US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 08/01 $Benchmark Booz Allen Hamilton 10Y +220a
• 08/01 $500M TriNet Group 8NC3 investor call
• $19.2B Priced Monday, total $104.075B high-grade issuance for July
• 07/31 $5B *BAT $1B 5.5Y +175, $1B 7Y +225, $1.25B 10Y +245, $750M 20Y +285, $1B 30Y +305
• 07/31 $3.5B *Mercedes Benz $700M 2Y +52, $400M 2Y SOFR+57, $750M 3Y +72, $900M 5Y +95, $750M 10Y +115
• 07/31 $3.5B *Santander $1.5B 5Y +140, $2B 10Y +295
• 07/31 $2B *Lloyds $1.5B 4NC3 +148, $500M 4NC3 SOFR+156
• 07/31 $1.6B *Norfolk Southern $600M 7Y +102, $1B 30Y +137
• 07/31 $1.5B *State St $1.2B 3Y +75, $300M +3Y SOFR+84.5
• 07/31 $800M *Invitation Homes $450M 7Y +158, $350M 10Y +173
• 07/31 $800M *Xcel Energy 10Y +153
• 07/31 $500M *Consumers Energy +5Y +75
• 07/28 No new issuance Friday, $84.875B running total for July
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• $6.35B Priced Thursday, $15.05B total for week,
• 07/27 $1.1B *Penske Trucking 5Y +187.5
• 07/27 $2B *WM $750M +5Y +75, $1.25B +10Y +105
• 07/27 $3.25B *L3Harris $1.25B +3Y +85, $1.5B 10Y +140, $500M 3Y +155
• 07/26 No new issuance Wednesday, sidelined into FOMC annc, $8.7B total priced on week
• 07/25 $3.5B *American Express $.2B 4NC3 +88, $300M 4NC3 SOFR+97, $1.5B 6NC5 +113, $500M 11NC10 +175
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• $5.2B Priced Monday
• 07/24 $2.2B *Public Storage $400M 2Y SOFR+60, $500M +5Y +100, $700M 10Y +125, $600M 30Y +143
• 07/24 $1B *Kepco 3Y +100
• 07/24 $1.25B *Fifth Third 6NC5 +225
• 07/24 $750M *Ashtead Capital 10Y +210
• 07/21 No new issuance Friday, $36.275B total for week
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• $1B Priced Thursday
• 07/20 $1B *Province of Manitoba 10Y SOFR+74
• $10.1B Priced Wednesday, $35.275B 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
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• $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
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• $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