US$ Credit Supply Pipeline

Saudi Aramco 5pt jumbo likely to lead Tuesday issuers.

• Date $MM Issuer (Priced *, Launch #)
• 11/17 $3B World Bank (IBRD) 3Y +2, 7Y +14
• 11/17 $1B BNG Bank 5Y +10
• 11/17 $Benchmark Deutsche Bank 6NC5 fix/FRN +205a
• 11/17 $Benchmark HSBC 6.5NC5.5 +140a
• 11/17 $Benchmark ANZ 15NC10 +200a
• 11/17 $Benchmark Rep of Italy, +5Y +90a (+30Y considered at later date)
• 11/17 $Benchmark Saudi Aramco 3Y +125a, 5Y +140a, 10Y +160a, 30Y +185a, 50Y +210a
• 11/17 $Benchmark Uzbekistan 10Y investor calls
• Chatter:
• 11/?? $Benchmark Rep of Serbia
• -
• $13.125B Priced Monday, Mexico priced late
• 11/16 $3.625B *United Mexican States, $1.825B 10Y +175, $1.8B 40Y +210
• 11/16 $2.5B *Goldman Sachs $2B 3NC2 +45, $500M FRN SOFR+54
• 11/16 $1.75B *Phillips 66 $450M +3NC1 FRN L+62, $800M +3NC1 +70, $500M +5Y +90
• 11/16 $1.6B *Georgia Pacific $900M +3Y +40, $700M +5Y +55
• 11/16 $1B *Avalon Holdings +5Y +385
• 11/16 $1B *FFCB 2Y +4
• 11/16 $650M *Athene Global Funding 10Y +165
• 11/16 $500M *Kommunalbanken 2Y tap, +3
• 11/16 $500M *Guardian Life 7Y +65
• -
• No new issuance Friday
• Quiet end to strong week with $44.35B priced over 3 sessions, headliners: $7B Bristol-Myers Squibb 6pt Monday; $12B Verizon 5pt Tuesday; $5.75B JP Morgan fix-FRN 3pt Thursday.
• -
• $10B Priced Thursday
• 11/12 $5.75B *JP Morgan fix-FRN: $2.75B 6NC5 +65, $1.4B 11NC10 +90, $1.6B 21NC20 +87.5
• 11/12 $1.5B *Societe Generale PNC10 5.375%
• 11/12 $1.45B *Pacific Gas & Electric 1Y FRN 3M LIBOR +137.5
• 11/12 $800M *Equitable Financial Life $500M 3Y +32, $300M 10Y +90
• 11/12 $500M *Inner Mongolia Yili 5Y Reg S +125
• -
• $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
• -
• $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
• -
• No new issuance Friday
• -
• $2.5B Priced Thursday
• 11/05 $2.5B *Waste Management $500M 55Y +45, $500M +7K +60, $1B +10Y +75, $500M 30Y +100