US$ High-Grade Credit Supply Pipeline - July 16, 2018

$2.5B Citibank 3Y fix/FRN, $2.5B Citigroup 30Y launch, 

Waiting on JPM, Wells, BFCM

     Pick-up in bank issued debt as more roll out of latest earnings cycle

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

07/16 $2.5B #Citibank, $1.75B 3Y fix, $750M 3Y FRN

07/16 $2.5B #Citigroup 30Y +170

07/16 $Benchmark Banque Federative du Credit Mutuel (BFCM) 5Y fix +120a, FRN

Libor eq

07/16 $Benchmark JPMorgan 6NC5 fix-FRN, 6NC5 FRN, 11NC10

07/16 $Benchmark Wells Fargo 3NC2 fix/FRN, 3NC2 FRN

-

No new issuance Friday, $23.85B priced on week

-

$5.9B priced Thursday

07/12 $2B *Sumitomo Mitsui Fncl Grp $750M 5Y fix +100, $500M 5Y FRN +86, $750M

10Y +110

07/12 $2B *TD Bank 5Y fix +78, 5Y FRN Libor +64

07/12 $400M *Northern Natural Gas 30Y +135

07/12 $1B *Nordic Investment Bank (NIB) WNG 5Y +3

07/12 $500M *Korea East/West Power 5Y

-

$1.75B Priced Wednesday, $17.95B/wk

07/11 $1.75B *American Honda Finance $500M 2Y fix +50, $750M 2Y FRN L+26, $500M

5Y +75

-

$12.95B Priced Tuesday

07/10 $4B *EIB 5Y +7

07/10 $3.5B *Japan Bank for Int Cooperation $1B 3Y +50.1, $1.5B 5Y +50, $1B 10Y

+45.4

07/10 $600M *Pacificorp 30Y +117, upsized from $500M

07/10 $2.5B *Bank of Montreal 2Y +70a, 2Y FRN Libor equiv

07/10 $2.0B *Toyota $750M 3Y +50, $750M 5Y +65, $500M 10Y +80

07/10 $350M *National Life Ins 50NC30 fix/FRN

-

$3.25B priced Monday

07/09 $2B *Credit Suisse PNC5 AT1 notes, 7.5%

07/09 $1.25B *Commonwealth Bank of Australia (CBA) 5Y +40

-

No new high-grade supply issued Thursday or Friday, $500M priced last week

-

$500M priced Tuesday

07/03 $500M *Kommunalbanken WNG 11/2019 -3

- 

No new issuance Monday

- 

No new issuance Friday, slow week w/total $3.68B placed

-

$1.03B priced Thursday

06/28 $1.027B *Community Health systems 5.5NC2.5, 8.75%

-

$1.75B priced Wednesday

06/27 $1B *Municipality Finance 3Y +3

06/27 $750M *Transocean 5.5NC3

- 

$900M priced Tuesday

06/26 $500M *Penske Truck Leasing 5Y +137.5

06/26 $400M *USAA Capital 2Y +53

-

Slow start to week, nothing HG supply yet

-

No new issuance Friday

-

$2.74B priced Thursday, $44.4B on week 

06/21 $640M *Consolidated Edison 3Y FRN +40

06/21 $1B *DNB Boligkreditt 5Y +38

06/21 $400M *Alabama Power 30Y +130

06/21 $700M *Protective Life $300M 3Y fix +75, 3Y FRN L-equiv, $400M 5Y fix +52

- Aside, Bayer US that issued $15B debt across 8 tranches Monday is in process

of issuing Euro-denominated leg of supply to help fund the appr $69B purchase of

Monsanto.

-

$24.4B priced Wednesday, $16B Walmart lead

06/20 $16B *Walmart 9-tranche details:

******$1.25B 2Y fix +30, $7560M 2Y FRN L+4, $2B 3Y fix +45, $500M 3Y FRN L+23,

$2.75B 5Y +60

******$1.75B 7Y +70, $2.75B 10Y +80, $1.5B 20Y +95, $3B 30Y +105

06/20 $2B *RBS $1.25B 6NC5 fix-FRN +172, $750M 6NC5 FRN L+155

06/20 $1B *Marvell Technology $500M 5Y +145, $500M 10Y +195

06/20 $850M *Bank of America 4NC3 FRN +65

06/20 $1B *USB 30Y +147

06/20 $1B *Finnvera 5Y +15

06/20 $300M *GS Caltex 5Y +120

06/20 $1.75B CIBC 3Y +30

06/20 $550M *AIG Global $300M 3Y fix +68, $250M 3Y FRN +46

-

$1.25B priced Tuesday

06/19 $1.25B *Oneok Inc 10Y $800M +170, $450M 30Y +220

-

$16B priced Monday, Bayer lead

06/18 $15B *Bayer US Finance 8-part, to "simplify its capital structure" after

$63B Monsanto buyout:

      $1.25B 3Y fix +85, $1.25B 3Y FRN L+63, $2.25B 5.5Y fix +115, $1.25B 5.5Y

FRN L+101, 

      $2.5B 7.5Y +140, $3.5B 10.5Y +155, $1B 20Y +170, $2B 30Y +185

06/18 $1B *Duke Energy Florida, $600M 10Y fix +90, $400M 30Y fix +115

- 

No new issuance Friday; 

-

$10.7B priced Thursday, 

06/14 $4B *UnitedHealth 5-part: $400M 3Y fix +48, $350M 3Y FRN +26,

      $750M 5Y fix +70, $1.15B 10Y fix +93, $1.35B 30Y fix +123

06/14 $1.75B *Deutsche Telekom $1.2B 10Y +150, $550M 20Y +175

06/14 $1.2B *CME Group 10Y +80, 30Y +110

06/14 $1B *MGM Resorts upsized from $500M 7NCL sr

06/14 $450M *Ryder WNG 5Y +98

06/14 $1B *GM Financial 5Y +137.5

06/14 $700M *Public Services Co of Colorado, $350M 10Y +78, $350M 30Y +105

- 

On the radar: German based multi-national pharma Bayer AG is looking looking to

issue $6.9B in 3- to 30Y US$ denominated debt to "simplify its capital

structure" after closing it's $63B buyout recently. Aside from US$ denominated

issuance, Bayer also looks to issue appr E14.2B Euro denominated supply between

4- and 12Y tranches in the near term.

- 

No high-grade issuance Wednesday

-

$8.4B priced Tuesday

06/12 $2.5B *Kommunivet +2Y MS+2

06/12 $900M *Alexandria Real Estate $450M 5Y +120, $450M 12Y +175

06/12 $2B *Sanofi $1B 5Y +60, $1B 10Y +75

06/12 $3B *HSBC 11NC10 fix to FRN +163

- 

$5.7B priced Monday

06/11 $1.6B *National Australia Bank (NAB), $500M 3.25Y +80, $350M 3.25Y FRN,

$750M 5Y +90

06/11 $2.5B *JP Morgan $1.4B 4NC3 fix/FRN +85, $1.1B 4NC3 FRN +61

06/11 $700M *Prologis $400M 10Y +100, $300M 30Y +135

06/11 $500M *Air Lease WNG 5Y +125

06/11 $400M *PPL Electric Utilities WNG 30Y +108

-

No new issuance Friday after decent $37.85B for week

- 

$4.85B priced Thursday, 

06/07 $1B *Enel Chile 10Y +210

06/07 $900M *Trimble $300M 5Y +140, $600M 10Y +200

06/07 $1.2B *Romania 30Y 5.2%

06/07 $750M *Telus 30Y +160

06/07 $1B *ASB Bank 5Y fix +110/FRN Libor euiv

- 

$9.85B priced Wednesday

06/06 $4B *KFW 2Y MS -2

06/06 $2B *Credit Suisse $1.25B 6NC5 fix +140, $750M 6NC5 FRN +124

06/06 $1.2B *Jackson National Life 3Y fix +70, 3Y FRN +48, 7Y +98

06/06 $1.15B *Compass Bank 3Y fix +95, 3Y FRN +73

06/06 $300M *Western Union 5Y +145

06/06 $500M *Keybank National Assn WNG 3Y +70

06/06 $700M *Alliant Energy Finance WNG $400M 5Y +95, $300M 10Y +130

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

[TOPICS: MTABLE]