US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• $7B Priced Monday
• 10/31 $2.5B *Comcast $750M 3Y +80, $750M 5Y +110, $1B 10Y +150
• 10/31 $1.5B *American Express 5Y +160
• 10/31 $1.5B *Blackstone Holdings $600M 5Y +170, $900M +10Y +215
• 10/31 $1B *American Electric Power $500M 5Y +155, $500M 10Y +195
• 10/31 $500M *Church & Dwight WNG 10Y +158
• 11/?? Chatter: $4B Credit Suisse issuance; $1B Tenneco 6NC3 roadshow
• $2B Priced Friday, Honeywell's 3pt pushed total issuance for wk to $44.85B
• 10/28 $2B *Honeywell $400M 2Y +40, $500M 5Y +75, $1.1B 10Y +110
• $7B Priced Thursday, $42.85B total for week
• 10/27 $5B *Barclays $1.5B 4NC3 +305, $1.5B 6NC5 +330, $2B 11NC10 +350
• 10/27 $2B *Goldman Sachs 2Y +137.5
• 10/27 $Benchmark FHLB 2Y +165a
• $14.85B Priced Wednesday
• 10/26 $6B *HSBC $1.75B 4NC3 +295, $2.25B 6NC5 +320, $2B 11NC10 +410
• 10/26 $2B *AfDB 5Y SOFR+50
• 10/26 $1.8B *Elevance Health $400M 3Y +95, $650M 10Y +155, $750M 30Y +190
• 10/26 $1.5B *Truist Financial $750M 4NC3 +150, $750M 11NC10 +210
• 10/26 $1B *Northern Trust 10Y +215
• 10/26 $750M *Micron 7Y +265
• $16.5B priced Tuesday: United Health 7pt jumbo lead:
• 10/25 $9B *United Health $500M 2Y +55, $750M 3Y +70, $1B +5Y +100, $1.25B +7Y +115, $2 +10Y +130, $2B +30Y +165, $1.5B +40Y +185
• 10/25 $4B *CADES 3Y Social SOFR+46
• 10/25 $2.5B *PNC Financial $1B 3NC2 +120, $1.5B 11NC10 +195
• 10/25 $1B *OKB WNG 3Y SOFR+37
• $4.5B to price Monday:
• 10/24 $2B *Fifth Third Bank $1B 3NC2 +135, $1B 6NC5 +200
• 10/24 $1.5B *Dow Chemical $600M 10Y +210, $900M 30Y +250
• 10/24 $1B *Marsh & McLennan $500M 10Y +160, $500M 30Y +190
• 10/21 No new US$ corporate bond issuance Friday, $29.25B total on the week
• $4.95B Priced Thursday,
• 10/20 $2.5B *RBC $1.15B 2Y +105, $1.35B5Y +160
• 10/20 $1B *Uruguay 12Y +170
• 10/20 $850M *National Rural Utilities $500M 3Y +85, $350M +10Y +158
• 10/20 $600M *Citizens Bank 3NC2 +145
• $8.5B Priced Wednesday
• 10/19 $4B *Lockheed Martin (LMT) $500M 3Y +50, $750M 5Y +80, $1B +10Y +120, $1B 32Y +160, $750M 41Y +180
• 10/19 $2B *Diageo Capital $500M 3Y +70, $750M 5Y +100, $750M +10Y +145
• 10/19 $1.5B *Export Finance Australia 5Y SOFR+66
• 10/19 $1B *Kommuninvest WNG 3Y SOFR+39
• $12.95B Priced Tuesday
• 10/18 $5B *Saudi Arabia $2.5B 6Y Sukuk +105, $2.5B 10Y +150
• 10/18 $3B *US Bancorp $1.5B 4NC3 +130, $1.5B 11NC10+185
• 10/18 $2.5B *Bank of NY Mellon $1B 6NC5 +160, $1.5B 11NC10 +185
• 10/18 $1B *Kommunalbanken (KBN) 3Y SOFR+41
• 10/18 $850M *AIA Group 5Y +150
• 10/18 $600M *Industrial Bank Korea (IBK) 2Y social +70
• Seeking higher yield? Cruise line caveat emptor:
• 10/18 $1.25B Carnival Corp 5.5NC2.5 11.25%a
• $2.85B Priced Monday
• 10/17 $1.1B *Diamondback Energy (FANG) +10Y +230
• 10/17 $750M *Bank of Nova Scotia 60NC5 8.625%
• 10/17 $400M *Nevada Power 30Y +190
• 10/17 $600M *BAT Capital 10Y +380
• 10/17 $Benchmark OPEC Fund investor call
• $6.5B Priced Friday - MS 3Pt sole issuer
• 10/14 $6.5B *Morgan Stanley $1.25B 4NC3 +165, $2.25B 6NC5 +205, $3B 11NC10 +235
• 10/10-10/13 No new issuance heading into Q3 earnings cycle
• 10/07 No new issuance Friday, $18.65B total for week
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• $10.25B Priced Thursday, $18.65B/wk
• 10/06 $4B *Enel Finance $750M 3Y +275, $1B 5Y +325, $1.25B 10Y +400, $1B 30Y +440
• 10/06 $2.5B *Turkey 3Y Sukuk 9.758%
• 10/06 $1.75B *TD Bank 60NC5 8.125%
• 10/06 $1.25B *GM Fncl 3Y +185
• 10/06 $750M *AIB Group 4NC3 +335
• $5.25B Priced Wednesday
• 10/05 $2B *Philippines $500M 5Y +120, $750M 10.5Y +185, $750M 25Y 6.1%
• 10/05 $1.25B *Cargill $750M 3Y +75, $500M 10Y +140
• 10/05 $1B *John Deere $600M 2Y +43, $400M 7Y +100
• 10/05 $1B *CCDJ 3Y SOFR +87
• $900M Priced Tuesday
• 10/04 $900M *DNB Bank 4NC3 +180
• $2.25B Priced Monday
• 10/03 $1B *Southern Co $500M 3Y +110, $500M 10Y +205
• 10/03 $750m Realty Income 10Y +200
• 10/03 $500M *EDP Finance 5Y Green +245

Total 2021 high-grade corporate US$ issuance at $1.879T 2021 vs. record $2.196T for 2020