US$ High-Grade Credit Supply Pipeline - Jan 7, 2020

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

01/07 $2.25B #Bank of Nova Scotia $1B 3Y +43, $1.25B 5Y +62

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 $600M #Public Service Electric & Gas $300M each: 10Y +65, 30Y +85

01/07 $500M #Autodesk WNG 10Y +105

01/07 $350M #Eversource 30Y +115

01/07 $4B *EIB 5Y +9

01/07 $750M *Kommunalbanken 2Y L+8

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01/08 $Benchmark World Bank 5Y +9a

01/08 $Benchmark NWB (Nederlandse Waterschapsbank) 5Y +18a

01/?? $Benchmark State of Israel 10Y, 30Y  roadshow

01/?? Additional chatter: Boeing, Heineken, T-Mobile

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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

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12/30-01/03 No new issuance expected for shortened week; $21.07B/month

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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

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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

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12/11 No new supply Wednesday

Canadian issuance

12/11 C$1B *Telus Corp C$600M +10Y +158, C$400M +30Y +230

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$1.25B priced Tuesday

12/10 $1.25B *CIBC +3Y FRN SOFR +80

Canadian issuance

12/10 C$300M *Ivanhoe Cambridge 5Y +68

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$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

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12/06 No new issuance Friday; $17.52B/wk

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$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

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$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

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$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

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12/02 No new issuance Monday

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$2.6B priced Wednesday, $12.28B/wk, just over $114B/month

11/27 $2B *EDF (ELECTRICITE DE FRANCE) 50Y Reg S, 4.5%

11/27 $600M *Bank of China Group Investment 5Y +95

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$6.65B Priced Tuesday, $9.68B/wk

11/26 $6B *China: $1.5B 3Y +35, $2B 5Y +40, $2B 10Y +50, $500M 20Y +70

11/26 $650M *PTT Exploration 40Y +172.5

Canadian Issuance

11/26 C$400M *Air Lease 5Y +135 

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$3.03B Priced Monday

11/25 $2B *DNB Bank $1.4B 3Y +58, $600M 3Y FRN L+62

11/25 $750M *Mastercard +5Y +43

11/25 $300M *UZPROMSTROYBANK (Uzbekistan) 5Y 6.00%

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$28.1B Priced on week, just over $102B for month so far

11/22 No new issuance Friday

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$10.65B Priced Thursday

11/21 $1.5B *Deutsche Bank 6NC5 +235

11/21 $750M *National Bank of Kuwait Perp non-call 6Y 4.5%

11/21 $900M *Duke Energy Florida $200M 2Y L+25, $700M 10Y Green +73

11/21 $500M *Las Vegas Sands WNG +5Y +130

11/21 $7B *Centene Corp $1B 5Y 3.76%, $2.5B 8Y 4.375%, $3.5B 10Y 4.625%

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$4.75B priced Wednesday, $17.45B/wk

11/20 $3B *Diamondback $1B 5Y +130, $800M 7Y +160, $1.2B 10Y +180

11/20 $1.2B *CyrusOne $600M 5Y +135, $600M 10Y +175

11/20 $550M *Virginia Electric and Power WNG 30Y +110

Canadian issuance:

11/20 C$750M *Ontario 2025 Green Bond +41 

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$3.5B priced Tuesday, $12.7B/wk

11/19 $1.8B *Estee Lauder $500M 5Y +50, $650M 10Y +70, $650M 30Y +93

11/19 $1.1B *S&P Global $500M 10Y +73, $1B 30Y +103

11/19 $600M *Vereit 10Y +145

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$9.2B priced Monday

11/18 $2.75B *Intel $1.25B 10Y +65, $1.5B 30Y +95

11/18 $1.5B *Banque Federative du Credit Mutuel SA (BFCM) $1B 3Y +63, $500M 5Y

+83

11/18 $1.5B *Dominion Energy $600m 5Y +88, $600m 10Y +123, $300m 30Y +160

11/18 $1.05B *Labcorp $400M $5Y +72, $650M 10Y +117

11/18 $900M *Packaging Corp $500M 10Y +120, $400M 30Y +180

11/18 $600M *American Honda Finance 2.5Y +37

11/18 $500M *Western Union 5Y +125

11/18 $300M *Mid-America Apartments WNG +10Y +97

11/18 $300M *Arizona Public Service +120

11/18 $300M *Ameren Illinois WNG 30 +98

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$750M Priced Friday; $48.625B on week 

11/15 $750M *Equifax 5Y +100

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$5.25B Priced Thursday, $47.875B on week ($73.375B/month)

11/14 $1.5B *Corning $400M 30Y +160, $1.1B 60Y +315

11/14 $1.5B *ANZ $1B 3Y +48, $500M 3Y FRN L+49

11/14 $1B *Nationwide Financial Services, 30Y +162

11/14 $850M *Kansas City Southern $425M 10Y +107, $425M 50Y +192

11/14 $400M *Principal Life 5Y +65

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$9.375B priced Wednesday; $42.625B/wk

11/13 $2.375B *Hasbro $300M 3Y +95, $500M 5Y +135, $675M 7Y +180, $900M 10Y +205

11/13 $2B *Enbridge Inc. $500M 5Y +85, $1B 10Y +125, $500M 30Y +170

11/13 $2B *Egypt $500M 4Y 4.55%, $1B +12Y 7.05%, $500M 40Y 8.15%

11/13 $1B *Kommunivest WNG +3Y +11

11/13 $1B *Equinor 30Y +97

11/13 $500M *Aon Corp 3Y +55

11/13 $400M *L3Harris WNG 10Y +105

11/13 $400M *Choice Hotels 10Y +190

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$30B AbbVie jumbo 10-part priced late Tuesday, 4th largest on record.

11/12 $30B *AbbVie 10-tranche: $750M 1.5Y FRN 3ML +35, $1.75B 2Y +50, $750M 2Y

FRN L+46, $3B 3Y +65, $750M 3Y FRN L+65, $3.75B 5Y +90, $4B 7Y +115, $5.5B 10Y

+130, $4B 20Y +170, $5.75B 30Y +190. 

11/12 $2B *BNP Paribas 6NC5 +110

11/12 $1.25B *Westpac 5.25Y +63

*** Historical context for AbbVie mega-issue if they actually issues $45B in

debt across 10 tranches. Would make it third largest high-grade issuer on

record:

* 8/11/13 $49B Verizon

* 1/13/16 $46B AB InBev

* 9/04/18 $40B CVS over 9 tranches

The three next largest issuers:

* 8/31/18 $22B Cigna

* 4/30/13 $17B Apple

* 6/20/18 $16B Walmart

* 6/18/18 $15B Bayer

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11/08 $750M JP Morgan 10Y R/O +100; $25.5B/wk

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11/07 Nothing priced Thursday 

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$7.2B priced Wednesday; $24.7B/wk

11/06 $2.8B *Equinix $1B 5Y +100, $600M 7Y +120, $1.2B 10Y +140

11/06 $1.5B *Cheniere Corpus 10Y +190

11/06 $1.25B *Swedish Export Credit 3Y +13

11/06 $750M *Healthpeak Properties +10Y +123

11/06 $400M *Ryder WNG 7Y +118

11/06 $500M *Athene Global Funding 7Y +125

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$4.75B Priced Tuesday; $17.575B/wk

11/05 $2.25B *Province of Alberta 5Y +29

11/05 $1.5B *British Telecom $1B 10Y +150, $500M 30Y +192

11/05 $600M *Consolidated Edison 40Y +145

11/05 $400M *Duke Realty 10Y green bond +102

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$12.825B priced Monday

11/04 $4B *Shell $1.25B 5Y +47, $1.5B 10Y +68, $1.25B 30Y +95

11/04 $2B *Sinopec $700M 5Y +93, $1B 10Y +122.5, $300M 30Y

11/04 $2B *Brazil $500M 10Y +203, $1.5B 30Y +265

11/04 $2B *Credit Suisse WNG 2Y +52

11/04 $1B *Excel Energy Inc $500M 10Y +90, $500M 30Y +125

11/04 $525M *Baker Hughes WNG 10Y +135

11/04 $500M *Caterpillar WNG 5Y +57

11/04 $500M *Posco 3Y +97.5

11/04 $300M *Commonwealth Edison WNG 30Y +97

Canadian issuance

11/04 *C$500M GM Financial 4Y +170a

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

[TOPICS: MTABLE]