US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 03/09 $30B #Magallanes, Inc* 11Pt Jumbo: $1.75B 2Y +175, $500M 2Y NC1 +185, $500M 2Y FRN/SOFR+178, $1.75B 3Y +180, $500M 3Y NC1 +195, $4B 5Y +190, $1.75B 7Y +215, $5B 10Y +235, $4.5B 20Y +265, $7B 30Y +280, $3B 40Y +305
• 03/09 $500M #Public Service Electric & Gas 10Y +120
• * Magallanes, Inc related to ATT/Discovery deal main focus in corporate spheres today. In early February, ATT announced early they would spin off WarnerMedia in a $43 billion transaction to merge media properties with Discovery. Today's 11-part mega-deal: Magallanes, Inc (aka Spinco -- wholly owned T sub under a registration statement filed last Nov) will converts automatically after the divestiture to WarnerMedia Business.

Wednesday's $30B ATT/Discovery 11pt debt issuance via Magallanes Inc (see 1347ET bullet for details) ties it with AbbVie for fourth largest issuance deal on record:

• Record Size Issuance
• 8/11/13 $49B Verizon
• 1/13/16 $46B AB InBev
• 9/04/18 $40B CVS over 9 tranches
• 11/12/19 $30B AbbVie jumbo 10-part
• 4/30/20 $25B Boeing 7pt

• $5.2B Priced Tuesday, $24.15B/wk
• 03/08 $3.75B *Asia Development Bank 2Y FRN/SOFR+20, 7Y FRN/SOFR+36
• 03/08 $750M *Commonwealth Edison $300M 10Y +130, $450M 30Y +160
• 03/08 $700M *Southern California Gas 5Y +125
• 03/?? $Benchmark Aareal Bank 4Y
• Chatter: hearing ATT plans to issue more debt as well. Last year on March 19, ATT issued $6B 3pt offering to fund Spectrum purchase: $2.25B 3Y +60, $750M 3YFRN SOFR+64, $3B 5Y +85

• $18.95B Priced Monday
• 03/07 $7.05B *Rogers Comm's $1B 3NC1 +130, $1.3B 5Y +150, $2B 10Y +205, $750M 20Y +230, $2B 30Y +245
• 03/07 $4.5B *TD Bank $1.5B 2Y +85, $400M 2Y FRN/SOFR+91, $1.1B 5Y +115, $1.5B 10Y +145
• 03/07 $4.5B *Berkshire Hathaway $750M 5Y +60, $1B 10Y +110, $2.75B 30Y +165
• 03/07 $1.9B *Bank of Nova Scotia $900M 2Y +90, $300M 2Y FRN/SOFR+96, $700M 5Y +125
• 03/07 $1B *San Diego Gas&Electric $500M 10Y +128, $500M 30Y +155

• Friday's sole issuance pushed last week's total to $62.8B
• 03/04 $5.5B *S&P Global $1.25B 5Y +90, $1.25B 7Y +110, $1.5B 10Y +130, $1B 30Y +160, $500M 40Y +180
• $23.75B Priced Thursday, $57.8B from Tue-Thu
• 03/03 $5B *Roche $750M 1.5Y FRN/SOFR+33, $1.25B 2Y +35, $1B 3Y +45, $750M 3Y FRN/SOFR+56, $1.25B 5Y +58
• 03/03 $4.5B *Commonwealth Bnk of Australia #1.25B 3Y +65, $650M 3Y FRN/SOFR+74, $1B 5Y +83, $350M 5Y FRN/SOFR+97, $1.25B 10Y +195
• 03/03 $3B *Bank of Montreal $1.25B 2Y +65, $500M 2Y FRN/SOFR+71, $1.25B 5Y +95
• 03/03 $2.75B *Honda $1B 3Y +60, $1B 5Y +80, $750M 10Y +112
• 03/03 $2.5B *Bank of America 15NC10 +200
• 03/03 $2.25B *HSBC $1.75B 4NC3 +133, $500M 4NC3 FRN/SOFR+143
• 03/03 $2B *Mondelez $500M 2Y +70, $750M 5Y +93, $750M 10Y +123
• 03/03 $1B *Sumitomo Mitsui Trust $500M 3Y +90, $500M 5Y +108
• 03/03 $750M *Diamondback 30Y +200
• 
  
• $19.65B Priced Wednesday, $34.05B/wk
• 03/02 $6B *HCA Inc $1B 5Y +140, $500M 7Y +160, $2B 10Y +185, $500M 20Y +215, $2B 30Y +235
• 03/02 $2.25B *Bank of Nova Scotia 5Y SOFR+58
• 03/02 $2B *Republic of Chile 20Y +200
• 03/02 $2B *Exelon $650M 5Y +100, $650M 10Y +145, $700M 30Y +180
• 03/02 $1.5B *Progressive $500M each: 5Y +75, 10Y +115, 30Y +145
• 03/02 $1.25B *John Deere $450M 3Y +45, $300M 3Y FRN/SOFR+56, $500M 5Y +60
• 03/02 $1.1B *Nucor $550M 10Y +130, $150M 30Y +165
• 03/02 $1.05B *Athene Global, $550M 2Y +100, $500M 5Y +145
• 03/02 $750M *Crown Castle 5Y +120
• 03/02 $700M *Alabama Power WNG 10Y +120
• 03/02 $550M *Nasdaq WNG 30Y +175
• 03/02 $500M *Waste Connections 10Y +135
• $14.4B Priced Tuesday
• 03/01 $4B *American Express $1.75B 3Y +80, $500M 3Y SOFR+93, $1.75B 5Y +100
• 03/01 $3B *European Investment Bank 7Y SOFR +32
• 03/01 $3B *Schwab $1.5B 5Y +90, $500M 5Y FRN/SOFR+105, $1B 10Y +120
• 03/01 $2.5B *Capital One $1.25B 4NC3 +115, $1.25B 4NC3 FRN/SOFR, 8NC7 +160
• 03/01 $1.15B *Duke Energy Carolinas $500M 10Y +115, $650M 30Y +145
• 03/01 $750M *CME Group 10Y +98
• 
  
• 02/28 $92.62B Total priced in February
• 
  
• 02/24-02/28 No new Issuance; $16.4B total for week
• 
  
• $10.7B Priced Wednesday,
• 02/23 $3.5B *Wells Fargo 11NC10 +138
• 02/23 $1.5B *Aon Corp $600M +5Y +97, $900M 30Y +170
• 02/23 $1.2B *Bio-Rad $400M 5Y +145, $800M 10Y +175
• 02/23 $1B *Prudential Fncl 30NC10 5.125%
• 02/23 $900M *Weyerhaeuser $450M 11Y +145, $450M 30Y +180
• 02/23 $800M *Centerpoint $300M 10Y +107, $50M 30Y +137
• 02/23 $700M *AutoNation10Y +190
• 02/23 $600M *PSP Capital 3Y FRN/SOFR +24
• 02/23 $500M *Archer-Daniels Midland 10Y +100a
• 02/23 $1B Twitter 8NC investor calls
• 02/23 $Benchmark Rep of Chile investor calls
• 
  
• $5.7B Priced Tuesday
• 02/22 $2.9B *ConocoPhillips $900M 2NC.5 +60, $900M 3NC1 +70, $1.1B 10Y +155
• 02/22 $1.3B *Eversource $650M 5Y +105, $650M 10Y +145
• 02/22 $1B *Stanley Black & Decker $00M 3NC1 +62.5, $500M 10Y +110
• 02/22 $500M *Moody's 30Y +160
• 02/18 No new Issuance Friday, $35.75B Priced on Week
• 02/17 $4B *Amgen $750M 7Y +110, $1B 10Y +140, $1B 30Y +190, $1.25B 40Y +210
• 02/17 $Benchmark Dominican Republic 7Y 5.5%a, 11Y 6%a
• $20.75B Priced Wednesday, $31.75B/wk
• 02/16 $4.6B *JP Morgan $1.45B 4NC3 +85, $750M 4NC3 FRN/SOFR+92, $1.65B 6NC5 +105, $750M 6NC5 SOFR+118
• 02/16 $3B *Rep of Turkey 5Y Sukuk 7.25%
• 02/16 $3B *Citigroup $2.5B 6NC5 +115, $500M 6NC5 FRN/SOFR
• 02/16 $2.5B *Morgan Stanley 4NC3 fix/FRN +100
• 02/16 $2.4B *Pacific Gas & Electric $1B 2NC1 +175, $400M 7Y +220, $450M 10Y +240, $550M 30Y +290
• 02/16 $1.85B *Mizuho $600M 4.25NC3.25 +90, $750M 4.25NC3.25 FRN/SOFR+96, $500M 8.25NC7.25 +125
• 02/16 $1.5B *KDB $1B 3Y +35, $500M 5Y +43 (dropped 10Y)
• 02/16 $1B *Verizon WNG 30Y Green +165a
• 02/16 $900M *DTE Electric $500M 10Y +100, $400M 30Y Green +130
• $11B Priced Tuesday
• 02/15 $6B *Bristol-Myers $1.75B 10Y +95, $1.25B 20Y +115, $2B 30Y +135, $1B 40Y +155
• 02/15 $1.5B *Enbridge $400M 2Y +63, $600M 2Y FRN/SOFR+63, $500M 3Y +73
• 02/15 $1B *Norfolk Southern $600M 10Y +95, $400M 31Y +135
• 02/15 $1B *FactSet WNG $500M 5Y +100, $500M 10Y +145
• 02/15 $600M *Kimco 10Y +125
• 02/15 $500M *Israel Electric Corp WNG 10Y +175
• 02/15 $400M *Kemper 10Y +180
• 02/14 $Benchmark Kemper investor calls, otherwise no new issuance Monday
• 02/11 No new issuance Friday-Thursday, $19.85B total high-grade debt issued on week
• 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
• $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