US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 10/22 No New Issuance Friday; total for week at $63.25B, $120.7B/month
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• $24.5B Priced Thursday
• 10/21 $21B *AerCap 9-tranche jumbo: $1.75B 2Y +70, $500M 2Y FRN/SOFR+68, $3.25B 3Y +90, $1B 3NC1 +100, $3.75B 5Y +125, $3.75B 7Y +150, $4B 10Y +165, $1.5B 12Y +175, $1.5B 20Y +175
• 10/21 $3B *CADES (Caisse d'Amortissement de la Dette Sociale) 5Y LIBOR+5
• 10/21 $500M *Santander Chile 10Y +150
• $8B Priced Wednesday; $38.75B/wk
• 10/20 $4.5B *TSMC (Taiwan Semiconductor Mfg) $1.25B 5Y+60, $1.25B 10Y+90, $1B 20Y+110, $1B 30Y+120
• 10/20 $1.5B *Bank of NY Mellon $700M 3Y+17, $400M 3Y FRN/SOFR+20, $400M 7.25Y +45
• 10/20 $1B *Citigroup PerpNC5 preferred 4.15%
• 10/20 $1B *Finnvera WNG 5Y +23
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• $16.3B Priced Tuesday; $30.75Bwk
• 10/19 $5.8B *Thermo Fisher $750M 1.5NC.5 FRN/SOFR+35, $1.35B 2NC1+40, $500M 2NC1 FRN/SOFR+39, $2.5B 3NC1+50, $500M 3NC1 FRN/SOFR+53
• 10/19 $4B *Peoples Rep of China $1B 3Y+6, $1.5B 5Y+12, $1B 10Y+23, $500M 30Y+53
• 10/19 $1.5B *US Bancorp PerpNC5 3.7%
• 10/19 $1.25B *Kommunalbanken 5Y SOFR +23
• 10/19 $1B *NRW Bank (German-North Rhine-Westphalia) WNG 3Y SOFR+18
• 10/19 $1B *PSP Capital 7Y +18
• 10/19 $1B *CAF (Corporacion Andina de Fomento) 3Y SOFR +67
• 10/19 $750M *AngloGold Ashanti Holdings 7Y +195
• 10/19 $Benchmark Lukoil +5Y 2.875%a, 10Y 3.62%a
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• $14.45B Priced Monday
• 10/18 $9B *Goldman Sachs 5pt: $2B 3NC2 +50, $450M 3NC2 FRN/SOFR+499, $3.25B 6NC5 +78, $300M 6NC5 FRN/SOFR+92, $3B 11NC10 +105
• 10/18 $2B *Micron $1B +10Y +112, $500M 20Y +137, $500M 30Y +147
• 10/18 $1.5B *Korea Development Bank (KDB) $700M 3.25Y Green +15, $500M 5.5Y +30, $300M 10Y +45
• 10/18 $1.2B *ASB Bank $700M 5Y +55, $500M 10Y +90
• 10/18 $750M *National Rural Utilities $400M 3Y +30, $350M 3Y FRN/SOFR+30
• $3.25B Priced Friday; $22.5B total for wk
• 10/15 $3.25B *Bank of America 11NC10 +100
• 10/15 $Benchmark World Bank investor calls
• $7B Priced Thursday; $19.25B/wk
• 10/14 $5B *Morgan Stanley $2.5B each: 4NC3 +57, 11NC10 +100
• 10/14 $1B *Province of Manitoba 7Y global +20
• 10/14 $1B *Republic of Columbia 5.2% 05/15/49 tap 5.125%
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• $4.9B Priced Wednesday; $12.25B/wk
• 10/13 $3B *KFW WNG 5Y Green +19
• 10/13 $1.9B *Development Bank of Japan (DBJ) $900M 5Y +14, $1B 10Y +25
• 10/13 $1B Sonic 8NC3, 10NC5 roadshow
• $7.35B Priced Tuesday
• 10/12 $2.75B *BPCE $750M 6NC5 +155, $1B 11NC10 +98, $1B 21NC20 +155
• 10/12 $2.25B *General Motors $850M 3Y +60, $400M 3Y FRN/SOFR+62, $1B 7Y +105
• 10/12 $1B *Export/Import Bank of Korea (Kexim) 7Y Green +35
• 10/12 $1.35B *CIBC $650M 3Y +40, $700M 3Y FRN/SOFR+42
• $6.45B Priced Thursday, $34.95B/wk
• 10/07 $2.4B *Kyndryl $700M 5Y +105, $500M 7Y +135, $650M 10Y +160, $550M 20Y +205
• 10/07 $2.25B *TransCanada Pipelines $1.25B 3Y +45, $1B 10Y +100
• 10/07 $1B *John Deere $600M 3Y FRN SOFR+20, $400M 5Y +32
• 10/07 $800M *Ontario Teachers Cadillac Property Trust 10Y +105
• $12.25B Priced Wednesday, $28.5B/wk
• 10/06 $4B *United Arab Emirates $1B 10Y +70, $1B 20Y +105, $2B 40Y Formosa 3.25%
• 10/06 $3B *Macquarie Group $850M 4NC3 +67, $400M 4NC3 FRN/SOFR +71, $500M 6.5NC5.5 +95, $1.25B 11.25NC10.25 +135
• 10/06 $3B *Pepsico 10Y +47, 20Y +62, 30Y +72
• 10/06 $1B *Ontario WNG 10Y +31
• 10/06 $750B *CCDJ (Quebec) 5Y +17
• 10/06 $500M *Korea 10Y +25
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• $8.25B Priced Tuesday
• 10/05 $3B *MUFG $1B 4NC3 +45, $1.25B 6NC5 +67, $750M 11NC10 +97
• 10/05 $1.25B *Williams Cos 10Y $600M +95, $650M 30Y +142
• 10/05 $1B *Jefferies Group 10Y +120
• 10/05 $1B *Nationwide 5Y +60
• 10/05 $1B *Autodesk 10Y +90
• 10/05 $500M *KFW 2024 tap FRN/SOFR+10
• 10/05 $500M *General Mills 10Y +73
• $8B Priced Monday
• 10/04 $3.5B #Bank of Nova Scotia 5Y +17
• 10/04 $2.75B *Royal Bank of Canada $1B 3Y +30, $500M 3Y FRN/SOFR+34, $900M 5Y +48, $350M 5Y FRN/SOFR+59
• 10/04 $1.25B *FS KKR Capital $500M 3Y +120, $750M 7Y +190
• 10/04 $500M *L-Bank 7Y LIBOR +10
• 10/04 $Benchmark Bain Capital investor call
• 10/04 $Benchmark General Mills investor call
• 10/01 Friday -- no new $Benchmark issuance. Total October issuance estimated $125M
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• 09/30 Thursday -- no new issuance, Sep total $215.635B -- third highest for 2021, behind March with $232.62B and January with $227.55B. Current month surpassed Sep '20 total of $207.82B.

March still leads 2021 with stellar $232.62B high-grade corporate issuance vs. $275.48B for Mar 2020. Sep 2021 comes in third place so far this year with $215.63B, beating Sep'20 total of $207.82B. Q3'21 total $437.64B vs. Q3'20 total $505.82B