US$ Credit Supply Pipeline

Still waiting for Kommuninvest, NAB to launch in second half trade.

• Date $MM Issuer (Priced *, Launch #)
• 11/16 $1B #Open Text 5Y 6.9%
• 11/16 $1B Kommuninvest 2Y SOFR +20
• 11/16 $500M #General Mills 3NC1 +110
• 11/16 $Benchmark Athene 10Y +290
• 11/16 $Benchmark Dominion Energy 10Y +175
• 11/16 $Benchmark NAB (National Australian Bank) 2Y +80, 5Y+105
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• $13.6B Priced Tuesday, $24.55B/wk
• 11/15 $6B #Philip Morris $1B 2Y +85, $750M 3Y +95, $1.5B 5Y +135, $1.25B 7Y +180, $1.5B 10Y +200
• 11/15 $1.5B #Santander UK 4NC3 +265
• 11/15 $1.5B *BNG Bank 1.5Y SOFR+18
• 11/15 $1.5B *United Rentals 7NC3, 5.999%
• 11/15 $800M *CAF 3Y SOFR+125
• 11/15 $800M *Texas Instruments $300M 2Y +35, $500M +5Y +70
• 11/15 $750M *Oneok 10Y +230
• 11/15 $750M *BNY Mellon MNC2 +85
• $10.95B Priced Monday
• 11/14 $2B *Huntington National Bank $1.1B 3NC2 +130, $900M +7Y +175
• 11/14 $2B *Intesa Sanpaolo $750M 3Y +285, $1.25B 11NC10 +440
• 11/14 $1.5B *Republic of Panama +12Y +265
• 11/14 $1.5B *Societe Generale PerpNC5.5 9.375%
• 11/14 $1.2B *Thermo Fisher $600M 5Y +80, $600M 10Y +110
• 11/14 $1B *National Securities Clearing $400M 2Y +65, $600M 5Y +110
• 11/14 $750M *Caterpillar Financial Services 2Y +53
• 11/14 $500M *Penske Trucking 5Y +195
• 11/14 $500M *Manufacturers & Traders Trust Co, 3Y +118
• 11/14 $Benchmark Philip Morris 2s-10s investor calls
• 11/11 No new issuance Friday, Veterans Day/bank holiday, $50.3B priced last week
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• 11/10 $Benchmark - issuers sidelined until after the CPI dust settles
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• $18.2B Priced Wednesday, $50.3B since Monday
• 11/09 $8.25B *GE Healthcare: $1B 2Y +105, $1.5B 3Y +120, $1.75B 5Y +150, $1.25B 7.25Y +170, $1.75B 10Y +185, $1B 30Y +210
• 11/09 $2.75B *Citigroup 11NC10 +210
• 11/09 $2.5B *Westpac $1.25B 2Y +82, $1.25B 5Y +122
• 11/09 $2B *Credit Suisse WNG 11NC10 +485
• 11/09 $1B *KeyBank 5Y +160
• 11/09 $700M *Consolidated Edison WNG 30Y +185
• 11/09 $1B *BNP Paribas perpNC5 9.25%
• $8.35B Priced Tuesday
• 11/08 $3B *Rep of Poland $1.5B 5Y +130, $1.5B 10Y +175
• 11/08 $2B *Standard Chartered $3NC2 +310, $1B 6NC5 +345B
• 11/08 $2B *Var Energi $1B +5Y +337.5, $1B 10Y +400
• 11/08 $1.35B *Zoetis $600M 3Y +85, $750M 10Y +150
• 11/08 $Benchmark GE Healthcare investor calls
• $23.75B Priced Monday
• 11/07 $7B *Oracle $1B 3Y +120, $1.25B 7Y +185, $2.25B 10Y +205, $2.5B 30Y +255
• 11/07 $2B *Bank of America 6NC5 +182
• 11/07 $2B *Dish Network 5MC2.5 12.25%
• 11/07 $1.9B *Qualcomm $700M 10Y +120, $1.2B 30Y +170
• 11/07 $1.5B *Turkey 5Y 10%
• 11/07 $1.35B Toyota Motor Cr $650M 3Y +80, $700M 5Y +110
• 11/07 $1.25B *Humana $500M 5Y +143, $750M 10Y +173
• 11/07 $1.15B EBay $425B 3Y +130, $300M 5Y +160, $425M 10Y +210
• 11/07 $1B *Nutrien $500M 2Y +120, $500M 3Y +135
• 11/07 $1B *Lloyds 11NC10 +375
• Under $1B: $750M Ally Financial 5Y +295; $750M Boston Properties 5Y +237.5; $600M *Southern California Gas 30Y +205; $500M *Ecolab 5Y +100; $550M *Edison Int 7Y +280; $500M *Duke Energy 30Y +167;
• $6.2B Priced on week
• 11/04 $700M *PSEG 5Y +155
• $3B Priced Thursday
• 11/03 $1.5B *NatWest 4NC3 +285
• 11/03 $1.5B *Southern California Edison $750M 5Y +150, $750M 10Y +190
• 11/03 Chatter: Dish Network $2B 5NC2 for Friday
• 11/02 Issuers sidelined ahead FOMC
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• $2.5B Priced Tuesday
• 11/01 $1.5B *Ford Motor Co 5Y 7.35%
• 11/01 $1B *State Street Bank $500M 4NC3 +125, $500M 6NC5 +155

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