US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 6/4 $4B *IDA 5Y SOFR+37
• 6/4 $2.5B #Citigroup 11NC10 +112.5
• 6/4 $2B *Provence of British Colombia 10Y SOFR+79
• 6/4 $1.25B *Kommunalbanken 2027 SOFR+32
• 6/4 $1B #Council of Europe Development Bank 3Y SOFR+24
• 6/4 $1B #Metropolitan Life $650M 3Y +55, $350M 3Y SOFR+70
• 6/4 $800M #Puget Sound WNG $400M 10Y +100, $400M 30Y +120
• 6/4 $600M #Becton Dickinson WNG 5Y +75
• 6/4 $500M #Suntory Holdings 5Y +77
• 6/4 $500M #Trane Technologies WNG 10Y +82
• 6/4 $Benchmark Brown & Brown 10Y +135
• 6/4 $Benchmark Serbia 10Y investor calls
• 6/4 $Benchmark Harley Davidson investor calls
• On tap for Wednesday:
• 6/5 $500M FMO (Nederlandse Financierings-Maatschappij) WNG 5Y +41a
• $10.95B Priced Monday
• 6/3 $2.5B *National Australia Bank (NAB) $900M 3Y +47, $850M 3Y SOFR+62, $750M 10Y +78
• 6/3 $1.5B *Royalty Pharma $500M 5Y +100, $500M 10Y +127, $500M 30Y +152
• 6/3 $1.3B *Burlington Northern Sante Fe 30Y +98
• 6/3 $800M *Hyatt $450M 5Y +95, $350M 10Y +125
• 6/3 $800M *Baltimore Gas WNG $400M 10Y +93, $400M 30Y +110
• 6/3 $750M *Regions Financial 6NC5 +130
• 6/3 $600M *GATX $200M 10Y +130, $400M 30Y +150
• 6/3 $600M *Southwestern Public Service 30Y +150
• 6/3 $550M *Brighthouse $150M 2027 tap +100, $400M 5Y +125
• 6/3 $550M *NY Life 5Y +62.5 (SOFR leg dropped)
• 6/3 $500M *BGC Group Inc 5Y +220
• 6/3 $500M *Metlife 10Y +95
• 6/3 $Benchmark Nomura 5Y SOFR+39a
• 6/3 ** Reverse Yankee issuance expected: E500 Philip Morris Int +6Y +135a

5/31 No new US$ corporate bond issuance Friday, $26.85B total/wk, $160.85B for month -- just over $159.33B total for April, but well off $254.2B total for February and $295.35B total for January (highest since April 2020).