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US$ High-Grade Credit Supply Pipeline - Feb 11, 2020

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #:
02/11 $5B #Novartis Capital Corp $1B 5Y +37, $1.25B 7Y +50, $1.5B +10K +62,
$1.25B +30Y +80
02/11 $1.1B #DTE Electric $600M 10Y +68, $500M 30Y +90
02/11 $1B #Sysco WNG 10Y +85, 30Y +125
02/11 $300M *Oshkosh WNG 10Y +155
02/11 $325M *Duke Realty 30Y +112
02/11 $1B Post Holdings 10.25NC5
02/11 $1B HCA Inc. 10.5NCL
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$12.3B priced Monday
02/10 $5B *Bank of America $1.5B 6NC5 +65, $3.5B 11NC10 +95
02/10 $2.5B *Toyota Motor Cr $1.1B 1.5Y FRN L+12.5, $650M 5Y +45, $750M 10Y +65
02/10 $2.25B *Intel $750M 10Y +65, $500M 30Y +90, $1B 40Y +110
02/10 $750M *KDB 3Y FRN L+35, 5Y +45
02/10 $700M *AvalonBay 10Y +77
02/10 $600M *Valvoline 10NC5
02/10 $500M *Emirates NBD 5Y +125
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No new issuance Friday, $33.57B/wk
-
$3.125B priced Thursday
02/06 $4B *Republic of Turkey $2B 5Y 4.45%, $2B 10Y 5.45%
02/06 $1.5B *ANZ New Zealand Int 3Y +48, 10Y +93
02/06 $925M *EBRD (Environmental Sustainability Bond) 5Y +7
02/06 $700M *Indian Railway Finance 30Y +160
-
$9.4B priced Wednesday, $26.45B/wk
02/05 $2B *Hyundai Capital America $1B 3Y +95, $500M each: 5Y +122.5, 7Y +147.5
02/05 $2B *Goldman Sachs 10Y +95
02/05 $1.5B *OKB (Oesterreichische Kontrollbank AG) 5Y +12
02/05 $1B *IBRD (World Bank) 2024 Tap SOFR+28
02/05 $1B *Nationwide Building Society 3Y +27
02/05 $500M *First Republic 4NC3 fix-FRN +48
02/05 $500M *Exp/Imp Bk of Korea (KEXIM) 5Y +47.5
02/05 $400M *Synovus Bank 3NC2 fix-FRN 85
02/05 $500M *Southwest Air WNG 10Y +103
-
$13.25B priced Tuesday; Large $6B Wells Fargo 2-part launched. Matches MS last
month for largest issuance of yr so far
02/04 $6B *Wells Fargo $3B each: 6NC5 +75, 11NC10 +98
02/04 $3B *EIB WNG 3Y +6
02/04 $1.25B *Santander UK PLC 3Y +28
02/04 $2.5B *Quebec 5Y +19
02/04 $500M *Essex Portfolio 12Y +110a
-
$4.8B priced Monday
02/03 $2.2B *Prologis LP $500M 7Y +70, $1B 10Y +80, $700M 30Y +105
02/03 $1B *Federation des Caisses Desjardins du Quebec (CCDJ) 5Y +73
02/03 $800M *KeyCorp +7Y +82
02/03 $500M *Discover Bank WNG 10Y +120
02/03 $300M *Citizens Financial 10Y +100
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No new issuance last Friday; $10B/wk; $165.18B January total issuance 
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$2.8B priced Thursday. Only one more day for record January issuance of just
over $165B to crest 2019's record issuance in September of $171.45B.
01/30 $2B *Credit Suisse 2Y FRN SOFR +45
01/30 $500M *Kimberly-Clark WNG 30Y +87.5
01/30 $300M *PACCAR WNG 5Y +45
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$1B priced Wednesday, $7.2B/wk
01/29 $1B *Lloyds Banking Group 6NC5 +100
Canadian issuance:
01/29 C$1.75B *Bank of Nova Scotia 5Y +82
-
$6.25B priced Tuesday, $6.25B/wk
01/28 $3B *Union Pacific $500M 7Y +60, $750M 10Y +80, $1B 30Y +115, $750M 50Y
+165
01/28 $1.25B *Fifth Third Bank $650M 3Y +38, $600M 7Y +70
01/28 $1.25B *Huntington Ntnl Bank $500M 3Y +38, $750M 10Y +95
01/28 $750M *Nevada Power WNG $425M 10Y +78, $300M 30Y +102
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Nothing in the pipeline for Monday as yet, $20B est/wk issuance
01/?? $Benchmark JFM (Japan Finance Org) roadshow
01/?? $Benchmark Credit Bank of Moscow 5Y roadshow
01/?? $Benchmark Boeing chatter
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No new Issuance Friday, $29.7B/wk, $155.815B for month
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$7.3B priced Thursday
01/23 $2.5B *Dominican Republic $1B 10Y 4.6%, $1.5B 40Y 5.95%
01/23 $2B *Capital One Bank $1.25B 3NC2 +50, $750M 6NC5 +73
01/23 $1.5B *Westpac Banking 10NC5 +135
01/23 $950M *Bancolombia 5Y +160
01/23 $350M *Goldman Sachs WNG PerpNC5 4.4%
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$12.3B priced Wednesday; $22.4B/wk
01/22 $3.15B *Adobe $500M 3Y +22, $500M 5Y +37, $850M 7Y +47, $1.3B 10Y +57
01/22 $2.25B *Citigroup 11NC10, +90
01/22 $1B *EIB 3Y FRN SOFR+25
01/22 $750M *Bank Leumi Le-Israel 11NC6 +170
01/22 $1.65B *Chile $750M 12Y +80, $900M 30Y +105
01/22 $1.5B *Alimentation Couche-Tard $750M each: 10Y +120, 30Y +160
01/22 $1B *National Rural Utilities $500M @ 2NCL +27, 10Y +68
01/22 $1B *TD Bank 3Y FRN SOFR +48
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$10.1B priced Tuesday
01/21 $5B #Kingdom of Saudi Arabia 7Y +85, 12Y +110, 35Y +180
01/21 $1B #Bank of NY Mellon $750M 3Y +35, $250M 5Y +43
01/21 $1B #CIBC 5Y +68
01/21 $1B #Nationwide 3Y +52
01/21 $750M #Target Corp 10Y +60
01/21 $750M #State Street 10Y +68
01/21 $600M *Waste Connections 10Y +83
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01/17 No new issuance Friday; $52.04/wk (126.115B/month)
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$20.9B priced Thursday; $52.04/wk after last wk's huge $74.075B
01/16 $6B *Morgan Stanley $2.5B 3NC2 SOFR+70, $3.5B 11NC10 +90
01/16 $3.25B *USB $900M 2Y +25, $1.35B 2Y FRN L+18, $1B 5Y +47
01/16 $3B *Societe Generale $1.75B 5Y +105, $1.25B 10Y +125
01/16 $3B *Province of Ontario 3Y +15
01/16 $2B *PNC Financial 10Y +78
01/16 $1.25B *EAA (Erste Abwicklungsanstalt) 3Y +10
01/16 $1B *Credit Suisse WNG PerpNC10 5.75%
01/16 $1B *Blackrock 10Y +60
01/16 $400M *SQM (Sociedad Quimica y Minera de Chile) 30Y +200
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$12.2B Priced Wednesday; $31.14B/wk
01/15 $4.25B *ADB (Asia Development Bank) $2.25B 3Y +5, $2B 10Y +17
01/15 $2.25B *JBIC (Japan Bank for Int Cooperation) 3Y +26
01/15 $3B *JP Morgan Chase PerpNV5 fix to FRN 4.6%
01/15 $1.5B *Citigroup Perp NC5 $1k Par pfd 4.7%
01/15 $500M *Sumitomo Mitsui Finance 5Y +90
01/15 $400M *American Campus Comm 10Y +108
01/15 $300M *Embotelladora Andina 30Y +175
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$12.7B priced Tuesday, $18.94B/wk
01/14 $5B *KFW 3Y +5
01/14 $3B *Govt of Canada 5Y +6
01/14 $1.25B *Macquarie Bank 5Y +70
01/14 $1.25B *ANZ 10.5NC5.5 +133
01/14 $1.25B *Prosus 10Y +185
01/14 $300M *Guardian Life Ins WNG 50Y +147
01/14 $650M *NY Life Global Funding 5Y +45
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$6.24B priced Monday
01/13 $1.85B *Royal Bank of Canada $1B 3Y +38, $850M 3Y FRN L+36
01/13 $1.5B *Femsa 30Y +130
01/13 $1.25B *Deutsche Telecom 30Y +137.5
01/13 $940M *Posco $500M 3Y +82.5, $440M 5Y +97.5
01/13 $700m *Reliance Standard Life $350M each 3Y +58, 7Y +103
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Just over $6B launched. Supply should continue to increase after financial
shares annc earnings starting Tuesday: Jan 14: JPM, Wells, Citi; Jan 15: CS,
USB, BoA, GS; Jan 16: BoNYM, MS; Supra-sovs ramp up issuance as well amid
continued angst over geopolitical risk. 
-
01/10 No new issuance Friday after huge $74.075B for week
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$14.525M priced Thursday
01/09 $3B *IADB 5Y +9
01/09 $3B *Nomura $1.5B each 5Y +100, 10Y +125
01/09 $2.25B *WestPac Banking $750M each 3Y +42, 3Y FRN L+39, 10Y +80
01/09 $2B *Caterpillar $750M 2Y FRN L+20, $750M 3Y +37, $500M 5Y tap +45
01/09 $1.75B *Avalon Holdings $1.1B 5Y +125, $650M 7Y +150
01/09 $1B *National Bank of Canada 3Y +53
01/09 $550M *MassMutual 7Y +62
01/09 $350M *PTT Exploration (PTTEP) 10Y +110
01/09 $625M *Athene Global Funding 5Y +90
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$14B priced Wednesday, $59.5B/wk
01/08 $3.5B *World Bank 5Y +8
01/08 $3B *State of Israel $1B 10Y +68, $2B 30Y +115
01/08 $2B *NWB (Nederlandse Waterschapsbank) 5Y +16 (upsized from $1.5B) 
01/08 $1.5B *Georgia Power $700M 3.5Y +50, $300M 10Y tap +95, $500M 30Y +135
01/08 $1.5B *Aker BP $500M 5Y ++140, $1B 10Y +190
01/08 $1.25B *Credit Agricole 10Y +145
01/08 $1.25B *Coca-Cola 10Y +100
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$17.85B Priced Tuesday, $45.5B for week already
01/07 $2.25B *Bank of Nova Scotia $1B 3Y +43, $1.25B 5Y +62
01/07 $4B *EIB 5Y +9
01/07 $2B *Codelco $1B each: 10Y +135, 30Y +165
01/07 $2B *Standard Chartered 6NC5 fix/FRN +120
01/07 $1.75B *American Honda Fnc $850M 3Y +40, $400M 3Y FRN +37, $500M 7Y +63
01/07 $1.5B *American Tower $750M each: 5Y +80, 10Y +112.5
01/07 $1.4B *Air Lease $750M 5Y +90, $650M 10Y +142
01/07 $750M *Santander Chile 5Y +108
01/07 $750M *Kommunalbanken 2Y L+8
01/07 $600M *Public Service Electric & Gas $300M each: 10Y +65, 30Y +85
01/07 $500M *Autodesk WNG 10Y +105
01/07 $350M *Eversource 30Y +115
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Whopping $27.7B total priced Monday from unexpectedly large 18 issuers
01/06 $3B *Enterprise Products Op (EPD) $1B each: 10Y +100, 31Y +145, 40Y +170
01/06 $2.4B *Ford Motor Credit $1.5B 3Y +153, $900M 7Y +255
01/06 $2B *MetLife Global Funding, $1B each: 3Y +40, 3Y FRN SOFR+57
01/06 $2B *Home Depot $750M 10Y tap +62, $1.25B 30Y +90
01/06 $2B *BNP Paribas 11NC10 +125
01/06 $1.75B *Ntnl Australia Bank (NAB) $750M 3Y +43, $1B 3Y FRN L+41
01/06 $1.25B *GM Financial 5Y +132
01/06 $1.25B *Santander UK, 3Y +57
01/06 $1.25B *BPCE 5Y +90
01/06 $2.5B *Sumitomo Mitsui Fncl Grp ("SMFG") $1.25B each: 5Y +75, 10Y +95
01/06 $1.1B *John Deere Cap $550M 5Y +45, $550M 10Y +65
01/06 $1B *Export-Import Bank of India 10Y +150
01/06 $900M *Duke Energy $500M 10Y +68, $400M 30Y +88
01/06 $750M *Kroger 30Y +170
01/06 $650M *Southern California Gas 10Y +77
01/06 $600M *Southern California Edison $100M tap 10y +90, $500M 30Y +140
01/06 $2.55B #Mexico $1.75B +10Y +150, $800M 2050 Tap +175
01/06 $750m #Banco Del Estado de Chile 5Y +110
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January 2020 High-grade issuance resumes, $35B est/wk, Over $100B/month
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No new issuance Friday, high-grade supply expected to return next week with an
estimated $35B for week and $120B for month.
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Recapping total high-grade corporate, supra-sovereign issuance for the year:
$1.156 trillion!
* Dec $21.07B
* Nov $114B
* Oct $101B
* Sep $171.45B lead with $7B Apple, $7B Disney and $5B PayPal multi-tranche
issues
* Aug $88.725
* Jul $105.89
* Jun $41.9B
* May $106.35
* Apr $71.5
* Mar $116.52B
* Feb $104.25B
* Jan $114.25B
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com

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