US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 10/26 $Benchmark M&T Bank 6NC5, guidance TBA
• $3.5B Priced Wednesday
• 10/25 $1.75B *Truist Financial 6NC5 +225
• 10/25 $1B *BGK (Bank Gospodarstwa Krajowego) 5Y +138
• 10/25 $750M *Mamoura 10.5Y +150a
• $6.5B Priced Tuesday
• 10/24 $2.5B *American Express $1.2B 3NC2 +125, $300M 3NC2 SOFR+135, $1B 8NC7 +165
• 10/24 $2.5B *IDA (Int Development Assn) 5Y SOFR+44
• 10/24 $1.54B *Borr Drilling $1.025B 5NC2 11.117%, $515M 7NC3 11.378%
• 10/24 $500M Turk Eximbank 3.25Y 9.25%
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• $800M Priced Monday
• 10/23 $800M *Genuine Parts $425M 5Y +180, $375M 10Y +210
• 10/20 No new issuance Friday after total $33.25B high-grade corporate debt priced on week
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• $3.75B Priced Thursday
• 10/19 $1.75B *CAF +3Y SOFR+125
• 10/19 $1B *US Bancorp 4NC3 +175
• 10/19 $1B *AutoZone $500M 5Y +132, $500M 10Y +162
• $9.25B Priced Wednesday
• 10/18 $4B *Goldman Sachs $2.75B 6NC5 +157, $1.25B 11NC10+167
• 10/18 $2B *BNY Mellon $900M 6NC5 +140, $1.1B 11NC10 +158
• 10/18 $1.5B *BNG Bank 3Y SOFR+38
• 10/18 $1B *Finnerva 2027 SOFR+42
• 10/18 $750M *MUFG PNC5.25 8.2%
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• $7B Priced Tuesday
• 10/17 $3.5B *PNC Financial $1.25B 4NC3 +160, $2.25B 11NC10 +203
• 10/17 $1B *Kommunalbanken +3Y SOFR+40
• 10/17 $1B *Rentenbank 10Y SOFR+53
• 10/17 $1B *OKB 3Y SOFR+30
• 10/17 $500M *KEB Hana 5Y +100
• $13.25B Priced Monday
• 10/16 $7.25B *JP Morgan $2B 4NC3 +120, $2.25B 6NC5 +137.5, $3B 11NC10 +155
• 10/16 $6B *Wells Fargo $2.75B 6NC5 +160, $3.25B 11NC10 +180
• 10/16 $Benchmark KDB 3Y +55a, 3Y SOFR+70a, 5Y +75a, 10Y +94a
• $500M Priced Thursday, $21.75B total for the week
• 10/12 $500M *Shinhan Formosa 5Y SOFR+108
• $11.25B Priced Wednesday, $20.75B total/week
• 10/11 $6B *KFW 2Y SOFR+21, 7Y SOFR+49
• 10/11 $3.5B *Smucker $750M 5Y +130, $1B 10Y +160, $750M 20Y +162.5, $1B 30Y +180
• 10/11 $1.25B *Nationwide BS 4NC3 +180
• 10/11 $500M *JBIC WNG 5Y SOFR+59
• $9.5b Priced Tuesday
• 10/10 $4B *BPCE $1.1B 4NC3 +185, $300M 4NC3 SOFR+198, $1.25B 6NC5 +210, $1.35B 11NC10 +35
• 10/10 $4B *Energy Transfer $1B 3Y +130, $500M 5Y +150, $1B 7Y +175, $1.5B 10Y +190
• 10/10 $1B *Civitas Resources 7NC3 8.625%
• 10/10 $500M *General Mills WNG 5Y +103
• 10/06-10/09 No new corporate issuance Friday-Monday
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• $5.06B Priced Thursday, $14.75 total for the week
• 10/05 $1.25B *Fox Corp 10Y +190
• 10/05 $1.25B *MuniFin +3Y SOFR+38
• 10/05 $1B *FFCB 2Y +10 (issued $1B 3Y +15 on Aug 9)
• 10/05 $900M *Atmos Energy $400M 10Y +120, $500M 30Y +133
• 10/05 $660M *Uzbekistan 5Y 8.125%
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• $2.25B Priced Wednesday, $9.7B total for the first half of the week
• 10/04 $1.25B *Kommuninvest +2Y SOFR+31
• 10/04 $500M *Dominion Energy South Carolina WNG 30Y +140
• 10/04 $500M *Darden WNG 10Y +165
• Less than $1B Priced Tuesday
• 10/03 $750M *Emirates NBD 5Y +120
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• $6.45B Priced Monday
• 10/02 $1.75B *American Honda $950M 2Y +75, $300M 2Y SOFR+79, $500M 7Y +115
• 10/02 $1.7B *Diageo $800M 3Y +60, $900M 10Y +100
• 10/02 $1B *PSEG $600M 5Y +120, $400M 10Y +150
• 10/02 $500M *Aviation Capital Group 5Y +225
• 10/02 $500M *Kimco Realty +10Y +178
• 10/02 $Benchmark Oman Telecom 7Y Sukuk 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