January 30, 2023 20:20 GMT
US$ Credit Supply Pipeline
Total January issuance nears $225B
- Date $MM Issuer (Priced *, Launch #)
- 01/30 $3.25B #IBM $850M 3Y +60, $1B 5Y +85, $750M 10Y +120, $650M 30Y +145
- 01/30 $1B Charter Comm's 8NC3 7.37%a
- 01/30 $850M #Bank of New Zealand 5Y +118
- 01/30 $750M #Synchrony Financial 10Y +375
- 01/30 $500M *Constellation Brands 3NC1 +110
- 01/30 $500M *Tyco Electronics 3Y +60
- 01/30 $Benchmark Elevance Health 3NC1 +125a, 10Y +155a, 30Y +180a
- 01/30 $900M CI (Corp Nacional del Cobre de Chile) 10Y
- 01/30 $Benchmark Pemex investor calls
- Expected Tuesday:
- 01/31 $Benchmark CABEI (Central American Bank for Economic Integration) 3Y SOFR+130a
- 01/27 No new issuance Friday, $30.65B total on week
- $5.4B Priced Thursday
- 01/26 $3.65B *USB $1.65B 6NC5 +103, $3B 11NC10 +133
- 01/26 $1.25B *Kinder Morgan 10Y +175
- 01/26 $500M *Norfolk Southern 10Y +100
- 01/26 $2.75B Mauser Packaging 3.5NC1.5 investor calls
- $2.25B Priced Wednesday
- 01/25 $2.25B *Capital One $1B 6NC5 +190, $1.25B 11NC10 +235
- $12.15B Priced Tuesday; $23B/wk
- 01/24 $3.5B *M&T Trust (MTB) $1.3B 3Y +85, $1.2B 5Y +115, $1B 11NC10 +160
- 01/24 $2.5B *Bank of Nova Scotia $1.25B 3Y +93 (SOFR leg dropped, $1.25B 7Y +135
- 01/24 $1.8B *Republic of Colombia 11Y 7.6%
- 01/24 $1.5B *BNY Mellon $750M 6NC5 +97, $750M 11NC10 +125
- 01/24 $1B *NY Life 10Y +110
- 01/24 $750M *Ashtead Capital +10Y +212.5
- 01/24 $600M *IFC +3Y SOFR+28
- 01/24 $500M *Turk Eximbank (Turkiye Ihracat Kredi Bankasi) 3Y 9.6%
- $10.85B Priced Monday
- 01/23 $3B *Truist Bank $1.5B 6NC5 +125, $1.5B 11NC10 +160
- 01/23 $2.1B *Procter & Gamble $650M 3Y +23, $600M 5Y +35, $850M 10Y +53
- 01/23 $2B *Caesars Entertainment 7NC3 7%, upsized from $1.25B
- 01/23 $1.5B *KeyBank $500M 3Y +83, $1B 10Y +153
- 01/23 $1.25B *State Street $500M 3NC2 +62.5, $750M 11NC10 +130
- 01/23 $1B *Autozone $450M 5Y +90, $550M 10Y +125
- 01/23 $Benchmark Turk Eximbank (Turkiye Ihracat Kredi Bankasi) 3Y investor calls
- 01/23 $Benchmark M&T Bank Investor calls
- 01/20 No new US$ issuance Friday, $28.4B total on week
- $9.05B Priced Thursday, $28.4B/wk, $187.075B/month
- 01/19 $2.75B *PNC Financial 4NC3 +125a, 11NC10 +190a
- 01/19 $1.75B *Serbia +5Y +330a, 10Y +385a
- 01/19 $1.5B *CAF +3Y SOFR+125
- 01/19 $1.25B *BFCM (Credit Mutuel) 3Y +118, dropped 3Y SOFR leg
- 01/19 $1B *Council of Europe Dev Bank (CoE) WNG 5Y SOFR+41a
- 01/19 $800M *Israel Discount Bank 5Y +190a
- $8.1B Priced Wednesday, $19.35B/wk
- 01/18 $4B *CADES 3Y SOFR+39
- 01/18 $2.5B *JBIC 3Y SOFR+62
- 01/18 $1B *OPEC Fund 3Y SOFR+90
- 01/18 $600M *First Abu Dhabi Bank (FAB) 5.25Y +105
- 01/18 $Benchmark Serbia +5Y, 10Y investor calls
- $11.25B Priced Tuesday
- 01/17 $6B *Morgan Stanley $1.5B 4NC3 +120, $2.5B 6NC5 +153, $2B 15NC10 +243
- 01/17 $3B *Bank of America 4NC3 +120 (drops SOFR leg)
- 01/17 $1.65B *Target $500M 10Y +90, $1.15B 30Y +115
- 01/17 $600M *Woori Bank 5Y +135
- 01/17 $Benchmark Israel Discount Bank 5Y investor calls
- 01/12-01/13 No new issuance Thursday-Friday as earning cycle gets underway
- $9.65B Priced Wednesday; $63.9B/wk
- 01/11 $2.75B *Turkey 10Y 9.75%
- 01/11 $1.8B *Daimler Trucks $650M 2Y +103, $650M 3Y +123, $500M 5Y +148
- 01/11 $1B *OKB 3Y SOFR+35
- 01/11 $1B *KBC Group 6NC5 +210
- 01/11 $1B *Kommunalbanken 5Y SOFR+57
- 01/11 $1B *CDC (Caisse des Depots) 3Y SOFR+44
- 01/11 $600M *ICBC (Industrial/Commercial Bank of China) Dubai 3Y SOFR+93
- 01/11 $500M *Bank Leumi 10.5NC5.5 +345
- $30.1B Priced Tuesday, $54.25B/wk
- 01/10 $10B *Saudi Arabia $3.25B 5Y +110, $3.5B 10.5Y +140, $3.25B 30Y 5.5%
- 01/10 $4B *KFW 5Y SOFR+40
- 01/10 $2B *AIIB 5Y SOFR+64
- 01/10 $2B *Israel 10Y +95
- 01/10 $2.5B *SK Hynix $750M 3Y +240, $1B 5Y +275, $750M 10Y +310
- 01/10 $2.1B *BPCE $600M 5Y +145, $1.5B 4NC3 +200
- 01/10 $1.5B *Deutsche Bank 6NC5 +300
- 01/10 $1.25B *CaixaBank 6NC5 +250
- 01/10 $1B *Macquarie Bank 10Y +320
- 01/10 $1B *Export Bank of India 10Y +190
- 01/10 $1B *Venture Global 7NC 6.25%
- 01/10 $1.3B *American Honda $500M 3Y +80, $300M 3Y SOFR+92, $500M 5Y +103
- 01/10 $450M *Mongolia 5Y 8.95%
- $24.15B Priced Monday, $118.925B/mo
- 01/09 $4.7B *Regal Rexnord $1.1B 3Y +215, $1.25B 5Y +240, $1.1B 7Y +270, $1.25B 10Y +290
- 01/09 $3.75B *RBC $1B 3Y +95, $300M 3Y SOFR+108, $750M 5Y +125, $1.7B 10Y +150
- 01/09 $3B *Toyota Motor Credit $1.2B 2Y +63, $300M 2Y SOFR+56, $1B 5Y +98, $500M 10Y +118
- 01/09 $3B *Philippines $500M 5.5Y +105, $1.25B 10.5Y +145, $1.25B 25Y 5.5%
- 01/09 $2B *POSCO Holdings $700M 3Y +190, $1B 5Y +220, $300M 10Y +250
- 01/09 $2B *Dell International $1B 5Y +160, $1B 10Y +225
- 01/09 $1.75B *BNP Paribas 6NC5 +145
- 01/09 $1.1B *Realty Income $500M 3NC1 +125, $600M 7Y +145
- 01/09 $1.1B *WEC Energy $650M 3Y +85, $450M 5Y +112.5
- 01/09 $1B *Crown Castle 5Y +137.5
- 01/09 $750M *National Bank of Canada 2Y +110
- 01/06 No new corporate issuance Friday after $94.775B total priced on wk
- $20.45B Priced Thursday,
- 1/05 $5.5B *ADB $3.5B 3Y SOFR+29, $2B 10Y SOFR+60
- 1/05 $3.75B *Romania Bank $1B 5Y +280, $1.5B 10Y +350, $1.25B 30Y +385
- 1/05 $3B *Airport Authority $500M 3Y +70, $1B 5Y +90, $700M 7Y +115, $800M 10Y +125
- 1/05 $2.5B *Bank of Montreal $1B 2Y +80, $300M 2Y SOFR+71, $1.2B 5Y +130
- 1/05 $2B *IADB 5Y SOFR+41
- 1/05 $1.75B *World Bank (IBRD) 4Y SOFR+37
- 1/05 $1.2B *Credit Agricole 5.5Y +140
- 1/05 $750M *Penske Truck Leasing 5Y +185
- $36.15B Priced Wednesday, $74.325B/wk
- 1/04 $5B *EIB 5Y SOFR+39
- 1/04 $4.25B *Hungary $1.5B 5Y +240, $1.5B 10Y +280, $1.25B 30Y +325
- 1/04 $3.75B *Credit Suisse $1.25B 2Y +370, $2.5B 2Y SOFR, 5Y +370
- 1/04 $3.5B *NAB $1.15B 3Y +85, $1.1B 5Y +110, $1.25B 10Y +275
- 1/04 $3.5B 8Kexim $1B 3Y +85, $1.5B 5Y +120, $1B 10Y +145
- 1/04 $3B *Indonesia $1B 5Y 4.8%, $1.25B 10Y 5.1%, $750M 30Y 5.75%
- 1/04 $3B *Hong Kong $500M 3Y +35, $1B 5Y +70, $1B 10Y +95, $500M 30Y +145
- 1/04 $2.5B *Standard Chartered $1B 4NC3 +205, $1.5B 6NC5 +245
- 1/04 $1.9B *Nomura $600M 3Y +160, $550M 5Y +200, $750M 10Y +250
- 1/04 $1.5B *Pacific Gas & Electric $750M 10Y +250, $750M 30Y +295
- 1/04 $1.25B *Danske Bank 3NC2 +210
- 1/04 $1B *Rabobank 2Y +65 (drops SOFR leg)
- 1/04 $1.5B *GM Financial $1B 5Y +215, $500M 10Y +275
- 1/04 $500M *Equitable Holdings 10Y +190
- Total $38.175B priced Tuesday
- 1/03 $5.8B *SMFG $1.5B 3Y +130, $300M 3Y SOFR+143, $1.5B 5Y +160, $1B 7Y +185, $.5B 10Y +200
- 1/03 $5B *SocGen $1.25B 4NC3 +230, $1.25B 6NC5 +255, $1.5B 11NC10 +295, $1B 30Y +350
- 1/03 $4B *United Mexican States $1.25B 5Y +150, $2.75B 12Y +260
- 1/03 $4B *UBS $1.75B 4NC3 +155, $2.25B 11NC10 +220
- 1/03 $2.75B *Ford Motor Cr $1.3B 3Y 7%, $300M 3Y SOFR+295, $1.15B 7Y 7.37%
- 1/03 $2.3B *John Deere $1.2B 3Y +65, $1.1B 3Y SOFR, 5Y +85
- 1/03 $2.15B *MetLife $650M 3Y +83, $500M 5Y +113, $1B 31Y +140
- 1/03 $2B *TD Bank $750M 3Y +95, $1.25B 5Y +125
- 1/03 $1.8B *Duke Energy Carolinas $900M each: 10Y +120, 30Y +145
- 1/03 $1.75B *Enterprise Products Op $750M 3Y +90, $1B 10Y +160
- 1/03 $1.75B *Targa Resources $900M 10Y +235, $850M 30Y +275
- 1/03 $1.5B *Santander UK 6NC5 +260
- 1/03 $1.5B *Com Bank of Australia (CBA) $1.2B 2Y +68, $300M 2Y SOFR+63
- 1/03 $975M *ComEdison $400M 10Y +115, $575M 30Y +140
- 1/03 $900M *Caterpillar 3Y +63
Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020
| Dec'22 | $7.75B; $1.294T total for 2022 |
| Nov'22 | $115.9B |
| Oct'22 | $51.85B |
| Sep'22 | $105.25B; $1.287T through Q3 |
| Aug'22 | $168.5B |
| Jul'22 | $100.6B |
| Jun'22 | $80.85B; $913.58B first half of 2022 |
| May'22 | $103.225B |
| 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 |
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