US$ Credit Supply Pipeline

August running total corporate issuance at $164.7B, compares to $97.12B last year.

• Date $MM Issuer (Priced *, Launch #)
• 08/24 $1.25B #Swedish Export Cr Corp (SEK) 2Y SOFR+20
• 08/24 $1B BBCB 2Y
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• $4.6B Priced Tuesday
• 08/23 $4B *EIB 5Y Sustainability Awareness bond SOFR+38
• 08/23 $600M *MassMutual 3Y +83
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• 08/22 No new issuance Monday
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• 08/19 No new issuance Friday, $35.5B total for week
• $6.25B Priced Thursday
• 08/18 $2.5B *Credit Suisse $1.25B 2Y +155, 2Y SOFR, $1.25B 5Y +205
• 08/18 $1.5B *Synchrony Bank $900M 3Y +220, $600M 5Y +260
• 08/18 $1.25B *MetLife $750M 3Y +83, $500M 7Y +135
• 08/18 $500M *Entergy Louisiana 30Y Green +162.5
• 08/18 $500M *Comerica 11NC10 +245
• $5.25B Priced Wednesday, $29.25B/wk
• 08/17 $3.25B *Export Development Bank of Canada 3Y SOFR+33
• 08/17 $1B *BNG Bank WNG 2Y SOFR+21
• 08/17 $1B *MuniFin WNG 5Y SOFR+52
• 08/17 $Benchmark Entergy investor calls
• $16.25B Priced Tuesday, $24B/wk
• 08/16 $4.5B *ADB 5Y SOFR+40
• 08/16 $3B *KFW WNG 2Y SOFR+13
• 08/16 $2.5B *Goldman Sachs 6NC5 +152
• 08/16 $2B *Eaton Corp $1.3B +10Y +135, $700M 30Y +162.5
• 08/16 $1.75B *Ford 10Y Green 6.1%
• 08/16 $1.25B *CCDJ $750M 3Y +125, $500M 5Y +160
• 08/16 $1.25B *PNC Financial PerpNC5 6.2%
• $7.75B Priced Monday
• 08/15 $3B *Amgen $1.25B 7Y +120, $750M +10Y +140, $1B +30Y +175
• 08/15 $2.25B *Rabobank $1B 2Y +70, 2Y SOFR, $1.25B 6NC5 +175
• 08/15 $750M *Toyota Motor Cr 3Y +55, upsized from $500M
• 08/15 $500M *Ameren Illinois 10Y +108
• 08/15 $1.25B *Royal Caribbean 5NC2, 11.62%
• 08/15 $Bemchmark Eaton investment calls
• 08/12 No new issuance Friday, $32.75B total high-grade debt issued on wk
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• $4.25B Priced Thursday
• 08/11 $3.5B *Santander $1.75B 3Y +195, $1.75B 5Y +230
• 08/11 $750M *Fairfax Financial 10Y +275
• $1.35B Priced Wednesday, $28.5B/wk
• 08/10 $700M *Texas Instruments $400M WNG 10Y +90, $300M 30Y +110
• 08/10 $650M *Kimco 10Y +190
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• $3B Priced Tuesday, $27.15B total on wk
• 08/09 $1B *Alabama Power $550M 5Y +80, $450M 10Y +115
• 08/09 $1B *Dominion Energy $400M 10Y +165, $600M 30Y +190
• 08/09 $500M *AIIB 5Y SOFR+62
• 08/09 $500M *M&T Bank 6NC5 +158
• $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