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MNI China Daily Summary: Thursday, November 30

MNI BRIEF: Japan Nov. Consumer Confidence Rises Again

MNI BRIEF: China's November PMI Falls Further On Weak Demand

BOE DMP highlights

MNI: GERMANY NOV UE RATE (SA) 5.9% (FCST 5.8%); OCT 5.8%

MNI: GERMANY NOV UNEMPLOYMENT RATE +5.9%

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

US$ Credit Supply Pipeline

Total August issuance $79.45B

USUS$ Credit Supply PipelineMarketsStoryRegionNorth America
  • Date $MM Issuer (Priced *, Launch #)
  • $6.5B Priced on week, total August issuance $79.45B
  • 08/31 $1.5B Quebec 10Y SOFR+72
  • 08/30 $5B KFW 3Y SOFR+25
  • 08/25-08/29 No new US$ issuance, $14.05B on week
  • 08/24 $750M *Japan Finance Org for Municipalities (JFM) 3Y SOFR+62
  • $5.85B Priced Wednesday, $13.3B/wk
  • 08/23 $4B *Asian Development Bank (ADB) 5Y SOFR+35
  • 08/23 $1.25B *Kommunalbanken Norway 5Y SOFR+44
  • 08/23 $600M *Pacific Life 3Y +88
  • $6.95B Priced Tuesday
  • 08/22 $4B *EIB 5Y SOFR+33
  • 08/22 $2.35B *Charles Schwab $1B 3Y +115, $1.35B 11NC10 +180
  • 08/22 $600M *DBJ (Development Bank of Japan) 3Y SOFR+62
  • $500M Priced Monday
  • 08/20 $500M #Pricoa Global Funding 3Y +88
  • 08/18 No new US$ issuance Friday, total $10.35B high-grade issuance for the week

  • 08/17 $Benchmark DBJ (Development Bank of Japan) 3Y investor call

  • 08/16 No new US$ corporate bond issuance Wednesday
  • $1.35B Priced Tuesday
  • 08/15 $750M *PNC Financial 11NC10 +173
  • 08/15 $600M *Jacobs 5Y +200
  • $9B Priced Monday
  • 08/14 $5B *Bank of America $2B 2Y +70, $400M 2Y SOFR+78, $2B 3Y +90, $600M 3Y SOFR+102
  • 08/14 $2B *Fiserv Inc $700M 5Y +108, $1.3B 10Y +155
  • 08/14 $1.25B *Huntington Bancshares 6NC5 +185
  • 08/14 $750M *Otis Worldwide 5Y +98
  • 08/11 No new US$ issuance Friday, total $33.5B high-grade issuance for the week

  • $8.5B Priced Thursday
  • 08/10 $5.25B *Oneok $750m 3Y +105, $750m 5Y +145, $500m 7Y +165, $1.5b 10Y +195, $1.75b 30Y +240
  • 08/10 $3B *Celanese US Holdings $1B 5Y +215, $1B 7Y +240, $1B 10Y +260
  • $2.6B Priced Wednesday
  • 08/09 $2B *McDonald's $600M 5Y +68, $600M 10Y +98, $800M 30Y +128. Compares to last year's $1.5B issuance on September 9, McDonald's issued $750M 10Y +133, $750M 30Y +168
  • 08/09 $600M *Toyota Motor Credit 3Y +60

  • $8.2B Priced Tuesday
  • 08/08 $3B *BMW US $800M 2Y +55, $600M 2Y SOFR+62, $1B 5Y +95, $600M 10Y +115
  • 08/08 $2.7B *Conoco Phillips $1B 10Y +105, $1B 30Y +135, $700M 40Y +150
  • 08/08 $1.5B *Ingersoll Rand $500M 5Y +137, $1B 10Y +177
  • 08/08 $1B *Virginia Electric and Power $400M 10Y +128, $600M 30Y +150
  • $14.2B Priced Monday
  • 08/07 $3B *HSBC $2.3B 4NC3 +145, $700M 4NC3 SOFR+157
  • 08/07 $2.95B *Thermo Fisher $600M 3Y +50, $750M 7Y +85, $1B 10Y +100, $600M 20Y +98
  • 08/07 $2.75B *Goldman Sachs $2.25B 3NC2 +103, $500M 3NC2 SOFR+106.5
  • 08/07 $1.5B *BNP Paribas PerpNC5 8.5%
  • 08/07 $1.25B *Williams Cos $350M 3Y +87.5, $900M 5Y +118
  • 08/07 $1.15B *Caterpillar $800M 2Y +40, $350M 2Y SOFR+45.5
  • 08/07 $1B *ANZ 5Y +120
  • 08/07 $600M *San Diego Gas & Electric 5Y +90
  • 08/04 No new issuance Friday, $15.05B total issued on week

  • $2.25B Priced Thursday
  • 08/03 $900M #Public Service Electric & Gas $500M 10Y +103, $400M 30Y +115
  • 08/03 $750M #NY State Electric & Gas $350M 5Y +140, $400M 10Y +168
  • 08/03 $600M #PACCAR Financial $300M 3Y +50, $300M 5Y +70
  • $12.2B Priced Wednesday
  • 08/02 $5B #Wells Fargo $2B 2Y +72, $400M 2Y SOFR+80, $2.2B 3Y +92, $400M 3Y SOFR+106
  • 08/02 $1.6B #Daimler Truck $600M 2Y +73, $500M 5Y +118, $500M 10Y +150
  • 08/02 $1B #Columbia Pipelines HoldCo $300M 3Y +150, $700M 5Y +180
  • 08/02 $4.6B #Columbia Pipelines OpCo $750M 7Y +175, $1.5B 10Y +195, $600M 20Y +212.5, $1.25B 30Y +235, $500M 40Y +252
  • $600M Priced Tuesday
  • 08/01 $600M Booz Allen Hamilton 10Y +203
  • 08/01 $500M TriNet Group 8NC3 investor call

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
Aug'23$79.45B
Jul'23$104.075B
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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  • Date $MM Issuer (Priced *, Launch #)
  • $6.5B Priced on week, total August issuance $79.45B
  • 08/31 $1.5B Quebec 10Y SOFR+72
  • 08/30 $5B KFW 3Y SOFR+25
  • 08/25-08/29 No new US$ issuance, $14.05B on week
  • 08/24 $750M *Japan Finance Org for Municipalities (JFM) 3Y SOFR+62
  • $5.85B Priced Wednesday, $13.3B/wk
  • 08/23 $4B *Asian Development Bank (ADB) 5Y SOFR+35
  • 08/23 $1.25B *Kommunalbanken Norway 5Y SOFR+44
  • 08/23 $600M *Pacific Life 3Y +88
  • $6.95B Priced Tuesday
  • 08/22 $4B *EIB 5Y SOFR+33
  • 08/22 $2.35B *Charles Schwab $1B 3Y +115, $1.35B 11NC10 +180
  • 08/22 $600M *DBJ (Development Bank of Japan) 3Y SOFR+62
  • $500M Priced Monday
  • 08/20 $500M #Pricoa Global Funding 3Y +88
  • 08/18 No new US$ issuance Friday, total $10.35B high-grade issuance for the week

  • 08/17 $Benchmark DBJ (Development Bank of Japan) 3Y investor call

  • 08/16 No new US$ corporate bond issuance Wednesday
  • $1.35B Priced Tuesday
  • 08/15 $750M *PNC Financial 11NC10 +173
  • 08/15 $600M *Jacobs 5Y +200
  • $9B Priced Monday
  • 08/14 $5B *Bank of America $2B 2Y +70, $400M 2Y SOFR+78, $2B 3Y +90, $600M 3Y SOFR+102
  • 08/14 $2B *Fiserv Inc $700M 5Y +108, $1.3B 10Y +155
  • 08/14 $1.25B *Huntington Bancshares 6NC5 +185
  • 08/14 $750M *Otis Worldwide 5Y +98
  • 08/11 No new US$ issuance Friday, total $33.5B high-grade issuance for the week

  • $8.5B Priced Thursday
  • 08/10 $5.25B *Oneok $750m 3Y +105, $750m 5Y +145, $500m 7Y +165, $1.5b 10Y +195, $1.75b 30Y +240
  • 08/10 $3B *Celanese US Holdings $1B 5Y +215, $1B 7Y +240, $1B 10Y +260
  • $2.6B Priced Wednesday
  • 08/09 $2B *McDonald's $600M 5Y +68, $600M 10Y +98, $800M 30Y +128. Compares to last year's $1.5B issuance on September 9, McDonald's issued $750M 10Y +133, $750M 30Y +168
  • 08/09 $600M *Toyota Motor Credit 3Y +60

  • $8.2B Priced Tuesday
  • 08/08 $3B *BMW US $800M 2Y +55, $600M 2Y SOFR+62, $1B 5Y +95, $600M 10Y +115
  • 08/08 $2.7B *Conoco Phillips $1B 10Y +105, $1B 30Y +135, $700M 40Y +150
  • 08/08 $1.5B *Ingersoll Rand $500M 5Y +137, $1B 10Y +177
  • 08/08 $1B *Virginia Electric and Power $400M 10Y +128, $600M 30Y +150
  • $14.2B Priced Monday
  • 08/07 $3B *HSBC $2.3B 4NC3 +145, $700M 4NC3 SOFR+157
  • 08/07 $2.95B *Thermo Fisher $600M 3Y +50, $750M 7Y +85, $1B 10Y +100, $600M 20Y +98
  • 08/07 $2.75B *Goldman Sachs $2.25B 3NC2 +103, $500M 3NC2 SOFR+106.5
  • 08/07 $1.5B *BNP Paribas PerpNC5 8.5%
  • 08/07 $1.25B *Williams Cos $350M 3Y +87.5, $900M 5Y +118
  • 08/07 $1.15B *Caterpillar $800M 2Y +40, $350M 2Y SOFR+45.5
  • 08/07 $1B *ANZ 5Y +120
  • 08/07 $600M *San Diego Gas & Electric 5Y +90
  • 08/04 No new issuance Friday, $15.05B total issued on week

  • $2.25B Priced Thursday
  • 08/03 $900M #Public Service Electric & Gas $500M 10Y +103, $400M 30Y +115
  • 08/03 $750M #NY State Electric & Gas $350M 5Y +140, $400M 10Y +168
  • 08/03 $600M #PACCAR Financial $300M 3Y +50, $300M 5Y +70
  • $12.2B Priced Wednesday
  • 08/02 $5B #Wells Fargo $2B 2Y +72, $400M 2Y SOFR+80, $2.2B 3Y +92, $400M 3Y SOFR+106
  • 08/02 $1.6B #Daimler Truck $600M 2Y +73, $500M 5Y +118, $500M 10Y +150
  • 08/02 $1B #Columbia Pipelines HoldCo $300M 3Y +150, $700M 5Y +180
  • 08/02 $4.6B #Columbia Pipelines OpCo $750M 7Y +175, $1.5B 10Y +195, $600M 20Y +212.5, $1.25B 30Y +235, $500M 40Y +252
  • $600M Priced Tuesday
  • 08/01 $600M Booz Allen Hamilton 10Y +203
  • 08/01 $500M TriNet Group 8NC3 investor call

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
Aug'23$79.45B
Jul'23$104.075B
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