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US$ Credit Supply Pipeline

$14.5B to price Wednesday, led by $8B Morgan Stanley 4Pt Debt

  • Date $MM Issuer (Priced *, Launch #)
  • 4/17 $8B #Morgan Stanley $1.5B 4NC3 +90, $1B 4NC3 SOFR+102, $2.5B 6NC5 +105, $3B 11NC10 +125
  • 4/17 $3B *KFW 2Y +16
  • 4/17 $2.5B #Province of British Colombia 5Y SOFR+51
  • 4/17 $1B #RBC 60NC5 7.5%
  • 4/17 $1.25B Jane Street 7NC3 investor calls
  • $14.05B Priced Tuesday, $30.75B/wk
  • 4/16 $5B *EIB 5Y SOFR+36
  • 4/16 $2.25B *Goldman Sachs perpNC5 7.5%
  • 4/16 $1.5B *ZF North America $800M 6Y 6.75%, $700M 8Y 6.875%
  • 4/16 $1.5B *JFM 5Y SOFR+65
  • 4/16 $1.5B *Sunoco $750M 5NC2 7%, $750M 8NC3 7.25%
  • 4/16 $1B *MuniFin 3Y SOFR+33
  • 4/16 $700M *Johnson Controls 5Y +87.5
  • 4/16 $600M *KEB Hana Bank $300M 3Y +70, $300M 5Y +78
  • 4/16 $Benchmark Province of Ontario 10Y SOFR+78
  • $16.7B Priced Monday
  • 4/15 $9B *JP Morgan $2.5B 4NC3 +80, $750M 4NC3 SOFR+92, $2.75B 6NC5 +95, $3B 11NC10 +115
  • 4/15 $4.25B *Wells Fargo $3.25B 4NC3 +95, $1B 4NC3 SOFR+107
  • 4/15 $2.05B *EDF (Electricite de France) $650M 5Y +105, $650M 10Y +135, $750M 40Y +185
  • 4/15 $1.4B *Eversource Energy $700M 7Y +120, $700M 10Y +135
  • 4/12 No new US$ Corporate issuance Friday, $25.48B/wk

  • $6.05B Priced Thursday
  • 4/11 $2B *RWE $1B 10Y +135, $1B 30Y +160
  • 4/11 $1.8B *Transocean $900M 5NC2 8.25%, $900M 7NC3 8.5%
  • 4/11 $1.5B *Jefferies 10Y +165
  • 4/11 $750M *Blue Owl Finance 10Y +190
  • 4/11 $Benchmark KEB Hana Bank 3Y/5Y Investor calls
  • 4/11 $Benchmark Ford Otosan 5Y Investor calls
  • 4/11 $Benchmark Puma Energy Investor calls
  • $3B Priced Wednesday
  • 4/10 $1.5B *Rentenbank 5Y SOFR+35
  • 4/10 $1B *FHLB 3Y Global +7
  • 4/10 $500M *Engie Chile 10Y +225a
  • 4/10 $Benchmark Blue Owl Finance investor calls
  • $10.68B Priced Tuesday
  • 4/9 $5.5B *Diamondback $850M 3Y +65, $850M +5Y +80, $1.3B 10Y +107, $1.5B 30Y +127, $1B 40Y +142
  • 4/9 $1.32B *Nippon Life 30NC10 5.95$
  • 4/9 $1B *JBIC 10Y SPFR+69
  • 4/9 $1B *Public Storage $700M 3Y SOFR+70, $300M 2053 Tap +97
  • 4/9 $760M *Aegon 3Y +100
  • 4/9 $600M *TD Synnex 10Y +175
  • 4/9 $500M *Vistra Operation 10Y +165
  • 4/9 $Benchmark Jefferies investor calls
  • $5.75B Priced Monday
  • 4/8 $2.5B *MUFG $900M 6NC5 +82, $1.6B 11NC10 +100
  • 4/8 $1.25B *Nuveen $500M +5Y +115, $750M 10Y +145
  • 4/8 $1B *John Deere Capital 10Y +70
  • 4/8 $500M *Met Tower Global 5Y +87
  • 4/8 $500M *Shinhan Bank 10Y +140
  • Investor calls:
  • 4/8 $1.25B Endo Finance Holdings 7NC3
  • 4/8 $Benchmark Nippon Life 30NC10
  • 4/8 $Benchmark Aegon 3Y
  • 4/8 $Benchmark RWE 10Y/30Y
  • 4/8 $Benchmark Goodman Group
  • 4/9 $Benchmark LG Electronics 3Y/5Y
  • 4/5 No new US$ issuance Friday, $38.5B priced on week

  • $1.1B Priced Thursday
  • 4/4 $600M *Brighthouse Financial Global 3Y +105
  • 4/4 $500M *Development Bank of Kazakhstan (DBK) 3Y 5.6% (in conjunction with KZT500B 3Y yielding 13.25%)
  • $17.65B Priced Wednesday, $37.4B/wk
  • 4/3 $6B *World Bank $3B 2Y +17, $3B 7Y +48
  • 4/3 $2B *Engie $750M 5Y +100, $750M 10Y +128, $500M 30Y +148
  • 4/3 $2B *Rakuten 5NCL 9.875%
  • 4/3 $1.5B *Ontario Teachers Finance 5Y +61
  • 4/3 $1.5B *Anglo American Capital $1B 10Y +145, $500M 30Y +160
  • 4/3 $1.3B *Rep of Colombia $650M 2035 7.55%, $650M 2053 tap 8.15%
  • 4/3 $1.25B *Kingdom of Belgium 30Y +39
  • 4/3 $1B *DBJ 5Y SOFR+55
  • 4/3 $600M *Nexa 10Y +240
  • 4/3 $500M *Mutualk of Omaha 3Y +85

  • $10.45B Priced Tuesday
  • 4/2 $4.25B *TotalEnergies Capital $1.25B 10Y +80, $1.75B 30Y +100, $1.25B 40Y +115
  • 4/2 $3.5B *Enbridge $750M 3Y +75, $750M 5Y +95, $1.2B 10Y +128, $800M 30Y +145 (3Y SOFR dropped)
  • 4/2 $1.2B *MassMutual $850M 3Y +60, $350M 3Y SOFR+74
  • 4/2 $1.5B *Amphenol $450M 3Y +57, $450M 5Y +72, $600M 10Y +90
  • 4/2 $Benchmark Development Bank of Kazakhstan 3Y investor calls

  • $9.3B Priced Monday
  • 4/1 $2.5B *GM Financial $1.25B +5Y +123, $1.25B 10Y +163 (5Y SOFR dropped)
  • 4/1 $2B *Adobe $500M 3Y +35, $750M 5Y +50, $750M 10Y +65
  • 4/1 $1.2B *Public Service Co of Colorado $450M 10Y +105, $750M 30Y +130
  • 4/1 $1.1B *Analog Devices $550M 10Y +75, $550M 30Y +87
  • 4/1 $750M *Canadian Imperial Bank (CIBC) 5Y +93
  • 4/1 $500M *Arrow Electronics 10Y +155
  • 4/1 $1.25B Rakuten 5NCL investor calls


3/28 No new corporate issuance Thursday, Friday closed for Good Friday. Total issuance for March '24 at $186.625B

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

Mar'24$186.625B
Feb'24$254.2B
Jan'24$295.35B, highest since April 2020
Dec'23$28.1B; $1.560T total of 2023 vs. $1.463T for 2022
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; $1.463T total for 2022 vs. $1.879T in 2021
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 ; $1.879T total for 2021 vs. Record $2.197T total for 2020
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 $2.197T total for 2020
Dec'20$52.24B
Nov'20$126.83B
Oct'20$111.65B
Sep'20$207.82B
Aug'20$204.50B
Jul'20$93.50B
Jun'20$180.50B
May'20$270.90B
Apr'20$401.32B
Mar'20$275.48B
Feb'20$107.50B
Jan'20$165.18B

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