US$ Credit Supply Pipeline, Supra Sovereigns

• Only $5.75B priced by Thursday, May running total over $89B
• Date $MM Issuer (Priced *, Launch #)
• 05/26 $1.5B *Bank of Nova Scotia 3Y SOFR+65
• 05/25 $1B *Santander UK 4Y SOFR+70
• 05/24 $3.25B *Indonesia $1.75B 5Y 4.4%, $1.5B 10Y 4.7%
• 05/23 $Benchmark Provence of Saskatchewan 5Y investor calls
• 05/19-/20 No new $Benchmark issuance Thu-Fri; $40.8B total on week
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• $12.2B Priced Wednesday
• 05/18 $2.25B *Westpac $700M 3.25Y +90, $550M 3.25Y SOFR, $1B 5.25Y +115
• 05/18 $1.75B *Romania $1B 5.5Y +240, $750M 12Y +310
• 05/18 $1.25B *Munich 20NC10 Green 5.875%
• 05/18 $1.25B *Southern California Edison 3Y +140, 5Y +185, 30Y +240
• 05/18 $1.05B *Citizens Bank $650M 3NC2 +145, 00M $15NC10 +275
• 05/18 $1B *Nucor $500M 3Y +115, $00M 5Y +145
• 05/18 $1B *OKB 3Y SOFR+25
• 05/18 $900M *Japan Int Cooperation Agcy (JICA) 5Y SOFR+63
• 05/18 $750M *American Express 11NC10 fix/FRN +210
• 05/18 $500M *Church and Dwight WNG 30Y +190
• 05/18 $500M *Essential Utilities 30Y +225
• $18.15B Priced Tuesday
• 05/17 $6B *United Health $600M 5Y +75, $900M 7Y +105, $1.5B 10Y +125, $2B 30Y +160, $1B 40Y +180
• 05/17 $6B *Citigroup $1.5B 3NC2 +145, $500M 3NNC2 SOFR, $1.5B 6NC5 +170, $2.5B 11NC10 +195
• 05/17 $2.75B *Export Development Canada 5Y SOFR +34
• 05/17 $1B *HSBC 2Y +105, 2Y SOFR+105
• 05/17 $800M *Oncor Electric Delivery $400M 10Y +122, $400M 30Y +147
• 05/17 $600M *Motorola 10Y +265
• 05/17 $500M *RELX Capital 10Y +190
• 05/17 $500M *CNH Industrial Capital 3Y +125
• $10.45B Priced Monday
• 05/16 $3B *Paypal $500M 5Y +110, $1B 10Y +155, $1B 30Y +195, $500M 40Y +215
• 05/16 $2.15B *Santander $1.15B 2Y +130, $650M 2Y SOFR+124
• 05/16 $1.35B *Keycorp $600M 3NC2 +130, $750M 11NC10 +190
• 05/16 $1.2B *Virginia Electric Power $600M 5Y +98, $600M 30Y +160
• 05/16 $1B *AEP Texas $500M 10Y +185, $500M 30Y +215
• 05/16 $1.75B *Commonwealth Bank of Australia (CBA) 3Y SOFR+58
• 05/13 No new issuance Friday, week still managed to price $26B high-grade debt
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• $13B Priced Thursday
• 05/12 $8B Intercontinental Exchange $1.25B 3Y +95, $1.5B 5Y +125a, $1.25B 7Y +150, $1.5B 10Y +175, 1.5B 30Y +200, $1B 40Y +200
• 05/12 $2.25B *Province of Ontario 5Y SOFR+51
• 05/12 $1.5B #NXP Semiconductors $500M 5Y +165, $1B +10Y +220
• 05/12 $750M #Willis NA 5Y +185
• 05/12 $500M #Nederlandse Financierings-Maatschappij (FMO) 3Y SOFR+28
• $1.05B Priced Wednesday; $13B total for week
• 05/11 $550M *ENN Energy 5Y +180
• 05/11 $500M *Korea Expressway 3Y +85
• $11.95B Priced Tuesday
• 05/10 $3.5B *CADES 3Y SOFR+30
• 05/10 $1.75B *Caterpillar Fncl 1.5y SOFR+45, 3Y +65, 3Y SOFR
• 05/10 $1.75B *Albemarle $700M 5Y +175, $600M 10Y +210, $450M 30Y +255
• 05/10 $1.5B *Vistra Operations $400M 2NC1 +225, $1.1B 3Y +237.5
• 05/10 $750M *KKR Grp 10Y +190
• 05/10 $700M *Public Service Co of Colorado $300M 10Y +120, $400M 30Y +145
• 05/10 $500M *Deutsche Bank 3Y +135
• 05/10 $500M *State Street 11NC10 +143
• 05/10 $500M *Ameriprise WNG 10Y +153
• 05/10 $500M *Amcor Flexibles 3Y +120
• 05/09 No new issuance Monday
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• No new issuance Friday, $16.875B total for week
• $9.325B Priced Thursday
• 05/05 $4B *Capital One $1B 3NC2 +145, $350M 3NC2 SOFR+135, $1.55B 6NC5 +190, $1.1B 11NC10 +220
• 05/05 $1.725B *Southern Co $862.5M WNG 2Y +155, $862.5M WNG 5Y +200
• 05/05 $1.5B *Qualcomm $500M 10Y +120, $1B 30Y +145
• 05/05 $1.1B *Clorox $00M 7Y +138, $600M 10Y +158
• 05/05 $1B *Northern Trust 5Y +100
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• 05/04 No new issuance Wednesday, sidelined ahead FOMC
• $3.7B Priced Tuesday, $7.55B/wk
• 05/03 $3B *UBS Group $1.2B 4NC3 +155, $600M 4NC3 SOFR+158, $1.2B 6NC5 +175
• 05/03 $700M *Excel Energy 10Y +167
• $3.85B Priced Monday
• 05/02 $1.85B *Constellation Brands $550M 2Y +90, $600M 5Y +135, $700< 10Y +180
• 05/02 $1.5B *Georgia Power $700M 10Y +175, $800M 30Y +210
• 05/02 $500M *Northern States Power 30Y +148

Total 2021 high-grade corporate US$ issuance at $1.879T 2021 vs. record $2.196T for 2020