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US$ Credit Supply Pipeline

Mid-July corporate debt issuance slowing down as earnings cycle gathers momentum

  • Date $MM Issuer (Priced *, Launch #)
  • 7/25 $1B *IADB 5Y SOFR+37
  • $5.45B Priced Wednesday, $30.85B/wk
  • 7/24 $2B *Capital One 6NC5 $1B +130, $1B 11NC10 +160
  • 7/24 $1.85B *Whistler Pipeline $400M $5Y +125, $500M 7Y +150, $825M 10Y +170
  • 7/24 $1B *Export Development Canada 4Y SOFR+33
  • 7/24 $600M *Empresa Del Petroleo 10Y +187
  • $18.5B Priced Tuesday
  • 7/23 $12B *United Health $650M 2Y +35, $500M 2Y FRN+50, $1.25B 5Y +65, $1.5B 7Y +80, $2B 10Y +90, $1.5B 20Y +100, $2.75B 30Y +115, $1.85B 40Y +13
  • 7/23 $5B *Occidental Petroleum $600M 3Y +75, $1.2B 5Y +105, $1B 7Y +120, $1.2B 10Y +135, $1B 30Y +160
  • 7/23 $1.5B *Citigroup PerpNC10 7%
  • $6.9B Priced Monday
  • 7/22 $3.4B *American Express $1.2B 4NC3 +75, $500M 4NC3 SOFR+93, $1.7B 11NC10 +103
  • 7/22 $1.25B *Kinder Morgan $500M 5Y +95, $750M 30Y +150
  • 7/22 $1B *Nationwide BS 5Y +95
  • 7/22 $750M *Ally Financial 11NC10 +192
  • 7/22 $500M *Korea Hydro & Nuclear Power 5Y +70
  • 7/19 No new US$ issuance Friday after $51.25B total priced on week
  • $7.1B Priced Thursday
  • 7/18 $2.5B *PNC Financial $1B 3NC2 +65, $1.5B 11NC10 +122
  • 7/18 $1.25B *Citizens Financial 8NC7 +160
  • 7/18 $1.25B *US Bancorp 6NC5 +100
  • 7/18 $1.1B *Prologis $700M 10Y +95, $400M 2054 Tap +110
  • 7/18 $1B *Abu Dhabi Future Energy Co $500M 5Y +95, $500M 10Y +115
  • $18.55B Priced Wednesday
  • 7/17 $8B *Morgan Stanley $1.5B 4NC3 +77, $1B 4NC3 SOFR+94, $2.25B 6NC5 +97, $3.25B 11NC10 +117
  • 7/17 $3B *Greensaif Pipelines $1.4B 12Y +170, $1.6B 18Y +195
  • 7/17 $2.7B *World Bank (IBRD) $2B 3Y SOFR+27, $700M 2031 Tap SOFR+45
  • 7/17 $2.5B *Blackrock Funding $800M 3Y +40, $500M +10Y +80, $1.2B +30Y +100
  • 7/17 $850M *State Street PerpNC5 6.7%
  • 7/17 $1Y *Gvt of Hong Kong 3Y 12
  • 7/17 $500M *Mitsubishi 5.25Y +110
  • $7.5B Priced Tuesday
  • 7/16 $5.5B *Goldman Sachs $2.5B 6NC5 +97, $3B 11NC10 +117
  • 7/16 $2B *Wells Fargo PerpNC5 6.85%
  • 7/16 $Benchmark Mitsubishi 5.25Y investor calls
  • 7/16 $Benchmark Gvt of Hong Kong investor calls
  • $18.1B Priced Monday
  • 7/15 $9B *JP Morgan $2B 4NC3 +75, $750M 4NC3 SOFR+93, $2.75B 6NC5 +87, $3.5B 11NC10 +107
  • 7/15 $3.25B *RBC $1.25B 3NC2 +63, $700M 3NC2 SOFR+79, $1.3B 6NC5 +85
  • 7/15 $2.5B *Bank of NY Mellon $600M 4NC3 +65, $300M 4NC3 SOFR+83, $1.1B 8NC7 +90, $500M 15NC10 +138
  • 7/15 $2.25B *PepsiCo $850M 5Y +40, $650M 10Y +60, $750M 30Y +80
  • 7/15 $600M *NongHyup Bank $300M 3Y SOFR+80, $300M 5Y +68
  • 7/15 $500M *Aircastle 7Y +165
  • 7/11-7/12 No new US$ corporate debt issuance Thursday-Friday, $30.25B total on week
  • $7.75B Priced Wednesday
  • 7/10 $6B *Saudi Aramco $2B each: 10Y +105, 30Y +145, 40Y +155
  • 7/10 $1.25B *Banque Federative du Credit Mutuel (BFCM) $750M 3.5Y +80, $500M 3.5Y SOFR+107
  • 7/10 $500M *Mitsubishi 10Y +93
  • $8B Priced Tuesday
  • 7/9 $2.5B *IADB 10Y SOFR+56
  • 7/9 $1.75B *Turkiye 8Y 7.3%
  • 7/9 $1.5B *JBIC 3Y SOFR+44
  • 7/9 $1B *CCB HK 3Y SOFR+55
  • 7/9 $750M *Bank of Montreal 60NC10 7.3%
  • 7/8 $500M *Panasonic 10Y +100
  • 7/9 $Benchmark TD Bank 3Y SOFR+63a
  • $14.5B Priced Monday
  • 7/8 $5B *Broadcom $1.25B 3Y +65, $2.25B 5Y +85, $1.5B 7Y +95
  • 7/8 $3.75B *Santander 4NC3 +95, 4NC3 SOFR+112, 7Y +120
  • 7/8 $2B *ANZ $750M 3Y +50, $1.25B 3Y SOFR+68
  • 7/8 $1.75B *American Honda $700M 3Y +55, $300M 3Y SOFR+71, $750M 7Y +83
  • 7/8 $1B *Athene $500M 3Y +95, $500M 7Y +130 (3Y SOFR leg dropped)
  • 7/8 $1B *Kraton 3Y +85
  • 7/3-7/5 No new issuance Wednesday through Friday, $12.5B total issued on wk
  • $9B Priced Tuesday,
  • 7/2 $4.5B *Sumitomo Mitsui Bank (SMBC) $750M 5Y +93, $500M 5Y SOFR+117, $900M 7Y +103, $1.35B 10Y +113, $1B 20Y +113
  • 7/2 $4B *EIB 7Y SOFR+46
  • 7/5 $500M *ANZ Bank WNG 10NC5 +150
  • July kicked off with $3.5B debt offering
  • 7/1 $3.5B *BGK $1.75B 10Y +140, $1.75B 30Y +165
  • 6/28 No new US$ debt issuance Friday, $39.1B total priced on week
Jun'24$122.875B
May'24$160.85B
Apr'24$159.33B total for the month
Mar'24$186.625B; $736.175B Q1
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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