Free Trial

US$ Credit Supply Pipeline

$133.875B total for November vs. $126.83B for 2020

  • 11/30 No new issuance Tuesday

  • $5.775B Priced Monday
  • 11/29 $1.35B *Consolidated Edison $750M 2.4% '31 tap +87, $600M 30Y +132
  • 11/29 $1.2B *Dollar Tree $800M 10Y +115, $400M 30Y +150
  • 11/29 $1.15B *Duke Energy FL $650M 10Y +90, $500M 30Y +115
  • 11/29 $625M *Burlington Northern WNG 30Y +102
  • 11/29 $600M *American Transmission WNG 10Y +115
  • 11/29 $500M *AON Corp 10Y +108
  • 11/29 $350M *Swedish Export Credit 2023 tap FRN/SOFR+16
  • 11/29 $Benchmark Olympus 5Y investor calls
  • 11/22-11/26 only $7.6B priced during Thanksgiving week, but running total for November at $120.875B after third week issuance crested the total for first two weeks.
  • $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

Nov'21$133.875B
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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.