US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 2/20 $4.5B #HCA Health Care $1B 7Y +120, $1.3B 10Y +135, $1.5B 30Y +160, $700M 40Y +170
• 2/20 $1.5B #Mizuho $750M 6.25NC5.25 +112, $750M 11.25NC10.25 +130
• 2/20 $1.5B #Westpac New Zealand $750M 3Y +75, $750M 5Y +95
• 2/20 $1.5B #Marriott Int $500M +5Y +90, $1B +10Y +120
• 2/20 $1.4B #American Water Capital $700M 10Y +92, $700M 30Y +107
• 2/20 $1.4B #Georgia Power $500M 3Y +62, $900M 10Y +92
• 2/20 $1B #DTE Electric $500M -3Y +47, $500M 10Y +93
• 2/20 $1B #Verizon 30Y WNG +115
• 2/20 $500M #CBRE Services 5Y +130
• 2/20 $500M *Korea Housing Finance Corp (KHFC) 3.5Y 4.942%
• 2/20 $Benchmark Saudi National Bank 5Y Sukuk +120a
• On tap for Wednesday
• 2/21 $2B Federal Rep of Germany (KFW) 10Y +53a
• 2/21 $Benchmark Boston Scientific 5Y, 8Y investor calls
• 2/21 $Benchmark Nordic Investment Bank (NIB) 5Y +40a
• 2/21 $Benchmark NWB (Nederlandse Waterschapsbank) 5Y SOFR+49a
• 2/16 No new US$ corporate debt issuance Friday after $8B priced Thursday, $44.85B/wk
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• 2/15 $2.55B *Intel $500M 7Y +82, $900M 10Y +95, $1.15B 30Y +120
• 2/15 $1.7B *BAT Capital Corp 7Y +158, 10Y +183
• 2/15 $1.25B *World Bank 3Y SOFR+28
• 2/15 $750M *Waste Connections 10Y +92
• 2/15 $750M *Eastman Chemical 10Y +142
• 2/15 $500M *Kyndryl WNG 10Y +212.5
• 2/15 $500M *Mondelez 5Y +65
• $18.9B Priced Wednesday - led by BMY's $13B 9pt jumbo (vs. massive order book of $85B)
• 2/14 $13B *Bristol-Meyers Squibb $1B 2Y +40, $500M 2Y SOFR+49, $1B 3Y +55, $1.75B 5Y +70, $1.25B 7Y +85, $2.5B 10Y +95, $500M 20Y +100, $2.75B 30Y +115, $1.75B 40Y +125
• 2/14 $2.25B *Cummins $500M 5Y +70, $750M 10Y +93, $1B 30Y +105
• 2/14 $1.5B *BNP Paribas PerpNC7.5 8%
• 2/14 $1.15B *Cardinal Health $650M 5Y +90, $500M 10Y +120
• 2/14 $1B *Marsh & McLennan $500M 10Y +90, $500M 30Y +103
• 2/14 $Benchmark Synchrony Financial investor calls
• $750M Priced Tuesday, $17.95B/wk
• 2/13 $750M *EBRD 4Y SOFR+33a
• 2/13 $Benchmark Bristol-Meyers Squibb investor calls
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• $17.2B Priced Monday
• 2/12 $4.4B *TransDigm $2.2B 5NC2 6.375%, $2.2B 8NC3 6.625%
• 2/12 $3.25B *BNP Paribas $1.75B 6.25NC5.25 +138, $1B 11NC10+158
• 2/12 $2B *American Express $1.7B 4NC3 +85, $300M 4NC3 SOFR+100
• 2/12 $1.75B *PepsiCo Singapore $550M 3Y +40, $300M 3Y SOFR+56, $450M 5Y +45, $450M 10Y +55
• 2/12 $1.5B *Kenya 7Y 10.375%
• 2/12 $1.45B *Bell Canada $700M 10Y +105, $750M 30Y +120
• 2/12 $1.2B *DTE Energy 5Y +103
• 2/12 $1B *Arthur J Gallagher $500M 10Y +132, $500M 30Y +147
• 2/12 $650M *Estee Lauder 10Y +87
• $6.5B Priced Friday, $67.975B total last week
• 2/9 $4.75B #Philip Morris $750M 3Y +70, $1B 5Y +95, $1.25B 7Y +120, $1.75B 10Y +135
• 2/9 $1.75B #Ardonagh $750M 7NC3 7.75%, $1B 8NC3 8.875%
• $3.6B Priced Thursday, $61.475B/wk
• 2/8 $3B *Turkiye Gov international bond +10Y 7.875%
• 2/8 $600M *Boardwalk Pipelines +10Y +148
• $14.25B Priced Wednesday, $57.875B/wk
• 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 $1.25B *Dow Chemical $600M 10Y +105, $650M 30Y +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 $500M *Turkiye Wealth Fund (Varlik Fonu) WNG 5Y
• $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.
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• $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.

Total high grade issuance for 2023 at $1.560T - compares to $1.463T total for 2022.