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US$ Credit Supply Pipeline

Corporate issuers remain sidelined since mid-December, total issuance for the month just over $28B -- much better than total issuance for December 2022 of $7.75B. Total high grade issuance for 2023 at $1.438T - compares to $1.294T total for 2022. Look for issuance to remain tepid into the start of 2024, partially due to next quarterly earnings cycle that starts in the second full week of January.

  • Date $MM Issuer (Priced *, Launch #)
  • 12/18 $700M *Ameren 5Y +110
  • 12/13-12/14 No new issuance Wed-Fri, running total for week at $3.25B

  • $500M Priced Tuesday
  • 12/12 $500M Icahn Enterprises 5NCL 9.75%
  • $2.75B Priced Monday
  • 12/11 $1B *National Bank of Canada 5Y +137.5
  • 12/11 $1B *Community Health Systems 8NC3 10.875%
  • 12/11 $750M *Ally Financial 6NC5 +260
  • 12/08 No new high grade corporate issuance Friday, $24.175 total on week

  • $1.6B Priced Thursday
  • 12/07 $1B *Republic Services $350M 2029 tap +75, $650M 10Y +95
  • 12/07 $600M *Athene 10Y +200
  • $4B Priced Wednesday
  • 12/06 $2B *RBC 3Y SOFR+53
  • 12/06 $1B *America Electric Power (AEP) 5Y +112.5
  • 12/06 $Benchmark Athene investor calls
  • $9.375B Priced Tuesday
  • 12/05 $3.75B *JP Morgan 3Y +78, 3Y SOFR+100
  • 12/05 $1.5B *IADB 3Y SOFR+35
  • 12/05 $1.5B *Bank of Montreal $1.15B 3Y +93, $350M 3Y SOFR+116
  • 12/05 $750M *Corebridge Financial 10Y +160
  • 12/05 $750M *Cantor Fitzgerald 5Y +310
  • 12/05 $600M *Stryker Corp 5Y +73
  • 12/05 $525M *Protective Life 5Y +132
  • $9.2B Priced Monday
  • 12/04 $3B #GM $1.5B 5Y +160, $1.5B 5Y SOFR, 10Y +185
  • 12/04 $2.75B #Wells Fargo $2.25B 3Y +85, $500M 3Y SOFR+107
  • 12/04 $1.5B #Crown Castle $750M +5Y +1143, $750M +10Y +153
  • 12/04 $750M NextEra Energy 5NC
  • 12/04 $700M Univision Comm 8% 5Y tap
  • 12/04 $500M #TD Bank WNG 3Y +85
  • No new issuance since Wednesday, total November 2023 issuance $131.7B

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

Dec'23$28.1B, $268.1B Q4. Running total for 2023: $1.438T
Nov'23$131.7B
Oct'23$108.3B
Sep'23$165.25B; $348.775B Q3
Aug'23$79.45B
Jul'23$104.075B
Jun'23$113.195B; $403.605B Q2
May'23$168.22B
Apr'23$122.19B
Mar'23$122.05B; $540.175B Q1
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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