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AUSSIE 10-YEAR TECHS

(U2) More Stable But Still Fragile

USDCAD TECHS

Trend Structure Remains Bullish

US TSYS

Cautious Risk Appetite Gains Momentum

AUDUSD TECHS

Key Support Still Exposed

US STOCKS

Late Equity Roundup: 2W Highs

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  • Sole issuer for Friday:
  • Date $MM Issuer (Priced *, Launch #)
  • 03/12 $1.1B #Bell Canada $600M 3Y +45, $500M 30Y +127
  • Thursday highlight: Huge $25B 9pt issue from Verizon, $1B more than the US Tsy bond auction and oversubscribed too. Issue size at low end of estimate, appeared some prop/fast$ accounts had anticipated larger issuance and had sold along with hedges -- contributed to the bounce in Tsys after the 30Y Bond R/O auction tailed slightly. Verizon still holds record of largest debt launch ever at $49B total in August 2013.
  • Date $MM Issuer (Priced *, Launch #)
  • 03/11 $1.75B *Verizon 3Y +45, $750M 3Y FRN SOFR+50
  • 03/11 $2.75B *Verizon 5Y 70, $750M FRN SOFR+79
  • 03/11 $3B *Verizon 7Y +90
  • 03/11 $4.25B *Verizon 10Y +107
  • 03/11 $3.75B *Verizon 20Y +120
  • 03/11 $4.5B *Verizon 30Y +130
  • 03/11 $3.5B *Verizon 40Y +145
  • $7.0B Priced Wednesday
  • 03/10 $6.5B *American Airlines, $3.5B 5NC 5.5%, $3B 8NC 5.75%
  • 03/10 $500M *IADB 7Y FRN SOFR+27a
  • Verizon Current Corp Debt Record Holder: Verizon has mandated JP Morgan and Morgan Stanley in a new debt auction according to Bbg, details on size, tranches and timing unknown.
  • However, Verizon debt something to be alert for as they still hold the record for largest multi-tranche jumbo issuance w/ $49B back in August 2013. In 2020, Verizon only issued a total of $15.5B:
  • November 2020 $12B 5pt: $2B 5Y +40, $2.25B +10Y +85, $3B 20Y +115, $2.75B 30Y +115, $2B 40Y +130
  • March 2020 $3.5B 3pt: $750M 7Y +215, $1.5B 10Y +225, $1.25B 30Y +250.
  • $3.75B Priced Tuesday
  • 03/09 $3B *JP Morgan $2B 3NC2 +53, $1B 3NC2 FRN SOFR+58
  • 03/09 $750M *Swedbank 3Y +55, 6NC5 dropped
  • $21.5B Priced Monday
  • 03/08 $5.5B *Bank of America $2.5B 6NC5 +80, $2B 11NC10 +105, $1B 31NC30 +115
  • 03/08 $3.5B *Anthem $500M 2Y +30, $750M 5Y +70, $1B 10Y +100, $1.25B 30Y +130
  • 03/08 $3B *Teledyne $300M 2Y +50, $450M 3NC1 +65, $450M 5Y +75, $700M 7Y +100, $1.1B 10Y +120
  • 03/08 $2.5B *One Gas $1B 2NC.5 +70, $800M 2NC.5 FRN L+61, $700M 3NC.5 +80
  • 03/08 $2.4B *Pacific Gas & Electric $1.5B 2NC.5 +120, $450M 10Y +167, $450M 20Y +200
  • 03/08 $2B *Santander UK $1.4B 4NC3 +75, $600M 11NC10 +130
  • 03/08 $1.1B *CenterPoint Energy $400M 10Y +80, $700M 30Y +105
  • 03/08 $1B *AmFam Holdings $500M 10Y +120, $500M 30Y +150
  • 03/08 $500M *Southwestern Electric 5Y +80
  • 03/08 $5B American Airlines $2.5B 5NC, $2.5B 8NC investor calls
  • 03/08 $Benchmark Sasol investor calls re: 5Y, 10Y
  • 03/08 $Benchmark Deutsche Bank investor calls
  • 03/05 No new issuance Friday; $71.8B/wk
  • $10.4B Priced Thursday
  • 03/04 $2.2B *Atmos Energy $1.1B 2NC.5 +48, $1.1B 2NC.5 FRN L+38
  • 03/04 $2B *Nissan Motor $300M 3Y +75, $300M 3Y FRN L+64, $800M 5Y +125, $600M 7Y +155
  • 03/04 $2B *Lloyds $1B 3NC2 +55, $1B 6NC5 +85
  • 03/04 $1B *Entergy Louisiana $500M 11Y +85, $00M 20Y +95
  • 03/04 $1B *Swedish Export 3Y +4
  • 03/04 $900M *LPL Holdings 8NC3
  • 03/04 $800M *PerkinElmer $400M each 10Y+100, 30Y +130
  • 03/04 $500M *MassMutual 10Y +63
  • 03/04 $2.5B Energean Israel 3NC 4.75%, 5NC 5.12%, 7NC 5.62%, 10NC +6% investor call
  • $12.6B Priced Wednesday
  • 03/03 $4B *Peru $1.75 2031-tap +125, $1.25 20Y +140, $1B 30Y +145
  • 03/03 $2B *Barclays $1B 11NC10 +120, $1B 21NC20 +170
  • 03/03 $1.6B *Vontier $500M 5Y +110, $500M 7Y +130, $600M 10Y +150
  • 03/03 $1.1B *Marriott Int 10Y +140
  • 03/03 $1B *Kommunivest WNG 3Y +1
  • 03/03 $850 *Agilent 10Y +85
  • 03/03 $750M *Equitable Financial Life 7Y +70
  • 03/03 $700M *Omega Healthcare 12Y +185
  • 03/03 $600M *Corp Office Properties 10Y +140
  • $25.25B Priced Tuesday, $10B Siemens 7Pt Jumbo lead
  • 03/02 $10B *Siemens: $1.25B 2Y +30, $1.5B 3Y +40, $1B 3Y FRN SOFR+43, $1.75B 5Y +55, $1.25B 7Y +65, $1.75B 10Y +75, $1.5B 20Y +80
  • 03/02 $2.75B *CBA $1.5B 10Y +130, $1.25B 20Y +125
  • 03/02 $2B *HSBC $1B PerpNC5 4%, $B PerpNC10 4.7%
  • 03/02 $2B *Bank of England 3Y +12
  • 03/02 $1.3B *Entergy $650M 7Y +87, $650M 10Y +107
  • 03/02 $1.3B *Mastercard $600M 10Y +50, $700M 30Y +78
  • 03/02 $1.2B *KDB 00M $3Y +20, $300M 3Y FRN SOFR+25, $500M 5.5Y +35
  • 03/02 $900M *Public Service Electric & Gas (PEG) $450M 5Y +32, $450M 30Y +77
  • 03/02 $850M *Boston Properties 11Y +118
  • 03/02 $750M *Suncor Energy 30Y +155
  • 03/02 $700M *Commonwealth Edison 30Y +90
  • 03/02 $500M *Flowers Food 10Y +105
  • 03/02 $500M *Orix 10Y +88
  • 03/02 $500M *Caterpillar WNG 10Y +57
  • $23.55B Priced Monday, $7B GS 6pt jumbo added to $5.5B issued on Jan 20 ($2.25B 2NC1 +35, $750M 2NC1 FRN SOFR+41, $2.5B 11NC10 fix/FRN +90).
  • 03/01 $7B *Goldman Sachs $700M 2NC1 +40, $450M 2NC1 FRN SOFR+43, $1.75B 3NC2 +55, $700M 3NC2 FRN SOFR+58, $3B 6NC5 +73, $400M 6NC5 FRN SOFRT+81
  • 03/01 $4.3B *Cigna $500M 3NC1 +35, $800M 5Y +55, $1.5B 10Y +95, $1.5B 30Y +120
  • 03/01 $2.5B *Coca-Cola $750M 7Y +45, $750M 10Y +60, $1B 30Y +85
  • 03/01 $2.15B *Keurig Dr Pepper Inc $1.15B 3NC1 +48, $500M 10Y +83, $500M 30Y +113
  • 03/01 $1.9B *John Deere $600M 2Y +15, $800M 3Y +22, $500M 7Y +45
  • 03/01 $1.5B *Roche $500M 3Y +20, $350M 3Y FRN SOFR+24, $650M 5Y +30
  • 03/01 $1.5B *Toronto-Dominion Bank 3Y +32, 3Y FRN SOFR+35.5
  • 03/01 $800M *Graphics Packaging Int $400M 3Y +55, $400M 5Y +80
  • 03/01 $700M *PPG Ind 5Y +60
  • 03/01 $600M *Estee Lauder 10Y +57
  • 03/01 $600M *Fairfax Fnvl Holdings 10Y +195
  • Additional Investor calls for: Aflac, Citadel Fin, Mastercard, Nissan Motor
  • 03/01 $2.5B Energean Israel 3NC, 5NC, 7NC, 10NC investor call
  • 03/?? $1.25B Twitter 5Y conv note private placement
  • 03/?? Chatter South Africa global bond
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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