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US$ Credit Supply Pipeline

November high-grade issuance over $120B

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Running total for November at $120.875B after third week issuance crested the total for first two weeks.

  • Date $MM Issuer (Priced *, Launch #)
  • 11/22-11/26 only $7.6B priced during Thanksgiving week.

  • $5.6B Priced Tuesday
  • 11/23 $2.5B *CDW $1B 5Y +135, $500M 7Y +170, $1B 10Y +190
  • 11/23 $2.5B *CADES (Caisse d'Amortissement de la Dette Sociale) 3Y SOFR +20
  • 11/23 $600M *NRW (North Rhine-Westphalia Rr) 2Y FRN/SOFR +16

  • $2B Priced Monday
  • 11/22 $1.5B *Shell Int Finance 20Y +95, 30Y +105
  • 11/22 $500M *RGA Global Funding 5Y +70
  • 11/22 $Benchmark Japan Bank for Int Cooperation (JBIC) investor calls
  • 11/19 No new issuance Friday; $60.625B/wk

  • $7.075B Priced Thursday
  • 11/18 $1.45B *Valero Energy $500M 10Y +125, $950M 30Y +170
  • 11/18 $1.35B *Renesas $500M 3Y Green +70, $850M 5Y +95
  • 11/18 $1.05B *CubeSmart $550M 7Y +85, $500M 10Y +100
  • 11/18 $1B *Kommuninvest 2Y 0.539%
  • 11/18 $1B *IHS Towers $500M 5NC2 5.625%, $500M 7NC3 6.25%
  • 11/18 $675M *Massachusetts Mutual Life 40Y +125
  • 11/18 $550M *HUB Int 8NC3 5.625% (dropped $650M 7NC3)
  • 11/19 $Benchmark CDW Corp investor calls Fri
  • $16.05B Priced Wednesday; $53.55B/wk
  • 11/17 $6.7B *Canadian Pacific Railway 5pt: $1.5B 3NC1 +55, $1B 5Y +55, $1.4B 10Y +87, $1B 20Y +102, $1.8B 30Y +117
  • 11/17 $4B *Barclays $1.75B 6NC5 +105, $1.25B 11NC10 130, $1B 21NC20 +130
  • 11/17 $1.6B *Jackson Financial $600M 2Y +65, $500M 10Y +155, $500M 30Y +205
  • 11/17 $1.5B *Hertz $500M 5NC2 4.625%, $1B 8NC3 5.0%
  • 11/17 $1.25B *Venture Global 12NC 3.875%
  • 11/17 $1B *Italy 3.875% 2051 tap/Bond reopen, 3.6%
  • $18.6B Priced Tuesday, $37.5B/wk
  • 11/16 $7.8B *Baxter Int 8pt: $800M 2Y +35, $300M 2Y SOFR+26, $1.4B 3Y +45, $300M 3Y SOFR+44, $1.45B 5Y +65, $1.25B 7Y +75, $1.55B 10Y +90, $750M 30Y +110
  • 11/16 $2B *JBS Finance Luxembourg $1B 5Y +145, $1B +10Y +150
  • 11/16 $2B *Global Payments $500M 3Y +65, $750M 5Y +90, $750M 10Y +130
  • 11/16 $1B *British Telecom $500M 60NC5.5 4.25%, $500M 60NC10 4.875%
  • 11/16 $1.5B *StanChart $1B 4NC3 +95, $500M 4NC3 FRN/SOFR+93
  • 11/16 $1.2B *Florida Power and Light 30Y +85
  • 11/16 $1B *DBS Group $700M 3Y +30, $300M 3Y FRN/SOFR+30
  • 11/16 $500M *Tapestry Inc 10Y +145
  • 11/16 $600M *Primerica WNG 10Y +122
  • 11/16 $500M *Welltower WNG 10Y +115
  • 11/16 $500M *Leggett and Platt WNG 30Y +150
  • 11/16 $500M *Arrow Electronics WNG 10Y +135
  • $18.9B Priced Monday
  • 11/15 $6B *HSBC $500M 3NC2 FRN FOFR+58, $1.25B 3NC2 fix/FRN +65, $2.5B 6NC5 fix/FRN +100, $1.75B 11NC10 fix/FRN +125
  • 11/15 $2B *NXP Semiconductors $1B +10Y +105, $500M +20Y +115, 30Y +130
  • 11/15 $1.75B *Westpac 5Y SOFR+45
  • 11/15 $1.6B *Chubb $600M 30Y +83, $1B 40Y +105
  • 11/15 $1.6B *Zimmer Biomet $850M 3NC1 +58, $750M 10Y +98
  • 11/15 $1.5B *Blackstone Private Cr $500M 3Y +150, $1B +5Y +205
  • 11/15 $1B *Virginia Electric & Power $500M 10Y +70, $500M 30Y +95
  • 11/15 $1B *Banco Santander 11NC10 +160
  • 11/15 $750M *Mastercard 10Y +43
  • 11/16 $700M *Alabama Power 30Y +100, upsized from $600M
  • 11/15 $500M *Ameren +5Y +70
  • 11/15 $500M *State Street 6NC5 fix-FRN +43
  • 11/15 $500M *Healthpeak Properties 7Y Green +72
  • 11/15 $500M *Moody's WNG 40Y +115
  • 11/12 No new issuance Friday; $39.55B/wk

  • 11/11 No issuance/market holiday

  • $16.15B Priced Wednesday; $39.55B/wk
  • 11/10 $5.25B *Dish Network, upsized: $2.75B 5Y 5.25%, $2.5B 7Y 5.75%
  • 11/10 $2.1B *Deutsche Bank $1.8B 6NC5+110, $300BM 6NC5 FRN/SOFR+122
  • 11/10 $2B *World Bank 7Y FRN/SOFR +29
  • 11/10 $2B *Bahrain $1B 7.5Y Sukuk 3.875%, $1B 12.5Y 5.625%
  • 11/10 $1.75B *Pacific Gas & Electric $300M 1Y FRN/SOFR+115, $900M 2NC1 +125, $550M 3.25% tap +158
  • 11/10 $1B *Phillips 66 +30Y +143
  • 11/10 $800M *Oncor Electric Delivery $300M 2.75% tap +58, $500M 30Y +88
  • 11/10 $750M American Electric Power 40NC5 3.875%
  • 11/10 $500M *Telefonica Moviles Chile 10Y +200
  • $10.9B Priced Tuesday; $23.45B/wk
  • 11/09 $3.25B *Saudi Arabia $2B 9.5Y+90, $1.25B 30Y +3.36%
  • 11/09 $1.6B *Continental Resources $800M 5NC2 +120, $800M +10Y +145
  • 11/09 $1.5B *Aptiv 30Y +140
  • 11/09 $1.25B *SEK (Svensk Exportkredit) 2Y SOFR+14
  • 11/09 $1.2B *Stillwater Mining $6.75B 5NC2 4.125%, $525M 8NC4 4.625%
  • 11/09 $1B *Swedbank 5Y +47
  • 11/09 $600M *Principle Life Global 5Y +55
  • 11/09 $500M *Kommunalbanken 4.5Y FRN/SOFR+22
  • 11/09 $Benchmark Bahrain 7.5Y Sukuk, 12.5Y investor calls
  • Expected Wednesday:
  • 11/10 $4B Dish Network 5Y, 7Y
  • 11/10 $1B CDC (Caises des Depots et Consignations) 3Y +19
  • 11/10 $Benchmark World Bank (IBRD) 7Y FRN/SOFR+30a
  • $12.55B Priced Monday
  • 11/08 $5.5B *Westpac: $1.25B 3Y+30, $750M 3Y FRN/SOFR+30, $1.25B 7Y+58, $1.25B 15NC10+153, $1B 20Y +123
  • 11/08 $2.5B *Ford 10Y Green 3.25%
  • 11/08 $1.3B *Bank of NY Mellon perp NC5 3.75%
  • 11/08 $1.25B *Cargill Inc $1B 10Y +68, $250M 30Y tap +73
  • 11/08 $1B *Sherwin-Williams $500M 10Y +75, $500M 30Y +105
  • 11/08 $1B *Equitable Financial Life $500M 3Y +38, $500M 5Y +60
  • $Benchmark Investor calls today: Swedbank, State of Israel, Telefonica Chile, United Bank of Africa, Zhengzhou Metro Grp, Wuhan Financial, Avic Int, Uzbekneftegaz.
  • Limited issuance Friday; $20.7B priced on week
  • 11/05 $600M #Southern Co 1.5NC.5 FRN/SOFR+37
  • $3.95B Priced Thursday
  • 11/04 $1.75B *Public Storage $650M 5Y +43, $550M 7Y +58, %550M 10Y +73
  • 11/04 $1.5B *Public Service Enterprise Grp $750M 2NC0.5 +43, $750M 10Y +95
  • 11/04 $700M *Lear Corp 10Y $350M +110, $350M 30Y +160
  • 11/04 $Benchmark Ford investor calls
  • 11/03 $Benchmark -- Issuers sidelined ahead FOMC annc

  • $4.7B to Price Tuesday; $16.15B/wk
  • 11/02 $2.5B *Deutsche Bank $1.75B 2Y +52, $750M 2Y FRN/SOFR+50
  • 11/02 $850M *Walgreens Boots 2NC.5 +50
  • 11/02 $750M *Arthur J Gallagher $400M 10Y +90, $350N +30Y +115
  • 11/02 $600M *BOCGI (Bank of China Green) 5Y +75
  • Reverse Yankees priced earlier:
  • 11/02 E1B *Goldman Sachs 7.5Y +80
  • 11/02 E400M *General Mills 4Y +30
  • $11.45B Priced Monday
  • 11/01 $3B *JP Morgan 11NC10 fix/FRN +97
  • 11/01 $3B *American Express $800M 2Y +25, $600M 2Y FRN/SOFR+23, $1.1B 5Y +50, $500M 5Y FRN/SOFR+65
  • 11/01 $2.1B *Raytheon Tech $1B +10Y +80, $1.1B +30Y +105
  • 11/01 $1B *Invitation Homes $600M 7Y +87, $400M 12Y +115
  • 11/01 $700M *Republic Services 11Y +83 (upsized from $600M)
  • 11/01 $650M *Southwestern Electric Power 30Y +130
  • 11/01 $500M *Duke Realty +10Y +82
  • 11/01 $500M Jane Street Group 8NC3 investor call

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

Oct'21$148.8B
Sep'21$215.635B; Q3 total $437.64B
Aug'21$97.12B
Jul'21$124.885B
Jun'21$136.35B; Q2 total $478.875B
May'21$159.125B
Apr'21$183.4B
Mar'21$232.62B; Q1 total $618.03B
Feb'21$157.86B
Jan'21$227.55B
2020 Recap:Record $2.196T
Dec'20$52.24B; $796.54B H2 2020
Nov'20$126.83B
Oct'20$111.65B
Sep'20$207.82B
Aug'20$204.50B
Jul'20$93.50B
Jun'20$180.50B; Record $1.40T H2 2020
May'20$270.90B
Apr'20$401.32B
Mar'20$275.48B
Feb'20$107.50B
Jan'20$165.18B