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US$ Credit Supply Pipeline

$39.85B Priced Tuesday, largest placement in approximately two years

USUS$ Credit Supply PipelineMarketsStoryRegionNorth America

Partly seasonal, a return from summer market malaise, coupled with expectation the Federal Reserve is at or at least near the end of it's tightening cycle has reignited corporate bond issuance. Tuesday saw the busiest session for corporate issuance in approximately two years, $39.85B in one day just over twice all of the month of August.

  • Date $MM Issuer (Priced *, Launch #)
  • 09/06 $2B #AIIB (Asian Infrastructure Investment Bank) 3Y SOFR+41
  • 09/06 $1B #Nordic Investment Bank WNG +2Y SOFR+19
  • 09/06 $Benchmark IADB 10Y SOFR+48
  • 09/06 $Benchmark TD Bank 5Y SOFR+92a
  • 09/06 $Benchmark Nippon Life 30NC10
  • $39.85B Priced Tuesday, largest placement in approximately two years
  • 09/05 $4.75B *BHP Billiton $850M 3Y +65, $700M 5Y +85, $900M 7Y +100, $1.5B 10Y +110, $800M 30Y +125
  • 09/05 $3.4B *Volkswagen $800M 2Y +85, $50M 2Y SOFR+93, $900M 3Y +105, $700M 5Y +130, $500M 10Y +165
  • 09/05 $3.25B *CBA (Comm. Bank of Australia) $900M 2Y +55, $600M 2Y SOFR+63, $1.75B 5Y SOFR+92
  • 09/05 $3B *UBS $1B 2Y +85, $500M 2Y SOFR+93, $1.5B 5Y +128
  • 09/05 $3B *ING 4NC3 +142, 4NC3 SOFR+156, 11NC10 +185
  • 09/05 $2.5B *JBS $1.6B 10Y +250, $900M 30Y +290
  • 09/05 $2.35B *Philip Morris $650M 5Y +105, $700M 7Y +135, $1B 10Y +160
  • 09/05 $2B *Codelco $1.3B +10Y +170, $700M 30Y +195
  • 09/05 $2B *SMFG Sumitomo Mitsui Fncl GRP $1.1B 5Y +135, $900M 10Y +155
  • 09/05 $1.9B *John Deere $350M 2Y +37.5, $550M 3Y +52, $1B 10Y +90
  • 09/05 $1.5B *DBS $750M 2Y +53, $750M 2Y SOFR+61
  • 09/05 $1.5B *Unilever $700M 5Y +55, $800M 10Y +85
  • 09/05 $1.5B *Sumitomo Mitsui Trust $500M each: 3Y +100, 3Y SOFR+115, 5Y +122
  • 09/05 $1.35B *MidAmerican Energy $350M 10Y +110, $1B 31Y +147
  • 09/05 $1.35B *Duke Energy $600M 10Y +150, $750M 30Y +173
  • 09/05 $1.3B *Southern Co $600M +5Y +113, $700M +10Y +148
  • 09/05 $1B *Swedbank 3Y +148
  • 09/05 $600M *CSX 10Y +95
  • 09/05 $600M *WEC Energy 3Y +93
  • 09/05 $500M *Mitsubishi WNG 5Y +143
  • 09/05 $600M *Metropolitan Life Global 5Y +105

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

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Partly seasonal, a return from summer market malaise, coupled with expectation the Federal Reserve is at or at least near the end of it's tightening cycle has reignited corporate bond issuance. Tuesday saw the busiest session for corporate issuance in approximately two years, $39.85B in one day just over twice all of the month of August.

  • Date $MM Issuer (Priced *, Launch #)
  • 09/06 $2B #AIIB (Asian Infrastructure Investment Bank) 3Y SOFR+41
  • 09/06 $1B #Nordic Investment Bank WNG +2Y SOFR+19
  • 09/06 $Benchmark IADB 10Y SOFR+48
  • 09/06 $Benchmark TD Bank 5Y SOFR+92a
  • 09/06 $Benchmark Nippon Life 30NC10
  • $39.85B Priced Tuesday, largest placement in approximately two years
  • 09/05 $4.75B *BHP Billiton $850M 3Y +65, $700M 5Y +85, $900M 7Y +100, $1.5B 10Y +110, $800M 30Y +125
  • 09/05 $3.4B *Volkswagen $800M 2Y +85, $50M 2Y SOFR+93, $900M 3Y +105, $700M 5Y +130, $500M 10Y +165
  • 09/05 $3.25B *CBA (Comm. Bank of Australia) $900M 2Y +55, $600M 2Y SOFR+63, $1.75B 5Y SOFR+92
  • 09/05 $3B *UBS $1B 2Y +85, $500M 2Y SOFR+93, $1.5B 5Y +128
  • 09/05 $3B *ING 4NC3 +142, 4NC3 SOFR+156, 11NC10 +185
  • 09/05 $2.5B *JBS $1.6B 10Y +250, $900M 30Y +290
  • 09/05 $2.35B *Philip Morris $650M 5Y +105, $700M 7Y +135, $1B 10Y +160
  • 09/05 $2B *Codelco $1.3B +10Y +170, $700M 30Y +195
  • 09/05 $2B *SMFG Sumitomo Mitsui Fncl GRP $1.1B 5Y +135, $900M 10Y +155
  • 09/05 $1.9B *John Deere $350M 2Y +37.5, $550M 3Y +52, $1B 10Y +90
  • 09/05 $1.5B *DBS $750M 2Y +53, $750M 2Y SOFR+61
  • 09/05 $1.5B *Unilever $700M 5Y +55, $800M 10Y +85
  • 09/05 $1.5B *Sumitomo Mitsui Trust $500M each: 3Y +100, 3Y SOFR+115, 5Y +122
  • 09/05 $1.35B *MidAmerican Energy $350M 10Y +110, $1B 31Y +147
  • 09/05 $1.35B *Duke Energy $600M 10Y +150, $750M 30Y +173
  • 09/05 $1.3B *Southern Co $600M +5Y +113, $700M +10Y +148
  • 09/05 $1B *Swedbank 3Y +148
  • 09/05 $600M *CSX 10Y +95
  • 09/05 $600M *WEC Energy 3Y +93
  • 09/05 $500M *Mitsubishi WNG 5Y +143
  • 09/05 $600M *Metropolitan Life Global 5Y +105

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

Keep reading...Show less