US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #
• 1/18 $5B #Bank of America 11NC10 +133
• 1/18 $3.5B #US Bancorp $1.5B 6NC5 +133, $2B 11NC10 +153
• 1/18 $2.5B #BNG Bank 5Y SOFR+49
• 1/18 $2.5B #European Bank for Reconstruction/Development 5Y SOFR+39
• 1/18 $2B *African Development Bank 3YSOFR+31
• 1/18 $1.35B *Central AM Bank for Economic Integration (CABEI) 3Y +115
• 1/18 $1.25B #Citizens Financial 6NC5 +180
• 1/18 $700M #Banque Saudi Fransi 5Y Sukuk +105
• 1/18 $500M #Principal Life Global Funding 5Y +110
• 1/18 $500M #Blackstone Private Credit 7Y +245
• 1/18 $Benchmark Prologis 10Y +92, 30Y +98
• $19.45B Priced Wednesday
• 1/17 $4B *CADES 3Y SOFR+38
• 1/17 $2.5B *PNC Financial $1B 4NC3 +118, $1.5B 11NC10 +158
• 1/17 $1.75B *CAF 5Y SOFR+130
• 1/17 $1.75B *Republic of Chile 5Y +85
• 1/17 $1.5B *Kommunalbanken 5Y SOFR+50
• 1/17 $1.5B *Council of Europe Development Bank (COE) 5Y SOFR+41
• 1/17 $1.25B *Province of Alberta 10Y SOFR+87
• 1/17 $1B *Japan Bank for International Cooperation (JBIC) 7Y SOFR +77
• 1/17 $1B *BFCM $700M 3Y +97, $300M 3Y SOFR+113
• 1/17 $750M *EQT Corp 10Y +165
• 1/17 $700M *Woori Bank $300M 3Y +75, $400M 5Y 85
• 1/17 $500M *Air Lease 5Y +135
• 1/17 $650M *Aircastle 5Y +205
• 1/17 $600M Bue Owl Capital 5Y +220
• $30.25B Priced Tuesday
• 1/16 $8.5B *JP Morgan $2.5B 4NC3 +103, $500M 4NC3 SOFR+120, $2.5B 6NC5 +108, $3B 11NC10 +128
• 1/16 $8B *Wells Fargo $1.8B 2Y +60, $450M 2Y SOFR+71, $2.75B 6NC5 +127, $3B 11NC10 +45
• 1/16 $6.75B *Morgan Stanley $1.55B 4NC3 +92, $450M 4NC3 SOFR+108, $2.25B 6NC5 +122, $2.5B 11NC10 +140
• 1/16 $1.5B *Cox Communications $350M 2028 tap +105, $300M 2033 tap +130, $850M 30Y +148
• 1/16 $1.15B *Avolon Holdings 5Y +200
• 1/16 $1B *Eversource Energy $350M 3Y +100, $650M 10Y +150
• 1/16 $1B *Ares Capital +5Y +210
• 1/16 $750M *Shriram 3.25Y 6.625%
• 1/16 $600M *Extra Storage 10Y +135
• 1/16 $500M *General Mills WNG 3Y +70
• 1/16 $500M *POSCO 3Y +110
• $750M Priced Friday, total $65.5B on the week
• 1/12 $750M DirecTV 6NC2 8.875%
• $6.2B Priced Thursday
• 1/11 $5B #Societe Generale $1.15B 4NC3 +150, $350M 4NC3 SOFR, $1B 6NC5 +165, $1.25B 11NC10 +210, $1.25B 31NC30 +295
• 1/11 $1.2B #Niagara Mohawk Power $500M 10Y +130, $700M 30Y +145
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• Just over $19B high-grade corporate debt priced Wednesday, $58.59 total on the week
• 1/10 $4B *Royal Bank of Canada $1.25B 3Y +77, $500M 3Y SOFR+95, $1B 5Y +100, $1.25B 10Y +115
• 1/10 $3B *Province of Ontario 5Y SOFR+55
• 1/10 $3B *Asian Infrastructure Investment Bank (AIIB) 5Y SOFR+53
• 1/10 $3B *Energy Transfer $1.25B +10Y +155, $1.75B 30Y +175
• 1/10 $1.5B *OKB 5Y SOFR+45
• 1/10 $1.25B *Daimler Truck $750M 3Y +93, $500M 10Y +137
• 1/10 $1.04B *Sumitomo Life PerpNC10 5.875%
• 1/10 $1B *Micron 7Y +130
• 1/10 $800M *Berry Global 10Y +165
• 1/10 $500M *Met Tower Global Funding 3Y +75
• $11.1B Priced Tuesday, $39.5B/wk
• 1/9 $5B *KFW +5Y +42
• 1/9 $3B *T-Mobile $1B 5Y +90, $1.25B +10Y +117, $750M 31Y +130 (historical comparison: issued $8.5B total over three dates in 2023. T-Mobile, and most other cell companies for that matter, are in the top 20 largest all-time corporate debt issuers, T-Mobile issued $19B spanning 5 tranches on April 2, 2020.
• 1/9 $850M *Liberty Utilities $500M 5Y +160, $350M 10Y +185
• 1/9 $650B *MassMutual 5Y +188
• 1/9 $600M *Corebridge Global Funding 5Y +123
• 1/9 $500M *Penske 3Y +125
• 1/9 $500M *Protective Life 3Y +85a
• $28.4B Priced Monday. Saudi Arabia's $12B 3pt US$ issuance led Monday's supply, the largest issuer since May of 2023 when Pfizer issued $31B over 8 tranches. Incidentally, Saudi Arabia issued $6B Sukuk over two tranches in May'23 as well: $3B 6Y +80, $3B 10Y +100.
• 1/8 $12B *Saudi Arabia $3.25B 6Y +90, $4B 10Y +110, $4.75B 30Y +170
• 1/8 $3.75B *Mercedes Benz 5pt: $700M 2Y +55, $650M 2Y SOFR+67, $800M 3Y +70, $850M 5Y +90, $750M 10Y +100
• 1/8 $2.55B *BPCE $650M 3Y +108, $1B 6NC5 +175, $900M 11NC10 +250
• 1/8 $2B *Australia & New Zealand Banking Group $1.2B 3Y +63, $800M 3Y SOFR+81
• 1/8 $2B *American Honda 3pt: $850M 2Y +60, $400M 2Y SOFR+71, $750M 10Y +93
• 1/8 $1.5B *SK Hynix $500M 3Y +145, $1B 5Y +167
• 1/8 $1.4B *Southern California Edison $500M 3Y +75, $900M 10Y +120
• 1/8 $700M *RGA Global Funding 7Y +160
• 1/8 $1.25B *Realty Income Group 5Y +95, 10Y +125
• 1/8 $750M *National Grid 10Y +142
• 1/8 $500M *Principle Life 3Y +90
• 1/5 No new high grade corporate issuance Friday, this after $20.5B high grade corporate debt priced Thursday, $80.6B total for the week: healthy, but well off the $94.775B priced in the first week of 2023.
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• 1/4 $5B *EIB 5Y SOFR+44
• 1/4 $5B *Asia Development Bank (ADP) 3Y SOFR+35, 10Y SOFR+59
• 1/4 $2.25B *BP Capital $1.25B +5Y +73, $1B +10Y +100
• 1/4 $1.5B *AerCap $800M 5Y +140, $700M 10Y +160
• 1/4 $1.5B *Standard Chartered 11NC10 +210
• 1/4 $1.25B *Bimbo Bakeries $450M 2029 Tap +115, $800M 12Y +150
• 1/4 $1B *New York Life 10Y +100
• 1/4 $750M *Athene 5Y +160
• 1/4 $750M *Bank of Nova Scotia 60NC5 8%
• 1/4 $500M *Columbia Pipelines WNG 10Y +168
• 1/4 $500M *Sun Communities 5Y +155
• 1/4 $500M *Essential Utilities 10Y +140
• $23.8B Price Wednesday, $60.6B in first two days of 2024.
• 1/3 $5B *World Bank 7Y SOFR+55
• 1/3 $3.8B #Pacificorp $500M 5Y +120, $700M 7Y +140, $1.1B 10Y +155, $1.5B +30Y +175
• 1/3 $3.25B #National Australia Bank (NAB) $1B -2Y +53, $500M -2Y SOFR+65, $1B 5Y +90, $750M 10Y +105
• 1/3 $2.5B #Hyundai $1B 3Y +130, $300M 3Y SOFR+150, $700M 5Y +145, $500M 7Y +155
• 1/3 $2.5B #Credit Agricole $1B 6NC5 +145, $1.5B 11NC10 +235
• 1/3 $2.5B *Hungary 12Y +180
• 1/3 $2.05B *Indonesia $500M +5Y 4.65%, $650M +10Y 4.85%, $900M +30Y 5.2%
• 1/3 $1B *Duke Energy Carolinas $575M 10Y +100, $425M 30Y +118
• 1/3 $700M *GA Global Funding 5Y +175
• 1/3 $500M *Northwestern Mutual 5Y +80
• $36.8B Priced Tuesday, surpassing 2022's year opener of $33.5B
• 1/2 $7.5B *United Mexican States $1B 5Y +115, $4B 12Y +215, $2.5B 30Y +235
• 1/2 $4B *UBS $1.75B 6NC5 +152, $2.25B 11NC10 +177 (6NC5 SOFR leg dropped)
• 1/2 $3.8B *Lloyds $1.5B 4NC3 +137.5, $300M 4NC3 SOFR+158, $2B 11NC10 +175
• 1/2 $3B *Toyota $900M 2Y +50, $500M 2Y SOFR+65, $800M 5Y +75, $800M 10Y +87.5
• 1/2 $2.5B *Ford Motors $1.5B 3Y +175, $1B 7Y +215 (3Y SOFR leg dropped)
• 1/2 $2.25B *Rabobank $1B 2Y +55, $750M 2Y SOFR+71, $500M 5Y +90
• 1/2 $2.1B *Williams Cos $1.1B 5Y +102, $1B 10Y +122
• 1/2 $2B *Enterprise Products $1B each 3Y +55, 10Y +95
• 1/2 $1.75B *BNP Paribas 6NC5 +125
• 1/2 $1.75B *John Deere $750M 3Y +45, $1B 3Y SOFR, 5Y +62.5
• 1/2 $1.3B *MetLife $750M 5Y +93, $550M 10Y +113
• 1/2 $1.1B *Duke Energy $550M each: 3Y +7, 5Y +95
• 1/2 $1B *Virginia Electric $500M each 10Y +115, 30Y +127
• 1/2 $1B *Santander Holdings 6NC5 +225
• 1/2 $650M *PPL Electric 10Y +92
• 1/2 $600M *Consumers Energy 5Y +73
• 1/2 $500M *Caterpillar 3Y +45

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.

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