US Corporate Supply Pipeline

$15.6B High grade corporate issuance to price Tuesday

• Date $MM Issuer (Priced *, Launch #)
• 3/26 $4B #Glencore Funding $800M 3Y +95, $350M 3Y SOFR+106, $1.1B 5Y +115, $1.25B 10Y +140, $500M 30Y +150
• 3/26 $3.75B *Quebec 5Y SOFR+50
• 3/26 $2.75B #Smurfit Kappa $750M +5Y +100, $1B 10Y +120, $1B 30Y +137.5
• 3/26 $1.15B Algonquin Power WNG 2Y +150a
• 3/26 $1.2B #Marathon Oil $600M 5Y +112, $600M 10Y +147
• 3/26 $1B *AIA 10Y +125
• 3/26 $500M #Yapi Kredi PerpNC5.25 9.75%
• 3/26 $1.25B #CSL $600M 10Y +87, $600M 30Y +102
• 3/26 $Benchmark TD Bank 3Y +60, 3Y SOFR+73, 5Y +78
• 3/26 $Benchmark SMBC Aviation Capital 5Y +108, 10Y +135
• 3/26 $Benchmark CQB (The Commercial Bank, Qatar) 5Y +150a
• $11.05B Priced Monday
• 3/25 $3.25B *BMW US Capital $600M 2Y +45, $700M 2Y SOFR+55, $650M 3Y +55, $800M 5Y +70, $500M 10Y +90 (the last time BMW issued debt was on August 8 '23, $3B total: $800M 2Y +55, $600M 2Y SOFR+62, $1B 5Y +95, $600M 10Y +115)
• 3/25 $1.4B *KNOC (Korean National Oil) $500M 3Y + 70, $300M 3Y SOFR+83, $600M 5Y +80
• 3/25 $1.25B *LSEG (London Stock Exchange) $500M 3Y +65, $750M 10Y +105
• 3/25 $1.25B *PSEG (Public Service Enterprise Grp) $750M 5Y +100, $500M 10Y +122
• 3/25 $750M *Sammons Financial 10Y +265
• 3/25 $750M *MGM Resorts 8NC3 6.5%
• 3/25 $700M AMC Networks 4.75NC1.75
• 3/25 $700M *Esab Corp 5NC2 6.25%
• 3/25 $500M *Union Electric WNG 10Y +98
• 3/25 $500M *Penske 5Y +112
• $4.75B Priced Friday, $33.45B total on week
• 3/22 $3B *Truist Insurance 7NC3 7.125%
• 3/22 $1B *Hilton Worldwide $550M 5NC2 5.875%, $450M 8NC3 6.125%
• 3/22 $750M *Bombardier 7NC3 7.287%
• 3/22 $Benchmark Old Republic investor calls
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• $3.9B Priced Thursday, $28.7B/wk
• 3/21 $1.4B *Athene $1B 3Y +110, $400M 3Y SOFR+121
• 3/21 $1B *Ryman Hospitality 8NC3 6.5%
• 3/21 $1B *AIB Group 11NC10 +160
• 3/21 $500M *Narragansett Electric 10Y +108
• 3/20 No new US$ corporate issuance Wednesday due to FOMC
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• $17.9B Priced Tuesday
• 3/19 $6B *United Health $500M 3Y +37, $400M 5Y +52, $1B 7Y +70, $1.25B 10Y +80, $1.75B 30Y +95, $1.1B 40Y +107
• 3/19 $4.8B BAE $800M 3Y +68, $1.25B 5Y +90, $500M 7Y +98, $1.5B 10Y +108, $750M 30Y +118
• 3/19 $2.5B *Campbell Soup $400M 2Y +65, $500M 3Y +75, $600M 5Y +90, $1B 10Y +115
• 3/19 $1B *Macquarie Airfinance $500M 5Y +210, $500M 7Y +223
• 3/19 $1B *Anheuser-Busch InBev10.25Y +75
• 3/19 $1B *Fairfax Financial 30Y +192
• 3/19 $1B *Athene 30Y +185
• 3/19 $600M *CNH Ind Capital 5Y +98
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• $6.9B Priced
• 3/18 $2.25B *Toyota Motor Cr $900M 3Y +52, $450M 3Y SOFR+65, $900M 7Y +75
• 3/18 $1.1B *AGCO $400MN 3Y +95, $700M 10Y +150
• 3/18 $1B *SocGen PerpNC10.5 8.5%
• 3/18 $650M *Apollo Debt Solutions 5Y +270
• 3/18 $650M *Cimic Group 10Y +275
• 3/18 $650M *Northwestern Mutual 3Y +55
• 3/18 $600M *San Diego Gas & Electric 30Y +115
• 3/15 No new US$ issuance Friday, $45.65B total priced on week
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• $5.75B Priced Thursday
• 3/14 $4B *VW Group $850M 2Y +75, $650M 2Y SOFR+83, $1B 3Y +85, $1B 5Y +105, $500M 10Y +138
• 3/14 $1.7B *Hyundai $800M 3Y +90, $400M 3Y SOFR+104, $500M 5Y +108
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• $6.5B Priced Wednesday, $40.95B/wk
• 3/13 $1.5B *Dexia 3Y SOFR+40
• 3/13 $1B *State Street Corp 3Y +60
• 3/13 $1B *Bank of Ireland 6NC5 +142
• 3/13 $1B *Kommunivest WNG 2Y +27
• 3/13 $1B *Nordea Bank $500M 3Y +62, $500M 3Y SOFR+74
• 3/13 $1B *Smith & Nephew $350M 3Y +80, $650M 10Y +125
• $5.65B Priced Tuesday
• 3/12 $3B *Goldman Sachs $2.25B 3NC2 +68, $750M 3NC2 SOFR+77
• 3/12 $900M *Constellation Energy 30Y +145
• 3/12 $500M *Avic Int 3Y +87.5
• 3/12 $500M *Southern California Gas WNG 30Y +133
• 3/12 $750M *Global Atlantic 30Y +250
• $28.8B Priced Monday
• 3/11 $8B *Republic of Poland $1.5B 5Y +70, $3B +10Y +105a, $3.5B 30Y +130
• 3/11 $4B *Santander $1.1B 4NC3 +125, $400M 4NC3 SOFR+138, $1.25B 6NC5 +145, $1.25B 10Y +225
• 3/11 $3.5B *ANZ $1.25B 2Y +47, $1.25B 2Y SOFR+56, $1B 10.5NC5.5 +165
• 3/11 $3B *ING $1.5B 6NC5 +125, $1.5B 11NC10 +145
• 3/11 $2.25B *Humana $1.25B 7Y +127, $1B 30Y +147
• 3/11 $2.25B *L3Harris $750M 5Y +100, $750M 7Y +115, $750M 10Y +135
• 3/11 $1.75B *AM Honda $700M 3Y +63, $300M 3Y SOFR+77, $750M 5Y +80
• 3/11 $1.3B *Motorola Solutions $400M 5Y +95, $900M 10Y +130
• 3/11 $850M *M&T Bank 8NC7 +198
• 3/11 $750M *Banco do Brazil 7Y 6.3%
• 3/11 $650M *NiSource 10Y +128
• 3/11 $500M *Duke Energy WNG 10Y +100
• 03/08 No new US$ issuance Friday, $73.225B/wk
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• $9.3B Priced Thursday
• 3/7 $2.5B *Bank of NY Mellon $500M 2NC1 SOFR+45, $1B 6NC5 +90, $1B 11NC10 +110
• 3/7 $2B *CaixaBank 1B 6NC5 +160, $1B 11.25NC10.25 +195
• 3/7 $1.1B *United Rentals 10NC5 6.125%
• 3/7 $1.05B *Vici Properties $550M 10Y +175, $500M 30Y +200
• 3/7 $750M *Alcoa 7NC3 7.5%a
• 3/7 $750M *Swedbank 5Y +133
• 3/7 $500M *Station Casinos 8NC3 6.625%
• 3/7 $650M *Indianapolis Power & Light WNG 30Y +147
• $8.5B Priced Wednesday, $64.925B/wk
• 3/6 $5B *KFW (Kreditanstalt fuer Wiederaufbau) 3Y SOFR+26
• 3/6 $1.25B *AIIB (Asian Infrastructure Bank) 10Y SOFR+61
• 3/6 $1B *Prudential Financial 30NC10 6.5%
• 3/6 $750M *State of Montenegro 7Y 7.25%
• 3/6 $500M *AES Andes 5Y +220
• $34.5B Priced Tuesday
• 3/5 $8B *State of Israel $2B 5Y +135, $3B 10Y +145, $3B 30Y +175
• 3/5 $4.5B #Barclays $1.25B 4NC3 +135, $500M 4NC3 SOFR+149, $2B 6NC5 +155, $750M 31NC30 +175
• 3/5 $4B *EIB 3Y SOFR+26
• 3/5 $3B *Blackrock Funding $500M 5Y +60, $1B 10Y +87.5, $1.5B 30Y +105
• 3/5 $2.5B *Nestle $600M 5Y +55, $450M 7Y +65, $800M 10Y +75, $650M 30Y+85
• 3/5 $2.5B *Ford Motor Credit $1.6B 5Y +168, $900M 10Y +200
• 3/5 $2.5B *JPMorgan PerpNC5 6.875%
• 3/5 $2B *BBVA $1B 5Y +125, $1B 11NC10 +190
• 3/5 $1.5B *Cheniere Energy 10Y +153
• 3/5 $1B *Microchip 5Y +95
• 3/5 $1B *EBRD 10Y SOFR +53
• 3/5 $1B *Al Rajhi Bank 5Y Sukuk +90
• 3/5 $500M *Doha Bank WNG 5Y +130
• 3/5 $500M *Hormel WNG 3Y +50
• 3/5 $Benchmark Goldman Sachs investor calls
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• $21.925B Priced Monday
• 3/4 $3.875B *Roche $875B 5Y +58, $750M 7Y +68, $1.25B 10Y +77, $1B 30Y +87
• 3/4 $3B *Keurig $750M 3Y +75, $350M 3Y SOFR+88, $750M 5Y +90, $500M 7Y +100, $650M 10Y +110
• 3/4 $2.6B *John Deere $450M 2Y +37.5, $750M 2Y SOFR+44, $550M 3Y +50, $850M 7Y +70
• 3/4 $2.35B *Credit Agricole $1B 3Y +75, $600M 3Y SOFR+87, $750M 10Y +115
• 3/4 $2B *Newmont Corp $1B 2Y +70, $1B 10Y +117
• 3/4 $1.3B *American Tower $650M 5Y +107, $650M 10Y +132
• 3/4 $1.25B *CBA (Commonwealth Bank of Australia) 10Y +162
• 3/4 $1.2B *Entergy Louisiana $500M 10Y +115, $700M 30Y +1353/4 $1B *Chubb 10Y +82
• 3/4 $1B *Dell International 10Y +120
• 3/4 $750M *Element Fleet 3Y +125
• 3/4 $600M *Sixth St Lending Partners 5Y +255
• 3/4 $1B *USA Compression Partners 5NC2 7.125%

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