US$ Credit Supply Pipeline

• Sep 2021 total issuance at $215.635B -- could go higher but nothing on tap Thursday as issuers glide into quarter-end. This month's issuance third highest for 2021, behind March with $232.62B and January with $227.55B. Current month surpassed Sep '20 total of $207.82B.

$15.4B Priced Tuesday
09/28 $4B *Analog Devices $500M 3Y FRN/SOFR+25, $750M 7Y +45, $1B 10Y +62.5, $750M 20Y +80, $1B 30Y +90
09/28 $3B *ADB WNG 3Y +13
09/28 $2B *BCFM $500M +3Y +45, $700M +3Y FRN/SOFR+41, $800M 5Y +60
09/28 $2B *NBN Co $600M 3Y +43, $700M 5.25Y +70, $700M 10.25Y +100
09/28 $1.5B *CBA 3.75 FRN SOFR+40
09/28 $1B *Entergy Louisiana 3NC1 +45
09/28 $700M *Pershing Square 10Y +175
09/28 $600M *Life Storage 10Y +97
09/28 $600M *Sun Communities, $450M 7Y +100, $150M tap 07/15/31 +113

$6.95B Priced Monday
09/27 $4B *Charter Communications $1.25B 7Y +98, $1.35B +20Y +160, $1.4B +40Y +200
09/27 $1.75B *Hyatt $700M 2NC1 +105,
09/27 $650M *Blackstone Secured Lending 7Y +170
09/27 $550M *Helmerich and Payne 10Y +145

$1.3B Priced Friday; $24.05B/wk
09/24 $1.3B *NatWest $1B 5Y +65, $300M 5Y FRN/SOFR+76

$10B Priced Thursday
09/23 $3B *Arab Rep of Egypt $1.125B 6Y 5.8%, $1.125B 12Y 7.3%, $750M 30Y 8.75%
09/23 $2B *DNB Bank $1.25B 4NC. +33, $750M 6.5NC5.5 +68
09/23 $1.8B *American Tower $600M 5Y +63, $700M 10Y +95, $500M 30Y +115
09/23 $1.5B *Nordea Bank 5Y +60
09/23 $1B *Bank of Ireland 6NC5 +110
09/23 $700M *CCB HK 5Y +65a
09/23 $/E Benchmark Altice France investor calls
09/23 $Benchmark Credit Bank of Moscow NC5.5 AT1 investor calls

$750M Priced Wednesday
09/22 $750M (downsized from $1B) *Brookfield Property 5.5NC2 4.5%
09/22 $Benchmark Hyatt Hotels investor calls
09/22 $/E Benchmark Pershing Square investor calls

$12B Priced Tuesday
09/21 $4B *Nigeria $1.25B 7Y 6.125%, $1.5B 12Y 7.375%, $1.25B 30Y 8.25%
09/21 $2B *Rocket Mortgage $1.15B 5NC2 2.875%, $850M 12NC6 4%
09/21 $1.75B *JDE Peet's $500M 3NC1 +42, $750M +5Y +67, $500M 10Y +97
09/21 $1B *MetLife $500M each: 3Y +25, 3Y FRN/SOFR
09/21 $850M *Mondelez WNG $500M 3Y +35, $350M 5Y +50
09/21 $800M *Sabra Health Care 10Y +200
09/21 $800M *JM Smucker WNG $500M +10Y +85, $300M 20Y +95
09/21 $800M *Tempur Sealy 10NC5 3.875%

Issuance expected to be relatively light this week, around $20B as issuers hit the sidelines ahead Wednesday's FOMC annc.

09/20 Nil $Benchmark issuance. Last week's $65.71B total high-grade corporate & supra-sovereign debt issuance pushed the running total for September to nearly $163B, making it the third largest month in 2021 (Mar'21: $232.62B; Jan'21: $227.55B) with another two weeks to go. Total for September last year was $207.82B.

09/17 No new $Benchmark issuance Friday; $65.71B total/wk, $162.985B/mo

$7.36B Priced Thursday
09/16 $6.16B *Industrial and Commercial Bank of China (ICBC) Undated NC5 AT1 Capital bonds 3.2%
09/16 $600M *Hartford Financial WNG 30Y +107
09/16 $600M *Indonesia's BNI PerpNC5.5 4.3%

$13.85B Priced Wednesday, $58.35B/wk
09/15 $3.5B *IADB 3Y SOFR+14
09/15 $3.25B *JP Morgan Chase $2.75B 6NC5 +67, $500M 6NV5 FRN/SOFR
09/15 $1.25B *Glencore $750M 10Y +135, $500M 30Y +160
09/15 $1.15B *F&G Global funding $750M 3Y +47, $400M 7Y +95
09/15 $1B *Council of Europe (COE) WNG 5Y -1
09/15 $1B *Bangkok Bank 15NC10 tier 2 +215
09/15 $850M *Boston Properties 12Y Green +115
09/15 $750M *Aviation Capital Grp 5Y +120
09/15 $600M *Florida Gas Trans WNG 10Y +100
09/15 $500M *Sealed Air 5Y +77

$20.1B Priced Tuesday; $44.5B/wk
09/14 $4.25B *Hungary $2.25B 10Y +100, $2B 30Y +150
09/14 $3B *Hyundai Central America $1.2B 3Y +63, $1B 5Y +88, $800M 7Y +105
09/14 $2B *Coinbase $1B 7NC3 3.375%, $1B 10NC5 3.625%
09/14 $2B *Ontario Teachers Fnc Trust 5Y +10
09/14 $2B *Bank of America 15NC10 +120
09/14 $1.5B *BP Capital Mkts $1.25B +30Y +117, $250M 40Y +127
09/14 $1.5B *Sinochem $400M 3Y +65, $600M 5Y +80, $500M 10Y +110
09/14 $1B *Norichukin Bank $00M 5Y +50, $500M 10Y +80
09/14 $1B *Nordic Investment Bank 3Y -5
09/14 $1B *Rep of Chile WNG 50Y +158
09/14 $850M *Carlisle $300M 2NC1 +37, $550M 10.5Y +97

$24.4B Priced Monday
09/13 $5.85B *Sumitomo Mitsui $2B 5Y +60, $2B 7Y +80, $1B 10Y +90, $850M 20Y +110 (adds to $2.25B last Wed: $750M each: 3Y +40, 3Y FRN/SOFR +44, 5Y +55)
09/13 $3B *Morgan Stanley 15NC10 fix/FRN +117
09/13 $2.25B *Turkey $750M 2028 tap 5.75%, $1.5B 12Y 6.5%
09/13 $2B *Lowe's Cos $1B 7Y +63, $1B 20Y +98
09/13 $1.85B *Nissan $500M 3Y +70, $1B 5Y +105, $350M 7Y +135
09/13 $2.9B *Bank of Nova Scotia $1.1B 2Y +23, $600M 2Y SOFR+26, $900M 5Y +50, $300M 5Y SOFR+61
09/13 $1.5B *Gap $750M each: 8NC3 3.62%, 10NC5 3.87%
09/13 $1.2B *Cheniere Energy WNG 10.5NC5.5 3.25%
09/13 $1.25B *Indonesia $600M 2031 Tap 2.18%, $650M 40Y +3.28%
09/13 $600M *Extra Space +10Y +105
09/13 $500M *Kimco +10Y +98
09/13 $500M *Tennessee Valley Auth 10Y green +18
09/13 $500M *Johnson Controls WNG 10Y +77
09/13 $500M *Industrial Bank of Korea 3Y +20

$1.265B Friday; $83B Priced on week
09/10 $1.265B *Blackstone Private Cr Fund $365M WNG 3Y +140, $900M 5Y +195

$13.3B Priced Thursday
09/09 $3.7B *Bank of Montreal $1.35B 2Y +23, $650M 2Y FRN/SOFR+26.5, $1.3B 5Y +50
09/09 $1.95B *Sands China $700M +5Y +155, $650M +7Y +180, $600M 10Y +195
09/09 $1.5B *Quanta Services $500M Each: 3NC1 +55, +10Y +105, 20Y +125
09/09 $1.25B *Cenovus $500M +10 +140, $750M+30Y +190
09/09 $1B *CGI Inc $600M 5Y +70, $400M 10Y +105
09/09 $1B *National Bank of Kuwait 6NC5 +95
09/09 $900M *Nippon Life 30NC10 2.9%
09/09 $800M *Entel Chile 10.5Y +175
09/09 $600M *IADB 5Y FRN/SOFR+17
09/09 $600M *Ohio Power 30Y +103

$31.85B Priced Wednesday
09/08 $7B *Walmart 5pt jumbo: $1.25B 5Y +28, $1.25B 7Y +40, $2B 10Y green +50, $1B 20Y +62, $1.5B 30Y +72 (Walmart in list of top 10 largest issuers: $16B multi-tranche back on June 10, 2018)
09/08 $1.75B *OKB 3Y +16
09/08 $1B *Kommunivest 4Y -1
09/08 $1.25B *PSP Capital 3Y +2
09/08 $700M *Marriott Int 12Y +143
09/08 $1B *Mizuho Fncl 10Y +123
09/08 $1.5B *BNP Paribas 8NC7 +105
09/08 $650M *Metro de Santiago 40Y +175
09/08 $3B *Emirate of Abu Dhabi $1.75B 10Y +63, $1.25B 30Y 3%
09/08 $2.25B *Sumitomo Mitsui $750M each: 3Y +40, 3Y FRN/SOFR +44, 5Y +55
09/08 $2B *Stellantis Finance $1B +5Y +90, $1B 10Y +135
09/08 $2.5B *CBA $1.2B 4.75Y +38/$500M FRN SOFR+52, $800M 10Y +65
09/08 $2.3B *PerkinElmer $500M 2NC1 +35, $800M 3NC1 +45, $500M 7Y +80, $500M 10Y +95
09/08 $2.5B *Toyota Motor Cr $1B 3Y +22, $600M 3Y FRN/SOFR+29, $400M '26-Tap +37, $500M 10Y +60
09/08 $1.25B *Truist Bank 2.25NC1.25 FRN/SOFR+20
09/08 $700M *AvalonBay +10Y green +73
09/08 $500M *Smithfield Foods 10Y +145

$36.6B Priced Tuesday
09/07 $5B *Nestle 6pt: $1.5B 3NC2 +18a, $500M each: 5Y +35, 7Y +40, 10Y +50, 20Y +60, 30Y +68
09/07 $4.5B *TD Bank $1B 3Y +30, $900M 3Y FRN/SOFR, $1.4B 5Y +47, $300M 5Y FRN/SOFR, $900M 10Y +67
09/07 $2.5B *Royal Bank of Canada 5Y +18
09/07 $3B *Home Depot $1B each: 7Y +42, 10Y +57, 30Y +82
09/07 $2B *Caterpillar Financial $750M 3Y +22, $750M 3Y FRN/SOFR+27, $500M 5Y +37
09/07 $2B *ING $1B perp NC6 3.875%, $1B perp NC10 4.25%
09/07 $2B *Danske Bank $1B 4Y +55, $1B 6Y +73
09/07 $1.75B *American Honda $1B 3Y +35, $750M 5Y +50
09/07 $1.5B *GA Global Funding $500M each: 3Y +45, 3Y FRN/SOFR+50, 7Y +85
09/07 $1.5B *Waste Connections $650M 10Y +85, $850M 30Y +105
09/07 $1.5B *Texas Inst $500M each: 5Y +30, 10Y +55, 30Y +75
09/07 $1.5B *Banco Santander 6NC5 +90
09/07 $1.35B *DCX Technology $700M 5Y +100, $650M 7Y +125
09/07 $1.25B *John Deere Capital $750M 2Y FRN/SOFR+12, $500M 3Y +22
09/07 $1B *Union Pacific $150M 2031 Tap +62.5, $850M 30Y+97
09/07 $1B *Enterprise Products WNG +31Y +137.5
09/07 $800M *DBS Group 5.5Y +37
09/07 $750M *Amphenol 10Y +87
09/07 $750M *Arche-Daniels-Midland 30Y +80
09/07 $700M *Packaging Corp WNG 30Y +110
09/07 $500M *Met Tower Funding 5Y +45
09/07 Investor calls: Walmart, CGI Inc, AvalonBay FI

09/03-/06 No new high grade debt issuance through extended holiday weekend

$7.025B to price Thursday; $14.275B to start September
09/02 $5B *World Bank 7Y +6
09/02 $1.025B #Japan Tobacco $625M 10Y +97.5, $400M 30Y 3.3%
09/02 $Benchmark Ahli United Bank 5Y +200a
09/02 $500M *Contemporary Amperex Tech 5Y +85
09/02 $500M *China Development Bank 3Y Green +23

$7.25B Priced Wednesday
09/01 $2.5B *Canada Pension Plan Inv Brd 5Y +4
09/01 $2B *ESM WNG 2Y -1
09/01 $1.25B *Allianz perp NC6.6Y 3.2%
09/01 $1B *Verizon WNG 20Y +102
09/01 $500M *Kommunalbanken WNG 2023 tap FRN/SOFR

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.