US$ Credit Supply Pipeline

Accounts sidelines pre/post CPI expected to make a return on week starting February 14 as rate hike expectations for March receded.

• Date $MM Issuer (Priced *, Launch #)
• 02/11 No new issuance Friday
• 02/10 $1.6B NCL $1B 5NC2, $600M 7NC investor calls
• $14.45B Priced Wednesday
• 02/09 $3.5B *Union Pacific $1.25B 10Y +90, $500M 20Y +107, $1.25B 31Y +125, $500M 50Y +160
• 02/09 $2.5B *Aptiv $700M 3NC1 +80, $800M 10Y +135, $1B 30Y +190
• 02/09 $1.5B *Starbucks $500M 2NC1 FRN/SOFR+42, $1B 10Y +110
• 02/09 $1.25B *Japan Bank for Int'l Cooperation (JBIC) 7Y SFOR+45
• 02/09 $1.05B *Nationwide Building Society $750M 6NC5 +117, $300M 6NC5 SOFR+129
• 02/09 $1B *ANZ New Zealand $500M 3Y +57, $500M 3Y FRN/SOFR+60
• 02/09 $800M *EBRD 7Y SOFR+30
• 02/09 $500M *Boardwalk Pipelines WNG 10Y +168
• 02/09 $500M *Harley Davidson 5Y +130
• 02/09 $700M *Kookmin Bank $400M 3Y +60, $300M 5Y +70
• 02/09 $550M *China Development Bank 5Y +33
• Smaller but notable US$ issuance from Bank of China foreign branches:
• 02/09 $300M *Bank of China Hungarian Branch 2Y +30
• 02/09 $300M *Bank of China Johannesburg Branch 3Y +35
• $5.4B Priced Tuesday
• 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
• 02/07 No new issuance Monday
• 02/04 No new issuance Friday, $20.62B total for week
• $2.82B Priced Thursday
• 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