US$ High-Grade Credit Supply Pipeline

Running total high-grade issuance crested $200M Tuesday

• Date $MM Issuer (Priced *, Launch #)
• 09/30 $750M #Quebec WNG 3Y +25
• 09/30 $500M #Jefferies Group 12Y +217
• 09/30 $Benchmark Mondelez 12Y +145a, 30Y +155a
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• $13.5B Priced Tuesday; $205.32B/Mo
• 09/29 $4B *Asian Development Bank $3B 3Y +5, $1B 10Y +19
• 09/29 $2.75B *Temasek Fin $750M 10Y +47.5, $1B 30.5Y +90, $1B 50Y +110
• 09/29 $1.35B *BPCE 6NC5 +140
• 09/29 $1.25B *Provence of Ontario 10Y +45
• 09/29 $1B *Danaher 30Y +123
• 09/29 $750M *Egypt 5Y Green 5.25%
• 09/29 $750M *DTE Energy 2Y +45, upsized from $500M
• 09/29 $650M *Best Buy 10Y +135, upsized from $500M
• 09/29 $500M *CNH Industrial +5Y +167
• 09/29 $500M *DR Horton 7Y +100
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• $3.85B Priced Monday; $191.82B total for month
• 09/28 $2B *Pernod Ricard Int $600M +7Y +85, $900M +10Y +105, $500M 30Y +145
• 09/28 $1.25B *GlaxoSmithKline 3NC2 +38
• 09/28 $600M *Entergy Texas +10Y +112.5, upsized from $500M
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• Total issuance last week $45B; $187.975B/mo
• 09/25 $500M *EIB WNG 2024 Tap FRN SOFR+26
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• $3B Priced Thursday
• 09/24 $3B *Ontario Teachers Fin Trust $1.5B 3Y +24, $1.5B 10Y +62
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• $18.95B Total Issuance Wednesday
• 09/23 $7.25B *Gilead Sciences 7pt $500M 1Y FRN L+15, $2B 3NC1 +60, $500M 3NC1 FRN L+52, $750M 7Y +75, $1B 10Y +100, $1B 20Y +120, $1.5B 30Y +140
• 09/23 $3B *Taiwan Semi (TSMC) $1B 5Y +50, $750M 7Y +60, $1.25B 10Y +80
• 09/23 $1.85B *Equinix $700M 5Y +75, $650M +7Y +110, $500M +30Y +155
• 09/23 $1.25B *Swedish Export Credit 3Y +13
• 09/23 $1.25B *BNP Paribas 8NC7 +145
• 09/23 $1.1B *American Tower $800M 10Y +125, $300M 30Y +157
• 09/23 $700M *Korea National Oil $400M 5Y +70, $300M 10Y +100
• 09/23 $600M *Atmos Energy +10Y +87.5
• 09/23 $500M *TD Bank 3Y FRN SOFR+45
• 09/23 $500M *Centerpoint Energy WNG 10Y +108
• 09/23 $500M *Brookfield Finance +30Y +210
• 09/23 $450M *Oncor Electric WNG 5Y+40
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• $22.75B Priced Tuesday
• 09/22 $6.25B *BAT Int $1.5b +5Y +140, $1.75b +7Y +180, $1.25b +10Y +205, $750m 20Y +230, $1b 30Y +255
• 09/22 $4B *T-Mobile $500M 7Y+120, $750M 10Y+140, $1.25B 20Y +160, $1.5B 30Y +187.5
• 09/22 $3B *Asia Infrastructure Inv Bank (AIIB) 3Y +9
• 09/22 $2.25B *Panama $1.25B 12Y +158, $1B 30Y tap +185
• 09/22 $2B *New Development Bank 5Y Covid +37
• 09/22 $2B *Bank of America 5NC4 +72
• 09/22 $900M *Blackstone Holdings Fin $500M +10Y +95, $400M 30Y +140
• 09/22 $800M *San Diego Gas&Electric 10Y +105
• 09/22 $500M *Excel Energy WNG 3Y +38
• 09/22 $400M *Kemper 10Y +175
• 09/22 $350M *Advance Auto Parts 7Y +135
• 09/22 $300M *China Merchants 3Y +95
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• Meager start to week:
• 09/21 $300M *CCB Leasing $200M 5Y +152.5, $100M 10Y +190
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• 09/18 No new issuance Friday; total $48.5B priced last wk
• -
• $5.8B Priced Thursday; $48.5B/wk
• 09/17 $1B *Rabobank 6NC5 Green +73
• 09/17 $1B *Swedbank AB 3Y +45
• 09/17 $1b *Quanta Services 10y +225
• 09/17 $850M *EDP Finance +7Y Green +125
• 09/17 $750M *Emerson Electric 6Y +65
• 09/17 $700M *Brown & Brown Inc 10Y +170
• 09/17 $500M *COFIDE 7Y +195
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• $10.45B Priced Wednesday
• 09/16 $6B *Delta Airlines $2.5B 5Y 4.5%, $3.5B 8Y 4.75%
• 09/16 $1B *Verizon WNG 10Y +83
• 09/16 $1B *Barclays 15NC10 +290
• 09/16 $750M *Ally Financial 3Y +150
• 09/16 $600M *Liberty Utilities 10Y Green +140
• 09/16 $600M *Pacific Life Global Funding 3Y +38
• 09/16 $500M *Gulf Int Bank 5Y +205
• 09/?? $Benchmark Qatar National Bank 5Y Reg S +135a
• 09/?? $Benchmark Ontario Teachers, 3Y and/or 10Y
• -
• $19.25B Priced Tuesday; $32.25B/wk
• 09/15 $4B *KFW 3Y +4
• 09/15 $4B *Cades 5Y Reg S +16
• 09/15 $2.5B *Hyundai Cap Am $1.1B 3Y +112, $750M 5Y +157, $650M 7Y +192
• 09/15 $2B *HSBC 8NC7 Fix/FRN +155
• 09/15 $2B *Int Development Assoc (IDA) 5Y +12
• 09/15 $1.5B *EIB 10Y +16
• 09/15 $1B *China 3 Gorges $500M 5Y +115, $500M 10Y +150
• 09/15 $750M *CAF 5Y +135
• 09/15 $500M *BBVA Mexico WNG 5Y +180
• 09/15 $500M *AIG Global Funding 5Y +65
• 09/15 $500M *Marubeni 5Y +105
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• $13B Priced Monday
• 09/14 $4.1B *Coca-Cola $1.3B +7Y +55, $1.3B +10Y +70, $1.5B +30Y +110
• 09/14 $1.8B *ChemChina $600M 5Y +185, $1B 10Y +235, $200M 30Y 3.7%
• 09/14 $1.7B *SMFG $850M 5Y TALC +75, $850M 10Y +147
• 09/14 1.5B *Empower Fin $400M 7Y +90, $400M +10Y +110, $700M 31Y +165
• 09/14 $1B *Chubb 10Y +73
• 09/14 $900M *Kexim (Exp/Imp Bnk of Korea) $400M 5Y +50, $500M 10Y +65
• 09/14 $800M *Healthcare Trust America +10Y +142
• 09/14 $700M *WEC Energy 3Y +40
• 09/14 $500M *Bank of China, Paris branch 3Y +90
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• $4.4B Priced Friday, total $75.225b/wk
• 09/11 $1.5B *World Bank 5Y FRN SOFR+31
• 09/11 $1.5B *Bank of Nova Scotia, $650M 3Y +43, $850M 3Y FRN SOFR+55
• 09/11 $1.4B *Gray Oak Pipeline, $400M 3Y +187.5, $600M 5Y +237.5, $400M 7Y +300
• -
• $24.65B Priced Thursday
• 09/10 $8B *Nissan, $1.5b 3Y +287.5, $1.5B 5Y +325, $2.5B 7Y +387.5, $2.5B 10Y +412.5
• 09/10 $3.25B *Deutsche Bank, $1.75b 4NC3 Fxd-FRN +207, $1.5b 11NC10 Fxd-FRN +287
• 09/10 $2.5B *Shell, $1B 3Y +30, $750M 10Y tap +95, $750M 30Y tap +145
• 09/10 $2B *BBVA, $1.2B 3Y +75, $800M 5Y +100
• 09/10 $1.5B *OKB 5Y +13
• 09/10 $1.5B *JBIC $1.5b 3Y +18
• 09/10 $1.5B *Cox Comm, $750M 10Y +115, $750M 30Y +155
• 09/10 $1B *Dominion Energy 3NC1 FRN L+53
• 09/10 $800M *Universal Health 10Y Snr Sec +200
• 09/10 $750M *ENN Energy 10Y Green Bond at +200
• 09/10 $750M *Pacific LifeCorp 30Y +195
• 09/10 $600M *FNF +10Y +180
• 09/10 $500M *Smithfield Foods 10Y +245
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• $26.825B priced Wednesday
• 09/09 $6.25B *Nutrition & Biosciences $300m 2Y +55, $1B 5Y +95, $1.2B 7Y +135, $1.5B 10Y +160, $750M 20Y +180, $1.5B 30Y +200
• 09/09 $4B *EIB 5Y +9
• 09/09 $2.25B *TD Bank, $1.25B 3Y +33, $1B 5Y +53
• 09/09 $2B *Sumitomo Mitsui Trust, $1.5b 3Y +65, $500M +80
• 09/09 $1.75B *AIA Group, 20Y Sub +175
• 09/09 $1.75B *Caterpillar Fncl, $1B 3Y 30, $750M 7Y +65
• 09/09 $1.5B *IADB 7Y MS+16
• 09/09 $1B *JPMorgan (WNG) 4NC3 Green +48
• 09/09 $1B *Fresenius Medical +10Y +170
• 09/09 $1B *DNB Bank 6NC5 Snr Non-Pref +85
• 09/09 $1B *Duke Energy, $650M 5Y +63, $350M 10Y tap +105
• 09/09 $900M *Transurban Fin 10.5Y +175
• 09/09 $625M *South Korea 10Y Bond at +50
• 09/09 $500M *O'Reilly Automotive +10Y +110
• 09/09 $500M *Schlumberger Fn Canada $500m 5Y +115
• 09/09 $400M *Masco WNG, $300M 10Y +130, $100M 17Y tap +195
• 09/09 $400M *Life Storage LP 10Y +155
• -
• $19.35B Priced Tuesday
• 09/08 $4B *Nestle $1.15B +3Y +28, $750M +5Y +45, $1.1B 7Y +55, $1B 10Y +65
• 09/08 $2.5B *Valero Energy, $575B 3NC L+115, $925M +3Y +105, $400M 5Y +125
• 09/08 $2B *Danske Bank, $1.25B 3.25NC2.25 +103, $750M 6NC5 +103
• 09/08 $2B *BAE $2b $1B +10Y +130, $1B 30Y +165
• 09/08 $1.8B *American Honda $750M 3Y +50, $300M 3Y FRN L+42, $750M 5Y +73
• 09/08 $1.5B *MUFG 4NC3 +68
• 09/08 $1.5B *Anglo American Cap, $1B 10Y +205, $500M 30Y +260
• 09/08 $1B *Unilever Capital Corp, $500M each 3Y +25, 10Y +70
• 09/08 $750M *BOC Aviation 10Y +197.5
• 09/08 $675M *Entergy Arkansas 30Y FMB +125
• 09/08 $625M *Johnson Controls 10Y +110
• 09/08 $600M *Kimberly-Clark 7Y +58
• 09/08 $400M *Arizona Public Service 30Y +125
• 09/07 ---- Holiday
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• 09/04 No new issuance Friday
• -
• $5.15B Priced Thursday; $19.25B/wk
• 09/03 $1.5B *Kommunalbanken Norway 5Y +15
• 09/03 $1.5B *Nordic Investment Bank 5Y +9
• 09/03 $1.15B *Bocom (Bank of Comm, HK) $350m 3Y FRN L+80, $800m 5Y +105
• 09/03 $1B *SABIC $500M 10Y +155, $500M 30Y 3.0%
• -
• $7.8B Priced Wednesday; $14.1B/wk
• 09/02 $3B *European Stability Mechanism (ESM) 5Y +14
• 09/02 $2B *Dubai $1B 10Y Sukuk +210, $1B 30Y 4.0%
• 09/02 $1B *Overseas Chinese Banking Corp (OCBC) 10NC5 +158
• 09/02 $1B *Mondelez $500M +10Y +92, $500M 30Y +127
• 09/02 $800M *China Merchants Bank 5Y Green +105
• -
• $6.3B Priced Tuesday
• 09/01 $2B *Mizuho $900M 4NC3 fix/FRN +70, $300M 4NC3 L-equiv, $800M 11NC10 +130
• 09/01 $1.8B *ICBC Singapore $800M 3Y +90, $1B 5Y +100
• 09/01 $2.5B *Tenet Healthcare 8NC3 6.12%