US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• $4.8B Priced Wednesday, $40B/wk
• 08/11 $1.1B *Air Lease Corp $600M 3Y +60, $500M 7Y +125, relaunched, upsized to $1.1B
• 08/11 $1B *Royal Caribbean 5NC 5.5%
• 08/11 $1B *Equifax 10Y +105
• 08/11 $800M *Public Service Co Oklahoma $400M 10Y +90, $400M 30Y +115
• 08/11 $500M *Ventas Realty 10Y +120
• 08/11 $400M *Sichuan Development 5Y 2.8%
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• $17.25B Priced Tuesday, $35.2B in two days
• 08/10 $5B *Intel $1B 7Y +50, $1.25B 10Y +65, $750M 20Y +90, $1.25B 30Y +105, $750M 40Y +120 (Intel issued $8B via six tranches in Mar'20: $1.5B 5Y +290, $1B 7Y +295, $1.5B 10Y +295, $750M 20Y +295, $2.25B 30Y +310, $1B 40Y from +340)
• 08/10 $2B *T-Mobile $1.3B 31Y +140, $700M Tap 11/15/60 +155 (adds to $3.8B issued in Mar'21: $1.2B 5NC2 2.625%, $1.25B 8NC3 3.375%, $1.35B 10NC5 3.5%)
• 08/10 $1.2B *Moody's $600M 10Y +80, $600M 20Y +100
• 08/10 $700M *PNC Financial 5Y +37
• 08/10 $3.5B *HSBC $1.5B 3NC2 fix/FRN +50, $2B 8NC7 fix/FRN +108
• 08/10 $1.5B *Standard Chartered 7Y 4.3%
• 08/10 $1.2B *Universal Health $700M 5Y +85, $500M 10Y +133
• 08/10 $1B *Dominion Energy 10Y +92
• 08/10 $650M *Eversource $350M 2Y FRN/SOFR+25, $300M 5Y +60
• 08/10 $500M *Alleghany Corp 30Y +132
• $17.95B Priced Monday
• 08/09 $3.1B *Thermo Fisher $700M 7Y +65, $1.2B 10Y +80, $1.2B 20Y +95
• 08/09 $2.5B *BMW US $750M 3Y +33, $750M 3Y FRN/SOFR+38, $500M 5Y +50, $500M 10Y +65
• 08/09 $2B *Unilever Capital $500M 3NC1 +20, $850M 10Y +50, $650M 30Y +70
• 08/09 $1.5B *Uber 58NC3 4.5%
• 08/09 $1.25B *Simon Property Grp $550M 5Y +60, $700M 10Y +100
• 08/09 $1.25B *Bell Canada $600M 10Y +88, $650M 30Y +123
• 08/09 $1.1B *NRG Energy 10.5NC5.5 3.75%
• 08/09 $1.1B *Duke Energy $650M 10Y +70, $450M 30Y +93
• 08/09 $1B *Huntington Ingalls $400M 2NC1 +45, $600M 7Y +95
• 08/09 $1B *CVS Health Corp WNG 10Y +87.5
• Under $1B: $650M *Regions Financial 7Y +75; $500M *ConAgra Brands 2NC1 +37.5; $500M *McKesson 5Y +60; $500M *Equitable Fncl Life 3Y +38
• 08/06 $Benchmark: No new issuance on docket as yet; $34.17B total/wk
• $9.65B Priced Thursday
• 08/05 $5B *Amgen 4pt: $1.25B 7Y +65, $1.25B 10Y+85, $1.15B 20Y+105, $1.35B 30Y+115
• 08/05 $1.7B *Westlake Chem $300M 3NC1 +55, $350M 20Y +125, $600M 30Y +140, $450M 40Y +165
• 08/05 $850M *So-Cal Edison $400M 2Y +50, $450M 3Y +60
• 08/05 $600M *Mid-America Appts, $300M each WNG 5Y +47, WNG 30Y +107
• 08/05 $1.5B *Ford Motor Co 5Y 2.7%
• $5.65B Priced Wednesday
• 08/04 $2B *Raytheon Tech 10Y +75a, 30Y +100a
• 08/04 $1.5B *Barclays Plc 7Y 4.375%
• 08/04 $1B *Brunswick 3NC1 +60a, 10Y +130a
• 08/04 $500M *Summit Digital 10Y +187.5
• 08/04 $650M *Chemours 8.25NC3.25
• $7.5B Priced Tuesday
• 08/03 $2B *UBS 3Y +60a, 3Y FRN/SOFR+60a, 6NC5 +105a
• 08/03 $1.5B *Rockwell Automation $600M 2NC1 +20, $450M 10Y +60, $450M 40Y +95
• 08/03 $1.3B *Ashtead Capital $550M 5Y +90, $750M 10Y +130
• 08/03 $1.25B *JP Morgan 4NC3 fix to FRM +45
• 08/03 $800M *National Bk of Canada $500M 3Y +45, $300M 3Y FRN/SOFR+49
• 08/03 $650M *Invitation Homes 10Y +100
• $11.37B Priced Monday
• 08/02 $3.75B *Credit Suisse $1.4B 2Y +35, $600M 2Y FRN/SOFR+38, $1.75B 5Y +65
• 08/02 $2.5B *Honeywell Int $1B 5.5Y +45, $1.5B 10Y +60
• 08/02 $2.5B *Sirius XM Radio $1B 5NC2 3.2, $1.5B 10NC5 3.875%
• 08/02 $2B *Charter Comm 12.5NC6.5 4.25%, upsized from $1.25B
• 08/02 $620M *Rwanda 10Y 5.5%

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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. 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.