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US$ Credit Supply Pipeline

  • Date $MM Issuer (Priced *, Launch #)
  • $9.15B To price Tuesday
  • 02/21 $2.6B #Mizuho $1B 6.25NC5.25 +150, $700M 8.25NC7.25 +165, $900M 11.25NC10.25 +180
  • 02/21 $1.5B #Egypt 3Y Sukuk 11.0%
  • 02/21 $1.35B #Constellation Energy $750M 5Y +143, $600M 10Y +185
  • 02/21 $1.2B #Centerpoint $600M 5Y +115, $600M 10Y +145
  • 02/21 $1B #Rabobank 6NC5 +140
  • 02/21 $500M #Consolidated Edison WNG 10Y +125
  • 02/21 $500M #Mitsubishi HC Finance AM 10Y +170
  • 02/21 $500M #Ryder 5Y +153
  • Expected Wednesday
  • 02/22 $1B OKB 5Y SOFR+39a

  • 02/17 No new issuance Friday, $56.95B total on week

  • $8.5B Priced Thursday
  • 02/16 $2.5B *Exelon $1B 5Y +112.5, $850M 10Y +145, $650M 30Y +170
  • 02/16 $1.75B *AT&T 3NC1 +120
  • 02/16 $1.5B *NWB 2Y SOFR+19
  • 02/16 $1.3B *KHFC $1B 5Y +70, $300M 10Y +88
  • 02/16 $750M *Leidos 10Y +205
  • 02/16 $700M *Trane Technologies 10Y +142
  • $30B Priced Wednesday
  • 02/15 $24B *Amgen $2B 2Y +65, $1.5B 3NC1 +115, $3.75B 5Y +115, $2.75B 7Y +135, $4.25B 10Y +150, $2.75B 20Y +165, $4.25B 30Y +185, $2.75B 40Y +200
  • 02/15 $5B *MUFG $1.65B 3NC2 +108, $600M 3NC2 SOFR+94, $1B 6NC5 +138, $500M 8NC7 +153, $1.25B 11NC10 +163
  • 02/15 $1B *Gov of Sharjah +9Y +280
  • 02/14 No new issuance Tuesday

  • $18.45B Priced Monday
  • 02/13 $6B *CVS $1.5B 3Y +90, $1.5B 7Y +140, $1.75B 10Y +155, $1.25B 30Y +185
  • 02/13 $5.25B *Philip Morris $1.25B 3Y +80, $1B 5Y +110, $1.5B 7Y +145, $1.5B 10Y +170
  • 02/13 $3B *Pepsi $500M 3Y +35, $350M 3Y SOFR+40, $650M 5Y +55, $1B 10Y +75, $500M 30Y +87.5
  • 02/13 $1.5B *American Express $1.2B 3Y +72, $300M 3Y SOFR+76
  • 02/13 $1B *Union Pacific $500M 3Y +55, $500M 30Y +118
  • 02/13 $700M *Consumer Energy 10Y +97
  • 02/13 $500M *McKesson 3NC1 +110
  • 02/13 $500M *Jacobs 10Y +220a

  • 02/10 No new issuance Friday after total $60.2B high-grade corporate debt issued on wk

  • $4.75B Priced Thursday
  • 02/09 $2.25B *BP Capital 10Y +112
  • 02/09 $1.75B *AFD (French Development Agency) 3Y SOFR+44
  • 02/09 $750M *Westpac NZ +105
  • $5.5B Priced Wednesday
  • 02/08 $2B *Korea Development Bank (KDB) ($1B) 5Y +60, $1B 10Y +80
  • 02/08 $1.25B *Waste Management $1.75B 7Y +90, $500M 10Y +100
  • 02/08 $1B *IDB Invest 5Y SOFR+59
  • 02/08 $750M *American Airlines 5NC2 7.25%
  • 02/08 $500M *Synovus Bank 5Y +185
  • 02/08 $Benchmark Westpac NZ 5Y investor calls
  • Reverse Yankee issuance:
  • 02/08 *GM Financial EU750M 6Y +140, GBP400M 3.5y +195

  • $37.45B Priced Tuesday
  • 02/07 $11B *Intel $1.5B 3Y +75, $1.75B 5Y +105, $1.25B 7Y +135, $2.25B 10Y +155, $1B 20Y +175, $2B 30Y +195, $1.25B 40Y +215
  • 02/07 $5.5B *PIF (sovereign wealth fund) $1.75B 7Y +115, $2B 12Y +145, $1.75B 30Y +185
  • 02/07 $5B *EIB 10Y SOFR+48
  • 02/07 $5B *World Bank (IBRD) 7Y SOFR +47
  • 02/07 $3.5B *Export Development bank Canada (EDC) 5Y SOFR+39
  • 02/07 $2B *CDP Financial 3Y +58
  • 02/07 $1.75B *Swedish Export Bank (SEK) 7Y SOFR +46
  • 02/07 $1.5B *Starbucks $1B 3Y +68, $500M 10Y +115
  • 02/07 $1.2B *Vodafone $700M 30Y +195, $500M 40Y +210
  • 02/07 $1B *Comcast WNG 10Y +100
  • $12.5B Priced Monday
  • 02/06 $4B *Nextera $1.25B 5Y +110, $600M 7Y +125, $1B 10Y +140, $1.15B 30Y +155
  • 02/06 $3B *T-Mobile $1B 5Y +118, $1.25B +10Y +143, $750M 30Y tap +165a
  • 02/06 $2B *Northrop Grumman $1B 10Y +108, $1B 30Y +128
  • 02/06 $1.5B *Deutsche Bank 11NC10 +345
  • 02/06 $1.2B *Micron Technology 7Y tap +210a, 10Y +225a
  • 02/06 $800M *Becton Dickinson 5Y +188
  • 02/06 $Benchmark Comcast investor calls
  • 02/06 $Benchmark Intel investor calls

  • 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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