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US$ Credit Supply Pipeline

Event risk, earnings cycle keeps bond issuers sidelined.

USUS$ Credit Supply PipelineMarketsStoryRegionNorth America
Generally muted start to February corporate bond issuance, many sidelined into last week's event risk that included the FOMC policy announcement and employment data for January. Ongoing earnings cycle also weighing on supply.

  • Date $MM Issuer (Priced *, Launch #)
  • 02/03 No new issuance Friday, $11.15B total first two days of February
  • $10.45B Priced Thursday
  • 02/02 $5.25B *Oracle $750M 5Y +110, $750M 7Y +130, $1.5B 10Y +155, $2.25B 30Y +203
  • 02/02 $1.6B *MPLX $1.1B 10Y +170, $500M 30Y +212.5
  • 02/02 $1.5B *PNC Financial PerpNC7 6.25%
  • 02/02 $1.1B *National Rural Utilities $600M 3Y +70, $200M tap 5Y +95, $300M tap 10Y +123
  • 02/02 $1B *Alexandria Real Estate $500M 12Y +137.5, $500M 30Y +160
  • Muted Wednesday supply
  • 02/01 $700M *Dominican Rep 8Y 7.0%

January kicked off 2023 with total of $231.425B high-grade corporate issuance, highest since March '22.
Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020

Jan'23$231.425B
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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Generally muted start to February corporate bond issuance, many sidelined into last week's event risk that included the FOMC policy announcement and employment data for January. Ongoing earnings cycle also weighing on supply.

  • Date $MM Issuer (Priced *, Launch #)
  • 02/03 No new issuance Friday, $11.15B total first two days of February
  • $10.45B Priced Thursday
  • 02/02 $5.25B *Oracle $750M 5Y +110, $750M 7Y +130, $1.5B 10Y +155, $2.25B 30Y +203
  • 02/02 $1.6B *MPLX $1.1B 10Y +170, $500M 30Y +212.5
  • 02/02 $1.5B *PNC Financial PerpNC7 6.25%
  • 02/02 $1.1B *National Rural Utilities $600M 3Y +70, $200M tap 5Y +95, $300M tap 10Y +123
  • 02/02 $1B *Alexandria Real Estate $500M 12Y +137.5, $500M 30Y +160
  • Muted Wednesday supply
  • 02/01 $700M *Dominican Rep 8Y 7.0%

January kicked off 2023 with total of $231.425B high-grade corporate issuance, highest since March '22.
Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020

Jan'23$231.425B
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