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US$ High-Grade Credit Supply Pipeline

October nears $100B total high-grade issuance

  • Date $MM Issuer (Priced *, Launch #)
  • 10/27 $1.25B #Kommuninvest 2Y +2
  • 10/27 $Benchmark P&G 5Y +40a, 10Y +70a (issued $5B on March 23: 5pt: $750M 5Y +210, $500M 7Y +220, $1.5B 10Y +225, $1B 20Y +220, $1.25B 30Y +225)
  • 10/27 $Benchmark Berkshire Hathaway Energy 5Y +65a, 10Y +115a, 30Y +150a (issued $1.25B 5Y on March 20)
  • 10/27 $Benchmark Genuine Parts Co 10Y +150a
  • 10/27 $500M Tractor Supply 10Y +145a
  • Expected Wednesday
  • 10/28 $500M Kommunalbanken 2Y +4a
  • 10/28 $500M World Bank (IADB) +4Y SOFR+27a
  • -
  • 10/26 No new issuance Monday; $92.95B running total for Month
  • -
  • $2.5B Priced late Friday; $33.35B/wk; $92.95B/month
  • 10/23 $2.5B *Citigroup 4NC3 fix/FRN +48
  • -
  • No New Issuance Thursday
  • 10/22 $Benchmark Galaxy Pipeline multi-tranche investor call
  • -
  • $15.35B Priced Wednesday; $30.85B/wk
  • 10/21 $6B *World Bank (IBRD) 5Y +10
  • 10/21 $2.25B *RBC $1.25B 3Y +33, $1B 3Y FRN SOFR+45
  • 10/21 $2B *Sultanate of Oman $1.25B 7Y 6.75%, $750M 12Y 7.375%
  • 10/21 $2B *Meituan $750M 5Y +180, $1.25B 10Y +225
  • 10/21 $1B *FHLBanks 2Y global +4
  • 10/21 $750M *Arab National Bank 10NC5 Sukuk +290
  • 10/21 $750M *Qatar Islamic Bank 5Y Sukuk +155
  • 10/21 $600M *Inv Corp Dubai (ICD) +5.5Y +275
  • --
  • $5B Priced Tuesday; $15.5B/wk
  • 10/20 $2B *Denmark 2Y +1
  • 10/20 $3B *United Airlines 4.1Y EETC deal 5.875% (enhanced equipment trust certificates, corporate debt securities)
  • --
  • $10.5B Priced Monday
  • 10/19 $4.75B *T-Mobile $1B 11Y +148, $1.25B tap 3% 20Y +160, $1.5B tap 3.3% 30Y +190, $1B 40Y +210 (adds to $4B on Jun 18: $1B +5Y+120, $1.25B +7Y+155, $1.75B +10Y +187.5)
  • 10/19 $1.5B *China Development Bank $1B 5Y +75, $500M 10Y +95
  • 10/19 $1B *American Honda $450M 1.25Y FRN L+12, $550M 2Y +27 (issued $1.75B on Jan 7: $850M 3Y +40, $400M 3Y FRN +37, $500M 7Y +63)
  • 10/19 $1B *Ross Stores $500M +5Y +65, $500M +10Y +115
  • 10/19 $1B *KDB $500M 3Y +40, $500M 5.5Y +52.5
  • 10/19 $750M *Penske Trucking Leasing +90
  • 10/19 $500M *CIBC WNG 5Y Green +63
  • -
  • $30.85B/wk
  • $10B Priced Friday, BoA lead, expect more financial names to resume issuance as latest earnings cycle works through list
  • 10/16 $8.5B *Bank of America $2B 4NC3 +63, $500M 4NC3 SOFR+73, $2.5B 6NC5 +88, $2.5B 11NC10 +118, $1B 31NC30 +130
  • 10/16 $1B *Morgan Stanley WNG 5NC4 fix/FRN, +55
  • 10/16 $500M *China Minsheng Banking 3Y FRN, L+90
  • -
  • $2.55B Priced Thursday
  • 10/15 $900M *Bank of China Group Inv $400M 5Y +125, $500M 10Y +160
  • 10/15 $850M *Ag Bank of China, $500M 3Y +90, $350M 5Y +100
  • 10/15 $300M *Union Bank of Philippines 5Y +195
  • 10/15 $500M *COFCO (HK) 10Y +150
  • --
  • $12.55B Priced Wednesday
  • 10/14 $6B *China $1.25B 3Y +25, $2.25B 5Y +30, $2B 10Y +50, $500M 30Y +80
  • 10/14 $3B *CADES 10Y Social bond +28
  • 10/14 $1B *EIB WNG 7Y +13
  • 10/14 $1B *Council of Europe 3Y +3
  • 10/14 $800M *New York Life, $500M 3Y +25, $300M 3Y FRN SOFR+36
  • 10/14 $750m *Franklin Resources 10Y +90
  • -
  • $5.75B Priced Tuesday
  • 10/13 $2.75B *Toyota Motor, $1.15B 2Y +25, $600M 2Y FRN SOFR+34, $1B 5Y +53; adds to $3B issued on May 20: $1.25B 2Y +100, $1B 3Y +115, $750M 5Y +125.
  • 10/13 $1.4B *Gaz Finance, inaugural US$ issuance, perp NC5.25, 4.6%a
  • 10/13 $1B *Petrobras Global Finance 5.6% 2031 Tap, 4.4% yld
  • 10/13 $600M *Athene Global Funding 3Y +103
  • -
  • 10/09 Issuers hit sidelines ahead extended holiday weekend; $28.75B/mn
  • -
  • Thursday
  • 10/08 $500M *Antofagasta 10Y +165
  • -
  • $7.75B To Price Wednesday; $30B/wk
  • 10/07 $4B *Lowe's $1B +7Y +75, $1.25B 10Y +95, $1.75B 30Y +140 ($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
  • -
  • $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
  • -
  • Only $950M priced Thursday
  • 10/01 $550M *Union Electric 30Y +118
  • 10/01 $400M *New England Power 30Y +135

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