US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 01/18 $4B *CADES 3Y SOFR+39
• 01/18 $2.5B *JBIC 3Y SOFR+62
• 01/18 $1B *OPEC Fund 3Y SOFR+90
• 01/18 $600M *First Abu Dhabi Bank (FAB) 5.25Y +105
• 01/18 $Benchmark Serbia +5Y, 10Y investor calls
• Expected Thursday
• 01/19 $Benchmark CAF +3Y SOFR+130a
• 01/19 $1B Council of Europe Dev Bank (CoE) WNG 5Y SOFR+41a
• $11.25B Priced Tuesday
• 01/17 $6B #Morgan Stanley $1.5B 4NC3 +120, $2.5B 6NC5 +153, $2B 15NC10 +243
• 01/17 $3B *Bank of America 4NC3 +120 (drops SOFR leg)
• 01/17 $1.65B #Target $500M 10Y +90, $1.15B 30Y +115
• 01/17 $600M *Woori Bank 5Y +135
• 01/17 $Benchmark Israel Discount Bank 5Y investor calls
• 01/12-01/13 No new issuance Thursday-Friday as earning cycle gets underway
• $9.65B Priced Wednesday; $63.9B/wk
• 01/11 $2.75B *Turkey 10Y 9.75%
• 01/11 $1.8B *Daimler Trucks $650M 2Y +103, $650M 3Y +123, $500M 5Y +148
• 01/11 $1B *OKB 3Y SOFR+35
• 01/11 $1B *KBC Group 6NC5 +210
• 01/11 $1B *Kommunalbanken 5Y SOFR+57
• 01/11 $1B *CDC (Caisse des Depots) 3Y SOFR+44
• 01/11 $600M *ICBC (Industrial/Commercial Bank of China) Dubai 3Y SOFR+93
• 01/11 $500M *Bank Leumi 10.5NC5.5 +345
• $30.1B Priced Tuesday, $54.25B/wk
• 01/10 $10B *Saudi Arabia $3.25B 5Y +110, $3.5B 10.5Y +140, $3.25B 30Y 5.5%
• 01/10 $4B *KFW 5Y SOFR+40
• 01/10 $2B *AIIB 5Y SOFR+64
• 01/10 $2B *Israel 10Y +95
• 01/10 $2.5B *SK Hynix $750M 3Y +240, $1B 5Y +275, $750M 10Y +310
• 01/10 $2.1B *BPCE $600M 5Y +145, $1.5B 4NC3 +200
• 01/10 $1.5B *Deutsche Bank 6NC5 +300
• 01/10 $1.25B *CaixaBank 6NC5 +250
• 01/10 $1B *Macquarie Bank 10Y +320
• 01/10 $1B *Export Bank of India 10Y +190
• 01/10 $1B *Venture Global 7NC 6.25%
• 01/10 $1.3B *American Honda $500M 3Y +80, $300M 3Y SOFR+92, $500M 5Y +103
• 01/10 $450M *Mongolia 5Y 8.95%
• $24.15B Priced Monday, $118.925B/mo
• 01/09 $4.7B *Regal Rexnord $1.1B 3Y +215, $1.25B 5Y +240, $1.1B 7Y +270, $1.25B 10Y +290
• 01/09 $3.75B *RBC $1B 3Y +95, $300M 3Y SOFR+108, $750M 5Y +125, $1.7B 10Y +150
• 01/09 $3B *Toyota Motor Credit $1.2B 2Y +63, $300M 2Y SOFR+56, $1B 5Y +98, $500M 10Y +118
• 01/09 $3B *Philippines $500M 5.5Y +105, $1.25B 10.5Y +145, $1.25B 25Y 5.5%
• 01/09 $2B *POSCO Holdings $700M 3Y +190, $1B 5Y +220, $300M 10Y +250
• 01/09 $2B *Dell International $1B 5Y +160, $1B 10Y +225
• 01/09 $1.75B *BNP Paribas 6NC5 +145
• 01/09 $1.1B *Realty Income $500M 3NC1 +125, $600M 7Y +145
• 01/09 $1.1B *WEC Energy $650M 3Y +85, $450M 5Y +112.5
• 01/09 $1B *Crown Castle 5Y +137.5
• 01/09 $750M *National Bank of Canada 2Y +110
• 01/06 No new corporate issuance Friday after $94.775B total priced on wk
• $20.45B Priced Thursday,
• 1/05 $5.5B *ADB $3.5B 3Y SOFR+29, $2B 10Y SOFR+60
• 1/05 $3.75B *Romania Bank $1B 5Y +280, $1.5B 10Y +350, $1.25B 30Y +385
• 1/05 $3B *Airport Authority $500M 3Y +70, $1B 5Y +90, $700M 7Y +115, $800M 10Y +125
• 1/05 $2.5B *Bank of Montreal $1B 2Y +80, $300M 2Y SOFR+71, $1.2B 5Y +130
• 1/05 $2B *IADB 5Y SOFR+41
• 1/05 $1.75B *World Bank (IBRD) 4Y SOFR+37
• 1/05 $1.2B *Credit Agricole 5.5Y +140
• 1/05 $750M *Penske Truck Leasing 5Y +185
• $36.15B Priced Wednesday, $74.325B/wk
• 1/04 $5B *EIB 5Y SOFR+39
• 1/04 $4.25B *Hungary $1.5B 5Y +240, $1.5B 10Y +280, $1.25B 30Y +325
• 1/04 $3.75B *Credit Suisse $1.25B 2Y +370, $2.5B 2Y SOFR, 5Y +370
• 1/04 $3.5B *NAB $1.15B 3Y +85, $1.1B 5Y +110, $1.25B 10Y +275
• 1/04 $3.5B 8Kexim $1B 3Y +85, $1.5B 5Y +120, $1B 10Y +145
• 1/04 $3B *Indonesia $1B 5Y 4.8%, $1.25B 10Y 5.1%, $750M 30Y 5.75%
• 1/04 $3B *Hong Kong $500M 3Y +35, $1B 5Y +70, $1B 10Y +95, $500M 30Y +145
• 1/04 $2.5B *Standard Chartered $1B 4NC3 +205, $1.5B 6NC5 +245
• 1/04 $1.9B *Nomura $600M 3Y +160, $550M 5Y +200, $750M 10Y +250
• 1/04 $1.5B *Pacific Gas & Electric $750M 10Y +250, $750M 30Y +295
• 1/04 $1.25B *Danske Bank 3NC2 +210
• 1/04 $1B *Rabobank 2Y +65 (drops SOFR leg)
• 1/04 $1.5B *GM Financial $1B 5Y +215, $500M 10Y +275
• 1/04 $500M *Equitable Holdings 10Y +190
• Total $38.175B priced Tuesday
• 1/03 $5.8B *SMFG $1.5B 3Y +130, $300M 3Y SOFR+143, $1.5B 5Y +160, $1B 7Y +185, $.5B 10Y +200
• 1/03 $5B *SocGen $1.25B 4NC3 +230, $1.25B 6NC5 +255, $1.5B 11NC10 +295, $1B 30Y +350
• 1/03 $4B *United Mexican States $1.25B 5Y +150, $2.75B 12Y +260
• 1/03 $4B *UBS $1.75B 4NC3 +155, $2.25B 11NC10 +220
• 1/03 $2.75B *Ford Motor Cr $1.3B 3Y 7%, $300M 3Y SOFR+295, $1.15B 7Y 7.37%
• 1/03 $2.3B *John Deere $1.2B 3Y +65, $1.1B 3Y SOFR, 5Y +85
• 1/03 $2.15B *MetLife $650M 3Y +83, $500M 5Y +113, $1B 31Y +140
• 1/03 $2B *TD Bank $750M 3Y +95, $1.25B 5Y +125
• 1/03 $1.8B *Duke Energy Carolinas $900M each: 10Y +120, 30Y +145
• 1/03 $1.75B *Enterprise Products Op $750M 3Y +90, $1B 10Y +160
• 1/03 $1.75B *Targa Resources $900M 10Y +235, $850M 30Y +275
• 1/03 $1.5B *Santander UK 6NC5 +260
• 1/03 $1.5B *Com Bank of Australia (CBA) $1.2B 2Y +68, $300M 2Y SOFR+63
• 1/03 $975M *ComEdison $400M 10Y +115, $575M 30Y +140
• 1/03 $900M *Caterpillar 3Y +63

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