US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 04/28 No new issuance Friday, $22.1B total priced on week, final total of $122.19B for the month
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• $7.1B Priced Thursday
• 04/27 $2.45B *Philip Morris** $450M Tap 4.875% 2/13/26 +90, $550M Tap 4.8755 2/15/28 +115, $700M Tap 5.125% 2/15/30 +145, $750M Tap 5.375% 2/15/33 +165.
• 04/27 $1.25B *Eximbank -5Y +280
• 04/27 $1B *CDP (Cassa Depositi Prestiti) 3Y +200
• 04/27 $900M *Anglo American 10Y +205
• 04/27 $750M *State Bank of India 5Y +145
• 04/27 $750M *Constellation Brands 10Y +147
• $8.4B Priced Wednesday
• 04/26 $3B *ERAC USA Finance $1B 5Y+120, $1B 10Y +150, $1B 30Y +175
• 04/26 $2.5B *American Express $1.25B 3NC2 +98, $1.25B 11NC10 +160
• 04/26 $1.25B *Swedish Export Credit +2Y SOFR +31
• 04/26 $1B *Sasol Financing USA LLC 6Y 8.75%
• 04/26 $650M *SMBC Aviation 5Y +200
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• 04/25 No new issuance Tuesday
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• $6.6B Priced Monday
• 04/24 $2.5B #RBC $1.6B 2Y +85, $900M 10Y +152
• 04/24 $2.25B #CIBC $1.25B 2Y +103, $1B 5Y +142
• 04/24 $1.35B #Crown Castle +5Y +125, 10Y +160
• 04/24 $500M #Nvent Finance 10Y +218
• 04/24 $Benchmark Sasol Financing 6Y investor calls
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• No new corporate bond issuance Friday after $50.45B total priced on the week
• 04/21 $Benchmark Hungarian Export-Import Bank 5Y investor calls
• 04/21 $Benchmark Seacor Marine 5Y investor calls
• $2.35B Priced Thursday
• 04/20 $1B *Japan Finance for Municipalities (JFM) 5Y SOFR+81
• 04/20 $1.35B *United Mexican States 30Y +260
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• $24.75B Priced Wednesday
• 04/19 $8.5B *Bank of America $3.5B 6NC5 +148, $5B 11NC10 +168*
• 04/19 $7.5B *Morgan Stanley $1.5B 3Y +80, $2.75B 6NC5 +145, $3.25B 11NC10 +165
• 04/19 $4B *Canadian Government Bond 5Y +11
• 04/19 $2.5B *Bank of NY Mellon $1.5B 4NC3 +97, $1B 11NC10 +137
• 04/19 $1.25B *New Development Bank (NEWDEV) 3Y SOFR+125
• 04/19 $1B *Kommuninvest WNG -3Y SOFR+27
• $14B Priced Tuesday
• 04/18 $4B *European Inv Bank (EIB) 7Y SOFR+39
• 04/18 $3.5B *ADB 5Y SOFR+36 (Book was >$6.5B)
• 04/18 $2.5B *JBIC 3Y SOFR+47 (Book was >$3B)
• 04/18 $2.5B *CK Hutchinson $1.25B 5Y +110, $1.25B 10Y +135
• 04/18 $1.5B *Ontario Teachers Union 5Y SOFR+78 (Book was >$2.5B)
• $9.35B Priced Monday
• 04/17 $3.75B *Wells Fargo 11NC10 +180
• 04/17 $2.5B *Mars Inc $1B 5Y +87, $500M 8Y +105, $1B 10Y +117
• 04/17 $1.5B *Taqa $500M +5Y +80, $1B 10Y +110
• 04/17 $1.1B *Cargill $600M 3Y +65, $500M 10Y +120
• 04/17 $500M *Kookmin Bank 5Y +95
• 04/17 $Benchmark Banco BTG (Brazilian bank) investor calls
• 04/14 No new US$ issuance Friday, $12.25B total on week
• $2.5B Priced Thursday
• 04/13 $1.5B *American Honda 2Y +65, 7Y +115
• 04/13 $1B *OMERS Finance Trust 5Y SOFR +83
• $5B Walmart 5pt jumbo drove Wednesday issuance, $9.75B running total for week so far
• 04/12 $5B #Walmart 5pt jumbo: $750M 3Y +30, $750M 5Y +47, $500M 7Y +60, $1.5B 10Y +70, $1.5B 30Y +90 (same amount as the last time Walmart issued debt on Sep 6'22, $5B total, for comparison: $1.75B 3Y +35, $1B 5Y +55, $1.25B 10Y +85, $1B 30Y +100)
• $3.75B Priced Tuesday
• 04/11 $2.5B *MUFG $500M 3NC2 +150, $300M 3NC2 SOFR+144, $700M 6NC5 +170, $1B 11NC10 +197
• 04/11 $500M *Macquarie AirFinance 5NC2 8.375%
• 04/11 $750M *Banco de Brasil 7Y 6.625%a
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• $1B Priced Monday
• 04/10 $1B *Take-Two Software WNG 3Y +125, 5Y +145
• 04/10 $500M Macquarie AirFinance 5NC2 8.75%a investor calls
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• 04/07 No new US$ issuance Friday, $37.39B total on week
• 04/06 $2B *Bahrain $1B 7Y 6.25%, $1B 12Y 7.75%
• $11.75B Priced Wednesday, $35.35B/wk
• 04/05 $3.5B *Quebec 5Y SOFR+58a
• 04/05 $3.25B *Brazil 10Y 6.15%
• 04/05 $2.5B *Turkey +7Y 9.3%
• 04/05 1.5B *Micron $600M 5Y +205, $900M 10Y +265
• 04/05 $1B *Realty Income $400M 5Y +155, $600M 10Y +185
• $18.89B Priced Tuesday
• 04/04 $5B *World Bank (IBRD) 5Y SOFR+37 (book > $8.5B)
• 04/04 $3.84B *Citrix 6.5Y NC 2.5Y +79, 14.047% yield
• 04/04 $3B *KFW 2026 SOFR+20 (book > $10.5B at the close)
• 04/04 $2.25B *IADB 10Y SOFR +53 (book > $3B)
• 04/04 $1.25B *Kingdom of Jordan +5Y 7.875%
• 04/04 $1.2B *ZF North America $600M each 5Y 6.95%, 7Y 7.2%
• 04/04 $1B *Pilgrims Pride 10Y +300
• 04/04 $750M *MassMutual 3Y +100
• 04/04 $600M *CNH Industrial 5Y +140
• $4.75B Priced Monday
• 04/03 $2.25B *GM $1.25B 3Y +170, $1B 7Y +240 (3Y SOFR dropped)
• 04/03 $1.5B *Ford 5Y +6.8%
• 04/03 $500M *Shinhan Bank 5Y +107
• 04/03 $500M *McCormick WNG 10Y +153
• 04/03 $3.84B Citrix 6.5Y NC 2.5Y note roadshow Monday-Tuesday
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• 03/31 No new corporate issuance Friday, Total $122.05B for March 2023

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