US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 07/30 $750M United Rentals 10.5NC5
• $15.1B to price Thursday; $28.9B/wk
• 07/29 $6.5B *Apple 4pt jumbo: $2.3B 7Y +40, $1B 10Y +47, $1.8B 30Y +77, $1.4B 40Y +92 (adds to $8.5B issued back on May 4, 2020: $2B 3Y +60, $2.25B 5Y +80, $1.75B 10Y +110, $2.5B 30Y +145)
• 07/29 $3B *Humana $1.5B 2NC.5 +50, $750M 5Y +65, $750M 10Y +90
• 07/29 $2.5B *Synnex $700M 3NC1 +90, $700M 5Y +110, $600M 7Y +135, $500M 10Y +145
• 07/29 $2B *Blackstone $650M 7Y +65, $850M 10.5Y +85a, 30Y +95a
• 07/29 $500M *New York Life 10Y +58
• 07/29 $600M *DR Horton Inc 5Y +60
• $1.6B Priced Wednesday, $14.4B/wk
• 07/28 $1B *Jefferies 7NC3 5%a
• 07/28 $600M *Triton Int 2Y +65
• $5.45B Priced Tuesday, $12.8B/wk
• 07/27 $1.6B *American Express perp NC5 3.55%
• 07/27 $1.2B *Air Canada 5NC 3.875%
• 07/27 $1B *Bank of Nova Scotia 3Y +32
• 07/27 $1B *Capital One Fncl Corp 11NC10 +112
• 07/27 $650M *First American Fncl 10Y +120, upsized from $500M
• $7.35B Priced Monday
• 07/26 $2.5B *Temasek $750M 10Y +40, $750M 20Y +65, $1B 40Y +85
• 07/26 $1.5B *Royal Bank of Canada $850M 3Y +30, $650M 3Y FRN/SOFR+36
• 07/26 $1.5B *Novelis Corp $750M 5NC2 3.25%, $750M 10NC5 3.875%
• 07/26 $850M *AutoNation $400M 7Y +95, $450M 10Y +115
• 07/26 $1B Jefferies Finance 7NC3 investor call
• Later in week:
• 07/28 $2.75B Air Canada 5NC, 8NC4.5, investor calls Monday
• 07/?? $1.5B Venture Global 8NC, 10NC
• 07/23 No new issuance Friday after $30.65B priced Mon-Thu
• 
  
• $9.45B Priced Thursday
• 07/22 $3.75B *Republic of Chile $2.25B 12Y +130, $1B Tap 20Y +130, $500M 40Y +140
• 07/22 $2.3B *DirecTV 6NC2 5.875%
• 07/22 $2B *JP Morgan PerpNC5 4.2%
• 07/22 $900M *World Bank 2031 tap FRN/SOFR +34
• 07/22 $500M *Ukraine 6.876% 2029 Tap 6.3%
• $9.25B Priced Wednesday
• 07/21 $2.4B *Carnival 7NCL 1st lien 4% (adds to $3.5B 6NCL 5.75% on Feb 10)
• 07/21 $1.65B *Indonesia $600M 10Y 2.2%, $750M 30Y tap 3.1%, $300M 50Y 3.35%
• 07/21 $1B *Chalco HK $500M 3Y +125, $500M 5Y +145
• 07/21 $1B *Builders FirstSource 10.5NC5 4.25%
• 07/21 $1B *Constellation Brands 10Y +100
• 07/21 $850M *Brookfield Finance 10Y 3.5%
• 07/21 $750M *Goldman Sachs 5Y 3.65%
• 07/21 $600M *Nonghyup Bank $300M each 3Y +55, 5Y +60
• $10.15B Priced Tuesday
• 07/20 $6B *VMware $1B 2Y +45, $1.25B 3Y +65, $1.5B 5Y +75, $750M 7Y +90, $1.5B 10Y +100
• 07/20 $1.25B *Wells Fargo 5Y 4.25%
• 07/20 $1B *Bank of NY Mellon $500M +5Y +38, $50M 10Y +58
• 07/20 $650M *Blackstone Secured Lending Fund +5Y +168
• 07/20 $500M *MidAmerican Energy WNG 31Y green bond +85
• 07/20 $750M *CPPIB Capital 5Y FRN/SOFR +25
• 
  
• $1.8B Priced Monday
• 07/19 $1.2B *Interchile 2056 green bond 4.5%
• 07/19 $600M *ICBC Holdings 3Y +75
• 07/19 $3.1B DirecTV 6NC2 investor calls -- expected Thu
• 07/19 $750M Aydem Renewables 5.5NC3 investor calls
• 07/16 No new issuance Friday; $42.385B for week
• 
  
• $24.15B Priced Thursday; $42.385B for week
• 07/15 $8.5B *Morgan Stanley $2B 3.5NC2.5 +57, $3B 6NC5 +75, $3.5B 11NC10 +95
• 07/15 $7.75B *Bank of America $2B 6NC5 tap +77, $3.75B 11NC10 +100, $2B31NC30 +103
• 07/15 $2.75B *African Development Bank (AFDB) 5Y +1
• 07/15 $2.25B *New Development Bank (NDB) 3Y +14
• 07/15 $1.3B *Royalty Pharma $600M 10Y +105, $700M 30Y +155
• 07/15 $1B *ADT Security 8Y 4.12%
• 07/15 $600M *Cibanco 10Y +312.5
• $5.5B Priced Wednesday; $18.235B total on week
• 07/14 $5.5B *Goldman Sachs $4B 11NC10 +103, $1.5B 21NC20 +100
• $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.