Situation Room: Supply spike

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Situation Room: Supply spike

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Situation Room

Supply spike

Credit Analysis

Supply spike 16 June 2026

With about 40% of actionable days (ex. holidays, Fridays, etc.) still left in June, IG supply Credit Strategy

MtD has already reached $124bn. That would be the highest supply for the entire month United States

of June since 2021 (Exhibit 2). To put this number in perspective, we scale the MtD Cross Product

$124bn in supply by the issuance volume during the Jan – May period. In 2026, the June Yuri Seliger

1st through 16th supply was 11% of the total over the prior five months, which was Credit Strategist

three standard deviations higher than the 4.6% average since 2010 (Exhibit 1). BofAS+1 646 855 7209

yuri.seliger@bofa.com

Chunky deals Sohyun Marie Lee

The heavy issuance volumes were supported by 15 larger deals over $2bn in size. The CreditBofAS Strategist

largest deals included $25bn Nvidia (NVDA) and $5.75bn Citi (C) transactions (Exhibit 3). +1 646 855 7217

sohyun.lee@bofa.com

The 15 large deals accounted for $71bn in issuance, or 57% of the total so far in June.

Resilient spreads In this report

The combination of lower yields and the big spike in issuance finally drove spreads about

+2bps wider today on Tuesday June 16. Still, spreads are about unchanged from the Daily supply snapshot

middle of last week, prior to the Iran resolution headlines. That suggests that investor

Daily dealer inventories update

demand remains very strong, given the moderate spread reaction to a three-standard-

deviation jump in supply during the first half of June. Daily HG fund flows

Exhibit 1: A big jump in supply so far in June Daily foreign demand tracker

In 2026, the June 1st through 16th supply was 11% of the total over the prior five months, which is three