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US$ Corporate Supply Pipeline: $9B Priced Monday

AnalysisCreditStoryUS$ Credit Supply Pipeline

January 2025 finished with record $288.45B total bond issuance from domestic & foreign corporate and supra-sovereigns.

  • Date $MM Issuer (Priced *, Launch #)
  • 02/11 $5B #Israel $2.5B 5Y +120, $2.5B 10Y +135
  • 02/11 $1.25B #Tennessee Valley Authority 30Y +60
  • 02/11 $1B Snap Inc 8NC3 7%
  • 02/11 $800M #Flowers Food 10Y +125, 30Y +150
  • 02/11 $Benchmark Zimmer Biomet 2Y +45, 5Y +72, 10Y +97
  •  
  • $9B Priced Monday
  • 02/10 $6.5B *Eli Lilly $1B 3Y +27, $1.25B 5Y +42, $1B 7Y +50, $1.25B 10Y +60, $1.25B 30Y +80, $750M 40Y +90
  • 02/10 $2B *Union Pacific $1B 10Y +65, $1B 30Y +88
  • 02/10 $500M *Textron 10Y +102
  • 02/07 No new US$ corporate issuance Friday after $66.165B total priced on the week
  •  
  • $12B Priced Thursday
  • 02/06 $2.5B *Bank of America 11NC10 +132
  • 02/06 $2B *Marathon Petroleum $1.1B 5Y +95, $900M 10Y +127
  • 02/06 $1.9B *Mizuho $700M 6.25NC5.25 +82, $300M 6.25NC5.25 SOFR+108, $900M 11.25NC10.25 +98
  • 02/06 $1.5B *Cargill $700M 3Y +42, $300M 3Y SOFR+61, $500M 10Y +73
  • 02/06 $1.25B *Ma'aden Sukuk $750M 5Y +100, $500M 10Y +110
  • 02/06 $1.2B *Oriental Rep of Uruguay 12Y +100
  • 02/06 $1B *IFC 4.5Y SOFR+36
  • 02/06 $650M *Embraer Netherlands 10Y +158
  • 02/06 $500M BOAD 30NC5 8.2%
  •  
  • $30.75B Priced Wednesday, $54.165B/wk
  • 02/05 $5.5B *Republic of Poland $2.75B 5Y +75, $2.75B 10Y +105
  • 02/05 $4.75B *IBM $1B 3Y +45, $1B 5Y +60, $850M 7Y +70, $900M 10Y +80, $1B 30Y +105
  • 02/05 $3.5B *PepsiCo $500M 2Y +22, $750M 3Y +27, $1B 5Y +40, $1.25B 10Y +60
  • 02/05 $3B *UBS $1.5B PerpNC5.5 7%, $1.5B PerpNC10 7.125%
  • 02/05 $2.5B *US Bancorp $1.3B 6NC5 +80, $1.2B 11NC10 +100
  • 02/05 $2.5B *Republic of Turkiye 7Y 7.2%
  • 02/05 $2.5B *IDA 10Y SOFR+61
  • 02/05 $2B *Citigroup PerpNC5 6.95%
  • 02/05 $1B *Citadel Finance 5Y +170
  • 02/05 $1B *Minera Mexico 7Y +140
  • 02/05 $1B *KFW 4% 2026 TAP SOFR+20
  • 02/05 $1B *BBVA Mexico 10NC5 7.625%
  • 02/05 $500M *Healthpeak LLC 10Y +102
  •  
  • $20.865B Priced Tuesday, $23.415B/wk
  • 02/04 $6.065BB *Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180
  • 02/04 $3B *EIB WNG 10Y +60
  • 02/04 $2.5B *NextEra Capital Energy $1.5B 30.5NC5.25 6.375%, $1B 30.5NC10.25 6.5%
  • 02/04 $2B *L-Bank $1B 2Y SOF+30, $1B 5Y SOFR+47
  • 02/04 $1.5B *BNG Bank 3Y SOFR+37
  • 02/04 $1.25B *BNY Mellon 6NC5 +62
  • 02/04 $1.1B *National Rural Utilities $600M 3Y +52, $500M 5Y +67
  • 02/04 $1B *Altria $500M 3Y +67, $500M 10Y +117
  • 02/04 $1B *National Fuel Gas $00M 5Y +118, $500M 10Y +147
  • 02/04 $800M *GATX $500M 10Y +102, $300M 2054 Tap +113
  • 02/04 $650M *Valero Energy 5Y +87
  •  
  • $2.55B Priced Monday
  • 02/03 $1.25B *Romania 12Y +300
  • 02/03 $800M *Hess Midstream 3NC1 5.875%
  • 02/03 $500M *Air Transport 7NC3 7.25%
  •  
  • 01/31 No new US$ corporate issuance Friday: $37.2B total / wk, ending January with record $288.45B

    ** $264.545B Q4 2024; $1.957T total for 2024 -- highest since 2020 record $2.197T
Jan'25Record $288.45B priced January
Dec'24$43.15B; $264.545B Q4; $1.957T total for 2024 -- highest since 2020 record $2.197T
Nov'24 $94.95B
Oct'24$126.445B
Sep'24$224.75B total; $513.125B Q3
​Aug'24​$137.475B
Jul'24$150.9B
Jun'24$122.875B; $443.055B Q2
May'24$160.85B
Apr'24$159.33B total for the month
Mar'24$186.625B; $736.175B Q1
Feb'24$254.2B
Jan'24$295.35B, highest since April 2020
Dec'23$28.1B; $1.560T total of 2023 vs. $1.463T for 2022
Nov'23$131.7B
Oct'23$108.3B
Sep'23$165.25B; $348.775B Q3
Aug'23$79.45B
Jul'23$104.075B
Jun'23$113.195B; $403.605B Q2
May'23$168.22B
Apr'23$122.19B
Mar'23$122.05B; $540.175B Q1
Feb'23$186.7B
Jan'23$231.425B
Dec'22$7.75B; $1.463T total for 2022 vs. $1.879T in 2021
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 ; $1.879T total for 2021 vs. Record $2.197T total for 2020
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 $2.197T total for 2020
Dec'20$52.24B
Nov'20$126.83B
Oct'20$111.65B
Sep'20$207.82B
Aug'20$204.50B
Jul'20$93.50B
Jun'20$180.50B
May'20$270.90B
Apr'20$401.32B
Mar'20$275.48B
Feb'20$107.50B
Jan'20$165.18B
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January 2025 finished with record $288.45B total bond issuance from domestic & foreign corporate and supra-sovereigns.

  • Date $MM Issuer (Priced *, Launch #)
  • 02/11 $5B #Israel $2.5B 5Y +120, $2.5B 10Y +135
  • 02/11 $1.25B #Tennessee Valley Authority 30Y +60
  • 02/11 $1B Snap Inc 8NC3 7%
  • 02/11 $800M #Flowers Food 10Y +125, 30Y +150
  • 02/11 $Benchmark Zimmer Biomet 2Y +45, 5Y +72, 10Y +97
  •  
  • $9B Priced Monday
  • 02/10 $6.5B *Eli Lilly $1B 3Y +27, $1.25B 5Y +42, $1B 7Y +50, $1.25B 10Y +60, $1.25B 30Y +80, $750M 40Y +90
  • 02/10 $2B *Union Pacific $1B 10Y +65, $1B 30Y +88
  • 02/10 $500M *Textron 10Y +102
  • 02/07 No new US$ corporate issuance Friday after $66.165B total priced on the week
  •  
  • $12B Priced Thursday
  • 02/06 $2.5B *Bank of America 11NC10 +132
  • 02/06 $2B *Marathon Petroleum $1.1B 5Y +95, $900M 10Y +127
  • 02/06 $1.9B *Mizuho $700M 6.25NC5.25 +82, $300M 6.25NC5.25 SOFR+108, $900M 11.25NC10.25 +98
  • 02/06 $1.5B *Cargill $700M 3Y +42, $300M 3Y SOFR+61, $500M 10Y +73
  • 02/06 $1.25B *Ma'aden Sukuk $750M 5Y +100, $500M 10Y +110
  • 02/06 $1.2B *Oriental Rep of Uruguay 12Y +100
  • 02/06 $1B *IFC 4.5Y SOFR+36
  • 02/06 $650M *Embraer Netherlands 10Y +158
  • 02/06 $500M BOAD 30NC5 8.2%
  •  
  • $30.75B Priced Wednesday, $54.165B/wk
  • 02/05 $5.5B *Republic of Poland $2.75B 5Y +75, $2.75B 10Y +105
  • 02/05 $4.75B *IBM $1B 3Y +45, $1B 5Y +60, $850M 7Y +70, $900M 10Y +80, $1B 30Y +105
  • 02/05 $3.5B *PepsiCo $500M 2Y +22, $750M 3Y +27, $1B 5Y +40, $1.25B 10Y +60
  • 02/05 $3B *UBS $1.5B PerpNC5.5 7%, $1.5B PerpNC10 7.125%
  • 02/05 $2.5B *US Bancorp $1.3B 6NC5 +80, $1.2B 11NC10 +100
  • 02/05 $2.5B *Republic of Turkiye 7Y 7.2%
  • 02/05 $2.5B *IDA 10Y SOFR+61
  • 02/05 $2B *Citigroup PerpNC5 6.95%
  • 02/05 $1B *Citadel Finance 5Y +170
  • 02/05 $1B *Minera Mexico 7Y +140
  • 02/05 $1B *KFW 4% 2026 TAP SOFR+20
  • 02/05 $1B *BBVA Mexico 10NC5 7.625%
  • 02/05 $500M *Healthpeak LLC 10Y +102
  •  
  • $20.865B Priced Tuesday, $23.415B/wk
  • 02/04 $6.065BB *Foundry JV $1B 6Y +120, $1.15B 8Y +150, $1.39B 11Y +160, $1.475B 12Y +170, $1.05B 14Y +180
  • 02/04 $3B *EIB WNG 10Y +60
  • 02/04 $2.5B *NextEra Capital Energy $1.5B 30.5NC5.25 6.375%, $1B 30.5NC10.25 6.5%
  • 02/04 $2B *L-Bank $1B 2Y SOF+30, $1B 5Y SOFR+47
  • 02/04 $1.5B *BNG Bank 3Y SOFR+37
  • 02/04 $1.25B *BNY Mellon 6NC5 +62
  • 02/04 $1.1B *National Rural Utilities $600M 3Y +52, $500M 5Y +67
  • 02/04 $1B *Altria $500M 3Y +67, $500M 10Y +117
  • 02/04 $1B *National Fuel Gas $00M 5Y +118, $500M 10Y +147
  • 02/04 $800M *GATX $500M 10Y +102, $300M 2054 Tap +113
  • 02/04 $650M *Valero Energy 5Y +87
  •  
  • $2.55B Priced Monday
  • 02/03 $1.25B *Romania 12Y +300
  • 02/03 $800M *Hess Midstream 3NC1 5.875%
  • 02/03 $500M *Air Transport 7NC3 7.25%
  •  
  • 01/31 No new US$ corporate issuance Friday: $37.2B total / wk, ending January with record $288.45B

    ** $264.545B Q4 2024; $1.957T total for 2024 -- highest since 2020 record $2.197T
Jan'25Record $288.45B priced January
Dec'24$43.15B; $264.545B Q4; $1.957T total for 2024 -- highest since 2020 record $2.197T
Nov'24 $94.95B
Oct'24$126.445B
Sep'24$224.75B total; $513.125B Q3
​Aug'24​$137.475B
Jul'24$150.9B
Jun'24$122.875B; $443.055B Q2
May'24$160.85B
Apr'24$159.33B total for the month
Mar'24$186.625B; $736.175B Q1
Feb'24$254.2B
Jan'24$295.35B, highest since April 2020
Dec'23$28.1B; $1.560T total of 2023 vs. $1.463T for 2022
Nov'23$131.7B
Oct'23$108.3B
Sep'23$165.25B; $348.775B Q3
Aug'23$79.45B
Jul'23$104.075B
Jun'23$113.195B; $403.605B Q2
May'23$168.22B
Apr'23$122.19B
Mar'23$122.05B; $540.175B Q1
Feb'23$186.7B
Jan'23$231.425B
Dec'22$7.75B; $1.463T total for 2022 vs. $1.879T in 2021
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 ; $1.879T total for 2021 vs. Record $2.197T total for 2020
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 $2.197T total for 2020
Dec'20$52.24B
Nov'20$126.83B
Oct'20$111.65B
Sep'20$207.82B
Aug'20$204.50B
Jul'20$93.50B
Jun'20$180.50B
May'20$270.90B
Apr'20$401.32B
Mar'20$275.48B
Feb'20$107.50B
Jan'20$165.18B