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US$ Credit Supply Pipeline

  • Date $MM Issuer (Priced *, Launch #)
  • 07/20 $1B *Province of Manitoba 10Y SOFR+74
  • 07/20 $Benchmark Hanwa Q Cells AM 5Y +140a

  • $10.1B Priced Wednesday, $35.725B total for the week so far
  • 07/19 $6.75B *Morgan Stanley $1.2B 2Y +73, $800M 2Y SOFR+78, $2.25B 6NC5 +147, $2.5B 11NC10 +167
  • 07/19 $2.15B *Concentrix $800MN 3Y +235, $800M 5Y +262, $550M 10Y +312
  • 07/19 $1.2B *Heico Corp $600M 5Y +130, $600M 10Y +165
  • $18.45B Priced Tuesday
  • 07/18 $8.5B *Wells Fargo 6NC5 +175a, 11NC10 +205a
  • 07/18 $3B *World Bank 7Y SOFR+43
  • 07/18 $1.5B *Caisse de dépôt et placement du Québec (CDP) 5Y SOFR+62
  • 07/18 $1B *SMBC Aviation Capital 10Y +195
  • 07/18 $1B *Jefferies 5Y +200
  • 07/18 $750M *AutoZone $450M 3Y +75, $300M 10Y +143
  • 07/18 $750M *Almarai 10Y Sukuk +155a
  • 07/18 $750M *Abu Dhabi 10Y +125a
  • 07/18 $700M *Panama 10Y +275
  • 07/18 $500M *Shinhan Financial 5Y +110
  • $6.725B Priced Monday
  • 07/17 $4.5B *JP Morgan $2.5B 6NC5 +128, $2B 2034 Tap +150
  • 07/17 $1.725B *Wells Fargo PerpNC5 Pfd 7.625%
  • 07/17 $500M *Conagra WNG 3Y +100
  • 07/14 No new issuance Friday, $18.75B Priced on week

  • $4.5B Priced Thursday
  • 07/13 $2.35B #Royal Bank of Canada $1B 3Y +98, $350M 3Y SOFR+108, $1B 5Y +128
  • 07/13 $1.5B #CPPIB (Canada Pension Plan Inv Board) 5Y SOFR+57
  • 07/13 $650M #Aircastle 5Y +260
  • 07/13 $Benchmark FHLB 5Y +8a
  • 07/12 No new issuance Wednesday

  • $9.75B Priced Tuesday
  • 07/11 $4B *KFW 10Y SOFR+45
  • 07/11 $1.5B #John Deere 5Y +75
  • 07/11 $1.5B *JBIC (Japanese Bank for Int Cooperation) 5Y +69
  • 07/11 $1.5B #Rabobank $850M 2Y +65, $650M 2Y SOFR+70
  • 07/11 $750M #Abu Dhabi Islamic Bank NC5.5 Sukuk +165
  • 07/11 $500M #Korea Hydro/Nuclear Power 5Y +90
  • $4.5B Priced Monday
  • 07/10 $3.5B *TD Bank $1.8B 3Y +98, $450M 3Y SOFR+108, $1.25B 5Y+128
  • 07/10 $1B *MetLife 10Y +145
  • 07/07 No new issuance Friday, $14.8B total corporate debt issued first week of July
  • $9.05B Priced Thursday
  • 07/06 $4.3B *SMFG $850M 3Y +120, $400M 3Y SOFR+130, $750M 5Y +145, $650M 7Y +165, 10Y +175a, $1B 20Y +195
  • 07/06 $2B *IFC 5Y SOFR+33
  • 07/06 $1.5b *Toyota $500M each: 3Y +58, 5Y +75, 10Y 108
  • 07/06 $1.25B Deutsche Bank 4NC3 +245
  • $5.75B Priced Wednesday
  • 07/05 $2.5B #BFCM $1.4B 3Y +130, $350M 3Y SOFR+140, $750M 5Y +155
  • 07/05 $1.75B #American Honda $950M 3Y +70, $800M 5Y +90
  • 07/05 $1.5B #Nomura $900M 5Y +183, $600M 10Y +215
  • 07/05 $Benchmark Shinhan Financial 5Y investor calls

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

DateTotal for Month
Jun'23$113.195B
May'23$168.22B
Apr'23$122.19B
Mar'23$122.05B
Feb'23$186.7B
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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