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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.
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Free AccessUS$ Credit Supply Pipeline
Late Corporate Credit Update:
- Leading sectors: Financials (+1.4%, Materials (+1.34%), Consumer Discretionary (+1.32T and IT (+1.06%).
- Off midday lows, investment grade credit risk back to early Feb levels:
- IG corporate credit risk measured by Markit's CDX IG5 index currently at 62.344 (-1.226) vs. last Fri's 67.096 early high.
- High-yield index, CDXHY5, currently at 106.379 (+.200) vs. 106.142 early session low
- Date $MM Issuer (Priced *, Launch #)
- 02/08 $1.75B #Comision Federal de Electricidad (CFE) $1.25B +7Y +275, $500M 30Y +400
- 02/08 $1B *Inter-American Development Bank (IADB) 7Y SOFR+30
- 02/08 $750M *Bell Canada 30Y +145
- 02/08 $700M *Kia $400M 3Y +90, $300M 5Y +105
- 02/08 $700M *Development Bank of Japan 3Y +30
- 02/08 $500M News Corp 10NC5 5.25%a
- 02/08 $Benchmark Kookmin Bank 3Y/5Y investor calls
- Expected Wednesday:
- 02/09 $Benchmark Japan Bank for Int'l Cooperation (JBIC) 2029 SFOR+46a
- 02/09 $500M EBRD 7Y SOFR+30a
- 02/07 No new issuance Monday
- $2.82B Priced Thursday, $20.62B total for week
- 02/03 $2.02B *McAfee 8NC3 7.375$a
- 02/03 $800M *Scientific Games Holdings 8NC3 6.625%
- $6.55B Priced Wednesday, $17.8B/wk
- 02/02 $1.8B *IBM $650M 5Y +60, $500M 10Y +95, $650M 30Y +132
- 02/02 $1.8B *Alexandria Real Estate $800M 12Y +120, $1B 30Y +145
- 02/02 $1.5B *State Street $300M 4NC3 +38, $650M 6NC5 +60, $550M 11NC10 +85
- 02/02 $800M *Brookfield Finance $400M 01/25/28 tap +95, $400M 30Y +152
- 02/02 $650M *Valero Energy 30Y +200
- 02/02 $Benchmark Development Bank of Japan 3Y investor calls
- $11.25B Priced Tuesday
- 02/01 $9B Bank of America $1.75B 3NC2 +67, $750M 3NC2 SOFR+66, $2.25B 6NC5 +92, $500M 6NC5 SOFR+105, $3.75B 11NC10 +117
- 02/01 $1B *Kommuninvest +2Y SOFR+15
- 02/01 $650M *CAF 5Y SOFR+85
- 02/01 $600M *Tyco Electronics Group 10Y +93
Note on prior Bank of America issuance, last year BOA issued a total of $15B on April 16 ( $2.25B 4NC3 +65, $600M 4NC3 FRN SOFR+69, $3.75B 6.25NC5.25 +90, $400M 6.25NC5.25 FRN SOFR+97, $4.5B 11NC10 +110, $3.5B 21NC20 +115.
The month prior, BoA issued $5.5B last month on March 8: $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115. Compares to total of $9.5B debt issued by BoA for all of 2020.
Total 2021 high-grade corporate US$ issuance at $1.879T 2021 vs. record $2.196T for 2020
| Jan'22 | $203.26B |
| Dec'21 | $62.2B vs. $52.24B Dec'20 total; Q4 total $344.875B; $782.51B H2 2021 |
| 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 |
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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.