US$ High-Grade Credit Supply Pipeline - Apr 29, 2020

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #

04/29 $Benchmark PepsiCo 3Y +80a, 10Y +135a

04/29 $Benchmark Coca-Cola 7Y +120a, 10Y +135a, 20Y +145a, 30Y +155a, 40Y +170a

04/29 $Benchmark Philip Morris 3Y +140a, 5Y +155a, 10Y +185a

04/29 $500M Canadian National 30Y +155a

04/29 $500M Consumer Energy 40Y +165a

04/29 $Benchmark CABEI 5Y +160

04/29 $300M ONE Gas 10Y +187

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$6.5B Priced Tuesday, $31.4B on wk for NEW RECORD $317B/month

04/28 $2B *Dupont de Nemours 3Y +190

04/28 $1.5B *Lukoil 10Y 3.875%

04/28 $1.5B *Dexia Credit 3Y +42

04/28 $1B *Northern Trust 10Y +140

04/28 $500M *Liberty Mutual Grp 40Y +275

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$24.9B priced Monday -- new record high issuance of $310.5B/month with three

more days to go until May.

04/27 $5B *Israel dual-listed Formosa bond 3.8% (book >$11B)

04/27 $3.8B *Air Prods&Chems $550M 5Y +110, $650m 7Y +130, $900M 10Y +140, $750M

20Y +145, $950m 30Y +155

04/27 $3B *Biogen $1.5B 10Y +160, $1.5B 30Y +195

04/27 $2.5B *Georgia Pacific $900M 5Y +135, $600M 7Y +155, $1B 10Y +165

04/27 $2.5B *Diageo Capital $750M 5Y +105, $1B 10Y +140, $750M 12Y +155

04/27 $2.35B *Philippines $1B 10Y +180, $1.35B 25Y 2.95%

04/27 $1.5B *Citizens Bank $750M each 5Y +190, 10Y +260

04/27 $1.5B *Emerson Electric $500M each 7Y +125, 10Y +135, 30Y +150

04/27 $1.25B *Blackrock Inc 10Y +128

04/27 $500m *Korea East-West Power 5Y +150

04/27 $500M *Idex WNG 10Y +237.5

04/27 $500M *Snap-On 30Y +190

Later in the week:

04/28 $3B Delta Airlines

04/?? APICorp (Arab Petroleum Investments Corporation) investor call

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$7.75B priced last Friday, $55.8B/wk

04/24 $1B *Eli Lilly 30Y +110

04/24 $750M *Texas Instruments WNG 10Y +115

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$24.2B Priced Thursday, $54.05B/wk

04/23 $6.5B *Wells Fargo $3B 6NC5 +183, $3.5B 21NC20 +190

04/23 $3B *Morgan Stanley 6NC5 +183

04/23 $2.75B *Expedia $2.5B 5NCL 6.25%, $750M 5NC2 7%

04/23 $2.5B *Marathon Petroleum $1.25B 3Y +425, $1.25B 5Y +437.5

04/23 $2.25B *Gap $500M 3Y, $750M 5Y, $1B 7Y

04/23 $2B *Bank of England 3Y +26

04/23 $1.2B *Constellation Brands $600M 10Y +230, $600M 30Y +260

04/23 $1B *Paraguay 11Y Covid-19 bond 5%

04/23 $1B *Kommuninvest WNG 2Y +15

04/23 $500M *Netflix 5NCL 3.625%; and E470M (3%)

04/23 $500M *Kookmin Bank 5Y Covid-19 bond +150

04/23 $500M *Travelers WNG 30Y +140

04/23 $500M *Nasdaq 30Y +215

Sideline: Interesting to see segue from Green to Covid-19 bonds during pandemic,

today's Kookmin Bank 5Y Covid-19 bond after AfDB 3Y Covid-10 social bond in late

March.

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$13.1B priced Wednesday, $29.85B/wk

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #

04/22 $6B *United Mexican State $1B 5Y 4.125%, $2.5B 12Y 5%, $2.5B 31Y 5.5%

04/22 $3B *Bank of America 11NC10 +200

04/22 $1.5B *Bank of Montreal 5Y +150

04/22 $1B *Equifax $400M 5Y +225, $600M 10Y +250

04/22 $1B *BOC Aviation 5Y +300

04/22 $600M *Xiaomi 10Y +290

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$13.1B priced Tuesday

04/21 $3B *VF Corp 4pt $1B 2Y +185, $750M 5Y +210, $500M 7Y +235, $750M 10Y +240

04/21 $2.95B *NRW (North Rhine-Westphalia) $1.2B 18M +18, $1.75B 3Y +28

04/21 $4.5B *ADB 5Y +23

04/21 $1.25B *Micron 3Y +225

04/21 $900M *Hyatt 2pt $450M each 5Y 5.375%, 10Y 5.75% 

04/21 $500M *Kroger 10Y +165

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$3.65B priced Monday

04/20 $1.5B *Cargill Inc $750M 3Y +115, $750M 10Y +150

04/20 $1B *Campbell Soup $500M 10Y +175, $500m 30Y +190

04/20 $600M *Sonoco 10Y +250

04/20 $550M *Kansas City Southern WNG 30Y +230

04/20 ** Nationwide Mutual Ins 40Y +285a ** postponed issuance

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$14.5B priced Friday, $92.1B/wk. Just over $92B priced last week, month total

$229.8B -- with two weeks to go in month of April, could easily eclipse March's

all-time record high of $275.48B. 

04/17 $8B *Ford Motor Co 3Y 8.5%, 5Y 9.0%, 10Y 9.625%

04/17 $1.25B *Bank of NY Mellon 5Y +125

04/17 $4.25B *IADB 3Y +15

04/17 $1B *AFDB 2Y +15

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$12.75B priced Thursday

04/16 $4B *Costco $1.25B 7Y +90, $1.75B 10Y +100, $1B 12Y +115

04/16 $3B *Peru +5Y +239, +10Y +278

04/16 $3B *EIB WNG 5Y +24

04/16 $2B *National Securities Clearing Corp $1B 3Y +100, +1B 5Y +120

04/16 $750M *Camden Property 10Y +220

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$28.25B Priced Wednesday, JP Morgan outsized Kingdom of Saudi Arabia 

04/15 $10B *JP Morgan $3.5B 6NC5 +170, $2.75B 11NC10 +190, $1.5B 21NC20 +185,

$2.25B 31NC30 +185

04/15 $7B *Kingdom of Saudi Arabia $2.5B 5.5Y +260, $1.5B 10.5Y +270, $3B 40Y

4.55%

04/15 $8B *World Bank (IBRD) 5Y +24

04/15 $2B *LYB Int Finance $500M 5Y +255, $500M 10Y +275, $1B 30Y +295

04/15 $1.25B *Royal Bank of Canada 3Y +138

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$16.8B priced Tuesday ($36.6B/w, $168.3B/m); Petronas launch helped kick off

late Tuesday sell-off in long end Tsys

04/14 $6B *Petronas 3pt $2.25B 10Y +290, $2.75B 30Y 4.55%, $1B 40Y 4.80%

04/14 $3B *Charter Communications $1.6B 11Y +210, $1.4B 31Y +235

04/14 $2.5B *UBS 2Y +160

04/14 $1.75B *Santander Mexico 5Y 5.375%

04/14 $1.5B *Valero Energy Energy $850M 3Y and $650M 5Y +300a

04/14 $1.25B *Bank of Nova Scotia 3Y +140

04/14 $800M *USAA Capital WNG $400M 3Y +125, $400M 10Y +140

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$19.8B Priced Monday, $151.5B/month already

GE and Exxon Mobil multi-tranche jumbos lead Monday's issuance

04/13 $9.5B *Exxon Mobil $2.75B 3Y +125, $1.25B '25 tap +140, $2B 10.5Y +185,

$750M '40 tap +195, $2.75B 31Y +205

04/13 $6B *General Electric 4pt $1B 7Y 285, $1.25B 10Y and $1.5B 20Y both +290,

$2.25B 30Y +300 

04/13 $1.5B *Walgreens Boots $500M 10Y +245, $1B 30Y +270

04/13 $1.1B *Essential Utilities 10Y +237.5a, 30Y +237.5a

04/13 $700M *Massachusetts Mutual Life 30Y +200

04/13 $500M *Advanced Auto 10Y +320

04/13 $500M *McCormick and Co WNG 10Y +180

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04/09-/10 No issuance last Thursday & Friday; $63.6B total/wk, $137.7B/mnth

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$16.975B priced Wednesday

04/08 $7B *Emirate of Abu Dhabi $2B 5Y +220, $2B 10Y +240, $3B 30Y 4.1%

04/08 $3.25B *Booking $1B 5Y +362.5, $750M 7Y and $1.5B 10Y both +387.5

04/08 $1.5B *EOG Resources $750M each 10Y and 30Y both +362.5

04/08 $1.25B *New York Life Ins 30Y +240

04/08 $1B *American Water Capital $500 each 7Y and 10Y both +210

04/08 $1B *Prudential 10Y +250

04/08 $1B *OMERS Finance Trust 3Y +80

04/08 $500M *Shihan Bank 5Y +170

04/08 $475M *IPALCO Enterprises  10Y +350

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$10B Qatar 3pt lead Tuesday's total $23.45B issuance

04/07 $10B *Qatar $2B 5Y +300, $3B 10Y +305, $5B 30Y +4.4

04/07 $2B *CDP Financial 3Y +67

04/07 $2B *BNG Bank 3Y +35a

04/07 $1.5B *Keurig Dr Pepper $750M each 10Y and 30Y both +300

04/07 $1.3B *BAE Systems 10Y +275

04/07 $1B *NiSource 10Y +290

04/07 $1B *Ontario Teachers Fin Trust 5Y +80

04/07 $1B *Mondelez $500M 3Y +185, $500M 10Y +212.5

04/07 $1B *Phillips 66 $500M each 3Y and 5Y both +337.5

04/07 $750M *Avangrid 5Y Green bond +275

04/07 $700M *Estee Lauder 10Y +185

04/07 $600M *Brookfield Finance 10Y +362.5

04/07 $600M *Narragansett Electric 10Y +265

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$23.175B Priced Monday, April running total: $91.275B

04/06 $4.5B *Broadcom $2.25B 5Y +425, $2.25B 10Y +437.5

04/06 $4.3B *Indonesia $1.65B 10.5Y 4.15, $1.65B 30.5Y 4.55, $1B 50Y 4.9

04/06 $4B *BMW US Cap $1.5B 3Y, $1.5B 5Y, $1B 10Y each +350

04/06 $3B *Credit Suisse $1.5B each 2Y and 5Y, both +255

04/06 $2.25B *Hewlett Packard $1.25B 3Y +412.5, $1B 5Y +425

04/06 $2B *Caterpillar $800M 10Y +200, $1.2B 30Y +200

04/06 $1B *PacifiCorp 00M $10.5Y +205, $600M 31Y +205

04/06 $800M *Mitsubishi UFJ $450M 5Y +320, $350M 10Y +330

04/06 $575M *Burlington Northern Sant Fe WNG 30Y +180

04/06 $400M *Analog Devices 5Y +262.5

04/06 $350M *Tuscon Electric Power WNG 30Y +275

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$6.25B priced Friday; $126.75B/wk!!

04/03 $3B *FedEx $1B 5Y +350, $750M 10Y +370, $1.25B 30Y +410

04/03 $2.25B *Dell Int $1B 5Y +550, $500M 7Y and $750M 10Y +562.5a

04/03 $1B *MetLife Global 10Y +240

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$19B T-Mobile 5pt Jumbo lion's share of $33.35B total supply Thursday and record

$120.5B over 4 sessions!

04/02 $19B *T-Mobile, $3B 5Y +312.5, $4B 7Y +325, $7B 10Y +337.5, $2B 20Y and

$3B 30Y +325

04/02 $3.25B *BP Capital $750M 3Y +265, $750M 5Y +280, $500M 7Y and $1.25B 10Y

+325

04/02 $2B *Ross Stores $700M 5Y, $400M 7Y, $400M 10Y and $500M 30Y all +425

04/02 $2B *VMware $750M 5Y, $500M 7Y and $750M 10Y all +412.5

04/02 $1.8B *Hyundai Capital Am $550M 3Y and $600M Y +550, $650M 10Y +575

04/02 $1.5B *Lloyds 5.25NC4.25 +350

04/02 $1.25B *TransCanada Pipelines 10Y +350

04/02 $1.25B *CPPIB (Canada Pension Plan Inv Brd) 2Y +33

04/02 $500M *Evergy Kansas Cntrl WNG 30Y +220 

04/02 $400M *Ryder 5y +425

04/02 $400M *PACCAR Fncl 3Y +240

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$6B Ab InBev lead session's $28.5B corp issuance, $87.15B/wk

04/01 $6B *Anheuser-Busch InBev 4pt: $1.75B 10Y +290, $1B 20Y +305, $2.25B 30Y

+320, $1B 40Y +330

04/01 $5B *Equinor 5pt: $1.25B 5Y +250, $500M 7Y +255, $1.5B 10Y +260, $500M 20Y

+240, $1.25B 30Y +245

04/01 $4B *Carnival 3NCL at 99.0/11.901% yld

04/01 $3.75B *Shell 5Y +205, 10Y +215, 30Y +210

04/01 $3.5B *Citigroup 6NC5 +275

04/01 $1.5B *Dollar General $1B 10Y and $500M 30Y both +287.5

04/01 $1.25B *NextEra Energy 5Y +240

04/01 $1B *Baidu $600M 5Y +275, 00M $10Y +285

04/01 $1B *PPL cap funding 10Y +350

04/01 $1B *Sothern Co 10Y +310

04/01 $500M *Penske Truck Leasing +370

(Historical context, AB InBev holds records for second largest ever "mega" deal:

$46B on Jan 13 '16 AND 4th largest record w/$30B 10pt on Nov 12, '19.)

--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com

[TOPICS: MTABLE]