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Impulsive Rally Extends

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Late Eurodollar/SOFR/Treasury Option Roundup

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Late Corporate Credit Update

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US$ Credit Supply Pipeline

  • Date $MM Issuer (Priced *, Launch #)
  • 08/08 $Benchmark AIIB 5Y SOFR+62

  • $24.15B Priced Monday
  • 08/08 $6.25B *Credit Suisse $1.5B 4NC3 +325, $1.75B 6NC5 +355, $3B 11NC10 +380
  • 08/08 $3.2B *Duke Energy $900M +5Y +142, $1.15M 10Y +177, $1.15M 30Y +202
  • 08/08 $2.5B *Global Payments $500M 5Y +205, $500M 7Y +245, $750M 10Y +265, $750M 30Y +295
  • 08/08 $2B *Wells Fargo 4NC3 +140
  • 08/08 $2B *BNP Paribas PerpNC7 7.75%
  • 08/08 $1.8B *Mexico 2033 +235
  • 08/08 $1.5B *Caterpillar $800M 3Y +55, $700M 5Y +70
  • 08/08 $1.2B *Prudential 30NC10 6.0%
  • 08/08 $1B *MPLX 10Y +225
  • 08/08 $1B *Sherwin-Williams $600M 2Y +85, $400M 3Y +110
  • 08/08 $600M *Ford Motor 40NC5 par prfd 6.5%
  • 08/08 $600M *Wisconsin Power & Light WNG 10Y +160a
  • 08/08 $500M *Becton Dickenson WNG 10Y +153
  • 08/05 No new US$ issuance Friday, first week of August finished with $90.6B total

  • $22.3B Priced Thursday
  • 08/04 $10B *Meta Platforms $2.75B 5Y +75, $3B 10Y +115, $2.75B 30Y +145, $1.5B 40Y +165
  • 08/04 $4.75B *HSBC $2.25B 6NC5 +245, $2.5B 11NC10 +275
  • 08/04 $2.5B *Lloyds Banking Grp $1.25B each: 4NC3 +175, 11NC10 +230
  • 08/04 $1.25B *Benchmark Standard Chartered perpNC5.5 7.5%
  • 08/04 $1.5B *Charter 7NC3 6.375%
  • 08/04 $800M *Citizens Bank 6NC5 +180
  • 08/04 $750M *Waste Connections +10Y +153 upsized from $500M
  • 08/04 $750M *Ashtead 10Y +295
  • $6.55B Priced Wednesday
  • 08/03 $2B *KeyBank $1.25B 3Y +112.5, $750M 10Y +220
  • 08/03 $1.75B *Williams Co $1B 10Y +195, $750M 30Y +235
  • 08/03 $1.3B *DTE Energy WNG 2Y +112.5
  • 08/03 $1B *Westpac 11NC10 +268
  • 08/03 $500M *Guatemala 7Y 5.45%
  • 08/03 $Benchmark Meta Platforms investor calls
  • $16.7B Priced Tuesday, total $32.05B/wk
  • 08/02 $6B *Intel $1.25B 5Y +90, $850M 7Y +120, $1.25B 10Y +140, $1.75B 30Y +185, $900M 40Y +200 (last time Intel issued: $5B in September 2021)
  • 08/02 $4.25B *Barclays $1.5B 4NC3 +230, $1.75B 6NC5 +265, $1B 11NC10 +300
  • 08/02 $1.65B *Macquarie Bank $800M 4NC3 +210, $850M 11.25NC10.25 +275
  • 08/02 $1.5B *Canadian National Railway $800M 10Y +115, $700M 30Y +140
  • 08/02 $1.5B *NextEra Energy WNG 2Y +105
  • 08/02 $800M *Brooklyn Union Gas $400M each 5Y +177, 10Y +212
  • 08/02 $500M *ANZ Bank10NC5 +270
  • 08/02 $500M *Moody's WNG 10Y +158
  • $15.35B Priced Monday
  • 08/01 $5.5B *Apple $1B 7Y +63, $1.5B 10Y +78, $1.75B 30Y +105, $1.25B 40Y +118
  • 08/01 $5B *UBS $1.75B 3NC2 +160, $1.75B 5NC4 +205, $1.5B 11NC10 +240
  • 08/01 $1.5B *Colgate-Palmolive $500M each: 3Y +30, 5Y +45, 10Y +75
  • 08/01 $800M *Consumers Energy WNG $350M 10Y +100, $450M 30Y +125
  • 08/01 $750M *Huntington Bancshares 6NC5 +177
  • 08/01 $750M *State Street Corp 11NC10 +155
  • 08/01 $650M *NY Life 3Y +78
  • 08/01 $400M *Edison International 3Y +190

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

Jul'22$100.6B
Jun'22$80.85B
May'22$103.225B
Apr'22$175.2B
Mar'22$258.425B (Highest since May 2020)
Feb'22$92.62B
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
421 words

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  • Date $MM Issuer (Priced *, Launch #)
  • 08/08 $Benchmark AIIB 5Y SOFR+62

  • $24.15B Priced Monday
  • 08/08 $6.25B *Credit Suisse $1.5B 4NC3 +325, $1.75B 6NC5 +355, $3B 11NC10 +380
  • 08/08 $3.2B *Duke Energy $900M +5Y +142, $1.15M 10Y +177, $1.15M 30Y +202
  • 08/08 $2.5B *Global Payments $500M 5Y +205, $500M 7Y +245, $750M 10Y +265, $750M 30Y +295
  • 08/08 $2B *Wells Fargo 4NC3 +140
  • 08/08 $2B *BNP Paribas PerpNC7 7.75%
  • 08/08 $1.8B *Mexico 2033 +235
  • 08/08 $1.5B *Caterpillar $800M 3Y +55, $700M 5Y +70
  • 08/08 $1.2B *Prudential 30NC10 6.0%
  • 08/08 $1B *MPLX 10Y +225
  • 08/08 $1B *Sherwin-Williams $600M 2Y +85, $400M 3Y +110
  • 08/08 $600M *Ford Motor 40NC5 par prfd 6.5%
  • 08/08 $600M *Wisconsin Power & Light WNG 10Y +160a
  • 08/08 $500M *Becton Dickenson WNG 10Y +153
  • 08/05 No new US$ issuance Friday, first week of August finished with $90.6B total

  • $22.3B Priced Thursday
  • 08/04 $10B *Meta Platforms $2.75B 5Y +75, $3B 10Y +115, $2.75B 30Y +145, $1.5B 40Y +165
  • 08/04 $4.75B *HSBC $2.25B 6NC5 +245, $2.5B 11NC10 +275
  • 08/04 $2.5B *Lloyds Banking Grp $1.25B each: 4NC3 +175, 11NC10 +230
  • 08/04 $1.25B *Benchmark Standard Chartered perpNC5.5 7.5%
  • 08/04 $1.5B *Charter 7NC3 6.375%
  • 08/04 $800M *Citizens Bank 6NC5 +180
  • 08/04 $750M *Waste Connections +10Y +153 upsized from $500M
  • 08/04 $750M *Ashtead 10Y +295
  • $6.55B Priced Wednesday
  • 08/03 $2B *KeyBank $1.25B 3Y +112.5, $750M 10Y +220
  • 08/03 $1.75B *Williams Co $1B 10Y +195, $750M 30Y +235
  • 08/03 $1.3B *DTE Energy WNG 2Y +112.5
  • 08/03 $1B *Westpac 11NC10 +268
  • 08/03 $500M *Guatemala 7Y 5.45%
  • 08/03 $Benchmark Meta Platforms investor calls
  • $16.7B Priced Tuesday, total $32.05B/wk
  • 08/02 $6B *Intel $1.25B 5Y +90, $850M 7Y +120, $1.25B 10Y +140, $1.75B 30Y +185, $900M 40Y +200 (last time Intel issued: $5B in September 2021)
  • 08/02 $4.25B *Barclays $1.5B 4NC3 +230, $1.75B 6NC5 +265, $1B 11NC10 +300
  • 08/02 $1.65B *Macquarie Bank $800M 4NC3 +210, $850M 11.25NC10.25 +275
  • 08/02 $1.5B *Canadian National Railway $800M 10Y +115, $700M 30Y +140
  • 08/02 $1.5B *NextEra Energy WNG 2Y +105
  • 08/02 $800M *Brooklyn Union Gas $400M each 5Y +177, 10Y +212
  • 08/02 $500M *ANZ Bank10NC5 +270
  • 08/02 $500M *Moody's WNG 10Y +158
  • $15.35B Priced Monday
  • 08/01 $5.5B *Apple $1B 7Y +63, $1.5B 10Y +78, $1.75B 30Y +105, $1.25B 40Y +118
  • 08/01 $5B *UBS $1.75B 3NC2 +160, $1.75B 5NC4 +205, $1.5B 11NC10 +240
  • 08/01 $1.5B *Colgate-Palmolive $500M each: 3Y +30, 5Y +45, 10Y +75
  • 08/01 $800M *Consumers Energy WNG $350M 10Y +100, $450M 30Y +125
  • 08/01 $750M *Huntington Bancshares 6NC5 +177
  • 08/01 $750M *State Street Corp 11NC10 +155
  • 08/01 $650M *NY Life 3Y +78
  • 08/01 $400M *Edison International 3Y +190

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

Jul'22$100.6B
Jun'22$80.85B
May'22$103.225B
Apr'22$175.2B
Mar'22$258.425B (Highest since May 2020)
Feb'22$92.62B
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