US$ High-Grade Credit Supply Pipeline - Feb 27, 2020

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

02/27 $1B *European Investment Bank (EIB) WNG 4Y SOFR+28

02/?? $Benchmark Belarus 15Y (in addition to EUR 6- or 8Y)

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$1B priced Wednesday

02/26 $1B *Canada Pension Plan Investment Board (CPPIB) WNG 5Y +16

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No new issuance Monday-Tuesday. Virus pandemic-induced mkt risk keeping many

issuers sidelined after whopping $106.5B for month so far. Lowering estimate for

week to under $20B

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$500M priced Friday; Amgen, Otis jumbos made up near third $35.85B total last

week, 

02/21 $500M *Grainger 5Y +60

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$3.25B priced Thursday

02/20 $1.5B *PNC Bank $500M 3NC2 +35, $1B 3NC2 FRN +32.5

02/20 $1B *Council Of Europe Development Bank (COE) WNG 5Y +8

02/20 $750M *Citrix 10Y +185

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$11.7B priced Wednesday

02/19 $5.3B #Otis Worldwide Corp jumbo: $500M 3NC1 +45, $1.3B 5Y +65, $500M 7Y

+80, $1.5B 10Y +100, $750M 20Y +110, $750M 30Y +135

02/19 $1.25B *BP Capital Markets AM 30Y +107

02/19 $1B *Tennessee Gas Pipeline 10Y +135

02/19 $1B *Halliburton 10Y +135

02/19 $750M *KLA Corp 30Y +130

02/19 $600M *Omnicon 10Y +92

02/19 $300M *FNB Corp 3Y +83

02/19 $1.5B *JP Morgan perp NC5 4.0%

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Tuesday kicked off with whopping $20.4B high-grade issuance

02/18 $5B *Amgen 5-part: $500M 5Y +55, $750M 7Y +75, $1.25B@: 10Y +90, 20Y +117,

30Y +137

02/18 $3.75B *MUFG $2.6B 5Y +80, $1.15B 10Y +100

02/18 $2.35B *Mizuho Fncl $1.1B 4.25NC3.25 +63, $750M 6.25NC5.25 +83, $500M

11.25NC10.25 +103

02/18 $2B *Gazprom 10Y 3.25%

02/18 $1.75B *BNP Paribas Perp NC10 4.5%

02/18 $1.75B *FirstEnergy $300M 5Y +70, $600M 10Y +110, $850M 30Y +140

02/18 $1B *Commonwealth Edison, $350M 10Y +68, $650M 30Y +100

02/18 $1B *Republic Services $600M 10Y +78, 00M $30Y +108

02/18 $700M *National Retail $400M 10Y +98, $300M 30Y +120

02/18 $600M *Brookfield Finance 30Y +150

02/18 $500M *KKR Group Finance 30Y +165

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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

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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. 

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

[TOPICS: MTABLE]