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US$ Credit Supply Pipeline

Corporate issuance resumes after four week absence - Dec '22 worst month in years at only $7.75B, total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020.
  • Date $MM Issuer (Priced *, Launch #)
  • 1/03 $Benchmark Societe Generale 4NC3 +230a, 4BC3 SOFR, 6NC5 +275a, 11NC10 +315a, 30Y +375a
  • 1/03 $Benchmark Commonwealth Bank of Australia (CBA) 2Y +90a, 2Y SOFR
  • 1/03 $Benchmark SMFG 3Y +150a, 5Y +180a, 7Y +205a, 10Y +220a
  • 1/03 $Benchmark TD 3Y +115a, 3Y SOFR, 5Y +145a
  • 1/03 $Benchmark UBS 4NC3 +180a, 11NC10 +250a
  • 1/03 $Benchmark EIB 5Y SOFR+41a
  • 12/13-12/29 No new issuance since Monday, December 12
  • 12/12 $3B *JP Morgan 3NC2 +115
  • 12/06-12/09 No new issuance since Monday
  • $4.75B Priced Monday
  • 12/05 $2.5B *Energy Transfer $1B +5Y +175, $1.5B +10Y +215
  • 12/05 $1B *Duke Energy $500M 3Y +88, $500M 5Y +123
  • 12/05 $1.25B *RBC 3Y SOFR+85
  • 12/01-/02 No new $Benchmark issuance Thursday or Friday

Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020

Dec'22$7.75B; $1.294T total for 2022
Nov'22$115.9B
Oct'22$51.85B
Sep'22$105.25B; $1.287T through Q3
Aug'22$168.5B
Jul'22$100.6B
Jun'22$80.85B; $913.58B first half of 2022
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

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