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US$ High-Grade Credit Supply Pipeline - Apr 26, 2018

Slow build with Capital One, Eximbank
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
04/26 $500M Turk Eximbank 6Y MS +330
04/26 $Benchmark Capital One 3Y +110a, 7Y +150a
Potential issuance this week:
04/26 $Benchmark, United Technologies
04/26 $Benchmark, Coca-Cola (KO)
40/26 $Benchmark Qualcomm, history of large annual issuance
-
$2.45B Priced Wednesday
04/25 $1B *Kommunalbanken 3Y MS+4
04/25 $1.45B *CNOOK Finance 2015 USA $450M 5Y +105, $1B 10Y +140
- 
$11.3B priced Tuesday
04/24 $3B *Royal Bank of Canada $1.5B 3Y fix +60/$1.5B 3Y FRN +39
04/24 $2.85B *US Bankcorp $1B 3Y fix +53, $1B 3Y FRN +32, $850M 10Y +95
04/24 $2.6B *Barcardi Ltd $750M 7Y +155, $800M 10Y +175, $350M 20Y +200, $700M
30Y +215
04/24 $950M *State Grid (Overseas Inv 2016 Ltd, CHGRID) 5Y +97.5, 10Y +130
04/24 $850M *Suntrust Banks 7Y +108
04/24 $650M *Aviation Capital Grp 5Y +115
04/24 $397.5M *Harvest Operations Corp 5Y +140
- 
$7B priced Monday
04/23 $3.5B *Citibank $2B 2Y fix +60, $1.5B 2Y FRN +32
04/23 $1.25B *Bank of NY Mellon $750M 5Y +70, $500M 10Y +90
04/23 $1B *Nucor $500M 10Y +100, $500M 30Y +150
04/23 $750M *Keycorp 10Y +115
04/23 $500M *BOC Aviation, 3Y FRN 3ML +105
- 
No new issuance Friday
$11.75B Priced Thursday, $47.2B on week
04/19 $3.75B *Morgan Stanley 2-part, 6NC5 +68, 21NC20 +135
04/19 $3.5B *JP Morgan Case Bank $2.2B 3NC2 fix-FRN +65, $1.3B 3NC2 3ML+34
04/19 $1B *Meiji Yasuda Life 30NC10 5.1%
04/19 $1.75B *EBRD 3Y NS -3
04/19 $1.75B *Rabobank $1B 3Y fix +65, $750M 3Y FRN +43
- 
$6.8B priced Wednesday
04/18 $1.5B *EIB 7Y +14
04/18 $5B *Goldman Sachs, $3.5B 11NC10 +135, $1.5B 21NC20 +135
04/18 $300M *Guardian Life 5Y +80a
- 
$16.6B priced Tuesday, $28.65B/week
04/17 $4.75B *Syngenta 6-parts, all fixed
      $750M 2Y+130, $750M 3Y+140, $1B 5Y+175, $750M 7Y+210, $1B 10Y+235, $500M
30Y+265
04/17 $3.8B *AXA Equitable Hldngs, $800M 5Y +125, $1.5B 10Y +155, $1.5B 30Y +200
04/17 $2B *Bank of Nova Scotia $1.3B 3Y +67, $700M 3Y FRN L+44
04/17 $1.5B *IDA 5Y Reg S/144a +7
04/17 $1.75B *Credit Agricole $1.25B 5Y +115, $500M 5Y FRN +102
04/17 $1B *JFM 5Y MS +44
04/17 $750M *Sumitomo Mitsui Banking FRN 2020 Tap 3ML +40
04/17 $500M *Cargill Inc, WNG 3Y +57
04/17 $550M *Fidelity & Guaranty Life 7NCL Sr Notes
-
$12.05B priced Monday, JPM 3-part and $2B Citigroup late in day
04/16 $4.5B *JPMorgan, $1.75B 6NC5 +88, $500m 6NC5 FRN +73, $2.25B 11NC10 +118
04/16 $2B *Citigroup Inc, 11NC10 Fxd-to-FRN IPT +125
04/16 $1.75B *Taqa $750M 7yr +160, $1B 12Y +205
04/16 $1.6B *Delta Air Lines 3Y +90, 5Y Fxd +115, 10Y +155
04/16 $1.2B *United Overseas Bank (UOB) $700M 3Y fix+72, $500M 3Y FRN +48
04/16 $1B *Hanwa Life 30NC5 at 4.7%
-
No new issuance so far Friday
- 
$16B priced Thursday, $12B Qatar crest early wk Saudi issuance 
04/12 $12B *State of Qatar $3B 5Y +135, $3B 10Y +170 and $6B 30Y +205
04/12 $4B *IADB 3Y Global MS-3 
- 
$2.5B Priced Wednesday
04/11 $2.5B *SRILAN (Democratic Socialist Rep of Sri Lanka) $1.25B each 5Y, 10Y
- 
$17.5B Priced Tuesday
04/10 $4.5b *Saudi Arabia 7Y +140
04/10 $3b *Saudi Arabia 12Y +175
04/10 $3.5b *Saudi Arabia 31Y +210
04/10 $2.25B *Bank of Montreal $1.5B 3Y +70, $750M 3Y FRN L +46
04/10 $2.25B *Toyota Motor Credit $1B 3Y +52, $750M 3Y FRN +28, $500M 7Y +70
04/10 $2B *Ontario Teachers' Finance Trust 3Y +15
- 
$4.075B Priced Monday
04/09 $3B *Banco Santander $1.25B 5Y Fxd +125, $500M 5Y FRN +112, $1.25B 10Y fix
+160
04/09 $500M *SK Telecom 5Y +117.5
04/09 $575M *Nevada Power Co 2Y +47
-
No new supply issued Friday, $20.875B total last wk
- 
$9.35B Priced Thursday
04/05 $2.5B *GM Financial, $500M 3Y FRN +85, $1B 3Y fix +112, $1B 7Y +160
04/05 $3.5B *BMW US Capital, $1.75B 3y Fxd/FRN, $1B 5y Fxd, $750M 10y
04/05 $2.5B *Salesforce, $1B 5Y +62.5, $1.5B 10Y +87.5
04/05 $350M *NWB Mining FRN 2019 Tap 3mL +1
04/05 $500M *BNG Mining 4Y FRN 3ML +7a
-
$2.05B priced Wednesday
04/04 $1.25B *Societe Generale PerpNC10 1.675%
04/04 $800M *Aegon 30NC10 Tier 2 Fixed to FRN 5.75%
-
$8.975B priced Tuesday
04/03 $6.05B *General Mills Inc., potential 8-tranche issuance:
      $600M 3Y Fxd +80, $850M 3Y FRN +54
      $850M Long 5Y Fxd +115, $400M 5Y FRN +101
      $800M 7Y +130
      $1.4B 10Y +145
      $500M 20Y +155
      $650M 30Y +170
04/03 $2.5B *Charter Communications $800M 20Y +245, $1.7B 30Y +275
04/03 $425M *Union Electric Co WNG 30Y FMB IPT +100
-
$500M Priced Monday
04/02 $500M *Securian Financial Group 30Y IPT +185
-
03/26 $500M *Allstate $500M, $250M 3Y FRN 3ML +43, $250M 5Y FRN 3ML +63
03/26 $500M *Dollar General Corp 10Y +130
03/26 $1.5B *ABB Finance $300M 2Y +55, $450M 5Y +75, $750M 10Y +95
03/26 $750M *Citizens Bank $500M 5Y +110, $250M 5Y FRN L+95
03/26 $600M *Centerpoint Energy Resources WNG 5Y +97, 10Y +117
03/26 $Benchmark KfW 3Y IPT MS +1A
03/26 $Benchmark Bell Canada Inc 30Y IPT +160A
-
No new corporate supply Friday
-
$6.2B priced Thursday
03/22 $750M *Abu Dhabi Commercial Bank PJSC ADCB 5Y MS +130
03/22 $1.5B *Baidu USD 5.5Y/10Y Bonds, IPT +140bp/+180bp
03/22 $1.3B *Assurant Inc. 3NC1 FRN, 5.5Y, 10Y, 30NC10 Sub
03/22 $1B *Prudential Financial; 10Y +105, 30Y +135
03/22 $600M *Mississippi Power 2y FRN L+75, 10Y +125A
03/22 $1.05B *Cequel Communications $1.05b 10NC5 Sr
- 
Small issuance Wednesday
03/21 $500M *Nordic Investment Bank Min. 2Y IPT MS -6
-
$13.85B Priced Tuesday, AB/INBEV lead
03/20 $10B *Annheuser-Busch INBEV, details:
  $1.5B 5Y fix +90, $500M 5Y FRN L+74, 
  $2.5B 10Y +125, $1.5B 20Y +135, 
  $2.5B 30Y +150 and $1.5B 40Y +165
03/20 $750M *Entergy Louisiana LLC 15Y IPT +115
03/20 $700M *Virginia Electric & Power Co 10Y IPT +95
03/20 $500M *MetLife PerpNC10 Pref IPT 5.875%
03/20 $1B *Kommunalbanken (KBN) 2Y; IPT MS -1
03/20 $400M *Ohio Power Co 30Y IPT +115a
-
$10.85B Priced Mon, HSBC late
03/19 $4B *HSBC Holdings USD AT1 $2.25B PerpNC5 6.25, $1.75 PerpNC10 6.50%
03/19 $500M *Connecticut Light & Power WNG 30Y FMB +93
03/19 $2.5B *AIG $750M 10Y +140, $1B 30Y +170, $750M 30NC10 Sub 5.75%a
03/19 $2.1B *Unilever Cap $400M 3Y, $550M 5Y, $350M 7Y, $800M 10Y
03/19 $1.75B *Macquarie Grp USD $1.25B 6NC5 fix/FRN, $500M 11NC10 +180
-
$4B Priced Friday, appr $25.9B/week
03/16 $4B *Russia $1.5B 11Y, $2.5B 2047 Tap
-
$1.8B Priced Thursday
03/15 $1.5B #Lloyds Banking Group Plc 10Y +160
03/15 $300M #AvalonBay Communities Inc 30Y +130
03/15 $Benchmark Nissan Motor Acceptance Corp. 3Y Fxd +85a, 3Y FRN L equiv, 5Y
+95-100
-
$3.5B Priced Wednesday
03/14 $2B *African Development Bank 3Y MS-1
03/14 $1.5B *McDonalds, $500M 5Y +75, $500M 10Y +100, $500M Tap of 4.45% +140
-
$3.47B Priced Tuesday
03/13 $3.25B *Asian Development Bank (ADB) 5Y +9
03/13 $220M *Idaho Power 30Y +110
-
$13.1B priced Monday
03/12 $5.3B *Campbell 7-tranche, details:
      $500M 2Y FRN L+50
      $350M 3Y fix, +90, $400M 3Y FRN L+63
      $1.2B 5Y +105, $850M 7Y +120, $1.2B 5Y +105, $1B 10Y +130, $700M 30Y +170,
03/12 $2.25B *Commonwealth Bank of Australia (CBA) 5Y fix and/or FRN, 10Y fix
03/12 $1.75B *Standard Chartered Plc $1.25B 6NC5 +125, $500M 15NC10 +200
03/12 $1.15B *Caterpillar $450M 3Y fix +50, $450M FRN L+23, $250M Tap of CAT
3.25 +78
03/12 $650M *Fifth Third Bancorp 10Y +110
03/12 $500M *Toyota Ind, $500M 5Y +60, $500M 10Y +70
03/12 $1.5B *Valeant Pharmaceuticals, 8NC4 Sr notes
-
No new supply issued Friday
-
$9.45B priced Thursday
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
03/08 $2.35B *Bank of America Perpnc 10 fix-FRN 5.875%
03/08 $1.5B *John Deere Capital $400M 3Y fix+48/+500M FRN +24/$600M 7Y +67
03/08 $1.25B *Province of Alberta Canada, 10Y +45
03/08 $1B *Transcontinental Gas Pipeline $400M 10Y +120, $600M 30Y +150
03/08 $1B *Export Dvlp Canada 5Y +10
03/08 $1B *Sysco $500M 7Y +85, $500M 30Y +135
03/08 $500M *Kommunalbanken FRN 3/2021 Tap L+4
03/08 $550M *Edison Int 10Y +128
03/08 $300M *Apollo Management hldngs WNG 30Y +200a
-
$2.05B Priced Wednesday
03/07 $1.25B *Swedish Export Credit 5Y +18
03/07 $800M *Hyundai Capital Am, $550m 3Y fix, $250M 3Y FRN
-
$41.5B total priced Tuesday
03/06 $40B *CVS 9-tranche details
* $1B 2yr FRN L+63
* $2B 2yr +90
* $1B 3yr FRN L+72
* $3B 3yr +95
* $6B 5yr +125
* $5B 7yr +145
* $9B 10yr +160
* $5B 20yr +180
* $8B 30yr +195
03/06 $1.5B *Oesterreichische Kontrollbank AG (OKB) 5Y +15
-
$2B Priced Monday
03/05 $1B *Korea Development Bank (KDB) $500M 3Y FRN L+55, 5Y fix +85
03/05 $1B *Tennessee Valley Auth, 2Y WNG +11
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

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