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US$ High-Grade Credit Supply Pipeline - Dec 3, 2019

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #:
12/03 $450M AEP Texas WNG 30Y +140a
12/03 $300M Wisconsin Electric Power Co WNG 5Y +55a
12/03 $Benchmark Experian Finance +10Y +130a
12/03 $Benchmark Branch Banking & Trust 5Y +75a
12/03 $1.5B *China Huaneng $400M 3Y +88, $500M 5Y +103, $600M 10Y +125
12/03 $1.05B *China Resources Land 5Y 3.75%
12/03 $600M *Bocom Financial Leasing 5Y FRN L+107.5
12/?? $600M Twitter 8NCL may price Dec 5
-
12/02 No new issuance Monday
-
$2.6B priced Wednesday, $12.28B/wk, just over $114B/month
11/27 $2B *EDF (ELECTRICITE DE FRANCE) 50Y Reg S, 4.5%
11/27 $600M *Bank of China Group Investment 5Y +95
-
$6.65B Priced Tuesday, $9.68B/wk
11/26 $6B *China: $1.5B 3Y +35, $2B 5Y +40, $2B 10Y +50, $500M 20Y +70
11/26 $650M *PTT Exploration 40Y +172.5
Canadian Issuance
11/26 C$400M *Air Lease 5Y +135 
-
$3.03B Priced Monday
11/25 $2B *DNB Bank $1.4B 3Y +58, $600M 3Y FRN L+62
11/25 $750M *Mastercard +5Y +43
11/25 $300M *UZPROMSTROYBANK (Uzbekistan) 5Y 6.00%
-
$28.1B Priced on week, just over $102B for month so far
11/22 No new issuance Friday
-
$10.65B Priced Thursday
11/21 $1.5B *Deutsche Bank 6NC5 +235
11/21 $750M *National Bank of Kuwait Perp non-call 6Y 4.5%
11/21 $900M *Duke Energy Florida $200M 2Y L+25, $700M 10Y Green +73
11/21 $500M *Las Vegas Sands WNG +5Y +130
11/21 $7B *Centene Corp $1B 5Y 3.76%, $2.5B 8Y 4.375%, $3.5B 10Y 4.625%
-
$4.75B priced Wednesday, $17.45B/wk
11/20 $3B *Diamondback $1B 5Y +130, $800M 7Y +160, $1.2B 10Y +180
11/20 $1.2B *CyrusOne $600M 5Y +135, $600M 10Y +175
11/20 $550M *Virginia Electric and Power WNG 30Y +110
Canadian issuance:
11/20 C$750M *Ontario 2025 Green Bond +41 
-
$3.5B priced Tuesday, $12.7B/wk
11/19 $1.8B *Estee Lauder $500M 5Y +50, $650M 10Y +70, $650M 30Y +93
11/19 $1.1B *S&P Global $500M 10Y +73, $1B 30Y +103
11/19 $600M *Vereit 10Y +145
-
$9.2B priced Monday
11/18 $2.75B *Intel $1.25B 10Y +65, $1.5B 30Y +95
11/18 $1.5B *Banque Federative du Credit Mutuel SA (BFCM) $1B 3Y +63, $500M 5Y
+83
11/18 $1.5B *Dominion Energy $600m 5Y +88, $600m 10Y +123, $300m 30Y +160
11/18 $1.05B *Labcorp $400M $5Y +72, $650M 10Y +117
11/18 $900M *Packaging Corp $500M 10Y +120, $400M 30Y +180
11/18 $600M *American Honda Finance 2.5Y +37
11/18 $500M *Western Union 5Y +125
11/18 $300M *Mid-America Apartments WNG +10Y +97
11/18 $300M *Arizona Public Service +120
11/18 $300M *Ameren Illinois WNG 30 +98
-
$750M Priced Friday; $48.625B on week 
11/15 $750M *Equifax 5Y +100
-
$5.25B Priced Thursday, $47.875B on week ($73.375B/month)
11/14 $1.5B *Corning $400M 30Y +160, $1.1B 60Y +315
11/14 $1.5B *ANZ $1B 3Y +48, $500M 3Y FRN L+49
11/14 $1B *Nationwide Financial Services, 30Y +162
11/14 $850M *Kansas City Southern $425M 10Y +107, $425M 50Y +192
11/14 $400M *Principal Life 5Y +65
-
$9.375B priced Wednesday; $42.625B/wk
11/13 $2.375B *Hasbro $300M 3Y +95, $500M 5Y +135, $675M 7Y +180, $900M 10Y +205
11/13 $2B *Enbridge Inc. $500M 5Y +85, $1B 10Y +125, $500M 30Y +170
11/13 $2B *Egypt $500M 4Y 4.55%, $1B +12Y 7.05%, $500M 40Y 8.15%
11/13 $1B *Kommunivest WNG +3Y +11
11/13 $1B *Equinor 30Y +97
11/13 $500M *Aon Corp 3Y +55
11/13 $400M *L3Harris WNG 10Y +105
11/13 $400M *Choice Hotels 10Y +190
-
$30B AbbVie jumbo 10-part priced late Tuesday, 4th largest on record.
11/12 $30B *AbbVie 10-tranche: $750M 1.5Y FRN 3ML +35, $1.75B 2Y +50, $750M 2Y
FRN L+46, $3B 3Y +65, $750M 3Y FRN L+65, $3.75B 5Y +90, $4B 7Y +115, $5.5B 10Y
+130, $4B 20Y +170, $5.75B 30Y +190. 
11/12 $2B *BNP Paribas 6NC5 +110
11/12 $1.25B *Westpac 5.25Y +63
*** Historical context for AbbVie mega-issue if they actually issues $45B in
debt across 10 tranches. Would make it third largest high-grade issuer on
record:
* 8/11/13 $49B Verizon
* 1/13/16 $46B AB InBev
* 9/04/18 $40B CVS over 9 tranches
The three next largest issuers:
* 8/31/18 $22B Cigna
* 4/30/13 $17B Apple
* 6/20/18 $16B Walmart
* 6/18/18 $15B Bayer
-
11/08 $750M JP Morgan 10Y R/O +100; $25.5B/wk
--
11/07 Nothing priced Thursday 
-
$7.2B priced Wednesday; $24.7B/wk
11/06 $2.8B *Equinix $1B 5Y +100, $600M 7Y +120, $1.2B 10Y +140
11/06 $1.5B *Cheniere Corpus 10Y +190
11/06 $1.25B *Swedish Export Credit 3Y +13
11/06 $750M *Healthpeak Properties +10Y +123
11/06 $400M *Ryder WNG 7Y +118
11/06 $500M *Athene Global Funding 7Y +125
-
$4.75B Priced Tuesday; $17.575B/wk
11/05 $2.25B *Province of Alberta 5Y +29
11/05 $1.5B *British Telecom $1B 10Y +150, $500M 30Y +192
11/05 $600M *Consolidated Edison 40Y +145
11/05 $400M *Duke Realty 10Y green bond +102
-
$12.825B priced Monday
11/04 $4B *Shell $1.25B 5Y +47, $1.5B 10Y +68, $1.25B 30Y +95
11/04 $2B *Sinopec $700M 5Y +93, $1B 10Y +122.5, $300M 30Y
11/04 $2B *Brazil $500M 10Y +203, $1.5B 30Y +265
11/04 $2B *Credit Suisse WNG 2Y +52
11/04 $1B *Excel Energy Inc $500M 10Y +90, $500M 30Y +125
11/04 $525M *Baker Hughes WNG 10Y +135
11/04 $500M *Caterpillar WNG 5Y +57
11/04 $500M *Posco 3Y +97.5
11/04 $300M *Commonwealth Edison WNG 30Y +97
Canadian issuance
11/04 *C$500M GM Financial 4Y +170a
-
11/01 Nothing in pipeline for Friday; $100B est for month of November
-
$2.65B priced Thursday; $26.65B/wk, $101B/month of Oct
10/31 $2B *HSBC 6NC5 fix/FRN +112
10/31 $350M *Private Export Funding (PEFCO) 5Y +25
10/31 $300M *PACCAR Financial WNG +3Y +38
-
10/29 No new issuance early Wed; $24B total/wk ($98.3B/month)
-
Unexpected $15.95 total issuance Tue pushed wk total to $24B ($98.3B/month)
10/29 $4.75B *Comcast $1.6B 10Y +83, $1.35B 20Y +93, $1.8B 30Y +113
10/29 $4B *Danaher $700M 3Y +40, $700M 5Y +55, $800B 10Y +85, $900M 20Y +100,
$900M 30Y +115
10/29 $3.5B *Mamoura $1B 5Y +95, $1B 10Y +125, $1.5B 30Y +175
10/29 $1.5B *State Street $1B 6NC5 fix/FRN +70, $500M 10NC10 +120
10/29 $750M *Royal Bank of Scotland 10NC2 +210
10/29 $800M *DTE Energy 3Y +70, 10Y +120
10/29 $650M *PNC 5Y Green bond +55
-
$8.05B priced Monday ($74.3B running total for October)
10/28 $4.25B *Citigroup $1.5B 3NC2 fix/FRN +67, $500M 3NC2 FRN, $2.25B 11NC10
+113
10/28 $1.5B *Hyundai Capital $800M 3Y +120, $700M 7Y +175
10/28 $1B *Hershey Co $300M 5Y +40, $300M 10Y +60, $400M 30Y +80
10/28 $1B *Rogers Communications Inc 30Y +142
10/28 $300M *Dover Corporation 10Y +115
Canadian supply
10/28 C$2.5B *Royal Bank of Canada 5Y +98
-
10/25 No new issuance Friday; $15.35B/wk
-
$7.8B Priced Thursday
10/24 $6.5B *Wells Fargo $3B 6NC5 fix/FRN +82, $3.5B 11NC10 fix/FRN +112
10/24 $800M *Norfolk Southern Corp $400M 10Y +83, $400M 30Y +120
10/24 $500M *Zions Bancorp 10Y +153
Canadian issuance:
10/24 C$450M *CN Rail 30Y +145
10/24 C$385M *Laurentian Bank NHA MBS +51
-
$1.05B priced Wednesday, $7.55B/wk
10/23 $750M *Fifth Third +5Y +80
10/23 $300M *Reliance Standard Life 5Y +95
-
$3.5B priced Tuesday, $6.5B/wk
10/22 $2.5B *Saudi Arabia 10Y Sukuk +127
10/22 $1B *CPPIB (Canada Pension Plan Investment Board) WNG 10Y +38
Canadian issuance
10/22 C$200M *Translink 300Y +102
-
$3B priced Monday
10/21 $1.5B *RBC (Royal Bank of Canada) 5Y +70
10/21 $1.5B *Delta Air Lines $900M 5Y +137.5, $600M 10Y +200
-
10/18 No new issuance Friday; $12.6B priced on week
-
$6.75B priced Thursday, $12.6B/wk
10/17 $4B *Bank of America $2B 6NC5 +88, $2B 11NC10 +113
10/17 $750M *LeasePlan 5Y +135
10/17 $750M *Bank of NY Mellon 5Y +60a
10/17 $750M *PNC Bank 10Y +100
10/17 $500M *FMO (Development Bank of the Netherlands) 5Y +20
-
$4.1B priced Wednesday, $5.85B/wk
10/16 $2B *World Bank 10Y +20
10/16 $1B *FINNVERA WNG 5Y +17
10/16 $600M *Industrial Bank of Korea $300M 3Y FRN +45, $300M 5Y +60
10/16 $500M *Bank of Montreal WNG 3Y +70
Canadian$ issuance
10/16 C$1.11B *Scotia Capital NHA MBS +50
10/16 C$500M *Fortified Trust 3Y +72
10/16 C$300M *Vancouver Airport Authority 30Y +119
-
$1.75B priced Tuesday
10/15 $1B *Credit Agricole 5.25Y +85
10/15 $750M *New York Life 2Y FRN +28
-
10/14 No new issuance Monday, $20B est/wk
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

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