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US$ Credit Supply Pipeline: Surprise $8B ICE 6Pt Jumbo Launch

  • Date $MM Issuer (Priced *, Launch #)
  • 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 $750M #Willis NA 5Y +185
  • 05/12 $500M #Nederlandse Financierings-Maatschappij (FMO) 3Y SOFR+28
  • 05/12 $Benchmark NXP Semiconductors 5Y, +10Y
  • $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

  • 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
  • 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

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
299 words

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  • Date $MM Issuer (Priced *, Launch #)
  • 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 $750M #Willis NA 5Y +185
  • 05/12 $500M #Nederlandse Financierings-Maatschappij (FMO) 3Y SOFR+28
  • 05/12 $Benchmark NXP Semiconductors 5Y, +10Y
  • $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

  • 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
  • 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

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