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US$ Credit Supply Pipeline: 2024 Supply Best Since 2020

AnalysisCreditStoryUS$ Credit Supply Pipeline

No new issuance since December 12, $43.15B (likely) total issuance for December - better than December 2023 total of $28.1B; $264.545B Q4 total; $1.957T total for 2024 -- the highest since record $2.197T in 2020.

  • Date $MM Issuer (Priced *, Launch #)
  • $1.4B Priced Thursday, $16.05B/wk
  • 12/12 $1.4B Windstream 8.25% 2031 tap +103.75

    $3.45B Priced Wednesday, $14.65B/wk
  • 12/11 $2B *Microchip Tech $1B +3Y +80, $1B +5Y +93
  • 12/11 $950M *Diebold 5.25NC2 7.75%
  • 12/11 $500M *Onesky Flight 5NC2 8.875%

    $11.2B Priced Tuesday
  • 12/10 $5B #Arthur J Gallagher $750M 3Y +52, $750M 5Y +77, $500M +7Y +85, $1.5B +10Y +97, $1.5B +30Y +117 (largest issuer since Conoco-Phillips issued $5.2B debt on November 25)
  • 12/10 $2.2B *Saks Global 5NC2 (Neiman Marcus Group acquisition finding) 11%
  • 12/10 $1.5B *M&T Bank WNG $500M 4NC3 +72, $1B 11NC10 +117
  • 12/10 $1B *Amazon Conservation DAC 2042 +180
  • 12/10 $750M *Barnes Group 7NC3 6.75%
  • 12/10 $700M *Brookfield Finance 30NC10 6.3%

    $7B Priced Monday
  • 12/09 $2.75B *ANZ $650M 2Y +30, $350M 2y SOFR+47, $850M 5Y +55, $900M 5Y SOFR+85
  • 12/09 $3B *Toronto-Dominion 2Y +45, 2Y SOFR+62, 5Y +72, 5Y SOFR+103
  • 12/09 $500M *Bank of Montreal 2NC1 +47, 2NC1 SOFR
  • 12/09 $750M *VICI Properties 7Y +107
  • 12/09 $Benchmark Arthur J Gallagher investor calls
  • 12/09 $Benchmark M&T Bank investor calls
  • 12/09 $750M Barnes Group 7NC3 investor calls

    12/06 No new US$ issuance Friday, $27.1B total priced on the week

    $2B Priced Thursday
  • 12/05 $1B *Atlas Warehouse $500M 3Y +195, $500M 5Y +220
  • 12/05 $500M *Hertz 12.625% 2029 tap
  • 12/05 $500M *UWM Holdings 5NC2 6.625%

    $5.1B Priced Wednesday
  • 12/04 $1.5B *Tapestry $750M +5Y +105, $750M +10Y +132
  • 12/04 $1B *Lockheed $600M 7Y +58, $400M 30Y +85
  • 12/04 $800M *Gruma $500M 10Y +120, $300M 30Y +140
  • 12/04 $700M *Santander Mexico 5Y +155
  • 12/04 $600M *GA Global Funding Trust 7Y +110
  • 12/04 $500M *AES Corp 30.5NC5.25 6.95%

    $10.3B Priced Tuesday
  • 12/03 $3B *CVS $2.25B 30.25NC5.25 7%, $750M 30NC10 6.75%
  • 12/03 $1.5B *Canadian Natural Resources $750M 5Y +90, $750M 10Y +120
  • 12/03 $1.5B *Coterra Energy $750M 10Y +122, $750M 30Y +152
  • 12/03 $1.5B *Avolon $850M +3Y +97, $650M +3Y SOFR+110
  • 12/03 $1.2B *Iron Mountain 8NC3 6.25% -- significantly upsized from $750M
  • 12/03 $600M *Public Service of Oklahoma 10Y+100
  • 12/03 $500M *Sammons Financial 5Y +103
  • 12/03 $500M *RGA Global Funding 7Y +95

    $9.7B Priced Monday
  • 12/02 $2.2B *Nigeria $700M 6.5Y 9.625%, $1.5B 10Y 10.375%
  • 12/02 $1.8B *Cencora $500M 3Y +55, $600M 5Y +77, $700M 10Y +97
  • 12/02 $1B *Ally Financial $500M 6NC5 +145, $500M 15NC10 +245
  • 12/02 $1B *Santander UK 3Y SOFR+60
  • 12/02 $750M *Blackstone 10Y +85
  • 12/02 $700M *Jersey Central Power & Light 10Y +95
  • 12/02 $650M *New York Life 5Y +52
  • 12/02 $600M *Georgia Power +5Y +52
  • 12/02 $500M *American Homes 4 Rent 10Y +112.5
  • 12/02 $500M *Evergy 30.5NC5.25 6.65%
  • 12/02 $Benchmark CVS investor calls

November wrapped up with $94.95B total corporate and supra-sovereign issuance, well shy of $131.7B in November '23 as this years presidential election kept issuers at bay in the beginning of the month.
 

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No new issuance since December 12, $43.15B (likely) total issuance for December - better than December 2023 total of $28.1B; $264.545B Q4 total; $1.957T total for 2024 -- the highest since record $2.197T in 2020.

  • Date $MM Issuer (Priced *, Launch #)
  • $1.4B Priced Thursday, $16.05B/wk
  • 12/12 $1.4B Windstream 8.25% 2031 tap +103.75

    $3.45B Priced Wednesday, $14.65B/wk
  • 12/11 $2B *Microchip Tech $1B +3Y +80, $1B +5Y +93
  • 12/11 $950M *Diebold 5.25NC2 7.75%
  • 12/11 $500M *Onesky Flight 5NC2 8.875%

    $11.2B Priced Tuesday
  • 12/10 $5B #Arthur J Gallagher $750M 3Y +52, $750M 5Y +77, $500M +7Y +85, $1.5B +10Y +97, $1.5B +30Y +117 (largest issuer since Conoco-Phillips issued $5.2B debt on November 25)
  • 12/10 $2.2B *Saks Global 5NC2 (Neiman Marcus Group acquisition finding) 11%
  • 12/10 $1.5B *M&T Bank WNG $500M 4NC3 +72, $1B 11NC10 +117
  • 12/10 $1B *Amazon Conservation DAC 2042 +180
  • 12/10 $750M *Barnes Group 7NC3 6.75%
  • 12/10 $700M *Brookfield Finance 30NC10 6.3%

    $7B Priced Monday
  • 12/09 $2.75B *ANZ $650M 2Y +30, $350M 2y SOFR+47, $850M 5Y +55, $900M 5Y SOFR+85
  • 12/09 $3B *Toronto-Dominion 2Y +45, 2Y SOFR+62, 5Y +72, 5Y SOFR+103
  • 12/09 $500M *Bank of Montreal 2NC1 +47, 2NC1 SOFR
  • 12/09 $750M *VICI Properties 7Y +107
  • 12/09 $Benchmark Arthur J Gallagher investor calls
  • 12/09 $Benchmark M&T Bank investor calls
  • 12/09 $750M Barnes Group 7NC3 investor calls

    12/06 No new US$ issuance Friday, $27.1B total priced on the week

    $2B Priced Thursday
  • 12/05 $1B *Atlas Warehouse $500M 3Y +195, $500M 5Y +220
  • 12/05 $500M *Hertz 12.625% 2029 tap
  • 12/05 $500M *UWM Holdings 5NC2 6.625%

    $5.1B Priced Wednesday
  • 12/04 $1.5B *Tapestry $750M +5Y +105, $750M +10Y +132
  • 12/04 $1B *Lockheed $600M 7Y +58, $400M 30Y +85
  • 12/04 $800M *Gruma $500M 10Y +120, $300M 30Y +140
  • 12/04 $700M *Santander Mexico 5Y +155
  • 12/04 $600M *GA Global Funding Trust 7Y +110
  • 12/04 $500M *AES Corp 30.5NC5.25 6.95%

    $10.3B Priced Tuesday
  • 12/03 $3B *CVS $2.25B 30.25NC5.25 7%, $750M 30NC10 6.75%
  • 12/03 $1.5B *Canadian Natural Resources $750M 5Y +90, $750M 10Y +120
  • 12/03 $1.5B *Coterra Energy $750M 10Y +122, $750M 30Y +152
  • 12/03 $1.5B *Avolon $850M +3Y +97, $650M +3Y SOFR+110
  • 12/03 $1.2B *Iron Mountain 8NC3 6.25% -- significantly upsized from $750M
  • 12/03 $600M *Public Service of Oklahoma 10Y+100
  • 12/03 $500M *Sammons Financial 5Y +103
  • 12/03 $500M *RGA Global Funding 7Y +95

    $9.7B Priced Monday
  • 12/02 $2.2B *Nigeria $700M 6.5Y 9.625%, $1.5B 10Y 10.375%
  • 12/02 $1.8B *Cencora $500M 3Y +55, $600M 5Y +77, $700M 10Y +97
  • 12/02 $1B *Ally Financial $500M 6NC5 +145, $500M 15NC10 +245
  • 12/02 $1B *Santander UK 3Y SOFR+60
  • 12/02 $750M *Blackstone 10Y +85
  • 12/02 $700M *Jersey Central Power & Light 10Y +95
  • 12/02 $650M *New York Life 5Y +52
  • 12/02 $600M *Georgia Power +5Y +52
  • 12/02 $500M *American Homes 4 Rent 10Y +112.5
  • 12/02 $500M *Evergy 30.5NC5.25 6.65%
  • 12/02 $Benchmark CVS investor calls

November wrapped up with $94.95B total corporate and supra-sovereign issuance, well shy of $131.7B in November '23 as this years presidential election kept issuers at bay in the beginning of the month.
 

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