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US$ Credit Supply Pipeline

$2.75B Citigroup 4NC3 Launched

  • Date $MM Issuer (Priced *, Launch #)
  • 09/22 $2.75B #Citigroup 4NC3 +148
  • 09/22 $900M #WEC Energy $500M 3Y +90, $400M 5Y +128
  • 09/22 $Benchmark JBIC 5Y Green bond investor call
  • 09/22 $2B Royal Caribbean 6.25NC2.5 investor call

  • Rentenbank sole issuer Wednesday
  • 09/21 $1.25B *Rentenbank 5Y SOFR+37
  • $9B Priced Tuesday
  • 09/20 $4B *ADB $2.75B 2Y SOFR+8, $1.25B 10Y SOFR+51
  • 09/20 $4B *Citrix 6.5NC3 Sec notes 10% said to have launched
  • 09/20 $1B *EQT Corp $500M 3NC1 +175, $500M +5Y +205
  • 09/19 No new issuance Monday

  • 09/15 No new US$ issuance Friday after $24.3B total issued on week

  • $6B To price Thursday
  • 09/15 $2.25B *Toyota Motor Cr $1.25B 2Y +55, $1B 5Y +90
  • 09/15 $2B *Nordea $1B 3Y +100, $1B 5Y +173
  • 09/15 $600M *Dev Bank of Japan (DBJ) 3Y SOFR+71
  • 09/15 $650 *Prologis +10Y +122 (Upsized from $500M)
  • 09/15 $500M *Intact Financial 10Y +200
  • 09/16 $Benchmark Export Finance Australia 5Y, 10Y investor calls

  • $7.5B Priced Wednesday, $18.3B/wk
  • 09/14 $4.5B *World Bank (IBRD) $1.5B 4Y SOFR+31, $3B 7Y SOFR+46
  • 09/14 $1.75B *CPPIB 2Y SOFR+25
  • 09/14 $1.25B *AFD 5Y SOFR+61
  • 09/13 No new issuance Tuesday

  • $10.8B Priced Monday
  • 09/12 $3B *T-Mobile WNG $1.25B +10Y +185, $1B +30Y +212.5, $750M 40Y +230
  • 09/12 $3B *Home Depot $750M 3Y +40a, $1.25B 10Y +115, $1B 30Y +150
  • 09/12 $2B *JBS $400M tap 5.12% 2028 +187.5, $800M tap 5.75% 2033 +262.5, $800M tap 6.5% 2052 +295
  • 09/12 $800M *CenterPoint Energy Houston $500M 10Y +115, $300M 30Y +137.5
  • 09/12 $1B *Bank of Ireland 4NC3 +265
  • 09/12 $1B *Swedbank 5Y +190

  • $63.85B Priced last week
  • 09/09 $1B Newell Brands $500M 5NCL, $500M 7NCL
  • $6.05B Priced Thursday
  • 09/08 $3B *TD Bank $1.5B 2Y +80, $1.5B 5Y +130
  • 09/08 $750M *Pacific LifeCorp 30Y +195
  • 09/08 $700M *Northwestern Mutual 5Y +98
  • 09/08 $600M *ITC 5Y +158
  • 09/08 $500M *Mitsubishi 5Y +168
  • 09/08 $500M *Tennessee Valley Auth 30Y +100
  • $19.75B Priced Wednesday
  • 09/07 $3.5B *JP Morgan 11NC10 +245
  • 09/07 $3B *IADB 7Y SOFR+46
  • 09/07 $2.5B *Bank of Montreal $1.5B 2Y +85, $1B 5Y +135
  • 09/07 $2B *AIIB 5Y SOFR+63
  • 09/07 $2B *IFC 3Y SOFR+25
  • 09/07 $1.75B *Mizuho $1B 6NC5 +205, $750M 11NC10 +240
  • 09/07 $1.5B *JBIC 3Y SOFR+58
  • 09/07 $1.25b *Stellantis Finance $550M +5Y +237.5, $700M 10Y +312.5
  • 09/07 $1B *Norinchukin Bank $500M 5Y +150, $500M 10Y +180
  • 09/07 $750M Equifax +5Y +175
  • 09/07 $500M *AON Corp 10Y +175
  • $37.05B Priced Tuesday
  • 09/06 $5B *Walmart $1.75B 3Y +35, $1B 5Y +55, $1.25B 10Y +85, $1B 30Y +100
  • 09/06 $4.75B *Lowe's $1B 3Y +85, $1.25B 10Y +170, $1.5B 30Y +215, $1B 40Y +235
  • 09/06 $4.4B *MUFG $2B 3NC2 +155, $400M 3NC2 SOFR+138.5, $1.25B 6NC5 +190, $750M 11NC10 +212.5
  • 09/06 $4B *Nestle Holdings $750M 3Y +45, $500M 5Y +70, $500M 7Y +85, $1.25B 10Y +100, $1B 30Y +120
  • 09/06 $2.5B *Kexim $1B 2Y +55, $1B 5Y +90, $500M 10Y +120
  • 09/06 $2.3B *Dollar General $750M 2Y +80, $550M 5Y +120, $700M 10Y +170, $300M 30Y +200
  • 09/06 $2.25B *John Deere $750M 3Y +50, $900M 5Y +75, $600M 10Y +105
  • 09/06 $1.9B *Union Pacific $900M +10Y +120, $600M 30Y +148, $400M +40Y +168
  • 09/06 $1.75B *BBVA $1B 4NC3 +230, $750M 6NC5 +270
  • 09/06 $1.5B *McDonald's $750M 10Y +133, $750M 30Y +168
  • 09/06 $1.2B *Oncor Electric Delivery, $700M 10Y +123, $500M 30Y +148
  • 09/06 $1B *Sumitomo $500M 3Y +125, $500M 5Y +155
  • 09/06 $1B *Orix $500M 5Y +160, $500M 10Y +190
  • 09/06 $1B *Marriott Int 5Y +175
  • 09/06 $1B *Target 10Y +120
  • 09/06 $500M *Southern Co Gas 10Y +185
  • 09/06 $500M *Santander 4NC3 Green +225
  • 09/06 $500M *Mondelez 3Y +80
  • 09/02-09/06 No new issuance
  • 09/01 $1B *OKB WNG 5Y SOFR+42

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

Aug'22$168.5B
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
565 words

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  • Date $MM Issuer (Priced *, Launch #)
  • 09/22 $2.75B #Citigroup 4NC3 +148
  • 09/22 $900M #WEC Energy $500M 3Y +90, $400M 5Y +128
  • 09/22 $Benchmark JBIC 5Y Green bond investor call
  • 09/22 $2B Royal Caribbean 6.25NC2.5 investor call

  • Rentenbank sole issuer Wednesday
  • 09/21 $1.25B *Rentenbank 5Y SOFR+37
  • $9B Priced Tuesday
  • 09/20 $4B *ADB $2.75B 2Y SOFR+8, $1.25B 10Y SOFR+51
  • 09/20 $4B *Citrix 6.5NC3 Sec notes 10% said to have launched
  • 09/20 $1B *EQT Corp $500M 3NC1 +175, $500M +5Y +205
  • 09/19 No new issuance Monday

  • 09/15 No new US$ issuance Friday after $24.3B total issued on week

  • $6B To price Thursday
  • 09/15 $2.25B *Toyota Motor Cr $1.25B 2Y +55, $1B 5Y +90
  • 09/15 $2B *Nordea $1B 3Y +100, $1B 5Y +173
  • 09/15 $600M *Dev Bank of Japan (DBJ) 3Y SOFR+71
  • 09/15 $650 *Prologis +10Y +122 (Upsized from $500M)
  • 09/15 $500M *Intact Financial 10Y +200
  • 09/16 $Benchmark Export Finance Australia 5Y, 10Y investor calls

  • $7.5B Priced Wednesday, $18.3B/wk
  • 09/14 $4.5B *World Bank (IBRD) $1.5B 4Y SOFR+31, $3B 7Y SOFR+46
  • 09/14 $1.75B *CPPIB 2Y SOFR+25
  • 09/14 $1.25B *AFD 5Y SOFR+61
  • 09/13 No new issuance Tuesday

  • $10.8B Priced Monday
  • 09/12 $3B *T-Mobile WNG $1.25B +10Y +185, $1B +30Y +212.5, $750M 40Y +230
  • 09/12 $3B *Home Depot $750M 3Y +40a, $1.25B 10Y +115, $1B 30Y +150
  • 09/12 $2B *JBS $400M tap 5.12% 2028 +187.5, $800M tap 5.75% 2033 +262.5, $800M tap 6.5% 2052 +295
  • 09/12 $800M *CenterPoint Energy Houston $500M 10Y +115, $300M 30Y +137.5
  • 09/12 $1B *Bank of Ireland 4NC3 +265
  • 09/12 $1B *Swedbank 5Y +190

  • $63.85B Priced last week
  • 09/09 $1B Newell Brands $500M 5NCL, $500M 7NCL
  • $6.05B Priced Thursday
  • 09/08 $3B *TD Bank $1.5B 2Y +80, $1.5B 5Y +130
  • 09/08 $750M *Pacific LifeCorp 30Y +195
  • 09/08 $700M *Northwestern Mutual 5Y +98
  • 09/08 $600M *ITC 5Y +158
  • 09/08 $500M *Mitsubishi 5Y +168
  • 09/08 $500M *Tennessee Valley Auth 30Y +100
  • $19.75B Priced Wednesday
  • 09/07 $3.5B *JP Morgan 11NC10 +245
  • 09/07 $3B *IADB 7Y SOFR+46
  • 09/07 $2.5B *Bank of Montreal $1.5B 2Y +85, $1B 5Y +135
  • 09/07 $2B *AIIB 5Y SOFR+63
  • 09/07 $2B *IFC 3Y SOFR+25
  • 09/07 $1.75B *Mizuho $1B 6NC5 +205, $750M 11NC10 +240
  • 09/07 $1.5B *JBIC 3Y SOFR+58
  • 09/07 $1.25b *Stellantis Finance $550M +5Y +237.5, $700M 10Y +312.5
  • 09/07 $1B *Norinchukin Bank $500M 5Y +150, $500M 10Y +180
  • 09/07 $750M Equifax +5Y +175
  • 09/07 $500M *AON Corp 10Y +175
  • $37.05B Priced Tuesday
  • 09/06 $5B *Walmart $1.75B 3Y +35, $1B 5Y +55, $1.25B 10Y +85, $1B 30Y +100
  • 09/06 $4.75B *Lowe's $1B 3Y +85, $1.25B 10Y +170, $1.5B 30Y +215, $1B 40Y +235
  • 09/06 $4.4B *MUFG $2B 3NC2 +155, $400M 3NC2 SOFR+138.5, $1.25B 6NC5 +190, $750M 11NC10 +212.5
  • 09/06 $4B *Nestle Holdings $750M 3Y +45, $500M 5Y +70, $500M 7Y +85, $1.25B 10Y +100, $1B 30Y +120
  • 09/06 $2.5B *Kexim $1B 2Y +55, $1B 5Y +90, $500M 10Y +120
  • 09/06 $2.3B *Dollar General $750M 2Y +80, $550M 5Y +120, $700M 10Y +170, $300M 30Y +200
  • 09/06 $2.25B *John Deere $750M 3Y +50, $900M 5Y +75, $600M 10Y +105
  • 09/06 $1.9B *Union Pacific $900M +10Y +120, $600M 30Y +148, $400M +40Y +168
  • 09/06 $1.75B *BBVA $1B 4NC3 +230, $750M 6NC5 +270
  • 09/06 $1.5B *McDonald's $750M 10Y +133, $750M 30Y +168
  • 09/06 $1.2B *Oncor Electric Delivery, $700M 10Y +123, $500M 30Y +148
  • 09/06 $1B *Sumitomo $500M 3Y +125, $500M 5Y +155
  • 09/06 $1B *Orix $500M 5Y +160, $500M 10Y +190
  • 09/06 $1B *Marriott Int 5Y +175
  • 09/06 $1B *Target 10Y +120
  • 09/06 $500M *Southern Co Gas 10Y +185
  • 09/06 $500M *Santander 4NC3 Green +225
  • 09/06 $500M *Mondelez 3Y +80
  • 09/02-09/06 No new issuance
  • 09/01 $1B *OKB WNG 5Y SOFR+42

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

Aug'22$168.5B
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