US$ Credit Supply Pipeline

$4.25B to price Monday, excluding Maldives.

• Date $MM Issuer (Priced *, Launch #)
• 04/26 $2B *NBN $750M 5Y +67, $1.25B 10Y +107
• 04/26 $1.25B *Ukraine 8Y 6.875%
• 04/26 $1B *Natura 7Y 4.125%
• 04/26 $Benchmark Maldives 5Y Tap Sukuk 10.5%a
• Later this week
• 04/27 $Benchmark Italy 3Y +60a, 30Y +200a
• 04/27 $Benchmark Development Bank of Kazakhstan 10Y investor calls
• 04/?? $Benchmark OQ (Oman energy co) 7Y
• 04/?? $Benchmark Abu Dhabi Ports 10Y

• $7.75B Priced Thursday, $47.63B/wk; $163.2B for month
• 04/22 $3B *Petronas $1.25B +10Y +92.5, $1.75B 40Y +115
• 04/22 $2B *Royal Bank of Canada 5Y +45, 5Y FRN SOFR+57
• 04/22 $1B *Santos 10Y +210
• 04/22 $750M *BOC Aviation 3Y +140
• 04/22 $500M *Penn Mutual Life 40Y +155
• 04/22 $500M *EIB 5Y TAP SOFR+17

• $11.7B Priced Wednesday
• 04/21 $2B *Coca-Cola Eur Ptnrs $850M 2Y +40, $650M 3Y +50, $500M 5.75Y +73
• 04/21 $2B *International Development Assn (IDA) 5Y +4
• 04/21 $2B *P&G $1B 5Y +20, $1B 10Y +42
• 04/21 $1.7B *Glencore Funding $600M 5Y +85, $600M 10Y +130, $500M 30Y +160
• 04/21 $1.3B *Malaysia sukuk $800M 10Y +50, $500M 30Y +80
• 04/21 $1B *Kommunivest (Koomins) 3Y +0
• 04/21 $700M *Equate Petrochem 7Y +140
• 04/21 $500M *Kommunalbanken Norway (KBN) 2Y SOFR+16
• 04/21 $500M *Western Southern Life Ins 40Y +150

• $15.13B Priced Tuesday, $28.13B/wk
• 04/20 $4B *EIB 3Y -3
• 04/20 $3.5B *Taiwan Semiconductor Mfg (TSMC) $1.1B 5Y +50, $900M 7Y +55, $1.5B 10Y +70
• 04/20 $1.75B *FedEx $1B 10Y +87.5, $750M 20Y +112.5
• 04/20 $1.5B *New Development Bank (NDB) 5Y +25
• 04/20 $1.5B *Abu Dhabi National Energy (TAQA) 7Y +80, 30Y 3.4%
• 04/20 $1B *PNC Financial 11NC10 +75
• 04/20 $580M *Japan Int Cooperation Agcy 10Y +30
• 04/20 $500M *Korea Hydro & Nuclear Power 5Y +57.5
• 04/20 $800M *New York Life $400M each: 3Y +25, 3Y FRN SOFR+31

• $13B Priced Monday
• 04/19 $7.5B *Morgan Stanley $2B 3NC2 +57, $3.5B 6NC5 +77, $2B 21NC20 +105
• 04/19 $3B *Republic of Colombia $2B 11Y +175, $1B 20Y +205
• 04/19 $1.5B *Bank of NY Mellon $600M 3Y +20, $400M 3Y FRN SPOFR+26, $500M 7Y +42
• 04/19 $1B *Charter Communications Holdings 12NC6 4.5%

• $15B Priced Friday, record for sole issuer Bank of America; $72.2B total for week.
• 04/16 $15B *Bank of America $2.25B 4NC3 +65, $600M 4NC3 FRN SOFR+69, $3.75B 6.25NC5.25 +90, $400M 6.25NC5.25 FRN SOFR+97, $4.5B 11NC10 +110, $3.5B 21NC20 +115.
• Note, this comes after BoA issued $5.5B last month on March 8: $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115. Compares to total of $9.5B debt issued by BoA for all of 2020.
• Global systemically important banks (GSIBs) are seasonally large debt issuers around the end of Q1/beginning of Q2. Over the last week: JPM issued $13B (adds to $5B late Jan), GS issued $6B (adds to $7B early March), World Bank (IBRD) issued $8B, IADB issued $4.25B, BNP Paribas' $2.25B bringing up the rear; MS $7.5B mid-Jan.
• Market chatter is Citigroup expected to issue in the coming days, adding to $2.5B issued mid-Jan; compares to $3.5B 6NC5 +275 issued early April 2020.

• $23.15B Priced Thursday; $57.2B total for week
• 04/15 $13B *JP Morgan $3.5B 6NCn +77, $500M 6NC5 FRN SOFR, $3.5B 11NC10 +102, $2B 21NC20 +100, $3.5B 31NC30 +107
• 04/15 $6B *Goldman Sachs $3.75B 11NC10 +105, $2.25B 21NC20 +105
• 04/15 $4.15B *Tencent $500M 10Y +130, $900M 20Y +150, $1.75B 30Y +155, $1B 40Y +165
• $11.1B Priced Wednesday
• 04/14 $1B *Quebec 10Y +29
• 04/14 $2B *Public Storage (3Y fix dropped) $700M 3NC1 FRN SOFR+47, $650M 7Y +55, $650M 10Y +70
• 04/14 $4B *United Airlines $2B 5Y 4.375%, $2B 8Y 4.625% ($1.5B moved to term loan after initial total topped $5.5B)
• 04/14 $1.9B *Bank of Nova Scotia $1.25B 3Y +38, $650M 3Y FRN SOFR+44.5
• 04/14 $1.2B *Viterra Finance $600M 5Y +120, $600M 10Y +160
• 04/14 $500M *Kommunalbanken (KBN) WNG 3.5Y +2
• 04/14 $500M *Shinhan Bank 5.5Y +65

• $15B Priced Tuesday
• 04/13 $8B *World Bank (IBRD) $3B 2Y -5, $5B 7Y +7
• 04/13 $4.25B *IADB 5Y +0.0
• 04/13 $1.5B *Ontario Teachers Finance Trust 10Y +40
• 04/13 $1.25B *JFM 5Y +18
• 04/13 $4B Tencent investor calls 30Y

• $7.95B Priced Monday
• 04/12 $2.25B *BNP Paribas 11NC10 +120
• 04/12 $2B *CK Hutchison Holdings $500M 5Y +65, $850M 10Y +95, $650M 20Y +100
• 04/12 $1.25B *Sodexo $500M 5Y +75, $750M 10Y +105
• 04/12 $1B *Genting Malaysia 10Y +220
• 04/12 $750M *Transdigm 8NC3 4.875%
• 04/12 $700M *Kia Corp 3Y +110a, 5.5Y +125a

• 04/09 No new Issuance Friday; $43.37B total last wk

• $17.52B Priced Thursday
• 04/08 $5B *KFW 2Y -2
• 04/08 $4.1B *Organon $2.1B 7NC3 4.125%, $2.0B 10NC 5.125%
• 04/08 $4B *Japan Bank of Int Cooperation (JBIC) WNG $1B 3Y +4, $3B 10Y +24
• 04/08 $1B *MassMutual $400M 3Y +32, $600M 3Y FRN SOFR+36
• 04/08 $1B *Canadian Pension Plan (CPPIB) WNG 3.5Y +1
• 04/08 $1B *News Corp 8NC3 3.875%
• 04/08 $920M *Sumitomo Life Insurance 60NC10 3.375%
• 04/08 $500M *AIIB WNG 5Y FRN SOFR+22

• $12.7B Priced Wednesday; $25.85B/wk
• 04/07 $5B *Asia Development Bank (ADB) 5Y +2
• 04/07 $3B *Ontario 5Y +11
• 04/07 $1.5B *United Overseas Bank (UOB) $750M 5Y +48, $750M 10.5NC5.5 +123
• 04/07 $850M *EBRD 5Y FRN SOFR+19
• 04/07 $800M *Pacific Life Global 5Y +53
• 04/07 $550M *Northern Natural Gas +30Y +110
• 04/07 $500M *Brookfield Finance 10Y +107
• 04/07 $500M *Jabil 5Y +85

• $8.7B Priced Tuesday
• 04/06 $2.5B *Mexico 20Y +205
• 04/06 $2.25B *General Motors $850M 3Y +73, $400M 3Y FRN SOFR+76, $1B 7Y +108 (adds to $2.5B on Jan 5: $1.5B 5Y +92, $1B 10Y +140)
• 04/06 $2.5B *Toyota Motor Cr $1B 2Y +28, $750M 2Y FRN SOFR+32, $750M 7Y +58 (adds to $3B on Jan 6: $1B 3Y +25, $750M 3Y FRN SOFR+33, $700M 5Y +40, $550M 10Y +62.5)
• 04/06 $750M *Penske Trucking +5Y +83
• 04/06 $700M *Brighthouse Financial Global Funding $400M 3Y +72, $300M 3Y FRN SOFR+76

• $4.45B Priced Monday
• 04/05 $2B *Marvell Tech $500B 5Y +75, $750M 7Y +105, $750M 10Y +125
• 04/05 $1B *Equitable Financial Life $350M 2Y +35, $650M 2Y FRN SOFR+39
• 04/05 $850M *Protective Life 2Y +33, 5Y +68
• 04/05 $600M *Principal Life Global Funding $300M 2Y +43, $300M 2Y FRN SOFR+45