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Free AccessUS$ Credit Supply Pipeline: September Surge Update
With corporate earnings in the rearview mirror, a backlog of corporate debt issuance is accelerating. Total high-grade issuance for the month of August 2023 was only $79.45B -- compares to over $50B estimated for the first week of September alone.
- Partly seasonal, a return from summer market malaise, coupled with expectation the Federal Reserve is at or at least near the end of it's tightening cycle has reignited expectation of heavy supply. Some sales desks estimated last week the start of September would be the largest in years.
- Largely so: (Full monthly breakdown below) with
- Total Sep '22 $105.25B
- Total Sep '21 $215.635B
- Total Sep '20 $207.82B
- Date $MM Issuer (Priced *, Launch #)
- 09/05 $4.75B #BHP Billiton $850M 3Y +65, $700M 5Y +85, $900M 7Y +100, $1.5B 10Y +110, $800M 30Y +125
- 09/05 $3.4B #Volkswagen $800M 2Y +85, $50M 2Y SOFR+93, $900M 3Y +105, $700M 5Y +130, $500M 10Y +165
- 09/05 $3.25B #CBA (Comm. Bank of Australia) $900M 2Y +55, $600M 2Y SOFR+63, $1.75B 5Y SOFR+92
- 09/05 $3B #ING 4NC3 +142, 4NC3 SOFR+156, 11NC10 +185
- 09/05 $2.5B #JBS $1.6B 10Y +250, $900M 30Y +290
- 09/05 $2.35B #Philip Morris $650M 5Y +105, $700M 7Y +135, $1B 10Y +160
- 09/05 $2B #Codelco $1.3B +10Y +170, $700M 30Y +195
- 09/05 $2B #SMFG Sumitomo Mitsui Fncl GRP $1.1B 5Y +135, $900M 10Y +155
- 09/05 $1.9B #John Deere $350M 2Y +37.5, $550M 3Y +52, $1B 10Y +90
- 09/05 $1.5B *DBS $750M 2Y +53, $750M 2Y SOFR+61
- 09/05 $1.5B #Unilever $700M 5Y +55, $800M 10Y +85
- 09/05 $1.5B #Sumitomo Mitsui Trust $500M each: 3Y +100, 3Y SOFR+115, 5Y +122
- 09/05 $1.35B #MidAmerican Energy $350M 10Y +110, $1B 31Y +147
- 09/05 $1.35B #Duke Energy $600M 10Y +150, $750M 30Y +173
- 09/05 $1.3B #Southern Co $600M +5Y +113, $700M +10Y +148
- 09/05 $1B #Swedbank 3Y +148
- 09/05 $600M #CSX 10Y +95
- 09/05 $600M #WEC Energy 3Y +93
- 09/05 $500M #Mitsubishi WNG 5Y +143
- 09/05 $600M #Metropolitan Life Global 5Y +105
- 09/05 $Benchmark UBS 2Y +95a, 2Y SOFR, 5Y +140a
- Rolled to Wednesday:
- 09/06 $Benchmark IADB 10Y SOFR+45
- 09/06 $1B Nordic Investment Bank WNG +2Y SOFR+22
- 09/06 $Benchmark AIIB (Asian Infrastructure Investment Bank) 3Y
January kicked off 2023 with total of $231.425B high-grade corporate issuance, highest since March '22.
Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020
| Aug'23 | $79.45B |
| Jul'23 | $104.075B |
| Jun'23 | $113.195B |
| May'23 | $168.22B |
| Apr'23 | $122.19B |
| Mar'23 | $122.05B |
| Feb'23 | $186.7B |
| Jan'23 | $231.425B |
| Dec'22 | $7.75B; $1.294T total for 2022 |
| 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 vs. $52.24B Dec'20 total; Q4 total $344.875B; $782.51B H2 2021 |
| 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 $2.196T |
| Dec'20 | $52.24B; $796.54B H2 2020 |
| Nov'20 | $126.83B |
| Oct'20 | $111.65B |
| Sep'20 | $207.82B |
| Aug'20 | $204.50B |
| Jul'20 | $93.50B |
| Jun'20 | $180.50B; Record $1.40T H2 2020 |
| May'20 | $270.90B |
| Apr'20 | $401.32B |
| Mar'20 | $275.48B |
| Feb'20 | $107.50B |
| Jan'20 | $165.18B |
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.