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US$ Credit Supply Pipeline

$9B United Health 7Pt Jumbo Launched

  • Date $MM Issuer (Priced *, Launch #)
  • 10/25 $9B #United Health $500M 2Y +55, $750M 3Y +70, $1B +5Y +100, $1.25B +7Y +115, $2 +10Y +130, $2B +30Y +165, $1.5B +40Y +185
  • 10/25 $4B *CADES 3Y Social SOFR+46
  • 10/25 $2.5B #PNC Financial $1B 3NC2 +120, $1.5B 11NC10 +195
  • 10/25 $1B *OKB WNG 3Y SOFR+37
  • 10/25 $Benchmark Farmer Insurance investor calls
  • Expected Wednesday:
  • 10/26 $Benchmark AfDB 5Y SOFR+51a
  • 10/26 $Benchmark Greece investor calls Wednesday
  • $4.5B to price Monday:
  • 10/24 $2B *Fifth Third Bank $1B 3NC2 +135, $1B 6NC5 +200
  • 10/24 $1.5B *Dow Chemical $600M 10Y +210, $900M 30Y +250
  • 10/24 $1B *Marsh & McLennan $500M 10Y +160, $500M 30Y +190
  • 10/21 No new US$ corporate bond issuance Friday, $29.25B total on the week
  • $4.95B Priced Thursday,
  • 10/20 $2.5B *RBC $1.15B 2Y +105, $1.35B5Y +160
  • 10/20 $1B *Uruguay 12Y +170
  • 10/20 $850M *National Rural Utilities $500M 3Y +85, $350M +10Y +158
  • 10/20 $600M *Citizens Bank 3NC2 +145
  • $8.5B Priced Wednesday
  • 10/19 $4B *Lockheed Martin (LMT) $500M 3Y +50, $750M 5Y +80, $1B +10Y +120, $1B 32Y +160, $750M 41Y +180
  • 10/19 $2B *Diageo Capital $500M 3Y +70, $750M 5Y +100, $750M +10Y +145
  • 10/19 $1.5B *Export Finance Australia 5Y SOFR+66
  • 10/19 $1B *Kommuninvest WNG 3Y SOFR+39
  • $12.95B Priced Tuesday
  • 10/18 $5B *Saudi Arabia $2.5B 6Y Sukuk +105, $2.5B 10Y +150
  • 10/18 $3B *US Bancorp $1.5B 4NC3 +130, $1.5B 11NC10+185
  • 10/18 $2.5B *Bank of NY Mellon $1B 6NC5 +160, $1.5B 11NC10 +185
  • 10/18 $1B *Kommunalbanken (KBN) 3Y SOFR+41
  • 10/18 $850M *AIA Group 5Y +150
  • 10/18 $600M *Industrial Bank Korea (IBK) 2Y social +70
  • Seeking higher yield? Cruise line caveat emptor:
  • 10/18 $1.25B Carnival Corp 5.5NC2.5 11.25%a
  • $2.85B Priced Monday
  • 10/17 $1.1B *Diamondback Energy (FANG) +10Y +230
  • 10/17 $750M *Bank of Nova Scotia 60NC5 8.625%
  • 10/17 $400M *Nevada Power 30Y +190
  • 10/17 $600M *BAT Capital 10Y +380
  • 10/17 $Benchmark OPEC Fund investor call
  • $6.5B Priced Friday - MS 3Pt sole issuer
  • 10/14 $6.5B *Morgan Stanley $1.25B 4NC3 +165, $2.25B 6NC5 +205, $3B 11NC10 +235
  • 10/10-10/13 No new issuance heading into Q3 earnings cycle
  • 10/07 No new issuance Friday, $18.65B total for week

  • $10.25B Priced Thursday, $18.65B/wk
  • 10/06 $4B *Enel Finance $750M 3Y +275, $1B 5Y +325, $1.25B 10Y +400, $1B 30Y +440
  • 10/06 $2.5B *Turkey 3Y Sukuk 9.758%
  • 10/06 $1.75B *TD Bank 60NC5 8.125%
  • 10/06 $1.25B *GM Fncl 3Y +185
  • 10/06 $750M *AIB Group 4NC3 +335
  • $5.25B Priced Wednesday
  • 10/05 $2B *Philippines $500M 5Y +120, $750M 10.5Y +185, $750M 25Y 6.1%
  • 10/05 $1.25B *Cargill $750M 3Y +75, $500M 10Y +140
  • 10/05 $1B *John Deere $600M 2Y +43, $400M 7Y +100
  • 10/05 $1B *CCDJ 3Y SOFR +87
  • $900M Priced Tuesday
  • 10/04 $900M *DNB Bank 4NC3 +180
  • $2.25B Priced Monday
  • 10/03 $1B *Southern Co $500M 3Y +110, $500M 10Y +205
  • 10/03 $750m Realty Income 10Y +200
  • 10/03 $500M *EDP Finance 5Y Green +245

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

Sep'22$105.25B
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
454 words

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  • Date $MM Issuer (Priced *, Launch #)
  • 10/25 $9B #United Health $500M 2Y +55, $750M 3Y +70, $1B +5Y +100, $1.25B +7Y +115, $2 +10Y +130, $2B +30Y +165, $1.5B +40Y +185
  • 10/25 $4B *CADES 3Y Social SOFR+46
  • 10/25 $2.5B #PNC Financial $1B 3NC2 +120, $1.5B 11NC10 +195
  • 10/25 $1B *OKB WNG 3Y SOFR+37
  • 10/25 $Benchmark Farmer Insurance investor calls
  • Expected Wednesday:
  • 10/26 $Benchmark AfDB 5Y SOFR+51a
  • 10/26 $Benchmark Greece investor calls Wednesday
  • $4.5B to price Monday:
  • 10/24 $2B *Fifth Third Bank $1B 3NC2 +135, $1B 6NC5 +200
  • 10/24 $1.5B *Dow Chemical $600M 10Y +210, $900M 30Y +250
  • 10/24 $1B *Marsh & McLennan $500M 10Y +160, $500M 30Y +190
  • 10/21 No new US$ corporate bond issuance Friday, $29.25B total on the week
  • $4.95B Priced Thursday,
  • 10/20 $2.5B *RBC $1.15B 2Y +105, $1.35B5Y +160
  • 10/20 $1B *Uruguay 12Y +170
  • 10/20 $850M *National Rural Utilities $500M 3Y +85, $350M +10Y +158
  • 10/20 $600M *Citizens Bank 3NC2 +145
  • $8.5B Priced Wednesday
  • 10/19 $4B *Lockheed Martin (LMT) $500M 3Y +50, $750M 5Y +80, $1B +10Y +120, $1B 32Y +160, $750M 41Y +180
  • 10/19 $2B *Diageo Capital $500M 3Y +70, $750M 5Y +100, $750M +10Y +145
  • 10/19 $1.5B *Export Finance Australia 5Y SOFR+66
  • 10/19 $1B *Kommuninvest WNG 3Y SOFR+39
  • $12.95B Priced Tuesday
  • 10/18 $5B *Saudi Arabia $2.5B 6Y Sukuk +105, $2.5B 10Y +150
  • 10/18 $3B *US Bancorp $1.5B 4NC3 +130, $1.5B 11NC10+185
  • 10/18 $2.5B *Bank of NY Mellon $1B 6NC5 +160, $1.5B 11NC10 +185
  • 10/18 $1B *Kommunalbanken (KBN) 3Y SOFR+41
  • 10/18 $850M *AIA Group 5Y +150
  • 10/18 $600M *Industrial Bank Korea (IBK) 2Y social +70
  • Seeking higher yield? Cruise line caveat emptor:
  • 10/18 $1.25B Carnival Corp 5.5NC2.5 11.25%a
  • $2.85B Priced Monday
  • 10/17 $1.1B *Diamondback Energy (FANG) +10Y +230
  • 10/17 $750M *Bank of Nova Scotia 60NC5 8.625%
  • 10/17 $400M *Nevada Power 30Y +190
  • 10/17 $600M *BAT Capital 10Y +380
  • 10/17 $Benchmark OPEC Fund investor call
  • $6.5B Priced Friday - MS 3Pt sole issuer
  • 10/14 $6.5B *Morgan Stanley $1.25B 4NC3 +165, $2.25B 6NC5 +205, $3B 11NC10 +235
  • 10/10-10/13 No new issuance heading into Q3 earnings cycle
  • 10/07 No new issuance Friday, $18.65B total for week

  • $10.25B Priced Thursday, $18.65B/wk
  • 10/06 $4B *Enel Finance $750M 3Y +275, $1B 5Y +325, $1.25B 10Y +400, $1B 30Y +440
  • 10/06 $2.5B *Turkey 3Y Sukuk 9.758%
  • 10/06 $1.75B *TD Bank 60NC5 8.125%
  • 10/06 $1.25B *GM Fncl 3Y +185
  • 10/06 $750M *AIB Group 4NC3 +335
  • $5.25B Priced Wednesday
  • 10/05 $2B *Philippines $500M 5Y +120, $750M 10.5Y +185, $750M 25Y 6.1%
  • 10/05 $1.25B *Cargill $750M 3Y +75, $500M 10Y +140
  • 10/05 $1B *John Deere $600M 2Y +43, $400M 7Y +100
  • 10/05 $1B *CCDJ 3Y SOFR +87
  • $900M Priced Tuesday
  • 10/04 $900M *DNB Bank 4NC3 +180
  • $2.25B Priced Monday
  • 10/03 $1B *Southern Co $500M 3Y +110, $500M 10Y +205
  • 10/03 $750m Realty Income 10Y +200
  • 10/03 $500M *EDP Finance 5Y Green +245

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

Sep'22$105.25B
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