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US$ Credit Supply Pipeline: February Looks to Finish Strong

AnalysisCreditStoryUS$ Credit Supply Pipeline

Date $MM Issuer (Priced *, Launch #)

02/25 $Benchmark Citigroup 4NC3 +95a, 4NC3 SOFR, 31NC30 +125a

$19.7B Priced Monday
02/24 $5.5B *Chevron $750M 2Y +23, $750M 2Y SOFR, $1B 3Y +30, $500M 3Y SOFR+42, $1.1B 5Y +45, $650M 7Y +50, $750M 10Y +58
02/24 $2B *Marriott Int $500M 7Y +90, $1.5B 12Y +125
02/24 $2B *Targa Resources $1B +10Y +120, $1B 30Y +147
02/24 $1.75B *Pacific Gas & Electric $1B 10Y +130, $750M 30Y +150
02/24 $1.6B *Georgia Power $400M 1.5Y SOFR+28, $500M 6Y +65, $700M 10Y +83
02/24 $1.5B *HSBC PerpNC7 6.95%
02/24 $1.25B *LPL Holdings $750M 5Y +100, $500M 10Y +128
02/24 $800M *American Water Capital 10Y +90
02/24 $800M *NSTAR WNG $400M 5Y +65, $400M 10Y +85
02/24 $750M *Vale Overseas WNG 2054 tap +173
02/24 $750M *Citizens Financial 6NC5 +102
02/24 $500M *Entergy Texas WNG 10Y +88
02/24 $500M *CenterPoint Energy WNG 5Y +60

02/21 No new US$ corporate issuance Friday, $48.9B total on week

$3.6B Priced Thursday
02/20 $3B *Qatar $1B 3Y +30, $2B 10Y +45
02/20 $1.75B *Raizen Fuels Finance $1B 12Y +225, $750M 30Y +250
02/20 $750M *Westpac New Zealand 5Y +60
02/20 $600M *PACCAR Financial 3Y +30
02/20 $500M *Amsted Ind 8NC3 6.375%

$17.7B Priced Wednesday
02/19 $5B *Cisco $1B 3Y +30, $1B 5Y +40, $1B 7Y +50, $1.25B 10Y +58, $750M 30Y +75
02/19 $5B *Barclays $1.25B 4NC3 +80, $1.75B 6NC5 +100, $2B 11NC10 +125
02/19 $2B Hershey $500M each: 3Y +28, 5Y +42, 7Y +52, 10Y +62
02/19 $1.5B *Huntington National Bank $1B 3NC2 +58, $500M 3NC2 SOFR+72
02/19 $1B *Kraft Heinz $500M 7Y +77, $500M 10Y +87
02/19 $1B *Expedia 10Y +95
02/19 $700M *DR Horton +10Y +97
02/19 $500M *Golub Capital 5Y +175
02/19 $500M *Auto Nation 10Y +133
02/19 $500M *Rollins 10Y +90

$27.6B Priced Tuesday
02/18 $5.25B *HCA $700M 3Y +70, $300M 3Y SOFR+87, $750M 5Y +90, $750M 7Y +103, $1.5B 10Y +123, $1.25B 30Y +148
02/18 $5B Johnson & Johnson $750M 2Y +20, $750M 3Y +25, $1B 5Y +35, $1.25B 7Y +42, $1.25B 10Y +47
02/18 $4B *AbbVie $1.25B 3Y +37, $1B 5Y +50, $1B 10Y +67,$750M 30Y +83
02/18 $3B *Energy Transfer $650M 5Y +85, $1.25B 10Y +117, $1.1B 30Y +147
02/18 $3B *BHP Billiton $1B 5Y +62, $750M 7Y +72, $1.25B 10Y +80
02/18 $2.5B *Brazil 10Y 6.75%
02/18 $2B Florida Power & Light $350M tap 6/31 +73, $950M 30Y +93, $700M 40Y +103
02/18 $1.5B *Barclays PerpNC10.5 7.625%
02/18 $1.25B *Mastercard $450M 3Y +25, $300M 3Y SOFR+44, $500M 7Y +50
02/18 $1.25B *SMFG 6.45%
02/18 $1.1B *DTE Energy 5Y +85
02/18 $1B CMS 30NC10 6.5%
02/18 $1B Exelon $500M 6Y +75, $500M 30Y +113
02/18 $500M *RenaissanceRe 10Y +130
02/18 $500M *Orix 10Y +85

02/14 No new US$ corporate issuance Friday, $25.85B total on week

$4.35B Priced Thursday
02/13 $1.25B *Sysco $700M +5Y +70, $550M 10Y +87
02/13 $1.1B *Gen Digital 8NC3 guidance TBA
02/13 $1B *Leidos $500M 7Y +93, $500M 10Y +103
02/13 $1B *Exelon 30NC10 6.5%

$2.25B Priced Wednesday, $21.55B/wk
02/12 $2.25B *Bell Canada $1B 30.5NC5.5 6.875%, $1.25B 30.5NC10.5 7%

$10.3B Priced Tuesday
02/11 $5B *Israel $2.5B 5Y +120, $2.5B 10Y +135
02/11 $1.75B *Zimmer Biomet $600M 2Y +45, $550M 5Y +72, $600M 10Y +97
02/11 $1.5B *Snap Inc 8NC3 6.875%
02/11 $1.25B *Tennessee Valley Authority 30Y +60
02/11 $800M *Flowers Food 10Y +125, 30Y +150

$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%

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Date $MM Issuer (Priced *, Launch #)

02/25 $Benchmark Citigroup 4NC3 +95a, 4NC3 SOFR, 31NC30 +125a

$19.7B Priced Monday
02/24 $5.5B *Chevron $750M 2Y +23, $750M 2Y SOFR, $1B 3Y +30, $500M 3Y SOFR+42, $1.1B 5Y +45, $650M 7Y +50, $750M 10Y +58
02/24 $2B *Marriott Int $500M 7Y +90, $1.5B 12Y +125
02/24 $2B *Targa Resources $1B +10Y +120, $1B 30Y +147
02/24 $1.75B *Pacific Gas & Electric $1B 10Y +130, $750M 30Y +150
02/24 $1.6B *Georgia Power $400M 1.5Y SOFR+28, $500M 6Y +65, $700M 10Y +83
02/24 $1.5B *HSBC PerpNC7 6.95%
02/24 $1.25B *LPL Holdings $750M 5Y +100, $500M 10Y +128
02/24 $800M *American Water Capital 10Y +90
02/24 $800M *NSTAR WNG $400M 5Y +65, $400M 10Y +85
02/24 $750M *Vale Overseas WNG 2054 tap +173
02/24 $750M *Citizens Financial 6NC5 +102
02/24 $500M *Entergy Texas WNG 10Y +88
02/24 $500M *CenterPoint Energy WNG 5Y +60

02/21 No new US$ corporate issuance Friday, $48.9B total on week

$3.6B Priced Thursday
02/20 $3B *Qatar $1B 3Y +30, $2B 10Y +45
02/20 $1.75B *Raizen Fuels Finance $1B 12Y +225, $750M 30Y +250
02/20 $750M *Westpac New Zealand 5Y +60
02/20 $600M *PACCAR Financial 3Y +30
02/20 $500M *Amsted Ind 8NC3 6.375%

$17.7B Priced Wednesday
02/19 $5B *Cisco $1B 3Y +30, $1B 5Y +40, $1B 7Y +50, $1.25B 10Y +58, $750M 30Y +75
02/19 $5B *Barclays $1.25B 4NC3 +80, $1.75B 6NC5 +100, $2B 11NC10 +125
02/19 $2B Hershey $500M each: 3Y +28, 5Y +42, 7Y +52, 10Y +62
02/19 $1.5B *Huntington National Bank $1B 3NC2 +58, $500M 3NC2 SOFR+72
02/19 $1B *Kraft Heinz $500M 7Y +77, $500M 10Y +87
02/19 $1B *Expedia 10Y +95
02/19 $700M *DR Horton +10Y +97
02/19 $500M *Golub Capital 5Y +175
02/19 $500M *Auto Nation 10Y +133
02/19 $500M *Rollins 10Y +90

$27.6B Priced Tuesday
02/18 $5.25B *HCA $700M 3Y +70, $300M 3Y SOFR+87, $750M 5Y +90, $750M 7Y +103, $1.5B 10Y +123, $1.25B 30Y +148
02/18 $5B Johnson & Johnson $750M 2Y +20, $750M 3Y +25, $1B 5Y +35, $1.25B 7Y +42, $1.25B 10Y +47
02/18 $4B *AbbVie $1.25B 3Y +37, $1B 5Y +50, $1B 10Y +67,$750M 30Y +83
02/18 $3B *Energy Transfer $650M 5Y +85, $1.25B 10Y +117, $1.1B 30Y +147
02/18 $3B *BHP Billiton $1B 5Y +62, $750M 7Y +72, $1.25B 10Y +80
02/18 $2.5B *Brazil 10Y 6.75%
02/18 $2B Florida Power & Light $350M tap 6/31 +73, $950M 30Y +93, $700M 40Y +103
02/18 $1.5B *Barclays PerpNC10.5 7.625%
02/18 $1.25B *Mastercard $450M 3Y +25, $300M 3Y SOFR+44, $500M 7Y +50
02/18 $1.25B *SMFG 6.45%
02/18 $1.1B *DTE Energy 5Y +85
02/18 $1B CMS 30NC10 6.5%
02/18 $1B Exelon $500M 6Y +75, $500M 30Y +113
02/18 $500M *RenaissanceRe 10Y +130
02/18 $500M *Orix 10Y +85

02/14 No new US$ corporate issuance Friday, $25.85B total on week

$4.35B Priced Thursday
02/13 $1.25B *Sysco $700M +5Y +70, $550M 10Y +87
02/13 $1.1B *Gen Digital 8NC3 guidance TBA
02/13 $1B *Leidos $500M 7Y +93, $500M 10Y +103
02/13 $1B *Exelon 30NC10 6.5%

$2.25B Priced Wednesday, $21.55B/wk
02/12 $2.25B *Bell Canada $1B 30.5NC5.5 6.875%, $1.25B 30.5NC10.5 7%

$10.3B Priced Tuesday
02/11 $5B *Israel $2.5B 5Y +120, $2.5B 10Y +135
02/11 $1.75B *Zimmer Biomet $600M 2Y +45, $550M 5Y +72, $600M 10Y +97
02/11 $1.5B *Snap Inc 8NC3 6.875%
02/11 $1.25B *Tennessee Valley Authority 30Y +60
02/11 $800M *Flowers Food 10Y +125, 30Y +150

$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%

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