US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 11/20 $3B #Intesa Sanpaolo $1.5B 10Y +280, $1.5B 30Y +325
• 11/20 $1.75B #NAB 5Y SOFR+98
• 11/20 $1.5B #Consolidated Edison $600M +10Y +115, $900M 30Y +137
• 11/20 $1B #Norfolk Southern $400M +10Y +112.5, $600M +40Y +137.5
• Expected to issue Tuesday:
• 11/21 $500M Kommuninvest WNG 5Y +49a
• 11/21 $Benchmark AfDB 2027 SOFR+37a
• $1.7B Priced Friday, $36.7B total/wk
• 11/17 $1B *American Airlines 5.5NC2 8.5%
• 11/17 $700M *Veritiv Corp 7NC3 yield 10.5%
• $12.15B Priced Thursday, $35B/wk
• 11/16 $5.75B *Bayer US $1B 3Y +155, $1B +5Y +185, $1.25B 7Y +200, $1.75B 10Y +210, $750M 30Y +225
• 11/16 $2.5B *Banco Santander $1.15B PerpNC5.5 9.625%, $1.35B Perp NC10 9.625%
• 11/16 $1.5B *State Street $1B 6NC5 +125, $500M 11NC10 +167
• 11/16 $1.4B *FHLB 3Y +9.5
• 11/16 $500m *QIB Sukuk +115
• 11/16 $500M *Blackstone 5Y +315
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• $18.05B Priced Wednesday, $22.85B/wk
• 11/15 $4.5B *Tapestry $500M 2Y +220, $750M 3Y +240, $1B 5Y +290, $1B 7Y +320, $1.25B 10Y +340
• 11/15 $3B *Carrier Global $1B 2Y +90, $1B +10Y +140, $1B 30Y +152
• 11/15 $2B *Toyota Motor Corp $900M 3Y +75, $1B 7Y +105
• 11/15 $1.75B *Barclays perpNC5 9.623%
• 11/15 $1.5B *Deutsche Bank 6NC5 +230
• 11/15 $1.3B *Charles Schwab 6NC5 +165
• 11/15 $1.25B *CCDJ (Quebec) 5Y +162
• 11/15 $1B *TransDigm 8NC3 7.25%
• 11/15 $650M *Nabors Industries 6NC2.5 9.125%
• 11/15 $600M *Ameren WNG 3Y +105
• 11/15 $500M *Avis Budget Car 7.25NC3 8.125%
• $1.25B Priced Tuesday, $4.8B/wk
• 11/14 $1.25B *IQVIA 5Y +185
• $3.55B Priced Monday
• 11/13 $2B *Brazil +7Y 6.5%
• 11/13 $800M *American Honda 5Y +125a
• 11/13 $750M *O'Reilly Automotive 3Y +95
• 11/13 $Benchmark Bayer investor calls
• 11/10 No new issuance Friday, $59.3b total for the week
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• Scant $1.5B Priced Thursday
• 11/09 $1B *OMERS Finance 10Y SOFR+135
• 11/09 $500M *Polaris +5Y +255
• $15.4B Priced Wednesday
• 11/08 $3.5B *Westpac $1B 2Y +58, $500M 2Y SOFR+72, $1.25B 5Y +103, $750M 10Y +233
• 11/08 $3.5B *UBS $1.75B PNC5 9.625%, $1.75B PNC10 9.75%
• 11/08 $2.5B *PepsiCo $1B 1Y SOFR+40, $800M 2Y +35, $700M 3Y +43
• 11/08 $1.25B *Kommuninvest 2Y SOFR+28
• 11/08 $1B *Service Properties 8NC3 8.87%
• 11/08 $800M *Eversource +5Y +147
• 11/08 $800M *Oncor Electric Delivery 10Y +115
• 11/08 $750M *LPL Holdings 5Y +225
• 11/08 $500M *FMO WNG 5Y SOFR+48
• 11/08 $500M *Apollo Global 10Y +195
• 11/08 $500M *Korea Housing Finance Corp (KHFC) 3Y +79
• $14.85B Priced Tuesday
• 11/07 $2.5B *Colombia $1.25B 12Y 8.3%, $1.25B 30Y 8.95%
• 11/07 $2.25B *VW Group of Am $750M 3Y +135, $700M 5Y +170, $800M 7Y +190
• 11/07 $2B *Charter Communication WNG $1.1B 3Y +150, $900M 10Y +210
• 11/07 $2B *Indonesia $1B 5Y 5.4%, $1B 10Y 5.6% Sukuk
• 11/07 $2B *Provence of British Columbia 5Y SOFR+55
• 11/07 $1.25B *SocGen PerpNC5.5 10%
• 11/07 $1B *Denmark 2Y +9
• 11/07 $750M *BBVA 11NC10 +330
• 11/07 $600M *Ameriprise Financial 5Y +120
• 11/07 $500M *Ares Management 5Y +187
• 11/07 $Benchmark World Bank (IBRD) 10Y +56
• 11/07 $Benchmark Rep of Turkiye 5Y Sukuk 8.625%a
• $27.4B Priced Monday
• 11/06 $6B *RTX Corp $1.25B 3Y +105, $500M 5Y +115, $1B 7Y +135, $1.5B 10Y +147, $1.75B 30Y +160
• 11/06 $5.5B *Roche $1.1B 3Y +55, $300M 3Y SOFR+74, $1.25B 5Y +75, $1.25B 7Y +85, $1.6B 10Y +95
• 11/06 $3.5B *Enbridge $750M 3Y +117, $750M 5Y +142, $750M 7Y +157, $1.25M 30Y +187
• 11/06 $2B *Targa Resources Partners $1B +5Y +160, $1B +10Y +185
• 11/06 $2B *HSBC 11NC10 +275
• 11/06 $1.5B *Costa Rica 31Y 7.75% yield
• 11/06 $1.5B *Nationwide Building Society 3Y SOFR+75
• 11/06 $1.3B *Duke Energy Florida $600M 10Y +125, $700M 30Y +142
• 11/06 $1B *Simon Property Group $500M 10Y +172, $500M 30Y +190
• 11/06 $1B *Sysco Corp $500M 5Y +120, $500M 10Y +147
• 11/06 $800M *PG&E +10Y +233
• 11/06 $800M *Korea National Oil Corp $300M 3Y +80, $500M 3Y SOFR+108
• 11/06 $500M *Santander 8NC7 +300
• 11/03 No new corporate issuance Friday, $5.35B total for week
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• $5.35B Priced Thursday
• 11/02 $2.75B *Ford Motor Credit $1.5B 5Y +215, $1.25B 10Y +245
• 11/02 $1.35B *Humana $500M +5Y +115, $850M +10Y +147
• 11/02 $750M *SQM 10Y +190
• 11/02 $500M *BOC Aviation 5Y +130
• 11/02 $Benchmark Denmark 2Y investor calls
• 11/02 $Benchmark FMO Dutch Development Bank investor calls next week
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• 11/01 US$ issuers sidelined Wednesday due to FOMC
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• $2.4B Priced Tuesday, $108.3B running total for the month
• 10/31 $1.9B *StanChart $750M 4.25NC3.25 +185, $400M 4.25NC3.25 SOFR+203, $750M 6.25NC5.25 +220
• 10/31 $500M *Camden Property 3Y +95
• $22.1B Priced Monday
• 10/30 $6B *Morgan Stanley $1.65B 3Y +100, $350M 3Y SOFR+116.5, $2B 6NC5 +160, $2B 11NC10 +175
• 10/30 $4.5B *Bristol-Myers $1B 7Y +90, $1B 10Y +105, $1.25B 30Y +122, $1.25B 40Y +135
• 10/30 $3.75B *Santander $1B 4NC3 +165, $1.25B 5Y +180, $1.5B 10Y +205
• 10/30 $1.5B *Hyundai 2Y +125, $300M 2Y SOFR+132, $700M +5Y +178
• 10/30 $1B *Arthur Gallagher $400M +10Y +163, $600M +30Y +178
• 10/30 $1B *Bimbo Bakeries $450M +5Y +125, $550M +10Y +155
• 10/30 $1B *Altria Grp $500M 5Y +145, $500M 10y +205
• 10/30 $1B *Ryder $400M 5Y +150, $600M 10Y +175
• 10/30 $1B *Discover Financial 11NC10 +310
• 10/30 $750M *Quest Diagnostics 10Y +153
• 10/30 $600M *Canadian National $300M 10Y +100, $300M 30Y +110

January kicked off 2023 with total of $231.425B high-grade corporate issuance, highest since March '22.

Total 2022 high-grade corporate US$ issuance at $1.284T, well off $1.879T in 2021 and record $2.196T for 2020