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US$ High-Grade Credit Supply Pipeline - Feb 18, 2020

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #:
02/18 $1B Commonwealth Edison, 10Y +85a, 30Y +115a
02/18 $600M Brookfield Finance 30Y +165a
02/18 $500M KKR Group Finance 30Y +165a
02/18 $500M Tallgrass Energy 7NC3
02/18 $300M Forestar Group 8NC3
02/18 $Benchmark Amgen 5-part: 5Y +75a, 7Y +90a, 10Y +105a, 20Y +135a, 30Y +155a
02/18 $Benchmark MUFG (Mitsubishi UFJ Financial Group) 5Y +90a, 10Y +110a
02/18 $Benchmark Mizuho Fncl 4.25NC3.25, 6.25NC5.25, 11.25NC10.25
02/18 $Benchmark FirstEnergy 5Y +105a, 10Y +135a, 30Y +170a
02/18 $Benchmark Republic Services 10Y +95a, 30Y +125a
02/18 $Benchmark National Retail 10Y +110a, 30Y +130a
02/18 $Benchmark BNP Paribas Perp NC10
02/18 $Benchmark Gazprom 10Y
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$2B priced Friday, $37B/wk
02/14 $2B *Export Development Canada 3Y +5
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$11.15B priced Thursday; just over $35B/wk
02/13 $9.25B *Carrier Global 6-tranche breakdown: $500M 3Y +50, $2B 5Y +80,
$1.25B 7Y +95, $2B 10Y +110, $1.5B 20Y +130, $2B 30Y +150
02/13 $750M *Bank of New Zealand 5Y +68
02/13 $750M *Carlisle 10Y +128
02/13 $400M *Amphenol WNG 5Y +65
Note on Carrier Global (5x oversubscribed!): jumbo issue not as large as
estimates ($15B) but still largest for year so far. Practical effect on market,
less than expected had specs scramble to cover shorts, adding to post 30Y
auction gap bid, while Tsy futures pared gains soon after. Also note, swap spds
narrowed across the curve on supply.
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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
-
$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
-
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
-
$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
-
$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. 
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

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