issuer (Priced *, Launch #)
  
• 03/19 $6B #ATT 4pt offering to fund Spectrum; $2.25B 3NC1 +60, $750M 3YFRN SOFR+64, $3B 5NC2 +85, 5Y SOFR dropped
• 03/19 $550M #Athene Global Funding 7Y +118

• $7.2B Priced Thursday
• 03/18 $2.75B *Toyota $1.25B 3Y +35, $1B 5Y +48, $500M 10Y +65 (adds to $3B debt issued on Jan 6: $1B 3Y +25, $750M 3Y FRN SOFR+33, $700M 5Y +40, $550M 10Y +62.5)
• 03/18 $2.25B *Sumitomo Mitsui Trust $1.75B 3Y +55, $500M 5Y +70
• 03/18 $2.2B *Diamondback Energy $650m 2Y +75, $900m 10Y +145, $650m 30Y +195

• $23.45B Midweek total issuance after light Wednesday
• 03/17 $700M *Northwestern Mutual Global Funding $350M 3Y +27, $350M 3Y FRN SOFR+33

• $14.55B Priced Tuesday
• 03/16 $4B *Schwab $1.5B 3Y +43, $1.25B 3Y FRN SOFR+50, $1.25B 7Y +75
• 03/16 $3.8B *T-Mobile $1.2B 5NC2 2.625%, $1.25B 8NC3 3.375%, $1.35B 10NC5 3.5%
• 03/16 $2.5B *African Development Bank (AFDB) 5Y +5
• 03/16 $1B *Illumina $500M 2Y +40, $500M 10Y +95
• 03/16 $800M *Deutsche Bank 5Y +87
• 03/16 $750M *Welltower Inc +10Y +1223
• 03/16 $600M *Petronas WNG 7Y +85
• 03/16 $600M *WEC Energy 3Y +48
• 03/16 $500M *Standard Chartered WNG 4NC3 +88

• $8.2B Priced Monday
• 03/15 $2.5B *NextEra Energy $2B 2Y +50, $500M 2Y FRN SOFR+54
• 03/15 $2.5B *Charles Schwab NC5 4.0%
• 03/15 $1B *Anglo American Capital $00M 7Y +107, $500M 10Y +130
• 03/15 $900M *Northwestern Mutual Life 30Y +112
• 03/15 $800M *Tampa Electric $400M 10Y +83, $400M 30 Y+108
• 03/15 $500M *CBRE Services 10Y +107

• Sole issuer for Friday: Bell Canada; $58.35B total on week lead by $25B Verizon mega-deal
• 03/12 $1.1B #Bell Canada $600M 3Y +45, $500M 30Y +127

• Thursday highlight: Huge $25B 9pt issue from Verizon, $1B more than the US Tsy bond auction and oversubscribed too. Issue size at low end of estimate, appeared some prop/fast$ accounts had anticipated larger issuance and had sold along with hedges -- contributed to the bounce in Tsys after the 30Y Bond R/O auction tailed slightly. Verizon still holds record of largest debt launch ever at $49B total in August 2013.
• 03/11 $1.75B *Verizon 3Y +45, $750M 3Y FRN SOFR+50
• 03/11 $2.75B *Verizon 5Y 70, $750M FRN SOFR+79
• 03/11 $3B *Verizon 7Y +90
• 03/11 $4.25B *Verizon 10Y +107
• 03/11 $3.75B *Verizon 20Y +120
• 03/11 $4.5B *Verizon 30Y +130
• 03/11 $3.5B *Verizon 40Y +145
• (Note: Verizon followed up the following week with EUR issuance as well in 8Y, 11Y and 14.5Y; 20Y Australian bond as well)

• $7.0B Priced Wednesday
• 03/10 $6.5B *American Airlines, $3.5B 5NC 5.5%, $3B 8NC 5.75%
• 03/10 $500M *IADB 7Y FRN SOFR+27a
• On tap for Friday:
• 03/12 $800M Pitney Bowes 6NC3, 8NC3
• Verizon Current Corp Debt Record Holder: Verizon has mandated JP Morgan and Morgan Stanley in a new debt auction according to Bbg, details on size, tranches and timing unknown.
• However, Verizon debt something to be alert for as they still hold the record for largest multi-tranche jumbo issuance w/ $49B back in August 2013. In 2020, Verizon only issued a total of $15.5B:
• November 2020 $12B 5pt: $2B 5Y +40, $2.25B +10Y +85, $3B 20Y +115, $2.75B 30Y +115, $2B 40Y +130
• March 2020 $3.5B 3pt: $750M 7Y +215, $1.5B 10Y +225, $1.25B 30Y +250.

• $3.75B Priced Tuesday
• 03/09 $3B *JP Morgan $2B 3NC2 +53, $1B 3NC2 FRN SOFR+58
• 03/09 $750M *Swedbank 3Y +55, 6NC5 dropped

• $21.5B Priced Monday
• 03/08 $5.5B *Bank of America $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115
• 03/08 $3.5B *Anthem $500M 2Y +30, $750M 5Y +70, $1B 10Y +100, $1.25B 30Y +130
• 03/08 $3B *Teledyne $300M 2Y +50, $450M 3NC1 +65, $450M 5Y +75, $700M 7Y +100, $1.1B 10Y +120
• 03/08 $2.5B *One Gas $1B 2NC.5 +70, $800M 2NC.5 FRN L+61, $700M 3NC.5 +80
• 03/08 $2.4B *Pacific Gas & Electric $1.5B 2NC.5 +120, $450M 10Y +167, $450M 20Y +200
• 03/08 $2B *Santander UK $1.4B 4NC3 +75, $600M 11NC10 +130
• 03/08 $1.1B *CenterPoint Energy $400M 10Y +80, $700M 30Y +105
• 03/08 $1B *AmFam Holdings $500M 10Y +120, $500M 30Y +150
• 03/08 $500M *Southwestern Electric 5Y +80
• 03/08 $5B American Airlines $2.5B 5NC, $2.5B 8NC investor calls
• 03/08 $Benchmark Sasol investor calls re: 5Y, 10Y
• 03/08 $Benchmark Deutsche Bank investor calls

• 03/05 No new issuance Friday; $71.8B/wk

• $10.4B Priced Thursday
• 03/04 $2.2B *Atmos Energy $1.1B 2NC.5 +48, $1.1B 2NC.5 FRN L+38
• 03/04 $2B *Nissan Motor $300M 3Y +75, $300M 3Y FRN L+64, $800M 5Y +125, $600M 7Y +155
• 03/04 $2B *Lloyds $1B 3NC2 +55, $1B 6NC5 +85
• 03/04 $1B *Entergy Louisiana $500M 11Y +85, $00M 20Y +95
• 03/04 $1B *Swedish Export 3Y +4
• 03/04 $900M *LPL Holdings 8NC3
• 03/04 $800M *PerkinElmer $400M each 10Y+100, 30Y +130
• 03/04 $500M *MassMutual 10Y +63
• 03/04 $2.5B Energean Israel 3NC 4.75%, 5NC 5.12%, 7NC 5.62%, 10NC +6% investor call

• $12.6B Priced Wednesday
• 03/03 $4B *Peru $1.75 2031-tap +125, $1.25 20Y +140, $1B 30Y +145
• 03/03 $2B *Barclays $1B 11NC10 +120, $1B 21NC20 +170
• 03/03 $1.6B *Vontier $500M 5Y +110, $500M 7Y +130, $600M 10Y +150
• 03/03 $1.1B *Marriott Int 10Y +140
• 03/03 $1B *Kommunivest WNG 3Y +1
• 03/03 $850 *Agilent 10Y +85
• 03/03 $750M *Equitable Financial Life 7Y +70
• 03/03 $700M *Omega Healthcare 12Y +185
• 03/03 $600M *Corp Office Properties 10Y +140

• $25.25B Priced Tuesday, $10B Siemens 7Pt Jumbo lead
• 03/02 $10B *Siemens: $1.25B 2Y +30, $1.5B 3Y +40, $1B 3Y FRN SOFR+43, $1.75B 5Y +55, $1.25B 7Y +65, $1.75B 10Y +75, $1.5B 20Y +80
• 03/02 $2.75B *CBA $1.5B 10Y +130, $1.25B 20Y +125
• 03/02 $2B *HSBC $1B PerpNC5 4%, $B PerpNC10 4.7%
• 03/02 $2B *Bank of England 3Y +12
• 03/02 $1.3B *Entergy $650M 7Y +87, $650M 10Y +107
• 03/02 $1.3B *Mastercard $600M 10Y +50, $700M 30Y +78
• 03/02 $1.2B *KDB 00M $3Y +20, $300M 3Y FRN SOFR+25, $500M 5.5Y +35
• 03/02 $900M *Public Service Electric & Gas (PEG) $450M 5Y +32, $450M 30Y +77
• 03/02 $850M *Boston Properties 11Y +118
• 03/02 $750M *Suncor Energy 30Y +155
• 03/02 $700M *Commonwealth Edison 30Y +90
• 03/02 $500M *Flowers Food 10Y +105
• 03/02 $500M *Orix 10Y +88
• 03/02 $500M *Caterpillar WNG 10Y +57=

• $23.55B Priced Monday, $7B GS 6pt jumbo added to $5.5B issued on Jan 20 ($2.25B 2NC1 +35, $750M 2NC1 FRN SOFR+41, $2.5B 11NC10 fix/FRN +90).
• 03/01 $7B *Goldman Sachs $700M 2NC1 +40, $450M 2NC1 FRN SOFR+43, $1.75B 3NC2 +55, $700M 3NC2 FRN SOFR+58, $3B 6NC5 +73, $400M 6NC5 FRN SOFRT+81
• 03/01 $4.3B *Cigna $500M 3NC1 +35, $800M 5Y +55, $1.5B 10Y +95, $1.5B 30Y +120
• 03/01 $2.5B *Coca-Cola $750M 7Y +45, $750M 10Y +60, $1B 30Y +85
• 03/01 $2.15B *Keurig Dr Pepper Inc $1.15B 3NC1 +48, $500M 10Y +83, $500M 30Y +113
• 03/01 $1.9B *John Deere $600M 2Y +15, $800M 3Y +22, $500M 7Y +45
• 03/01 $1.5B *Roche $500M 3Y +20, $350M 3Y FRN SOFR+24, $650M 5Y +30
• 03/01 $1.5B *Toronto-Dominion Bank 3Y +32, 3Y FRN SOFR+35.5
• 03/01 $800M *Graphics Packaging Int $400M 3Y +55, $400M 5Y +80
• 03/01 $700M *PPG Ind 5Y +60
• 03/01 $600M *Estee Lauder 10Y +57
• 03/01 $600M *Fairfax Fnvl Holdings 10Y +195
• Additional Investor calls for: Aflac, Citadel Fin, Mastercard, Nissan Motor
• 03/01 $2.5B Energean Israel 3NC, 5NC, 7NC, 10NC investor call
• 03/?? $1.25B Twitter 5Y conv note private placement
• 03/?? Chatter South Africa global bond