US$ Corporate Supply Pipeline

Issuers sidelined ahead the FOMC policy annc. This week's $26.25B total high grade corporate debt issuance pushed total January 2024 issuance (includes supra sovereigns) to $295.35B - is the highest monthly total since April 2020 and compares to $231.425B on January 2023.

• Date $MM Issuer (Priced *, Launch #
• 1/31 No new US$ high grade supply Wednesday.
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• $5.75B Priced Tuesday, $26.25B/wk
• 1/30 $2.5B *UKG Inc. 7NC3 6.875%
• 1/30 $750M *Kodiak Gas 5NC2 7.25%
• 1/30 $750M *AfDB PerpNC10.5 5.75%
• 1/30 $750M *KLA Corp $500M 10Y +72, $250M 2052 Tap +80
• 1/30 $500M *Turk Eximbank 4Y 7.75%
• 1/30 $500M *OPEC Fund WNG 3Y SOFR+78
• $20.5B Priced Monday
• 1/29 $5.5B *IBM: $600M 2Y +45, $500M 3Y +55, $500M 5Y +65, $500M 7Y +75, $1B 10Y +85, $1B 20Y +85, $1.4B 30Y +100
• 1/29 $4.4B *NextEra $1B 2Y +65, $600M 2Y SOFR+76, $900M 5Y +95, $1.1B 10Y +120, $800M 30Y +125
• 1/29 $2.5B *Northrop Grumman $500M 5Y +65, $850M 10Y +85, $1.15B 30Y 90
• 1/29 $2.25B *Kinder Morgan $1.25B 5Y +105, $1B 10Y +135
• 1/29 $2B *Capital One $1B 6NC5 +170, $1B 11NC10 +195
• 1/29 $1B *Hyundai Capital $500M 3Y +110, $500M 5Y +120
• 1/29 $1B *Nationstar Mortgage 8NC3 7.25%
• 1/29 $750M *Blue Owl Credit 7Y +290
• 1/29 $600M *Golub Capital +5Y +225
• 1/29 $500M *Northern Natural Gas 30Y +127
• $1.25B Priced Friday, $52.25B/wk
• 1/26 $1.25B *Huntington Bancshares 11NC10 +155
• $7.55B Priced Thursday, $51B running total on the week
• 1/21 $2.2B *NGL Energy $900M 5NC2 8.125%, $1.3B 8NC3 8.375%
• 1/25 $2B *Lockheed $650M 5Y +53, $600M +10Y +68, $750M 40Y +83
• 1/25 $1B *Swedish Export Credit 5Y SOFR+50
• 1/25 $1B *Comerica 6NC5 +195
• 1/25 $850M *Ashtead Capital 10Y +172
• 1/25 $500M *Tampa Electric WNG 5Y +87.5
• 1/25 $Benchmark Hyundai Capital investor calls
• Expected next week: $1B Rakuten 3NC
• $9.5B Priced Wednesday, $43.45B/wk
• 1/24 $1.85B *National Rural Utilities $600M 3Y +62.5, $300M 3Y SOFR+80, $500M 5Y +77, $450M 7Y +90
• 1/24 $1.5B *Ceasars Entertainment 8NC3 6.6255%
• 1/24 $1.5B *State Street PerpNC5 6.7%
• 1/24 $1.5B *MuniFin 5Y SOFR+47
• 1/24 $1.35B *Procter & Gamble $600M 5Y +27, $750M 10Y +37
• 1/24 $1.2B *Kepco 3Y +115
• 1/24 $600M *PACCAR 5Y +55
• $17.1B Priced Tuesday
• 1/23 $4B *IADB 5Y SOFR+40
• 1/23 $4B *Romania 5Y +195, 10Y +235
• 1/23 $2.6B *Ivory Coast $1.1B 8.5Y 7.87%, $1.5B 12.5Y 8.5%
• 1/23 $2B *Codelco $1.5B 12Y +230, $500M Tap 09/08/53 +195
• 1/23 $2B *Kingdom of Sweden 2Y +8
• 1/23 $1.25B *CPPIB Capital 3Y SOFR+45
• 1/23 $750M *Bank of New Zealand 5Y +103
• 1/23 $500M *Development Bank of Japan 10Y SOFR+82
• $16.85B Priced Monday
• 1/22 $5B *Public Investment Fund $1.75B 5Y +115, $1.75B 10Y +145, $1.5B 30Y +205
• 1/22 $4.5B *Brazil $2.25B +10H +6.35%, $2.25B +30Y +7.15%
• 1/22 $3.5B *Truist Financial $1.5B 6NC5 +142, $2B 11NC10 +162
• 1/22 $1B *Fifth Third 8NC7 +155
• 1/22 $1B *CCDJ 5Y +125
• 1/22 $650M *Private Export $350M -5Y +27, $300M 10Y +52
• 1/22 $600M *MidAmerican Energy 31Y +98
• 1/22 $600M *New York Life 5Y +72
• 1/19 No new issuance Friday after $70.75B priced on the week, running total for the month at $216.85B.
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• $21.05B Priced Thursday
• 1/18 $5B *Bank of America 11NC10 +133
• 1/18 $3.5B *US Bancorp $1.5B 6NC5 +133, $2B 11NC10 +153
• 1/18 $2.5B *BNG Bank 5Y SOFR+49
• 1/18 $2.5B *European Bank for Reconstruction/Development 5Y SOFR+39
• 1/18 $2B *African Development Bank 3YSOFR+31
• 1/18 $1.35B *Central AM Bank for Economic Integration (CABEI) 3Y +115
• 1/18 $1.25B *Prologis $800M 10Y +92, $450M 30Y +98
• 1/18 $1.25B *Citizens Financial 6NC5 +180
• 1/18 $700M *Banque Saudi Fransi 5Y Sukuk +105
• 1/18 $500M *Principal Life Global Funding 5Y +110
• 1/18 $500M *Blackstone Private Credit 7Y +245
• $19.45B Priced Wednesday
• 1/17 $4B *CADES 3Y SOFR+38
• 1/17 $2.5B *PNC Financial $1B 4NC3 +118, $1.5B 11NC10 +158
• 1/17 $1.75B *CAF 5Y SOFR+130
• 1/17 $1.75B *Republic of Chile 5Y +85
• 1/17 $1.5B *Kommunalbanken 5Y SOFR+50
• 1/17 $1.5B *Council of Europe Development Bank (COE) 5Y SOFR+41
• 1/17 $1.25B *Province of Alberta 10Y SOFR+87
• 1/17 $1B *Japan Bank for International Cooperation (JBIC) 7Y SOFR +77
• 1/17 $1B *BFCM $700M 3Y +97, $300M 3Y SOFR+113
• 1/17 $750M *EQT Corp 10Y +165
• 1/17 $700M *Woori Bank $300M 3Y +75, $400M 5Y 85
• 1/17 $500M *Air Lease 5Y +135
• 1/17 $650M *Aircastle 5Y +205
• 1/17 $600M Bue Owl Capital 5Y +220
• $30.25B Priced Tuesday
• 1/16 $8.5B *JP Morgan $2.5B 4NC3 +103, $500M 4NC3 SOFR+120, $2.5B 6NC5 +108, $3B 11NC10 +128
• 1/16 $8B *Wells Fargo $1.8B 2Y +60, $450M 2Y SOFR+71, $2.75B 6NC5 +127, $3B 11NC10 +45
• 1/16 $6.75B *Morgan Stanley $1.55B 4NC3 +92, $450M 4NC3 SOFR+108, $2.25B 6NC5 +122, $2.5B 11NC10 +140
• 1/16 $1.5B *Cox Communications $350M 2028 tap +105, $300M 2033 tap +130, $850M 30Y +148
• 1/16 $1.15B *Avolon Holdings 5Y +200
• 1/16 $1B *Eversource Energy $350M 3Y +100, $650M 10Y +150
• 1/16 $1B *Ares Capital +5Y +210
• 1/16 $750M *Shriram 3.25Y 6.625%
• 1/16 $600M *Extra Storage 10Y +135
• 1/16 $500M *General Mills WNG 3Y +70
• 1/16 $500M *POSCO 3Y +110
• $750M Priced Friday, total $65.5B on the week
• 1/12 $750M DirecTV 6NC2 8.875%
• $6.2B Priced Thursday
• 1/11 $5B #Societe Generale $1.15B 4NC3 +150, $350M 4NC3 SOFR, $1B 6NC5 +165, $1.25B 11NC10 +210, $1.25B 31NC30 +295
• 1/11 $1.2B #Niagara Mohawk Power $500M 10Y +130, $700M 30Y +145
• Just over $19B high-grade corporate debt priced Wednesday, $58.59 total on the week
• 1/10 $4B *Royal Bank of Canada $1.25B 3Y +77, $500M 3Y SOFR+95, $1B 5Y +100, $1.25B 10Y +115
• 1/10 $3B *Province of Ontario 5Y SOFR+55
• 1/10 $3B *Asian Infrastructure Investment Bank (AIIB) 5Y SOFR+53
• 1/10 $3B *Energy Transfer $1.25B +10Y +155, $1.75B 30Y +175
• 1/10 $1.5B *OKB 5Y SOFR+45
• 1/10 $1.25B *Daimler Truck $750M 3Y +93, $500M 10Y +137
• 1/10 $1.04B *Sumitomo Life PerpNC10 5.875%
• 1/10 $1B *Micron 7Y +130
• 1/10 $800M *Berry Global 10Y +165
• 1/10 $500M *Met Tower Global Funding 3Y +75
• $11.1B Priced Tuesday, $39.5B/wk
• 1/9 $5B *KFW +5Y +42
• 1/9 $3B *T-Mobile $1B 5Y +90, $1.25B +10Y +117, $750M 31Y +130 (historical comparison: issued $8.5B total over three dates in 2023. T-Mobile, and most other cell companies for that matter, are in the top 20 largest all-time corporate debt issuers, T-Mobile issued $19B spanning 5 tranches on April 2, 2020.
• 1/9 $850M *Liberty Utilities $500M 5Y +160, $350M 10Y +185
• 1/9 $650B *MassMutual 5Y +188
• 1/9 $600M *Corebridge Global Funding 5Y +123
• 1/9 $500M *Penske 3Y +125
• 1/9 $500M *Protective Life 3Y +85a
• $28.4B Priced Monday. Saudi Arabia's $12B 3pt US$ issuance led Monday's supply, the largest issuer since May of 2023 when Pfizer issued $31B over 8 tranches. Incidentally, Saudi Arabia issued $6B Sukuk over two tranches in May'23 as well: $3B 6Y +80, $3B 10Y +100.
• 1/8 $12B *Saudi Arabia $3.25B 6Y +90, $4B 10Y +110, $4.75B 30Y +170
• 1/8 $3.75B *Mercedes Benz 5pt: $700M 2Y +55, $650M 2Y SOFR+67, $800M 3Y +70, $850M 5Y +90, $750M 10Y +100
• 1/8 $2.55B *BPCE $650M 3Y +108, $1B 6NC5 +175, $900M 11NC10 +250
• 1/8 $2B *Australia & New Zealand Banking Group $1.2B 3Y +63, $800M 3Y SOFR+81
• 1/8 $2B *American Honda 3pt: $850M 2Y +60, $400M 2Y SOFR+71, $750M 10Y +93
• 1/8 $1.5B *SK Hynix $500M 3Y +145, $1B 5Y +167
• 1/8 $1.4B *Southern California Edison $500M 3Y +75, $900M 10Y +120
• 1/8 $700M *RGA Global Funding 7Y +160
• 1/8 $1.25B *Realty Income Group 5Y +95, 10Y +125
• 1/8 $750M *National Grid 10Y +142
• 1/8 $500M *Principle Life 3Y +90
• 1/5 No new high grade corporate issuance Friday, this after $20.5B high grade corporate debt priced Thursday, $80.6B total for the week: healthy, but well off the $94.775B priced in the first week of 2023.
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• 1/4 $5B *EIB 5Y SOFR+44
• 1/4 $5B *Asia Development Bank (ADP) 3Y SOFR+35, 10Y SOFR+59
• 1/4 $2.25B *BP Capital $1.25B +5Y +73, $1B +10Y +100
• 1/4 $1.5B *AerCap $800M 5Y +140, $700M 10Y +160
• 1/4 $1.5B *Standard Chartered 11NC10 +210
• 1/4 $1.25B *Bimbo Bakeries $450M 2029 Tap +115, $800M 12Y +150
• 1/4 $1B *New York Life 10Y +100
• 1/4 $750M *Athene 5Y +160
• 1/4 $750M *Bank of Nova Scotia 60NC5 8%
• 1/4 $500M *Columbia Pipelines WNG 10Y +168
• 1/4 $500M *Sun Communities 5Y +155
• 1/4 $500M *Essential Utilities 10Y +140
• $23.8B Price Wednesday, $60.6B in first two days of 2024.
• 1/3 $5B *World Bank 7Y SOFR+55
• 1/3 $3.8B #Pacificorp $500M 5Y +120, $700M 7Y +140, $1.1B 10Y +155, $1.5B +30Y +175
• 1/3 $3.25B #National Australia Bank (NAB) $1B -2Y +53, $500M -2Y SOFR+65, $1B 5Y +90, $750M 10Y +105
• 1/3 $2.5B #Hyundai $1B 3Y +130, $300M 3Y SOFR+150, $700M 5Y +145, $500M 7Y +155
• 1/3 $2.5B #Credit Agricole $1B 6NC5 +145, $1.5B 11NC10 +235
• 1/3 $2.5B *Hungary 12Y +180
• 1/3 $2.05B *Indonesia $500M +5Y 4.65%, $650M +10Y 4.85%, $900M +30Y 5.2%
• 1/3 $1B *Duke Energy Carolinas $575M 10Y +100, $425M 30Y +118
• 1/3 $700M *GA Global Funding 5Y +175
• 1/3 $500M *Northwestern Mutual 5Y +80
• $36.8B Priced Tuesday, surpassing 2022's year opener of $33.5B
• 1/2 $7.5B *United Mexican States $1B 5Y +115, $4B 12Y +215, $2.5B 30Y +235
• 1/2 $4B *UBS $1.75B 6NC5 +152, $2.25B 11NC10 +177 (6NC5 SOFR leg dropped)
• 1/2 $3.8B *Lloyds $1.5B 4NC3 +137.5, $300M 4NC3 SOFR+158, $2B 11NC10 +175
• 1/2 $3B *Toyota $900M 2Y +50, $500M 2Y SOFR+65, $800M 5Y +75, $800M 10Y +87.5
• 1/2 $2.5B *Ford Motors $1.5B 3Y +175, $1B 7Y +215 (3Y SOFR leg dropped)
• 1/2 $2.25B *Rabobank $1B 2Y +55, $750M 2Y SOFR+71, $500M 5Y +90
• 1/2 $2.1B *Williams Cos $1.1B 5Y +102, $1B 10Y +122
• 1/2 $2B *Enterprise Products $1B each 3Y +55, 10Y +95
• 1/2 $1.75B *BNP Paribas 6NC5 +125
• 1/2 $1.75B *John Deere $750M 3Y +45, $1B 3Y SOFR, 5Y +62.5
• 1/2 $1.3B *MetLife $750M 5Y +93, $550M 10Y +113
• 1/2 $1.1B *Duke Energy $550M each: 3Y +7, 5Y +95
• 1/2 $1B *Virginia Electric $500M each 10Y +115, 30Y +127
• 1/2 $1B *Santander Holdings 6NC5 +225
• 1/2 $650M *PPL Electric 10Y +92
• 1/2 $600M *Consumers Energy 5Y +73
• 1/2 $500M *Caterpillar 3Y +45

Total high grade issuance for 2023 at $1.560T - compares to $1.438T total for 2022.