US$ Credit Supply Pipeline

• Date $MM Issuer (Priced *, Launch #)
• 5/31 No new US$ corporate bond issuance Friday, $26.85B total/wk, $160.85B for month -- just over $159.33B total for April, but well off $254.2B total for February and $295.35B total for January (highest since April 2020).
• $5.55B Priced Thursday
• 5/30 $2B *Bank of Montreal $750M 3Y +63, $450M 3Y SOFR+76, $ 800M 7Y +95
• 5/30 $1.2B *Solvay Finance $600M 5Y +107, $600M 10Y +132
• 5/30 $750M *CNO Global Funding 3Y +115 (3Y SOFR dropped)
• 5/30 $600M *FS KKR Capital 5Y +255
• 5/30 $500M *Bank of Bahrain & Kuwait 5Y 6.875%
• 5/30 $500M *National Bank of Kuwait 6NC5 +130
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• $9.45B Priced Wednesday
• 5/29 $2.25B *Bank of Nova Scotia $850M 3Y +65, $400M 3Y SOFR+78, $700M +5Y +85, $300M +5Y SOFR+108
• 5/29 $2B *Owens Corning $500M 3Y +70, $800M 10Y +112.5, $700M 30Y +130
• 5/29 $1.5B *Lloyds 6NC5 +107
• 5/29 $1.5B *CDP Financial 5Y SOFR+54
• 5/29 $1B *Export Development Canada 10Y SOFR+52
• 5/29 $700M *Ares Strategic Income Fund +5Y +195
• 5/29 $500M *USAA Capital 3Y +55
• $11.85B Priced Tuesday
• 5/28 $5B Saudi Arabia sukuk $1.25B 3Y +60, $1.5B 6Y +75, $2.25B 10Y +85
• 5/28 $2.75B *Morgan Stanley $2.1B 4NC3 +75, $650M 4NC3 SOFR+86.5
• 5/28 $2.35B *Florida Power & Light $750M 5Y +60, $750M 10Y +80, $850M 30Y +95
• 5/28 $1.25B *Santander Holdings $500M 3NC2 +115, $750M 11NC10 +180
• 5/28 $500M *Sempra 30Y tap 7.1%
• 5/24 No new corporate bond issuance Friday, $37.65B total on week
• 5/23 $2.375 *Staples 5.25NC2.25 11%
• 5/23 $1B *Province of Manitoba 10Y SOFR+80
• 5/23 $500M *Univision 7NC3 8.5%
• $6.1B Priced Wednesday
• 5/22 $1.25B *Latvia +10Y +83
• 5/22 $1B *EIB 5Y SOFR+32
• 5/22 $750M *Enact 5Y +180
• 5/22 $750M *Equinix Europe 2 Financing 10Y +117
• 5/22 $700M *RGA Global Funding 5Y +100
• 5/22 $650M *Cencosud 7Y +170
• 5/22 $500M *Tokyo Metro 5Y +64
• 5/22 $500M *MassMutual 5Y +70
• $13.175B Priced Tuesday, $27.675B/wk
• 5/21 $2.5B *Qatar $1B 5Y +30, $1.5B 10Y +40
• 5/21 $2.05B *BPCE $650M 5Y +85, %1.4B 11NC10 +153
• 5/21 $1.75B *Citigroup PerpNC5 7.125%
• 5/21 $1.5B *Schlumberger $500M each: 3Y +65, +5Y +80, 10Y +80
• 5/21 $1.225B *Community Health Sys 2023 Tap 10.875%
• 5/21 $1.2B *Coca-Cola $700M 5Y +85, $500M 10Y +105
• 5/21 $600M *Uzbekistan 7Y 7.125% (plus E600M, UZS3000B)
• 5/21 $500M *Blackstone Private Credit 5Y +175
• 5/21 $600M *Verisk 10Y +105
• 5/21 $500M *Amcor Grp WNG 5Y +105
• 5/21 $750M *Bombardier 8NC3 7%
• 5/21 $Benchmark Emirates Islamic Bank 5Y Sukuk +130a
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• $14.5B Priced Monday
• 5/20 $3.25B *Comcast $750M 5Y +65, $1.3B 10Y +90, $1.2B 30Y +110
• 5/20 $2.6B *Elevance Health $600M 5Y +70, $1B 10Y +95, $1B 30Y +110
• 5/20 $2.6B *UPS $900M 10Y +72, $1.1B 30Y +92, $600M 40Y +105
• 5/20 $1.25B *PayPal $850M 10Y +80, 00M $30Y +100
• 5/20 $1.2B *Entergy 30.5NC5.5, 7.125%
• 5/20 $1B *Handelsbanken $600M 3Y +55, $400M 3Y SOFR+66
• 5/20 $850M *AEP Texas $500M 5Y +100, $350M 10Y +130
• 5/20 $600M *Northwestern Mutual 7Y +73
• 5/20 $600M *Nstar Electric 10Y +98
• 5/20 $550M *F&G Annuities 5Y +210
• 5/20 $2.35B Staples 5.25NC2.25 10.5%a investor calls
• 5/20 $500M Zebra Tech 8NC3 investor calls
• 5/20 $500M California Resources 5NC2
• 5/20 $Benchmark BlackRock investor calls
• 5/20 $Benchmark HTA Group/Helios investor calls
• 5/20 $Benchmark Rep of Latvia 10Y investor calls
• 5/17 No new issuance Friday, $36.25B priced on week
• 5/17 $Benchmark Uzbekistan 7Y investor calls
• 5/17 $Benchmark Amcor 5Y investor calls
• $1.7B Priced Thursday
• 5/16 $950M *AES Corp 30.5NC5.5 7.6%
• 5/16 $750M *Apollo Global Management 30Y +128
• $7.65B Priced Wednesday
• 5/15 $3.5B *Goldman Sachs $2.65B 3NC2 +68, $850M 3NC2 SOFR+75
• 5/15 $2.5B *BP Capital Mkts Am $750M 3.5Y +50, $750M 5.5Y +62.5, $1B 10.5Y +87.5
• 5/15 $1.65B *MPLX 10Y +130
• 5/15 $Benchmark Citizens Financial investor calls
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• $18B Priced Tuesday
• 5/14 $4B *CADES (Caisse d'Amortissement de la Dette Social) 5Y SOFR+40
• 5/14 $3.5B *ADB (Asia Development Bank) 2Y SOFR+18
• 5/14 $2.75B *NatWest $850M 3Y +80, $500M 3Y SOFR+90, $1B 5Y +95, $400M 5Y SOFR+114
• 5/14 $2.25B *Ford Motor $1.5B 3Y +127, $750M 2034 tap +195
• 5/14 $1.5B *OKB (Oesterreichische Kontrollbank) 3Y SOFR+25
• 5/14 $1.5B *CRH $750M 5Y +75, $750M 10Y +100
• 5/14 $1B *JICA (Japan Int Coop Agcy) 5Y SOFR+53
• 5/14 $1B *McDonald's 5Y +63, 10Y +80
• 5/14 $500M *QNB Finansbank 5Y WNG 7.375%
• $8.9B Priced Monday
• 5/13 $4B *Johnson & Johnson $1.5B 5Y +32, $1.15B 7Y +42, $850M 10Y +47, $850M 30Y +62
• 5/13 $2.5B *Toyota Motor Cr $750M 2Y +38, $750M 2Y SOFR+45, $1B 5Y +60
• 5/13 $1B *LPL Holdings $500M 3Y +105, $500M 10Y +155
• 5/13 $800M *Berry Global 7Y +133
• 5/13 $600M *Market Group 30Y +140
• 5/10 No new US$ corporate issuance Friday after May supply surged to $55.5 on the week
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• $3.75B Priced Thursday
• 5/9 $3B *Charter Communications $1.5B 5Y +165, $1.5B 10Y +212.5
• 5/9 $750M *Presidio 7NC3 7.5%
• $16.4B Priced Wednesday
• 5/8 $3.25B *HSBC $1.85B 4NC3 +95, $1.4B 8NC7 +125
• 5/8 $3B *Westpac $750M each: 2Y +37.5, 2Y SOFR+42, 5Y +60, 5Y SOFR+81
• 5/8 $2.25B *Eni $1B 10Y +110, $1.25B 30Y +140
• 5/8 $1.75B *PNC Financial 6NC5 +100
• 5/8 $1.75B *UBS Group 6NC5 +112
• 5/8 $1B *Avalon Holdings +5Y +143
• 5/8 $1B *NatWest PerpNC10 8.125%
• 5/8 $1B *Atlassian $500M 5Y +85, $500M 10Y +110
• 5/8 $700M *Centerpoint Energy 5Y +95
• 5/8 $700M *CNO Fncl 10Y +200
• 5/8 $Benchmark IBRD (World Bank) 4Y SOFR+30
• 5/8 $Benchmark Islamic Development Bank 5Y Sukuk SOFR+55a
• $22.5B Priced Tuesday
• 5/7 $5B *CVS $1B 5Y +95, $1B 7Y +110, $1.25B 10Y +125, $750M 20Y +135, $1B 30Y +150
• 5/7 $3.3B *Ingersoll Rand $700M 3Y +55, $750M 5Y +70, $500M 7Y +85, $750M 10Y +100, $600M 30Y +113
• 5/7 $3B *Standard Chartered $1B 4NC3 +105, $500M 4NC3 SOFR+117, $1.5B 11NC10 +145
• 5/7 $2B *Philippines $1B 10Y +80, $1B 25Y 5.6%
• 5/7 $1.75B *Las Vegas Sands $750M 3Y +130, $500M 5Y +155, $500M 10Y +175
• 5/7 $1.25B *Caterpillar $850M 3Y +40, $400M 3Y SOFR+52
• 5/7 $1B *Organon $500M 10NC5 7.875%, $500M 10NC5 Sr 6.75%
• 5/7 $1B *Mastercard 10Y +55
• 5/7 $1B *Deutsche Bank 5Y +95
• 5/7 $800M *Entergy Arkansas $400M 10Y +100, $400M 30Y +118
• 5/7 $800M *National Rural Utilities $450M 3Y +48, $350M 5Y +73
• 5/7 $500M *Korea Expressway 3Y +90
• 5/7 $500M *BOC Aviation +5Y +87.5
• 5/7 $600M *Host Hotels 10Y +147
• $12.85B Priced Monday
• 5/6 $3B *Coca-Cola $1B 10Y +55, $1.1B 30Y +70, $900M 40Y +80
• 5/6 $2B *Dominion $1B 30.75NC5.5 6.875%, $1B 30NC9.75 7%
• 5/6 $2B *Block Inc 8NC3 6.5%
• 5/6 $1.6B *Athene Global Funding $900M 2Y +80, $300M 2Y SOFR+85, $400M 5Y tap +112
• 5/6 $1.4B *Consolidated Edison $400M 10Y +90, $1B 30Y +110
• 5/6 $850M *Ares Capital +5Y +170
• 5/6 $750M *ICE (Intercontinental Exchange) 7Y +78
• 5/6 $750M *Southern California Edison 7Y +97
• 5/6 $500M *Hilcorp Energy 10NC5 6.875%
• 5/6 $Benchmark Ingersoll Rand investor calls
• 5/3 Slow start to May with less than $5B this week as issuers sidelined ahead the FOMC, April employment data risk as well as the ongoing corporate issuance blackout.
• $4.6B Priced Thursday
• 5/2 $3.85B *Foundry JV $850M +5Y +135, $1B +7Y +160, $1.2B +10Y +170, $800M +13Y +185
• 5/2 $750M *SS&C Technologies 8NC3

5/1 High grade bond issuers sidelined ahead of the FOMC