US$ Credit Supply Pipeline
Dec-28 14:40By: Bill Sokolis
US
Corporate issuers remain sidelined since mid-December, total issuance for the month just over $28B -- much better than total issuance for December 2022 of $7.75B. Total high grade issuance for 2023 at $1.438T - compares to $1.294T total for 2022. Look for issuance to remain tepid into the start of 2024, partially due to next quarterly earnings cycle that starts in the second full week of January.
- Date $MM Issuer (Priced *, Launch #)
- 12/18 $700M *Ameren 5Y +110
- 12/13-12/14 No new issuance Wed-Fri, running total for week at $3.25B
- $500M Priced Tuesday
- 12/12 $500M Icahn Enterprises 5NCL 9.75%
- $2.75B Priced Monday
- 12/11 $1B *National Bank of Canada 5Y +137.5
- 12/11 $1B *Community Health Systems 8NC3 10.875%
- 12/11 $750M *Ally Financial 6NC5 +260
- 12/08 No new high grade corporate issuance Friday, $24.175 total on week
- $1.6B Priced Thursday
- 12/07 $1B *Republic Services $350M 2029 tap +75, $650M 10Y +95
- 12/07 $600M *Athene 10Y +200
- $4B Priced Wednesday
- 12/06 $2B *RBC 3Y SOFR+53
- 12/06 $1B *America Electric Power (AEP) 5Y +112.5
- 12/06 $Benchmark Athene investor calls
- $9.375B Priced Tuesday
- 12/05 $3.75B *JP Morgan 3Y +78, 3Y SOFR+100
- 12/05 $1.5B *IADB 3Y SOFR+35
- 12/05 $1.5B *Bank of Montreal $1.15B 3Y +93, $350M 3Y SOFR+116
- 12/05 $750M *Corebridge Financial 10Y +160
- 12/05 $750M *Cantor Fitzgerald 5Y +310
- 12/05 $600M *Stryker Corp 5Y +73
- 12/05 $525M *Protective Life 5Y +132
- $9.2B Priced Monday
- 12/04 $3B #GM $1.5B 5Y +160, $1.5B 5Y SOFR, 10Y +185
- 12/04 $2.75B #Wells Fargo $2.25B 3Y +85, $500M 3Y SOFR+107
- 12/04 $1.5B #Crown Castle $750M +5Y +1143, $750M +10Y +153
- 12/04 $750M NextEra Energy 5NC
- 12/04 $700M Univision Comm 8% 5Y tap
- 12/04 $500M #TD Bank WNG 3Y +85
- No new issuance since Wednesday, total November 2023 issuance $131.7B
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
| Dec'23 | $28.1B, $268.1B Q4. Running total for 2023: $1.438T |
| Nov'23 | $131.7B |
| Oct'23 | $108.3B |
| Sep'23 | $165.25B; $348.775B Q3 |
| Aug'23 | $79.45B |
| Jul'23 | $104.075B |
| Jun'23 | $113.195B; $403.605B Q2 |
| May'23 | $168.22B |
| Apr'23 | $122.19B |
| Mar'23 | $122.05B; $540.175B Q1 |
| Feb'23 | $186.7B |
| Jan'23 | $231.425B |
| Dec'22 | $7.75B; $1.294T total for 2022 |
| Nov'22 | $115.9B |
| Oct'22 | $51.85B |
| Sep'22 | $105.25B; $1.287T through Q3 |
| Aug'22 | $168.5B |
| Jul'22 | $100.6B |
| Jun'22 | $80.85B; $913.58B first half of 2022 |
| May'22 | $103.225B |
| Apr'22 | $175.2B |
| Mar'22 | $258.425B (Highest since May 2020) |
| Feb'22 | $92.62B |
| Jan'22 | $203.26B |
| Dec'21 | $62.2B vs. $52.24B Dec'20 total; Q4 total $344.875B; $782.51B H2 2021 |
| Nov'21 | $133.875B |
| Oct'21 | $148.8B |
| Sep'21 | $215.635B; Q3 total $437.64B |
| Aug'21 | $97.12B |
| Jul'21 | $124.885B |
| Jun'21 | $136.35B; Q2 total $478.875B |
| May'21 | $159.125B |
| Apr'21 | $183.4B |
| Mar'21 | $232.62B; Q1 total $618.03B |
| Feb'21 | $157.86B |
| Jan'21 | $227.55B |
| 2020 Recap: | Record $2.196T |
| Dec'20 | $52.24B; $796.54B H2 2020 |
| Nov'20 | $126.83B |
| Oct'20 | $111.65B |
| Sep'20 | $207.82B |
| Aug'20 | $204.50B |
| Jul'20 | $93.50B |
| Jun'20 | $180.50B; Record $1.40T H2 2020 |
| May'20 | $270.90B |
| Apr'20 | $401.32B |
| Mar'20 | $275.48B |
| Feb'20 | $107.50B |
| Jan'20 | $165.18B |
