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US$ Credit Supply Pipeline

$6.5B Eli Lilly 5Pt Leads Wednesday Corpor

USUS$ Credit Supply PipelineMarketsStoryRegionNorth America

At least $12.5B to price Wednesday, still waiting on Dow Chemicals launch

  • Date $MM Issuer (Priced *, Launch #
  • 2/7 $6.5B Eli Lilly $1B 3Y +30, $1B 5Y +45, $1.5B 10Y +60, $1.5B 30Y +70, $1.5B 40Y +77 (for comparison, Eli Lilly issued $4B on Feb 23 last year: $750M 3NC1 +65, $1B 10Y +85, $1.25B 30Y +100, $1B 40Y +115)
  • 2/7 $2.5B #Rogers Communications $1.25B 5Y +100, $1.25B 10Y +130
  • 2/7 $1B #Constellation Software $500M 5Y +110, $500M 10Y +135
  • 2/7 $1B *Inter-American Inv Bank (IDB) 5Y SOFR+51
  • 2/7 $1B #UBS WNG Perp NC7.2 7.75%
  • 2/7 $500M #NEDC 5Y Sukuk +160
  • 2/7 $Benchmark Dow Chemical 10Y +105, 30Y +130
  • 2/7 $500M Turkiye Wealth Fund WNG 5Y 9.125%a
  • $25.9B Priced Tuesday, $43.625B/wk
  • 2/6 $5.5B *Citigroup $3B 6NC5 +115, $2.5B 11NC10 +175
  • 2/6 $4B *EIB 10Y SOFR+50
  • 2/6 $3.5B *Export Development Canada 5Y SOFR+41
  • 2/6 $3B *KDB 3Y $1.75B SOFR+66, $1.25B 5Y SOFR+78
  • 2/6 $2.5B *Air Products $750M 5Y +60, $600M 7Y +70, $1.15B 10Y +80
  • 2/6 $2B *Bahrain $1B 7Y Sukuk 6.0%, $1B 12Y 7.5%
  • 2/6 $2B *Land NRW 3Y SOFR+35
  • 2/6 $1.5B *Couche-Tard $900M 10Y +118, $600M 30Y +130
  • 2/6 $750M #Rep of Benin 14Y 8.375%
  • 2/6 $650M Swedbank PNC6.5 Reg S AT1 7.75%
  • 2/6 $500M *CNA Financial 10Y +120
  • $17.725B Priced Monday
  • 2/5 $4.5B *Cigna $1B +5Y +90, $750M +7Y +100, $1.25B 10Y +110, $1.5B 30Y +125
  • 2/5 $3B *Texas Instruments $650M 3Y+35, $650M 5Y+50, $100M 0Y+70, $750M 30Y+85, $350M 39Y+92
  • 2/5 $2.55B *GM Financial $1.2B 3Y +115, $350M 3Y SOFR+135, $1B 7Y +165
  • 2/5 $2B *Starbucks $1B 3Y +60, $500M 7Y +80, $500M 10Y +90
  • 2/5 $1.5B *ERAC Finance $750M 5Y +90, $750M +10Y +105
  • 2/5 $1.5B *Morgan Stanley 15NC10 +180
  • 2/5 $1.175B *Becton Dickinson $625M 5Y +75, $550M 10Y +95
  • 2/5 $1B *Deutsche Bank 4NC3 +145
  • 2/5 $500M *Cencora WNG 10Y +98
  • 2/5 $Benchmark Paraguay 7Y 8%a, 12Y 6.25%a
  • 2/2 No new US$ corporate issuance Friday after $1B priced Thursday.

  • $1B Priced Thursday
  • 2/1 $1B *Alexandria Real Estate $400M 12Y +140, $600M 30Y +150
  • 2/1 $Benchmark Korean Development Bank (KDB) 3Y, 5Y investor calls
  • 2/1 $Benchmark Republic of Benin 14Y investor calls
  • 2/1 $500M Allied Universal Holdco 7NC3 investor calls

1/31 No new US$ high grade supply Wednesday. Total $295.35B for Jan'24, highest since April 2020.

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At least $12.5B to price Wednesday, still waiting on Dow Chemicals launch

  • Date $MM Issuer (Priced *, Launch #
  • 2/7 $6.5B Eli Lilly $1B 3Y +30, $1B 5Y +45, $1.5B 10Y +60, $1.5B 30Y +70, $1.5B 40Y +77 (for comparison, Eli Lilly issued $4B on Feb 23 last year: $750M 3NC1 +65, $1B 10Y +85, $1.25B 30Y +100, $1B 40Y +115)
  • 2/7 $2.5B #Rogers Communications $1.25B 5Y +100, $1.25B 10Y +130
  • 2/7 $1B #Constellation Software $500M 5Y +110, $500M 10Y +135
  • 2/7 $1B *Inter-American Inv Bank (IDB) 5Y SOFR+51
  • 2/7 $1B #UBS WNG Perp NC7.2 7.75%
  • 2/7 $500M #NEDC 5Y Sukuk +160
  • 2/7 $Benchmark Dow Chemical 10Y +105, 30Y +130
  • 2/7 $500M Turkiye Wealth Fund WNG 5Y 9.125%a
  • $25.9B Priced Tuesday, $43.625B/wk
  • 2/6 $5.5B *Citigroup $3B 6NC5 +115, $2.5B 11NC10 +175
  • 2/6 $4B *EIB 10Y SOFR+50
  • 2/6 $3.5B *Export Development Canada 5Y SOFR+41
  • 2/6 $3B *KDB 3Y $1.75B SOFR+66, $1.25B 5Y SOFR+78
  • 2/6 $2.5B *Air Products $750M 5Y +60, $600M 7Y +70, $1.15B 10Y +80
  • 2/6 $2B *Bahrain $1B 7Y Sukuk 6.0%, $1B 12Y 7.5%
  • 2/6 $2B *Land NRW 3Y SOFR+35
  • 2/6 $1.5B *Couche-Tard $900M 10Y +118, $600M 30Y +130
  • 2/6 $750M #Rep of Benin 14Y 8.375%
  • 2/6 $650M Swedbank PNC6.5 Reg S AT1 7.75%
  • 2/6 $500M *CNA Financial 10Y +120
  • $17.725B Priced Monday
  • 2/5 $4.5B *Cigna $1B +5Y +90, $750M +7Y +100, $1.25B 10Y +110, $1.5B 30Y +125
  • 2/5 $3B *Texas Instruments $650M 3Y+35, $650M 5Y+50, $100M 0Y+70, $750M 30Y+85, $350M 39Y+92
  • 2/5 $2.55B *GM Financial $1.2B 3Y +115, $350M 3Y SOFR+135, $1B 7Y +165
  • 2/5 $2B *Starbucks $1B 3Y +60, $500M 7Y +80, $500M 10Y +90
  • 2/5 $1.5B *ERAC Finance $750M 5Y +90, $750M +10Y +105
  • 2/5 $1.5B *Morgan Stanley 15NC10 +180
  • 2/5 $1.175B *Becton Dickinson $625M 5Y +75, $550M 10Y +95
  • 2/5 $1B *Deutsche Bank 4NC3 +145
  • 2/5 $500M *Cencora WNG 10Y +98
  • 2/5 $Benchmark Paraguay 7Y 8%a, 12Y 6.25%a
  • 2/2 No new US$ corporate issuance Friday after $1B priced Thursday.

  • $1B Priced Thursday
  • 2/1 $1B *Alexandria Real Estate $400M 12Y +140, $600M 30Y +150
  • 2/1 $Benchmark Korean Development Bank (KDB) 3Y, 5Y investor calls
  • 2/1 $Benchmark Republic of Benin 14Y investor calls
  • 2/1 $500M Allied Universal Holdco 7NC3 investor calls

1/31 No new US$ high grade supply Wednesday. Total $295.35B for Jan'24, highest since April 2020.

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