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EUROZONE T-BILL ISSUANCE

Bill Supply For W/C May 10, 2021

EURUSD TECHS

Resumes Its Upleg

EUROSTOXX50 TECHS

(M1) Clears 4000

BTP TECHS

(M1) Clears Key Support

GILT TECHS

(M1) Gains Considered Corrective

SCHATZ TECHS

(M1) Needle Points South

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April high-grade issuance total of $183.4B

  • Date $MM Issuer (Priced *, Launch #)
  • 04/30 ; No new issuance for Friday
  • 04/29 $500M #Development Bank of Kazakhstan 10Y 3.0% (US$ leg also launched with KZT100B 5Y at 11% yld)
  • Look ahead to early May issuers:
  • 05/?? $2.96B Allied Universal 7NC3 fix/FRN, 8NC3 investor call
  • 05/?? $Benchmark Abu Dhabi Ports 10Y
  • $6.45B Priced Wednesday, $19.7B/wk
  • 04/28 $3.45B *Coca-Cola $2B +10Y +65, $750M 20Y +70, $700M 30Y Tap +80
  • 04/28 $950M *Waste Mngmnt $475M 8Y +70, $475M 20Y +80
  • 04/28 $800M *Omnicom 10Y +97
  • 04/28 $750M *OQ (Oman energy co) 7Y 5.125%
  • 04/28 $500M *Kookmin Bank 5Y +55
  • $9B Priced Tuesday, Citigroup outpaced Italy
  • 04/27 $5.5B *Citigroup $2B 4NC3 +63, $500M 4NC3 FRN SOFR, $3B 11NC10 +95 (adds to $2.5B issued mid-Jan; compares to $3.5B 6NC5 +275 issued early April 2020)
  • 04/27 $3.5B *Italy $2B 3Y +50, $1.5B 30Y +195; $2B 3Y: re-offer price of 99.673%, equivalent to a 0.986% gross annual yld in US$; $1.5B 30Y: re-offer price of 98.897%, equivalent to a 3.938% gross annual yld in US$.
  • 04/27 $Benchmark Development Bank of Kazakhstan 10Y investor calls
  • Later this week
  • 04/?? $Benchmark Abu Dhabi Ports 10Y
  • $4.25B Priced Monday
  • 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%
  • $7.75B Priced Thursday, $47.63B/wk
  • 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

April 2021 comes in third place so far this year with $183.4B -- and well off last year's all-time record of $401.325B. March still leads 2021 with stellar $232.62B high-grade corporate issuance vs. $275.48B for Mar 2020. Q1'21 ahead last years pace $618.03B vs. $548.16B.

Apr'21$183.4B
Mar'21$232.62B
Feb'21$157.86B
Jan'21$227.55B
2020 Recap:Record $2.196T
Dec'20$52.24B; $796.54B H2 2020
Nov'20$126.83B
Oct'20$111.65B
Sep'20$207.82B
Aug'20$204.50B
Jul'20$93.50B
Jun'20$180.50B; Record $1.40T H2 2020
May'20$270.90B
Apr'20$401.32B
Mar'20$275.48B
Feb'20$107.50B
Jan'20$165.18B