US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 3/11 $8B #Republic of Poland $1.5B 5Y +70, $3B +10Y +105a, $3.5B 30Y +130
• 3/11 $Benchmark NiSource 10Y +150a
• 3/11 $500M Duke Energy WNG 10Y +100
• 3/11 $Benchmark M&T Bank 8NC7 +225a
• 3/11 $Benchmark Humana 7Y +127, 30Y +147
• 3/11 $Benchmark American Honda 3Y, 3Y SOFR 5Y
• 3/11 $Benchmark ING 6NC5 +125, 11NC10 +145
• 3/11 $Benchmark L3Harris 5Y +120a, 7Y +135a, 10Y +145a
• 3/11 $Benchmark Motorola Solutions 5Y +120a, 10Y +150a
• 3/11 $Benchmark ANZ 2Y +70a, 2Y SOFR, 10.5NC5.5 +190a
• 3/11 $Benchmark Banco do Brazil 7Y 6.75%a
• 3/11 $Benchmark Banco Santander 4NC3 +150a, 4NC3 SOFR, 6NC5 +170a, 10Y +245a
• 03/08 No new US$ issuance Friday, $73.225B/wk
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• $9.3B Priced Thursday
• 3/7 $2.5B *Bank of NY Mellon $500M 2NC1 SOFR+45, $1B 6NC5 +90, $1B 11NC10 +110
• 3/7 $2B *CaixaBank 1B 6NC5 +160, $1B 11.25NC10.25 +195
• 3/7 $1.1B *United Rentals 10NC5 6.125%
• 3/7 $1.05B *Vici Properties $550M 10Y +175, $500M 30Y +200
• 3/7 $750M *Alcoa 7NC3 7.5%a
• 3/7 $750M *Swedbank 5Y +133
• 3/7 $500M *Station Casinos 8NC3 6.625%
• 3/7 $650M *Indianapolis Power & Light WNG 30Y +147
• $8.5B Priced Wednesday, $64.925B/wk
• 3/6 $5B *KFW (Kreditanstalt fuer Wiederaufbau) 3Y SOFR+26
• 3/6 $1.25B *AIIB (Asian Infrastructure Bank) 10Y SOFR+61
• 3/6 $1B *Prudential Financial 30NC10 6.5%
• 3/6 $750M *State of Montenegro 7Y 7.25%
• 3/6 $500M *AES Andes 5Y +220
• $34.5B Priced Tuesday
• 3/5 $8B *State of Israel $2B 5Y +135, $3B 10Y +145, $3B 30Y +175
• 3/5 $4.5B #Barclays $1.25B 4NC3 +135, $500M 4NC3 SOFR+149, $2B 6NC5 +155, $750M 31NC30 +175
• 3/5 $4B *EIB 3Y SOFR+26
• 3/5 $3B *Blackrock Funding $500M 5Y +60, $1B 10Y +87.5, $1.5B 30Y +105
• 3/5 $2.5B *Nestle $600M 5Y +55, $450M 7Y +65, $800M 10Y +75, $650M 30Y+85
• 3/5 $2.5B *Ford Motor Credit $1.6B 5Y +168, $900M 10Y +200
• 3/5 $2.5B *JPMorgan PerpNC5 6.875%
• 3/5 $2B *BBVA $1B 5Y +125, $1B 11NC10 +190
• 3/5 $1.5B *Cheniere Energy 10Y +153
• 3/5 $1B *Microchip 5Y +95
• 3/5 $1B *EBRD 10Y SOFR +53
• 3/5 $1B *Al Rajhi Bank 5Y Sukuk +90
• 3/5 $500M *Doha Bank WNG 5Y +130
• 3/5 $500M *Hormel WNG 3Y +50
• 3/5 $Benchmark Goldman Sachs investor calls
• $21.925B Priced Monday
• 3/4 $3.875B *Roche $875B 5Y +58, $750M 7Y +68, $1.25B 10Y +77, $1B 30Y +87
• 3/4 $3B *Keurig $750M 3Y +75, $350M 3Y SOFR+88, $750M 5Y +90, $500M 7Y +100, $650M 10Y +110
• 3/4 $2.6B *John Deere $450M 2Y +37.5, $750M 2Y SOFR+44, $550M 3Y +50, $850M 7Y +70
• 3/4 $2.35B *Credit Agricole $1B 3Y +75, $600M 3Y SOFR+87, $750M 10Y +115
• 3/4 $2B *Newmont Corp $1B 2Y +70, $1B 10Y +117
• 3/4 $1.3B *American Tower $650M 5Y +107, $650M 10Y +132
• 3/4 $1.25B *CBA (Commonwealth Bank of Australia) 10Y +162
• 3/4 $1.2B *Entergy Louisiana $500M 10Y +115, $700M 30Y +1353/4 $1B *Chubb 10Y +82
• 3/4 $1B *Dell International 10Y +120
• 3/4 $750M *Element Fleet 3Y +125
• 3/4 $600M *Sixth St Lending Partners 5Y +255
• 3/4 $1B *USA Compression Partners 5NC2 7.125%

Total high grade issuance for 2023 at $1.560T - compares to $1.463T total for 2022.