US$ High-Grade Credit Supply Pipeline - Feb 13, 2020

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

02/13 $Benchmark Bank of New Zealand 5Y +80a

02/13 $Benchmark Export Development Canada 3Y +7a

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02/12 No new issuance Wednesday after near $24B total priced Mon-Tue

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$11.675B priced Tuesday, near $24B/wk

02/11 $5B *Novartis Capital Corp $1B 5Y +37, $1.25B 7Y +50, $1.5B +10K +62,

$1.25B +30Y +80

02/11 $2.7B *HCA Inc. 10.5NCL 3.5% *Upsized from $1B

02/11 $1.25B *Post Holdings 10.25NC5 4.625%

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

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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

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$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

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$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

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$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

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$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

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$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. 

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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

[TOPICS: MTABLE]