US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 6/28 No new US$ debt issuance Friday, $122.875B/month - better than June 2023 with $113.195B
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• $8.1B Priced Thursday, $39.1B/wk
• 6/27 $3B *Takeda $1.1B 10Y +105, $800M 20Y +115, $600M 30Y +125, $500M 40Y +140
• 6/27 $2B *Nomura $500M 3Y +110, $500M 3Y SOFR+125, $1B 10Y +150
• 6/27 $1.5B *Mizuho $800M 6NC5 +108, $700M 11NC10 +130
• 6/27 $1.1B *National Bank of Canada $750M 3NC2 +88, $350M 3NC2 SOFR+103
• 6/27 $500M *Korea Gas 5Y +77
• $4.95B Priced Wednesday, $31B/wk
• 6/26 $1.6B Macquarie Bank $750M 3Y +75, $850M 3Y SOFR+92
• 6/26 $1B *Korea 5Y +24
• 6/26 $750M *Bangkok Bank 10Y +140
• 6/26 $600M *Steel Dynamics 10Y +123
• 6/26 $500M *Essent 5Y +200
• 6/26 $500M *Mitsubishi Corp 5Y +75
• $15.05B Priced Tuesday
• 6/25 $3B *Vodafone $2B 30Y +143, $1B 40Y +157
• 6/25 $2.35B *NTT Finance $600M 3Y +65, $900M 5Y +85, $850M 7Y +90
• 6/25 $2.35B *Indonesia $750M 5Y 5.1%, $1B 10Y 5.2%, $600M 30Y 5.5%
• 6/25 $2B *International Finance Corp (IFC) 5Y SOFR+37
• 6/25 $1.5B *UAE 10Y +60
• 6/25 $1B *Vale Overseas 30Y +210
• 6/25 $1B *Republic of Finland 10Y SOFR+55
• 6/25 $750M *Jackson National Life 3Y +112.5
• 6/25 $600M *Choice Hotels 10Y +175
• 6/25 $500M *Edison International 5Y +120
• $11B Priced Monday
• 6/24 $2.25B *CIBC $1.35B 3Y +78, $500M 3Y SOFR+94, $400M 2029 Tap +98
• 6/24 $2B *LG Energy $700M 3Y +100, $800M 5Y +110, $500M 10Y +135
• 6/24 $2B *Imperial Brands $1.25B 5Y +130, $750M 10Y +170
• 6/24 $1.5B *Waste Management $750M 3Y +58, $750M 7Y +80
• 6/24 $1.3B *Autozone Inc $600M 5Y +85, $700M 10Y +117
• 6/24 $1.2B *Enbridge Inc $500M 30.75NC5.5 7.375%, $700M 30NC9.75 7.2%
• 6/24 $750M *Toronto-Dominion Bank 60NC5 7.25%
• 6/24 $Benchmark Energy Development Oman (EDO) 7Y Sukuk investment calls
• 6/24 $Benchmark Nippon Telegraph & Telephone (NTT) 3Y, 5Y, 7Y investment calls
• 6/21 No new US$ corporate debt issuance Friday, $34.425B total for week
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• 6/20 $2B *Republic of Brazil +7Y 6.375%
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• 6/19 Juneteenth Federal Holiday
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• $11.8B Priced Tuesday, $32.425B/wk
• 6/18 $3.75B *Hyundai Capital $750M each: 2Y +78, 3Y +90, 3Y SOFR+104, 5Y +110, 7Y +120
• 6/18 $2B *Enel Finance $1.25B 5Y +115, $750M 10Y +150
• 6/18 $1.5B *Province of Alberta 5Y +51
• 6/18 $1.2B *Corebridge Global Funding $700M 2Y +67, $500M 5Y +100
• 6/18 $1B *KDB 3Y SOFR+56
• 6/18 $750M *Fairfax Financial $150M 10Y +140, $600M +30Y +177
• 6/18 $600M *Aviation Capital Group 5Y +130
• 6/18 $500M *American Homes 10Y +135
• 6/18 $500M *Allstate 5Y +85
• $20.625B Priced Monday
• 6/17 $10B *Home Depot 9pt jumbo: $900M 1.5Y +40, $600M 1.5Y SOFR+33, $1.5B 2Y +45, $1B 3Y +50, $1.25B 5Y +60, $1B 7Y +70, $1.75B 10Y +80, $1.5B 30Y +100, $500M 40Y +110
• 6/17 $2B *Daimler Truck $600M 3Y +75, $350M 3Y SOFR+96, $550M +5Y +90, $500M 10Y +112
• 6/17 $1B *American Electric Power $400M 30.5NC5.25 7.05%, $600M 30.5NC10.25 6.95%
• 6/17 $1.25B *National Securities Clearing $625M 2Y +40, $625M 5Y +65
• 6/17 $1.2B *Air Lease $200M 2Y +77, $600M 7Y +122
• 6/17 $1B *Nutrien $400M $3Y +70, $600M 10Y +117
• 6/17 $900M *Republic Services $400M +5Y +75, $500M +10Y +97
• 6/17 $750M *Oncor Electric WNG 30Y +115
• 6/17 $650M *Plains All American Pipeline 10Y +143
• 6/17 $650M *Brookfield Finance $450M 10Y +140, $200M 2054 tap +145
• 6/17 $625M *Ameren Illinois WNG 30Y +115
• 6/17 $600M *NiSource 5Y +95
• 6/14 No new US$ corporate issuance Friday, $5.8B total on the week
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• $3.2B Priced Thursday
• 6/13 $2.5B *GM Financial $1.1B 3Y +90, $400M 3Y SOFR+105, $1B 7Y +140
• 6/13 $700M *Penske Trucking 5Y +105
• 6/12 No new US$ issuance Wednesday due to FOMC
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• $1B Priced Tuesday, $2.6B total/wk
• 6/11 $1B *ADB 4Y SOFR+30
• $1.6B Priced Monday
• 6/10 $1B *ArcelorMittal $500M 10Y +155, $500M 30Y +180
• 6/10 $600M *Take-Two $300M 5Y +95, $300M 10Y +115
• 6/7 No new issuance Friday, $43.55B total on week
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• $7.4B Priced Thursday
• 6/6 $2.7B *John Deere $700M 3Y +45, $350M 3Y SOFR+60, $850M 5Y +60, $800M 10Y +80
• 6/6 $3.5B *Energy Transfer $1B 5Y +100, $1.25B 10Y +135, $1.25B 30Y +165
• 6/6 $500M *Harley Davidson 5Y +170
• 6/6 $700M *Applied Materials 5Y +55
• $10.45B priced Wednesday
• 6/5 $2.5B *Health Care Service Corp $750M 5Y +90, $750M 10Y +120, $1B 30Y +145
• 6/5 $1.6B* Acrisure $1.1B 6.5NC2 7.5%, $500M 5NC2 8.5% (*downsized from $1.875B)
• 6/5 $1.5B *Duke Energy $750M 10Y +118, $750M 30Y +140
• 6/5 $1.5B *Serbia 10Y +200
• 6/5 $1.2B *NextEra Energy 30NC10 6.75%
• 6/5 $600M *F&G Global Funding 3Y +137.5 (3Y SOFR leg dropped)
• 6/5 $550M *MasTech 5Y +160
• 6/5 $500M *Medline Borrowers 6.25% 2029 tap (downsized from $1B)
• 6/5 $500M *FMO (Nederlandse Financierings-Maatschappij) WNG 5Y +38
• $14.75B Priced Tuesday
• 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 $600M *Brown & Brown 10Y +135
• 6/4 $500M *Suntory Holdings 5Y +77
• 6/4 $500M *Trane Technologies WNG 10Y +82
• 6/4 $Benchmark Serbia 10Y investor calls
• 6/4 $Benchmark Harley Davidson investor calls
• $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).