US$ High-Grade Credit Supply Pipeline - July 14, 2020

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

07/14 $500M #Japan Int Cooperation Agency (JICA) 10Y +50

07/14 $300M #Doosan Infracore 3Y +87.5

07/14 $300M UDR 12Y +185a

07/14 $1B Inter-American Inv Corp (IDB Invest) 3Y +29

07/14 $Benchmark Hewlett Packard Ent +3Y +140a, +5Y +160a

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$8.65B Priced Monday

07/13 $2.5B *Mars Inc. $500M 6Y +60, $700M 12Y +100, $900M 20Y +105, $400M 30Y

+115

07/13 $3B *MUFG $1.75B 5Y +113, $1.25B 10Y +143

07/13 $1.6B *ICBC HK $800M each 3Y +93, 5Y +103

07/13 $1.05B *Bocom HK $650M 3Y FRN L+80, $400M 5Y FRN L+90

07/13 $500M *Nonghyup 5Y +100

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07/10 No new issuance Friday; $32.5B priced on wk

-

$3.5B Priced Thursday

07/09 $2B *Int Finance Corp (IFC) 5Y Global +10 

07/09 $1.5B *Tokyo Metro Govt 5Y +48

-

$2.95B Priced Wednesday; $29B/wk

07/08 $2.5B *Japan Bank for Int'l Coop (JBIC) 5Y +33

07/08 $450M *ABC International 3Y +140

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$13.6B issued/priced Tuesday

07/07 $5B *KFW 5Y +13

07/07 $4B *ADB 3Y +8

07/07 $3.3B *Romania $1.3B +10Y +240, $2B +30Y 4.00%

07/07 $800M *Bocom Leasing $350M 3Y +165, $450M 5Y FRN L+170

07/07 $500M *Kimco 10Y Green bond +210

-

$12.45B priced Monday, financial names lead issuance in second half

07/06 $2.5B *Nomura Holdings $1.5B 5Y +155, $1B 10Y +200

07/06 $2.5B *Mizuho $1.1B 4NC3 +105, $400M 4NC3 L, $1B 11NC10 +152

07/06 $2B *Simon Property $500M 5Y +160, $750M 10Y +200, $750M 30Y +240

07/06 $2B *American Honda Finance $1.25B 3Y +70, $750M 5Y +90

07/06 $1.5B *Caterpillar $500M 1.5Y FRN L+22, $1B 3Y +48

07/06 $600M *Jabil +10Y +240

07/06 $500M *National Bank of Canada 3Y +77

07/06 $500M *Shinahan Financial 5.5Y covid-bond +105

07/06 $350M *Realty Income 2031 tap +165

--

07/01-07/02 No high-grade supply late last week

*** Whopping $1.420T for first half of year, setting record high. $180.5B total

for June

06/30 $1.5B *EBRD 3Y +7

06/30 $1B *SocGen $500M each 5Y +115, 15NC10 +300

06/30 $1B *Mondelez 2Y +48

06/30 $750M *Weibo 10Y +280

06/30 $400M *Guardian Life 7Y +93

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06/29 $7B *Takeda $2.5b 10Y +145, $.5B 20Y +165, $2B 30Y +180, $1B 40Y +200

06/29 $3B *SMFG $1.5B each 5Y +120, 10Y +150

06/29 $750M *MetLife Global 5Y +70

06/29 $650M *Equitable Financial Life 5Y +115

06/29 $600M AEP Texas 10Y +150

06/29 $500M AIG Global Funding 3Y +65

-

06/26 Nothing on tap early Friday 

-

$2B Priced Thursday, $16.5B total/wk

06/25 $2B *Intuit $500M each 3Y +45, 5Y +65, 7Y +85, 10Y +100

-

$5.1B Priced Wednesday

06/24 $1.6B *Total Capital Int $800M each 21Y +155, 40Y +195

06/24 $1B *Xylem Inc Green $500M each +7Y +150, 10Y +165

06/24 $1B *ING 6NC5 Green +110

06/24 $1B *CoStar 10Y +212.5

06/24 $500M *Kimberly Clark de Mexico 10Y +175

-

$4.95B priced Tuesday; $9.4B/wk

06/23 $1.25B *Svenska Handelsbanken 3Y +53

06/23 $1.1B *Niagara Mohawk Power Corp $100M 0Y +125, $500M 30Y +155

06/23 $1B *Arch Capital 30Y +215

06/23 $1B *MuniFin WNG 3Y +16

06/23 $600M *CNH Industrial Capital 3Y +195

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$4.45B Priced Monday

06/22 $1.3B *Abbott Labs $650M each: +7Y +70, 10Y +85

06/22 $1.1B *Canadian Natural Resources $600M 5Y +175, $500M 10Y +225

06/22 $1B *CLP Power $750M 10Y +160, $250M 30Y +190

06/22 $700M *Femsa 30Y +190

06/22 $350M *Duke Realty 10Y +115

-

06/19 No issuance Friday; $62.65B/wk

-

In times of ZIRP/NIRP, demand for high-grade corp issuance remains strong.

Issuers adding to nearly $56B for wk, June running total already >$140B

$6.7B Priced Thursday; $62.65B/wk

06/18 $4B *T-Mobile $1B +5Y +120, $1.25B +7Y +155, $1.75B +10Y +187.5

06/18 $1.5B *Islamic Development Bank 5Y sustainable sukuk +55

06/18 $800M *China Oilfield $500M 5Y +158, $300M 10Y +190

06/18 $400M *Haitong 3Y +195

Notable Canadian issuance:

06/18 C$8B *Canadian Housing Authority (CHT) C$6B 5Y fix, C$2B 5Y FRN

-

$25.6B priced Wednesday; $55.95B/wk after slow start

06/17 $7.45B *Upjohn Inc (Viatris) $1B 2Y +95, $750M 5Y +135 & 7Y +175, $1.45B

10Y +200, $1.5B 20Y +235, $2B 30Y +250 

06/17 $5B *BP Capital Mkts, $2.5B @ perp NC5.25Y 4.375%, perp NC10Y 4.875%

06/17 $2B *NetApp $750M 5Y +155, $550M 7Y +185, $700M 10Y +200

06/17 $2B *GM FNCL $1.25B 5Y +245, $750M 10Y +290

06/17 $2B *China Construction Bank 10NC5 +215

06/17 $1.25B *Belarus $500M +5Y +6.125a, $750M +10Y +6.375%

06/17 $1.25B *CIBIC 3Y +75

06/17 $1B *Rabobank 6Y +100

06/17 $1B *Barclays WNG 11NC10 +190

06/17 $900M *Schlumberger Inv 10Y +195

06/17 $650M *Amdocs 10Y +180

06/17 $600M *Pacific Life Global 5Y +90

06/17 $500M *NY Life Global 5Y +63

-

Issuance roared back Tue w/ $29.5B priced, PG&E lead w/late launch

06/16 $8.925B *PG&E $3B 2NC1 fix/FRN, $1B 7Y, $2B 10Y, $1B 20Y, $1.925B 30Y

06/16 $6B *Bank of America $3B Each 6NC5 +97, 21NC20 +137

06/16 $4.5B *Merck & Co +5Y +50, $1.25B 10Y +80, $1B 20Y +90, $1.25B 30Y +105

06/16 $1.75B *Ford Motors 5Y 5.125%

06/16 $1.5B *New Development Bank 3Y Covid bond +38

06/16 $1.25B *Danske Bank 4NC3 +100

06/16 $1.1B *Borgwarner Inc 7Y +212.5

06/16 $1B *Kommunivest +3Y +19

06/16 $750m *Carrier Global +10Y +195

06/16 $750M *Perrigo Finance 10Y +250

06/16 $600M *PLDT (Philippine Long Distance) $300M each +10Y +180, +30Y +195

06/16 $500M *Welltower +10Y +205

06/16 $400M *Guardian Life 5Y +877

06/16 $500m *Principal Life 5y +92 

-

$850M Priced Monday

06/15 $500M *Ind Bank of Korea (IBK) 5Y Covid bond +72.5

06/15 $350M *Castle Peak Power 10Y +162.5

-

$1.5B Priced Friday; $31.35B/wk

06/12 $600M *Swedish Export Credit 3Y tap +21

06/12 $500M *Bemis 10Y +195

06/12 $400M *Black Hills WNG 10Y +185

-

06/11 No new issuance Thursday; $29.85B total on wk

-

$4.65B Priced Wednesday

06/10 $2.75B *TD Bank $1.75B 3Y +58, $1B 5Y +83

06/10 $500M *Florida Gas Transmission WNG 10Y +180

06/10 $500M *Pinnacle West Capital WNG 5Y +95

06/10 $500M *Creditcorp Ltd 5Y +250

06/10 $400M *Ares Finance 10Y +250

-

$13.05B To price Tuesday, $25.2B/wk

06/09 $4B *IADB 5Y +17

06/09 $3B *HP Inc $1.15B 5Y +185, $1B 7Y +240, $850M 10Y +260

06/09 $1.5B *Kommunalbanken 10Y +38

06/09 $1.5B *Credit Agricole 6NC5 +150

06/09 $1B *World Bank (IBRD) 4Y SOFR+39

06/09 $650M *Fidelity National Fncl 10Y +260

06/09 $600M *Healthpeak Properties 10Y +215

06/09 $500M *Principal Fncl 10Y +135

06/09 $300M *Westlake 10Y +260

-

$12.15B priced Monday

06/08 $3B *GE Capital $1.5B each 10Y +290, 30Y +270

06/08 $2.6B *Equinix $500M 5Y +85, $500M 7Y +115, $1.1B 10Y +130, $00M 30Y +145

06/08 $1B *Phillips 66 WNG 5Y +85, 10Y +135

06/08 $1B *Lloyds 3NC2 +110

06/08 $750M *EBay $300M 5Y Tap +70, $450M 10Y tap +145

06/08 $750M *Plains All American 10Y +295

06/08 $750M *Magna Int 10Y +162.5

06/08 $700M *Northern States Power WNG 31Y +105

06/08 $600M *Roper WNG 10Y +125

06/08 $500M *Kepco 5Y Green bond, +75

06/08 $500M *Duke Energy Fl WNG 10Y +90

-

06/05 No new issuance LAST Friday; $52.85B/wk

-

$6.6B priced Thursday; $52.85B/wk

06/04 $2.5B *Crown Castle $500M +5Y +100, $1.1B +10Y +145, $900M +30Y +165

06/04 $1B *Bank of Nova Scotia 5Y +95

06/04 $1B *Mass Mutual 3Y +62

06/04 $1B *Hormel 10Y +102

06/04 $600M *Reinsurance Group 10Y +240

06/04 $500M *PTT Exploration & Production 7Y +195

-

$10.35B Priced Wednesday

06/03 $3.5B *Federal Rep of Brazil $1.25B 5Y 3.0%, $2.25B 10Y 4.0%

06/03 $2.5B *CDP Financial 5Y +50

06/03 $1.5B *Royal Bank of Canada 5Y +85

06/03 $750M *FirstEnergy $300M +5Y +125, $450M 10Y +150

06/03 +900M *Steel Dynamics $400M 5Y +210, $500M +10Y +260

06/03 $500M *COE Covid-19 social bond WNG 3Y +10

06/03 $700M *Harley Davidson 5Y +300

-

$17.55B Priced Tuesday, $35.9B/wk already

06/02 $5B *EIB 3Y +10

06/02 $3.5B *Credit Suisse $2B 3Y +88, $1.5B 6NC5 +188

06/02 $2B *BNP Paribas 6NC5 +190

06/02 $1.8B *East Ohio Gas $500M 5Y +100, $500M 10Y +135, $800M 30Y +160

06/02 $1.5B *Truist Fncl Corp $750M each 5Y +90, 10Y +130

06/02 $1B *Infor Inc $350M 3Y +125, $650M 5Y +145

06/02 $1B *Nordea 3Y +83

06/02 $500M *Apollo Management 10Y +200

06/02 $500M *Protective Life 3Y +87.5

06/02 $400M *Baltimore Gas & Electric WNG 30Y +147

06/02 $350M *Affiliated Managers 10Y +262.5

-

06/01 $10B *Amazon $1B 3Y +25, $1.25B 5Y +50, $1.25B 7Y +70, $2B 10Y +85, $2.5

30Y +110, $2B 40Y +130

06/01 $2.5B *Colombia $1B 10.9Y +250, $1.5B 30.9Y +275

06/01 $2B *American Tower Corp $500M 5Y +105, $750M 10Y +150, $750M 30Y +170

06/01 $1.25B *Ralph Lauren $500M 2Y +160, $750M 10Y +240

06/01 $1B *MetLife 3Y +75

06/01 $900M *John Deere Cap $450M each 2Y +40, 3Y +53

06/01 $500M *Agilent WNG 10Y +150

06/01 $600M *WRKCo 13Y +240

06/01 $450M *Southwest Gas Corp WNG 10Y +155

06/01 $350M *PECO Energy WNG 30Y +135

06/01 $300M *PACCAR Fncl 3Y +65

-

No new issuance Friday May 29, but total $270.9B High-grade debt issued in May

-- nearly $1T total over last three months!

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

[TOPICS: MTABLE]