US$ High-Grade Credit Supply Pipeline - Jan. 18, 2018

$7.5B Morgan Stanley 3-part launched, $3B Rep Ecuador 10Y launch, $2B IFC Priced

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

01/18 $7.5B #Morgan Stanley 3 parts: $2B 3NC2 FRN, $2.5B 5Y fix, $3B 11NC10

fix-FRN

01/18 $3B #Republic of Ecuador 10Y at 7.875%

01/18 $2B *IFC 3Y Global, MS-1

01/18 $750M #Crown Americas 8NC3

01/18 $Benchmark Goldman Sachs Group, 5Y fix and/or FRN, 11NC10 fix to FRN

01/18 $Benchmark Bank of America 4NC3, 8NC7, 31NC30

01/18 $Benchmark Jefferies Group 12Y +170a

01/18 $Benchmark Toronto-Dominion Bank 3Y fix/FRN

01/18 $600M Extraction Oil and Gas, 8NC3 Sr notes

01/18 Chatter $1.4B Meredith Corp 8NC3 Sr notes

01/18 Chatter Export-Import Bank of India (EXIMBK) Baa2/BBB-

01/18 Chatter Petroleos Mexicanos (PEMEX) Baa3/BBB+, rumored $7.5B

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$14.15B high-grade issuance priced Wednesday

01/17 $2.5B *Westpac Banking Group (WSTP) 3-part: 3Y, 3T FRN, 10Y

01/17 $3B *Citigroup Inc 2-tranche $2B 5NC4 Fxd-FRN +75, $1B 21NC20 Fxd-FRN +102

01/17 $2.15B *Deutsche Bank NY 3Y $1.15B 3Y Fxd +100, $650M 3Y FRN 3mL+81.5

01/17 $2B *PNC Bank 2 part: 3Y fix/FRN, 10Y

01/17 $1.5B *Dexia Credit Local (DEXGRP) Aa3/AA, 144a/Reg-S 3Y, MS +27

01/17 $1B *Kommuninvest (KOMINS) Aaa/AAA 144a/Reg-S 5Y, MS +4

01/17 $1.25B *Export Development Canada (EDC) Aaa/AAA, Global 5Y MS+10

01/17 $750M *Noble Corp Sr notes 2026

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$17.45B High-grade issuance priced Tuesday

01/16 $6B *Wells Fargo Bank NA 4-tranche:

01/16 $1.75B *Wells Fargo Bank 2Y fix, +43; $1B *Wells Fargo Bank 2Y FRN +23

01/16 $2.5B *Wells Fargo Bank 3Y fix +50; $750m *Wells Fargo Bank 3Y FRN 3mL+31

01/16 $2.25B *JPMorgan 11NC10 +97, 

01/16 $1.75B *JPMorgan 31NC30 +107

01/16 $1B *ANZ New Zealand 2-tranche:

01/16 $500m *ANZ New Zealand 3Y fix +63; $500m *ANZ New Zealand 10Y +95

01/16 $600M *Aercap 5Y +100

01/16 $550M *Aercap 10Y +137

01/16 $550M *Olin Corp 12NC6 Sr notes, +245

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Quiet Friday, no new issuance after whopping $69.1B priced this week, well above

$30B estimates. Looking to pick up again next week w/potential $7.5B

multi-tranche from Petroleos Mexicanos, $1B+ Wisconsin Power, Rabobank 5Y. More

dealer issuance as bank earnings works through the calendar.

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$17.75B priced Thursday January 11

01/11 $5B *Kreditanstalt fuer Wiederaufbau (KFW), 5Y MS+12

01/11 $3.75B *Asian Development Bank (ADB) 3Y MS+1, 

01/11 $1.5B *Asian Development Bank (ADB) 10Y MS+23

01/11 $500M *Municipality Finance (KUNTA) 3Y 3ML+5

01/11 $5.0B *Tencent Holdings (TENCNT), 144a/Reg-S

01/11 $1.0B *Tencent Holdings (TENCNT), 5Y fix +65

01/11 $500M *Tencent Holdings (TENCNT), 5Y FRN 3ML+60.5

01/11 $2.5B *Tencent Holdings (TENCNT), 10Y +105

01/11 $1.0B *Tencent Holdings (TENCNT), 20Y +105

01/11 $1B *Marfrig 7NC3, 7.125

01/11 $1B *BBVA Bancomer 15NC10 sub 265

01/11 $500M *Rede D'Or Finance 10Y

01/11 $1B *Brookfield Finance 10Y

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Over $14B priced Wednesday January 10, $6.5B Oman 3-part lead

01/10 $3.75B *Inter-American Development Bank (IADB) 5Y MS +11

01/10 $2B *State of Israel (ISRAEL) 2-parts: $1B 10s T+75; $1B 30s T+125

01/10 $525M *Patterson-UTI 10Y, +140

01/10 $200M *Banco Internacional del Peru SAA Interbank (BINTPE), 5Y +105

01/10 $6.5 *Sultanate of Oman (OMAN) Baa2/na/BBB-, 3-parts 5s/10s/30s

01/10 $1.25B *Sultanate of Oman (OMAN) 5Y +190

01/10 $2.5B *Sultanate of Oman (OMAN) 10Y +310

01/10 $2.75B *Sultanate of Oman (OMAN) 30Y +395

01/10 $1.15B Aramark Services 10NC5 Sr Notes

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Whopping $29.35B priced Tuesday, January 9

01/09 $5B *EIB 5Y Global, MS +15 (UST +19.3)

01/09 $5B Sempra Energy, 7-Tranches from 18M-30Y

01/09 $4.75B Sumitomo Mitsui 5-part

01/09 $2B *Republic of Turkey Long 10y 5.2%-5.30%

01/09 $1.85B *ABN Amro Bank 3Y Fxd/FRN; IPT Low +70s/L

01/09 $750M *Puma Energy 8NC3 at 5.000%

01/08 $1.75B *Sunoco 3-way, 5s, 8s and 10s Sr notes

01/09 $1.75B Crown Castle Benchmark; Long 5Y +110a, 10Y +150a

01/09 $1B *Athene Holdings Ltd 10y; IPT +175a

01/09 $500M *Jabil Inc. 10Y; +175a

01/09 $5B Sempra Energy, 7-Tranches from 18M-30Y

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$8B priced Monday, January 8

01/08 $2.5B *Toyota Motor Cr, 2Yr Fix/FRN, 5Y Fix/FRN, 10Y Fix 

01/08 $850M *BPCE S.A. 5Y Sn prfrd, +80-85 

01/08 $850M *BPCE S.A. 10Y Sn prfrd, +105-110 

01/08 $600M *Ares Capital Corp 7Y IPT +190 

01/08 $500M *MassMutual 7Y FA Backed +58 

01/08 $550M *Air Lease Corp 3Y, +65 

01/08 $700M *Air Lease Corp 7Y, +105 

01/08 $500m *L Brands 10Y Sr notes, 5.25-5.50% 

01/08 $Benchmark Ntnl Australia Bank Ltd (NAB) 3Y Fix/FRN, 5.25Y Fix/FRN 

01/08 $1.75B Sunoco 3-way, 5s, 8s and 10s Sr notes, likely Tue 

01/08 $Benchmark EIB 5Y Global, MS+17 likely Tue

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01/05  BM    Bank of Nova Scotia A1/A+/AA- 3Y+48?/FRN 3ml BAML/BNP/C/GS/SCOT

01/05  $2.0B #Credit Suisse 11Y/NC10Y Fxd-to-FRN: UST+140     CS

01/05  $1.0B #Intesa Sanpaolo Baa1/BBB/BBB 5Y+115  BARC/BAML/C/GS/IMI/JPM/MS

01/05  $1.0B #Intesa Sanpaolo    "        10Y+150  BARC/BAML/C/GS/IMI/JPM/MS

01/05  $500M #Intesa Sanpaolo    "        30Y+160  BARC/BAML/C/GS/IMI/JPM/MS

01/05  BM    Athene Holdings BBB/BBB investor calls Jan 4-5;BM bond? BARC/GS

01/10  BM    BBVA Bancomer A3/BBB+ inv.mtgs Jan 5-10 144a/RegS? BBVA/BNP/JPM

01/05  $3B?  Brookfield Business Ptnrs buys Westnghse Elct.$1B Stk/$3B L/T debt?

01/09  BM    Sultan.of Oman Baa2/BBB- mtgs Jan5-9 5/10/30Y? C/HSBC/JPM/SMBC/SBC 

01/05  $7.5B Pemex eyes $7.5B in 2018 total corporate bond issuance

01/08  BM    State of Israel sets Jan 8-9 investor meetings 10Y,30Y? C/DB/GS 

01/05  $1.0B Kommunekredit Aaa/AAA  EMTN no-grow 3Y:MS+90s JPM

01/05  BM    Philippines Baa2/BBB/BBB- 1st week Jan bond?  C/CS/DB/MS/SCB

01/05  $10B? Brazil filed US$ mixed shelf offering (bonds,stocks)

01/05  BM    EIB Aaa/AAA could potentially do US$ bond based on history

01/05  TBD   Kor.Elec.Pwr Corp. Aaa2/AA/AA- 11/3 wk meetgs    BAML/C/CA

01/05  TBD   Lebanon delayed Eurobond from Nov., said MOF 

01/05  TBD   Israel Electric Baa2/BBB US meetings Oct.30-Nov3 JPM

01/05  TBD   Hanjin Bank: Potentl US$ deal w/ KEXIM Guar?   BNP/DAIWA/GS

01/05  TBD   Quatar eyed $9B in international bonds; no time yet

01/05  BM     Korea Southern Pwr Aa2/AA- 11/29-12/5 mtgs     BNP/C/HSBC/UBS

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THURSDAY HAD $14.25B IN HIGH-GRADE CORPORATE BOND ISSUANCE DESPITE STORM:

01/04 $1.5B  *Lloyds Bkg Grp Baa1/BBB      30Y T+155 BAML/BNP/GS/LLOYDS/UBS

01/04 $3.0B  *Kingdom of Sweden Aaa/AAA 144a/RegS 5Y MS+12 BMO/GS/HSBC/NORD

01/04 $1.75B *Republic of Argentina B2/B+  5Y 4.625%    C/DB/HSBC

01/04 $4.25B *Republic of Argentina B2/B+  10Y 6.00%    C/DB/HSBC

01/04 $3.0B  *Republic of Argentina B2/B+  30Y 6.950%   C/DB/HSBC

01/04 $1.5B  *Kommunalbanken Aaa/AAA 144a/RegS 5Y MS+20;T+24.1 BAML/JPM/NOM/RBC

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WEDNESDAY HAD $8.4B IN HIGH-GRADE CORPORATE BOND ISSUANCE

01/03  $400M *John Deere A2/A       10Y 3.05% cpn T+62    BAML/C/HSBC

01/03  $500M *John Deere A2/A       5y 2.7% cpn T+47      BAML/C/HSBC

01/03  $250M *John Deere A2/A       3Y FRN 3ml+16 bps     BAML/C/HSBC 

01/03  $600M *John Deere A2/A       3Y T+35               BAML/C/HSBC

01/03  $1.0B *MetLife Global Funding Aa3/A- 3Y+42         CS/DB/MS/USB  

01/03  $300M *MetLife Global Funding Aa3/A- 3Y FRN 3ml+23 CS/DB/MS/USB  

01/03  $450M *Eversource Energy Baa1/A      10Y +85        C/JPM/RBC/TD/WFS

01/03  $200M *Eversource Energy Baa1/A Tap 2.5% Mar'21 +42 C/JPM/RBC/TD/WFS

01/03  $700M *New York Life Global Funding Aaa/Aa+ 10Y FA-backed +65 BAML/CS/DB

01/03  $1.1B *Rabobank Aaa2/A+      5Y +52                BAML/BARC/GS/MS

01/03  $400M *Rabobank Aa2/A+       3ml+48                BAML/BARC/GS/MS

01/03  $1.25B *Credit Agricole  Baa2/BBB 15Y/NC10 Sub Tier2+162.5 CACIB

01/03  $1.25B Commonwealth Bk of Australia Baa1/BBB Sub Tier II 30Y+153

CBA/C/GS/UBS

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TUESDAY HAD $7.35B IN HIGH-GRADE CORPORATE BOND ISSUANCE:

01/02  $450M *Berkshire Hathaway Energ A3/A-/BBB+ 3Y+38 C/JPM/MIZ/MUFG/WFS

01/02  $400M *Berkshire Hathaway Energ A3/A-/BBB+ 5Y+55 C/JPM/MIZ/MUFG/WFS

01/02  $600M *Berkshire Hathaway Energ A3/A-/BBB+ 10Y+83 C/JPM/MIZ/MUFG/WFS

01/02  $750M *Berkshire Hathaway Energ A3/A-/BBB+ 30Y+103 C/JPM/MIZ/MUFG/WFS

01/02  $2.0B *BNP Baa1/A-/A+ benchmark 144a/RegS sr non-prf 7Y+103 BNP

01/02  $850M *GM Fincl Baa3/BBB/BBB 5Y Fxd +102  C/DB/LLOYDS/MIZ/SCOT/SMBC

01/02  $400M *GM Fincl "            5Y FRN 3ml+99 C/DB/LLOYDS/MIZ/SCOT/SMBC

01/02  $400M *GM Fincl "            10Y+142  C/DB/LLOYDS/MIZ/SCOT/SMBC

01/02  $1.0B *Santander UK Baa2/BBB/A 6Y/5YNC Fxd/FRN +113 CS/JPM/MS/SANT

01/02  $500M *Santander UK PLC 3Y Aa3/A/A fxd +53 CS/JPM/MS/SANT

--

2017 U.S. Agency Calendar Funding Dates 

- Fannie Mae Benchmark Notes: 2017: Jan 4, Jan 25; Feb 23; March 1; March 16;

Apr 5; Apr 12; May 15; May 17; Jun 21; July 12; July 27; Aug 16; Sep 12; Oct 4;

Oct 17, Nov 15; Dec 20th;

- Freddie Mac Reference Notes: 2017: Jan 11, Jan 18; Feb 8, Feb 15; March 20;Apr

18; May 24; June 19; June 26; July 17; July 20; Aug 9; Sept 14; Sept 27; Oct 25;

Nov 13; Dec 6; Dec 14th

- FHLBanks Global Notes: 2017: Jan 19, Feb 13, Feb 28; March 8; March 22; Apr

26; May 10; June 7; June 28; July 5; Aug. 1; Aug. 23; Sept. 6; Oct. 11; Oct 19;

Nov. 8; Nov. 29; Dec. 4

Abbreviations: 

PMC -- Pending Market Conditions, 

TALK -- Market Chatter, 

NOTE -- Reported Potential Deal 

RDS -- Roadshow to Start, 

RDE -- Roadshow Ended,

SHF -- Shelf Filing

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

[TOPICS: MTABLE]