US$ Credit Supply Pipeline

Italy investor call for 5Y, 30Y Bond near-term issuance.

• Date $MM Issuer (Priced *, Launch #
• 11/12 $Benchmark JP Morgan fix-FRN: 6NC5 +80a, 11NC10 +100, 21NC20 +95a
• 11/12 $Benchmark Equitable Financial Life 3Y +50a, 10Y +100a
• 11/12 $Benchmark BNG Bank 5Y Reg S
• 11/12 $Benchmark Rep of Italy investor call (1030ET) re: 5Y and 30Y US$ issuance
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• $15.85B Priced Tuesday, $12B Verizon 5Pt Lion's
• 11/10 $12B *Verizon 5pt: $2B 5Y +40, $2.25B +10Y +85, $3B 20Y +115, $2.75B 30Y +115, $2B 40Y +130 (issued $3.5B on March 17: $750M 7Y +215, $1.5B 10Y +225, $1.25B 30Y +250. Verizon still holds record for largest multi-tranche jumbo issuance w/ $49B back in August 2013)
• 11/10 $1.25B *Standard Chartered 15.25NC10.25 +230
• 11/10 $1.25B *Allianz PNC5.4 3.5%
• 11/10 $700M *EUROFIMA 3Y Reg S +10
• 11/10 $650M *L3Harris 10Y +85
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• $18.5B Total priced Monday, BMY 6Pt Jumbo Driver
• 11/09 $7B *Bristol-Myers Squibb 6pt: $1.5B 3NC1 +30, $1B 5Y +35, $1B 7Y +45, $1.25B 10Y +55, $750M 20Y +65, $1.5B 30Y +85. BMY prior jumbo issue: total $19B, 9pt on May 7, 2019: $750M 1.5Y +20, $1B 2Y +35, $1.5B 3Y fix +45, $500M 3Y FRN L+38, $3.25B 5Y +73, $2.25B 7Y +90, $4B 10Y +105, $2B 20Y +30, $3.75B 30Y +145.
• 11/09 $4.5B *Morgan Stanley $1.75B 3NC2 +37.5, $2.75B 11.25NC10.25 +85
• 11/09 $2.5B *Westpac 15NC10 +175, 20Y +125
• 11/09 $1.2B *Vereit $500M +7Y +165, $700M 12Y +200
• 11/09 $1.1B *Republic Srvcs $350M 5Y +45, $750M 11Y +80
• 11/09 $1B *Caterpillar 5Y +38, (adds to $2B issued on May 12 and Jan 9)
• 11/09 $600M *Entergy LA $300M 10Y +70, $300M Tap 2.9% +95
• 11/09 $600M *Consolidated Edison 40Y +128
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• No new issuance Friday
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• $2.5B Priced Thursday
• 11/05 $2.5B *Waste Management $500M 55Y +45, $500M +7K +60, $1B +10Y +75, $500M 30Y +100
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• 07/01-07/02 No high-grade supply late last week