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US$ High-Grade Credit Supply Pipeline

Gradual pick-up in high-grade issuance; May taper off as next earning cycle kicks off.

  • Date $MM Issuer (Priced *, Launch #)
  • $7.75B To Price Wednesday
  • 10/07 $4B #Lowe's $1B +7Y +75, $1.25B 10Y +95, $1.75B 30Y +140 (compares to $4B issued Mar 24: $750M 5Y +355, $1.25B 10Y +375, $750M 20Y +360, $1.25B 30Y +370)
  • 10/07 $1B *EBRD 4Y FRN SOFR+28
  • 10/07 $1B #CONAGRA WNG 7Y +100
  • 10/07 $1B #Smith & Nephew 10Y +125
  • 10/07 $750M #Steel Dynamics $350M 7Y +120, $400M 30Y +185
  • Chatter:
  • 10/?? Gazprom sizing up interest in first US$ issuance during investor calls next couple sessions
  • $12.6B priced Tuesday
  • 10/06 $3.9B *LYB Int Fin $650M 3NC1 L+100a, $500M 5Y +100, $500M 10Y +160, $750M 20Y +185, $1B 30Y +210, $500M 40Y +230
  • 10/06 $2.5B *Turkey 5Y 6.4%
  • 10/06 $2.5B *Kingdom of Sweden 2Y +1
  • 10/06 $1.5B *Standard Chartered $1B 3NC2 +117, $500M FRN SOFR+125
  • 10/06 $950M *Baidu $650M 5.5Y +140, $300M 10Y +160
  • 10/06 $750M *MassMutual 10Y +83
  • 10/06 $500M *John Deere Capital 3Y +25
  • -
  • $6.95B Priced Monday
  • 10/05 $2.5B *Berkshire Hathaway $750M 10Y +70, $1.75M 30Y +127 (up from $2B issued March 25: $1.1B 10Y, $900M 30Y both +285, example of how far spds have compressed last 6 months)
  • 10/05 $1.5B *PepsiCo $750M each 3Y +23, 10Y +67
  • 10/05 $1B *Everest Reinsurance Hldngs 30Y +200
  • 10/05 $1B *Leidos +10Y +160
  • 10/05 $950M *WEC Energy $500M 7Y +85, $450M 10Y +105
  • -
  • 10/02 No new issuance Friday

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