US$ Credit Supply Pipeline

Market chatter that Apple Inc will return to issue a multi-tranche jumbo debt in the near term (next week?). Pure speculation as to overall size of the debt. However, for historical reference, Apple has issued to following over the last few years:

• 05/08/2023 $5.25B *Apple $1B 3NC1 +70, $1.5B 5Y +55, $500M 7Y +70, $1B 10Y +80, $1.25B 30Y +108
• 08/01/2022 $5.5B *Apple $1B 7Y +63, $1.5B 10Y +78, $1.75B 30Y +105, $1.25B 40Y +118
• 07/29/2021 $6.5B *Apple 4pt jumbo: $2.3B 7Y +40, $1B 10Y +47, $1.8B 30Y +77, $1.4B 40Y +92
• 05/04/2020: $8.5B total: $2B 3Y +60, $2.25B 5Y +80, $1.75B 10Y +110, $2.5B 30Y +145)
  
• Note, the largest Apple issuance on record was for $15B on April 30, 2013.

Running total for the current week nearly $55B:
Date $MM Issuer (Priced *, Launch #)

• 5/9 $3B #Charter Communications $1.5B 5Y +165, $1.5B 10Y +212.5
• 5/9 $800M LifePoint Health 8NC3 10.25
• 5/9 $750M #Presidio 7NC3 7.5%
• $16.4B Priced Wednesday
• 5/8 $3.25B *HSBC $1.85B 4NC3 +95, $1.4B 8NC7 +125
• 5/8 $3B *Westpac $750M each: 2Y +37.5, 2Y SOFR+42, 5Y +60, 5Y SOFR+81
• 5/8 $2.25B *Eni $1B 10Y +110, $1.25B 30Y +140
• 5/8 $1.75B *PNC Financial 6NC5 +100
• 5/8 $1.75B *UBS Group 6NC5 +112
• 5/8 $1B *Avalon Holdings +5Y +143
• 5/8 $1B *NatWest PerpNC10 8.125%
• 5/8 $1B *Atlassian $500M 5Y +85, $500M 10Y +110
• 5/8 $700M *Centerpoint Energy 5Y +95
• 5/8 $700M *CNO Fncl 10Y +200
• 5/8 $Benchmark IBRD (World Bank) 4Y SOFR+30
• 5/8 $Benchmark Islamic Development Bank 5Y Sukuk SOFR+55a
• 
  
• $22.5B Priced Tuesday
• 5/7 $5B *CVS $1B 5Y +95, $1B 7Y +110, $1.25B 10Y +125, $750M 20Y +135, $1B 30Y +150
• 5/7 $3.3B *Ingersoll Rand $700M 3Y +55, $750M 5Y +70, $500M 7Y +85, $750M 10Y +100, $600M 30Y +113
• 5/7 $3B *Standard Chartered $1B 4NC3 +105, $500M 4NC3 SOFR+117, $1.5B 11NC10 +145
• 5/7 $2B *Philippines $1B 10Y +80, $1B 25Y 5.6%
• 5/7 $1.75B *Las Vegas Sands $750M 3Y +130, $500M 5Y +155, $500M 10Y +175
• 5/7 $1.25B *Caterpillar $850M 3Y +40, $400M 3Y SOFR+52
• 5/7 $1B *Organon $500M 10NC5 7.875%, $500M 10NC5 Sr 6.75%
• 5/7 $1B *Mastercard 10Y +55
• 5/7 $1B *Deutsche Bank 5Y +95
• 5/7 $800M *Entergy Arkansas $400M 10Y +100, $400M 30Y +118
• 5/7 $800M *National Rural Utilities $450M 3Y +48, $350M 5Y +73
• 5/7 $500M *Korea Expressway 3Y +90
• 5/7 $500M *BOC Aviation +5Y +87.5
• 5/7 $600M *Host Hotels 10Y +147
• $12.85B Priced Monday
• 5/6 $3B *Coca-Cola $1B 10Y +55, $1.1B 30Y +70, $900M 40Y +80
• 5/6 $2B *Dominion $1B 30.75NC5.5 6.875%, $1B 30NC9.75 7%
• 5/6 $2B *Block Inc 8NC3 6.5%
• 5/6 $1.6B *Athene Global Funding $900M 2Y +80, $300M 2Y SOFR+85, $400M 5Y tap +112
• 5/6 $1.4B *Consolidated Edison $400M 10Y +90, $1B 30Y +110
• 5/6 $850M *Ares Capital +5Y +170
• 5/6 $750M *ICE (Intercontinental Exchange) 7Y +78
• 5/6 $750M *Southern California Edison 7Y +97
• 5/6 $500M *Hilcorp Energy 10NC5 6.875%
• 5/6 $Benchmark Ingersoll Rand investor calls
• 5/3 Slow start to May with less than $5B this week as issuers sidelined ahead the FOMC, April employment data risk as well as the ongoing corporate issuance blackout.
• $4.6B Priced Thursday
• 5/2 $3.85B *Foundry JV $850M +5Y +135, $1B +7Y +160, $1.2B +10Y +170, $800M +13Y +185
• 5/2 $750M *SS&C Technologies 8NC3

5/1 High grade bond issuers sidelined ahead of the FOMC