US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 02/23 $4B #Eli Lilly $750M 3NC1 +65, $1B 10Y +85, $1.25B 30Y +100, $1B 40Y +115
• 02/23 $3B #Raytheon $500M 3y +60, $1.25B 10Y +130, $1.25B 30Y +150
• 02/23 $2.75B #BHP Billiton $1B 3Y +55, $1B 5Y +75, $750M 10Y +105
• 02/23 $2B #UPS 10Y +100, 30Y +120
• 02/23 $800M #Trimble 10Y +225
• 02/23 $750M #AON Corp 10Y +147
• Looking forward to March: Cassa Depositi e Prestiti S.p.A. (ticker: CDEP), the Italian National Promotional Institution and Development Finance Institution, has mandated CITI and J.P. MORGAN to arrange a series of fixed income meetings in the US commencing on March 7.
• $4B Priced Wednesday
• 02/22 $2.5B *NextEra WNG 2Y +120
• 02/22 $1B *OKB 5Y SOFR+36
• 02/22 $500M *Eastman Chemical 10Y +185
• $9.15B Priced 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
• 02/17 No new issuance Friday, $56.95B total on week
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• $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
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• $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
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• $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
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• $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
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• $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
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• $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
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• 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