US$ Credit Supply Pipeline

Total $38B high-grade corporate issuance for the week, puts March total at $258.425B -- highest issuance since May 2020. See MNI Markets fixed page: US$ Corporate Supply Pipeline for detailed breakdown.

• Date $MM Issuer (Priced *, Launch #)
• No new issuance Friday, total $38B final week of March, $258.425B for month
• $14.45B Priced Thursday
• 03/31 $6.5B *Corebridge Financial $1B 3Y +105, $1.25B 5Y +125, $1B 7Y +145, $1.5B 10Y +160, $500M 20Y +175, $1.25B 30Y +195
• 03/31 $2.1B *United Overseas Bank (UOB) $750M 3Y +60, $350M 3Y SOFR+70, $1B 10.5NC5.5 +145
• 03/31 $1.95B *Broadcom $750M 7Y +160, $1.2B 10Y +185
• 03/31 $1.8B *Daimler Trucks $500M 2Y SOFR+100, $650M 3Y +108, $650M 5Y +128
• 03/31 $1.2B *Equinix 10Y Green +165
• 03/31 $900M *American Homes $600M 10Y +160, $300M 30Y +200
• $12.35B Priced Wednesday
• 03/30 $4B *CIBC $1.35B 3Y +85, $650M 3Y SOFR+94, $1B 5Y +105, $1B 10Y +130
• 03/30 $3B *Workday $1B 5Y +107, $750M 7K +127, $1.25B 10Y +147
• 03/30 $2.25B *Rabobank $1.25B 6NC5 +122, $1B 11NC10 +142
• 03/30 $1.25B *National Bank of Canada 5Y +65
• 03/30 $1.25B *ADB 5Y SOFR+28
• 03/30 $600M *DT Midstream 10Y +195
• $7.2B Priced Tuesday
• 03/29 $1.25B *Nordic Investment Bank 3Y SOFR+22
• 03/29 $1.4B *CPPIB 3Y SOFR+33
• 03/29 $1.25B *Swedbank $850M 3Y +82, $400M 3Y SOFR+91
• 03/29 $1.3B American Tower $650M 5Y +127, $650M 10Y +172
• 03/29 $2B HP $1B 7Y +155, $1B 10Y +180
• $4B Priced Monday
• 03/28 $2B *Danske $750M 3NC2 +145, $1.25B 6NC5 +175
• 03/28 $2B *BMW US $600M 3Y +73, $400M SOFR+84, $500M 5Y +93, $500M 10Y +128
• 03/25 No new issuance Friday, $46.675B total on week
• 03/24 $4B #Home Depot $500M 3Y +40, $750M 5Y +60, $1.25B 10Y +95, $1.5B 30Y +120
• 03/24 $1.25B #DNB Bank $650M 3NC2 +85, $600M 3NC2 SOFR+83
• 03/24 $1B *FHLBanks 2Y +4.5
• $5.9B Priced Wednesday
• 03/23 $1.5B *Standard Chartered $1B 4NC3 +165, $500M 4NC3 SOFR+174
• 03/23 $1.5B *Ford Motor Cr 5Y 4.95%
• 03/23 $1.3B *Global Chem $1B 10Y +215, $300M 30Y +270
• 03/23 $1B *L-Bank 3Y SOFR+29a
• 03/23 $600M *KEB Hana Bank 5Y +92.5
• $14.75B Priced Tuesday
• 03/22 $5B *Lowe's $750M 5Y +97, $1.5B 10Y +138, $1.5B 30Y +163, $1.25B 40Y +183
• 03/22 $4B *IBRD (World Bank) $1B WNG 2Y +12, $3B 10Y SOFR+40
• 03/22 $2B *HSBC 11NC10 +240
• 03/22 $1.75B *Indonesia $1B 10Y 3.6%, $750M 30Y 4.35%
• 03/22 $1.25B *Kommunalbanken 2.5Y SOFR+26
• 03/22 $750M *Brunswick $450M +10Y +205, $300M 30Y +255
• $19.775B Priced Monday
• 03/21 $8.75B *GlaxoSmithKline (GSK) $700M 2NC1 +90, $300M 2NC1 SOFR+89, $1.75B 3Y +90, $2B 5Y +110, $1B 7Y +115, $2B 10Y +135, $1B 30Y +158
• 03/21 $4B *ING $1.25B 4NC3 +155, $500M 4NC3 SOFR+164, $1.25B 6NC5 +170, $1B 11NC10 +195
• 03/21 $2.25B *Philippines Bank $500M 5Y +90, $750M 10.5Y +125, $1B 25Y 4.2%
• 03/21 $750M *Humana 7Y +137.5
• 03/21 $525M *Union Electric 30Y +135
• 03/21 $1.25B *Sempra 3Y +102, 7Y +140
• 03/21 $2.25B *Philippines Bank $500M 5Y +90, $750M 10.5Y +125, $1B 25Y 4.2%
• 03/21 $Benchmark KEB Hana Bank 3Y, 5Y investor calls
• 03/18 No new issuance Friday after $36.55B total high-grade debt priced on the week
• $22.5B Priced Thursday, $36.55B/wk
• 03/17 $4B *Wells Fargo 6NC5 +137.5
• 03/17 $3.5B *Bank of America $3B 4NC3 +123, 4NC3 SOFR +133
• 03/17 $3B *Toyota Motor $1.2B 2Y +60, $400M 2Y SOFR+62, $1.4B 5Y +90
• 03/17 $2.75B *Banco Santander $1.25B 3Y +135, $1.75B 6NC5 +200
• 03/17 $2B Turkey 5.5Y around 8.625%
• 03/17 $1.5B *NextEra Energy $1.1B 2NC.5 +100, $400M 2NC.5 SOFR+102
• 03/17 $1.5B *Royal Bank of Canada 5Y SOFR+65
• 03/17 $1.5B *NatWest 3Y +135a, 3Y SOFR
• 03/17 $1.25B *Nigeria 7Y around 8.375%
• 03/17 $900M *Blackstone Private Cr Fund 3Y +260
• 03/17 $600M *Southwest Gas 10Y +190
• No US$ issuance Wednesday, but JP Morgan issued Euro denominated debt (reverse Yankee):
• 03/16 JP Morgan E2.5B 8NC7 at +110
• $6.35B Priced Tuesday
• 03/15 $2.75B *Macquarie $1B 3Y +120, $500M 3Y SOFR+131, $650M 6.25NC5.25 +200, $600M 11.25NC10.25 +230
• 03/15 $2B *Bank of England (BOEN) 3Y +10
• 03/15 $1B SEK WNG 5Y SOFR+40a
• 03/15 $600M *China Int Capitol Corp (CICC) 3Y +105a
• $7.7B Priced Monday
• 03/14 $2.3B *British American Tobacco (BAT) $1B 6Y +235, $700M 10Y +260, $600M 30Y +340
• 03/14 $1.3B *MetLife $500M 3Y +80, $300M 3Y FRN/SOFR+91, $500M 7Y +120
• 03/14 $1.25B *Anglo American Capital $500M 7Y +183, $750M 30Y +237.5
• 03/14 $1.2B *Brown & Brown $100M 0Y +210, $600M 30Y +255
• 03/14 $900M *Duke Energy $500M 10Y +130, $400M 30Y +155
• 03/14 $750M *Manulife Financial 10Y +157
• Total $74.4B high-grade debt issued last wk puts March total at $137.2B
• 03/11 $2B *Lloyds $1B 4NC3 +160, $1B 6NC5 +180
• $17.75B Priced Thursday, $72.4B total for week outs March total high-grade issuance at $135.2B
• 03/10 $6B *Goldman Sachs $2.1B 2Y +135, $350M 2Y FRN/SOFR+139, $3.25B 6NC5 +170
• 03/10 $5.25B *Citigroup $1.75B 4NC3 +140, $500M 4NC3 FRN/SOFR, $3B 11NC10 +180
• 03/10 $3.5B *Charter Comm $1B 11Y +245, $1.5B 31Y +290, $1B 41Y +315
• 03/10 $1.5B *DBS Bank 5Y +65
• 03/10 $1.5B *MPLX 30Y +260
• $30.5B Priced Wednesday, ATT/Discovery 11pt deal 4th largest on record
• 03/09 $30B *Magallanes, Inc* $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.
• $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

Total 2021 high-grade corporate US$ issuance at $1.879T 2021 vs. record $2.196T for 2020