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Unexpectedly Large: $6B UNH, $6B Citigroup

PIPELINE
Heavy -- unexpectedly so for some issuance likely had an effect on rates around time Fed Chairman Powell discussed "won't hesitate" to raise rates above neutral if needed.
  • Date $MM Issuer (Priced *, Launch #)
  • 05/17 $6B #United Health $600M 5Y +75, $900M 7Y +105, $1.5B 10Y +125, $2B 30Y +160, $1B 40Y +180
  • 05/17 $6B #Citigroup $1.5B 3NC2 +145, $500M 3NNC2 SOFR, $1.5B 6NC5 +170, $2.5B 11NC10 +195
  • 05/17 $2.75B *Export Development Canada 5Y SOFR +34
  • 05/17 $1B #HSBC 2Y +105, 2Y SOFR+105
  • 05/17 $1B OKB 3Y SOFR+25
  • 05/17 $800M #Oncor Electric Delivery $400M 10Y +122, $400M 30Y +147
  • 05/17 $600M Motorola 10Y +265
  • 05/17 $500M RELX Capital 10Y +190
  • 05/17 $500M CNH Industrial Capital 3Y +125
  • 05/17 $Benchmark Japan Int Cooperation Agcy (JICA) 5Y SOFR+63a
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Heavy -- unexpectedly so for some issuance likely had an effect on rates around time Fed Chairman Powell discussed "won't hesitate" to raise rates above neutral if needed.
  • Date $MM Issuer (Priced *, Launch #)
  • 05/17 $6B #United Health $600M 5Y +75, $900M 7Y +105, $1.5B 10Y +125, $2B 30Y +160, $1B 40Y +180
  • 05/17 $6B #Citigroup $1.5B 3NC2 +145, $500M 3NNC2 SOFR, $1.5B 6NC5 +170, $2.5B 11NC10 +195
  • 05/17 $2.75B *Export Development Canada 5Y SOFR +34
  • 05/17 $1B #HSBC 2Y +105, 2Y SOFR+105
  • 05/17 $1B OKB 3Y SOFR+25
  • 05/17 $800M #Oncor Electric Delivery $400M 10Y +122, $400M 30Y +147
  • 05/17 $600M Motorola 10Y +265
  • 05/17 $500M RELX Capital 10Y +190
  • 05/17 $500M CNH Industrial Capital 3Y +125
  • 05/17 $Benchmark Japan Int Cooperation Agcy (JICA) 5Y SOFR+63a