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US$ High-Grade Credit Supply Pipeline - Jan 21, 2020

Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #:
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
01/21 $Benchmark Kingdom of Saudi Arabia 7Y +85, 12Y +110, 35Y +180a
-
01/22 $1B EIB 3Y FRN SOFR+27a
01/?? $Benchmark JFM (Japan Finance Org) roadshow
01/?? $Benchmark Bank Leumi Le-Israel 11NC6 roadshow
01/?? $Benchmark Credit Bank of Moscow 5Y roadshow
01/?? $Benchmark Boeing chatter
-
01/17 No new issuance Friday; $52.04/wk (126.115B/month)
-
$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
-
$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
-
$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
-
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
-
$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
-
$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
-
$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
-
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
-
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.
-
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
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12/30-01/03 No new issuance expected for shortened week; $21.07B/month
-
12/23-12/27 No new US$ issuance last week
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12/16 No new US$ issuance Monday-Friday; $21.07B/month
Canadian issuance on Monday
12/16 C$1.5B *Royal Bank of Canada 10NC5 +125
12/16 C$750M *National Bank of Canada +5Y +94
-
Canada outpaces US$ issuance for week: C$7.85B vs. $3.55B
12/13 No new US supply Friday
12/12 No new US supply Thu-Wed
Canadian issuance
12/12 C$5.25B *Canada Housing Trust 5Y +27a
12/12 C$500M *Altgas Ltd 3Y +92
-
12/11 No new supply Wednesday
Canadian issuance
12/11 C$1B *Telus Corp C$600M +10Y +158, C$400M +30Y +230
- 
$1.25B priced Tuesday
12/10 $1.25B *CIBC +3Y FRN SOFR +80
Canadian issuance
12/10 C$300M *Ivanhoe Cambridge 5Y +68
-
$2.3B priced Monday
12/09 $1B *Steel Dynamics $400M 5Y +115, $600M 10Y +165
12/09 $800M *Quest Diagnostics +10Y +115
12/09 $500M *Welltower WNG 7Y +95
Canadian issuance
12/09 C$500M *British Colombia 10Y +62.5
12/09 C$300M *HCN Canadian Holdings 7Y +135
-
12/06 No new issuance Friday; $17.52B/wk
-
$6.62B priced Thursday
12/05 $3.02B *Cameron LNG $800M 11.5Y +110, $820M 15Y +150, $500M 18Y, $900M 19Y
+145
12/05 $1.4B *US Bank $800M 3Y +37.5, $600M 3Y FRN L+40
12/05 $1B *MUFG $700M 3Y +50, $300M 3Y FRN SOFR+71
12/05 $700M *Twitter 8NCL 3.875%
12/05 $500M *SEK (Swedish Export Credit) 4Y +18
Canadian issuance
12/05 C$1.25B *CIBC 3.5Y +78
-
$4.4B priced Wednesday
12/04 $1.75B *SEB $1.25B 3Y +62, $500M 3Y FRN L+64.5
12/04 $1.4B *PNC Bank $650M 3NC2 +45, $750M 3NC2 FRN L+43
12/04 $750M *Broadbridge WNG 10Y +115
12/04 $500M *China Everbright Bank HK 3Y FRN L+70
Canadian issuance
12/04 C$1B *NAB 10.5NC5.5 +197
-
$6.5B Priced Tuesday
12/03 $1.25B *Branch Banking & Trust 5Y +65
12/03 $750M *Experian Finance +10Y +115
12/03 $300M *Wisconsin Electric Power Co WNG 5Y +52
12/03 $1.5B *China Huaneng $400M 3Y +88, $500M 5Y +103, $600M 10Y +125
12/03 $1.05B *China Resources Land 5Y 3.75%
12/03 $600M *Bocom Financial Leasing 5Y FRN L+107.5
12/03 $450M *AEP Texas WNG 30Y +130
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

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