US$ Credit Supply Pipeline

Mid-July corporate issuance running total at $35.68B

• Date $MM Issuer (Priced *, Launch #)
• 07/14 $Benchmark New Development Bank 3Y +15a
• 07/14 $Benchmark KT Corp 5.5Y +100a
• $6.1B Priced Tuesday
• 07/13 $3B *IADB 7Y sustainable development bond +7
• 07/13 $2.5B *Province of British Columbia 5Y +4
• 07/13 $600M *MassMutual 5Y +40
• 07/13 $Benchmark Interchile investor calls
• $6.635B Priced Monday
• 07/12 $6B *MUFG (Mitsubishi UFF Fncl Grp) $2.1B 4NC3 +55, $2.1B 6NC5 +75, $1.8B 11NC10 +95
• 07/12 $635M *Uzbekistan 10Y 3.9% (includes UZS2.5T 3Y 14%)
• 07/09 No new issuance Friday; $22.95B total for week
• $1.5B Priced Thursday
• 07/08 $1B *Dexia no-grow 3Y +8
• 07/08 $500M *Mitsubishi Corp 5Y +50
• $13.45B Priced Wednesday
• 07/07 $5B *KFW 3Y -3
• 07/07 $4B *Enel Finance $1.25B 5Y +70, $1B 7Y +85, $1B 10Y +100, $750M 20Y +110
• 07/07 $1.2B *Xiaomi $800M 10Y +165, $400M 30Y +220
• 07/07 $1B *PacifiCorp 31Y Green +98
• 07/07 $1B *Gazprom 10Y 3.5%
• 07/07 $750M *Royal Bank of Canada 5Y Green +38
• 07/07 $500M *EIB 7Y FRN/SOFR+25
• $8B priced Tuesday
• 07/06 $3.25B *Nomura $1.25B 5Y +85, $1B 7Y +105, $1B 10Y +125
• 07/06 $1.75B *Mizuho Fncl Grp $1.1B 6Y +75, $11Y +100a
• 07/06 $1.7B *Bank of Montreal $1.15B 3Y +27, $550M 3Y FRN/SOFR+32
• 07/06 $800M *Korea Gas $450M 5Y +37.5, $350M 10Y +65
• 07/06 $500M *Hongkong Land Co 10Y +90
• 07/06 $Benchmark Beijing Capital Development investor call
• 07/06 $Benchmark Mitsubishi 5Y investor call
• 07/02 No new issuance
• 07/01 No new issuance

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Total high-grade issuance of $37.9B put May at $159.125B -- well off May 2020 total of $270.9B. 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.