US$ High-Grade Credit Supply Pipeline - Apr 5, 2018

Waiting for GM and BMW multi-tranche issuance to price

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

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

-

No New Issuance Fri, $34.75B priced On Wk vs. $12.3B prior Wk

- 

Only $1.75B priced Thursday

$1.75B *Nationwide Building Society launched earlier

- 

$15.5B Priced Wednesday, $7B BoA 3-part lead

02/28 $7B *Bank of America 3-part ($3B 6NC5 fix +90/$1.5B FRN +79, $2.5B 11NC10

+110)

02/28 $3B *Mizuho 3-part ($850M Each 5Y fix +90/5Y FRN +79, $1.3B 10Y fix +115

02/28 $1.5B *European Bank for R&D (EBRD) 5Y +7

02/28 $1B *Occidental Petroleum 30Y +110

02/28 $750M *Ford Motor Credit, 3Y fix +105/FRN +81

02/28 $500M *Travelers Cos Inc 30Y +95

02/28 $500M *Keybank 5Y +73

02/28 $1.25B *SoCal Ed 3-part ($450M 3Y +50, 00M $10Y +80, $400M 30Y +100)

-

$5.25B Priced Tuesday

02/27 $1.5B *FMS Wertmanagement 5Y +10

02/27 $1.05B *Chevron Phillips Chemical (CPCHEM) $500M 5Y +65, $550M 10Y +85

02/27 $2.1B *Anthem 2-part, $1.25B 10Y +120, $850M 30Y +140

02/27 $600M *Marsh & McLennan 30Y +103

-

$12.25B Priced Monday

02/26 $3.5B *MUFG: $1.5b 5Y fix +85/$750M 5Y FRN, $750M 7Y +100, $500M 10Y +110

02/26 $2B *Bank of England 144a/Reg-S 3Y

02/26 $400M, *CenterPoint Energy Houston Elec 30Y +82

02/26 $1.6B *Starbucks 2-part: $1B 5Y +50, $$600M 10Y +67

02/26 $1.5B *Philips 66 ($500M 3NC1 FRN L+60, $800M 10Y +105 $200M Tap PSX

4.875%

02/26 $1B *Florida Power and Light 30Y +82

02/26 $1B *Duke Energy $500M 5Y +47, $500M 30Y +82

02/26 $750M, *Burlington Northern Santa Fe 30Y +90

02/26 $500M *Cargill 5Y +67

- 

No new supply issued Friday

-

$8.05B priced Thursday

02/22 $1B total *PPG Ind $300M 5Y +60, $700M 10Y +85

02/22 $400M *PACCAR Fncl Corp 3Y, +55a

02/22 $2.75B *BNP Paribas, $1.5B 5Y +90, $1.25B 15NC10 +150

02/22 $2B *American Express $1.6B 5Y fix +77, $400M FRN L+65

02/22 $1.4B *Deutsche Bank $1B 5Y fix +135, $400M FRN L+123

02/22 $500M *Bank of New Zealand (BNZ) 5Y +85

-

$2.35B total priced Wednesday

02/21 $1.4B *Boeing 4-part, $350M each: 5Y, 10Y, 20Y and 30Y

02/21 $500M *Mastercard 10Y +62, 30Y +77

02/21 $450M *Ryder System Inc. 5Y +78

- 

$1.9B priced Tuesday

02/20 $1.5B *Sprint 8NCL Sr Notes, 7.625$

02/20 $400M *Snap-On Inc, 30Y +95

-

No new issuance reported Friday

-

$2.6B Priced Thursday

02/15 $2.25B *Daimler Finance 5-tranche                              

* $550M 3Y fix +65                                                   

* $400M 3Y FRN +45                                                   

* $675M 5Y fix +75                                                   

* +625M 10Y +85                                                      

02/15 $350M *Peco Energy WNG 30Y FMB +77                             

-

$2.0B Priced Wednesday

02/14 $2B *Rentenbank 2Y MS -3a

-

$2.0B Priced Tuesday

02/13 $1.5B *KFW 21M Global MS -5

02/13 $500M *NWB 2/2020 FRN 3ML +4 

- 

$2.4B Priced Monday:

02/12 $1.6B *American Honda Finance 3Y Fix +40, 3Y FRN +21, 10Y +68

02/12 $800M *Commonwealth Edison 30Y +85

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

[TOPICS: MTABLE]