US$ Credit Supply Pipeline

• 11/30 No new issuance Tuesday
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• $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
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• $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
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• 11/19 No new issuance Friday; $60.625B/wk
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• $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
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• 11/11 No issuance/market holiday
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• $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
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• $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