US$ High-Grade Credit Supply Pipeline - July 6, 2019

     surprisingly robust issuance heading into earnings cycle

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

07/16 $2B Landeskreditbank Baden-Wuerttemberg (LBank) 5Y RegS +15

07/16 $2B IADB 2Y $1B +3a, $1B 7Y +14a

07/16 $Benchmark Land NRW 3Y +10

07/16 $Benchmark Westpac Banking 15NC10, 20Y

07/?? Chatter: $2.75B Trivium and $4.9B Sinclair Broadcast this week

-

$4.075B Priced Monday

07/15 $1B *Rabobank 5Y Sn +83

07/15 $825M *Burlington Northern Santa Fe +30Y +95

07/15 $750M *CIBC 4NC3 +80

07/15 $600M *John Deere Capital 10Y +72

07/15 $500M *Bank of Nova Scotia WNG 3.5Y +58

07/15 $400M *Reliance Standard Life global funding 3Y +83

-

No new issuance last Friday after $34.15B priced/wk vs. $20B est

-

$7.5B priced Thursday

07/11 $6.5B *Mitsubishi UFJ Fncl Grp (MUFG): $2.25B 3Y +78, $1B 5Y +90, $1.75B

10Y +105, $1.5B 20Y +108

07/11 $1B *Nationwide 11NC10 fix-FRN +185

-

$4.5B priced Wednesday, $26.65B/wk

07/10 $2.5B *Panasonic $1B 3Y +75, $1B 5Y +85, $500M 10Y +105

07/10 $2B *Export Development Canada 3Y +8

-

$9.65B priced Tuesday

07/09 $2.75B *Mizuho Financial Grp $1B 4NC3 +85, $500M 4NC3 FRN, $500M 6NC5,

$750M 11NC10 

07/09 $1.25B *RBC 5Y +72

07/09 $1B *American Honda Finance 2Y FRN L+35

07/09 $3.25B *Asian Development Bank (ADB) 3Y +7

07/09 $900M *New York Life $500M 3Y +45, $400M 3Y FRN L+43

07/09 $500M *Korea Gas 10Y +92.5

-

$12.5B priced Monday

07/08 $4.5B *Sumitomo Mitsui Financial Grp (SMFG) $2B 5Y +85, $2.5B 10Y +100

07/08 $4B *Total Capital Int $750M 2Y +33, $1B +5Y +58, $1.25B +10Y +78, $1B 30Y

+93

07/08 $1.2B *Alexandria Real Estate $750M 12Y +135, $500M 30Y +150

07/08 $1.75B *TD Bank 3Y +28

07/08 $500M *Virginia Electric and Power WNG 10Y +85

07/08 $500M *Posco 5Y +105

-

Only $4B priced last week, Independence holiday keeping issuers at bay

07/03 $4B *KFW 3Y +6

-

No new high-grade issuance Friday, $10.6B/wk

- 

No new high-grade issuance Thursday

-

$1.15B priced Wednesday

06/26 $800M *Weibo Corp 5Y +172.5

06/26 $350M *MassMutual Global Funding 3Y +52

-

$3.1B priced Tuesday, 

06/25 $1.5B *Toyota Motor $500M each: 3Y +48, 5Y +63, 10Y +77

06/25 $1B *Bank of Montreal 5Y +78

06/25 $300M *UDR WNG 10Y +125

06/25 $300M *AIG Global Funding 3Y +65

-

$6.35B Priced Monday

06/24 $2.5B *Enterprise Products Operating LLC $1.25B 10Y +110, $1.25B 30Y +165

06/24 $1.75B *American Honda Finance $750M 3Y +55, $500M 3Y FRN L+54, $500M 5Y

+70

06/24 $1.4B *Dominion Energy 2Y +97, 5Y +132

06/24 $400M *Ventas Realty 5Y +100

06/24 $300M *Public Service/New Hampshire WNG 30Y +105

-

No new supply on tap for Friday. Only $9.2B priced on week, well below estimated

$15B

- 

$4B priced Thursday

06/20 $2.5B *Banco Santander 5Y +95, 10Y +130

06/20 $1.2B *HCP 7Y +140, 10Y +155

06/20 $300M *Athene 5Y +107

-

No new supply Wednesday 

-

06/18 $1B *KEXIM $500M 3Y FRN +52.5, $500M 5Y +62.5

-

$4.2B priced Monday

06/17 $850M *Chile 30Y +95

06/17 $800M *Hyundai Capital AM, $400M 3Y +120, $400M 5Y +155

06/17 $600M *Jackson National Life $300M 5Y +85, $300M 10Y +100

06/17 $600M *ERP Operating 10Y +97

06/17 $500M *Korea Electric Power (KEPCO) 5Y +75

06/17 $500M *KKR Grp Finance WNG 10Y +170

06/17 $350M *Wisconsin Power and Light 10Y +95

- 

06/?? Chatter for next week -- Fiserv jumbo, could be >$10B

- 

$1.1B priced Thursday, $17.5B on week

06/06 $600M *Camden Property 10Y +107

06/06 $500M *IADB 3Y FRN L+3

-

$7.175B Priced Wednesday

06/05 $2.375B *Parker Hannifin $575M 5Y +85, $1B 10Y +117, $800M 30Y +145

06/05 $1.5B *TD Bank 5Y +80

06/05 $800M *PNC Bank2BC1 L+31

06/05 $750M *Morgan Stanley 3NC2 SOFR+83

06/05 $750M *WEA Finance 10Y +145

06/05 $500M *Swedish Export Credit 1.5Y FRN L+5

06/05 $500M *Allstate 30Y +125

-

$6.65B priced Tuesday

06/04 $2B *CDP Financial 2Y +19

06/04 $1.5B *John Deere Capital $500M 2Y +45, $400M 2Y FRN L+40, $600M 5Y +75

06/04 $1.2B *Duke Energy $600M 10Y +130, $600M 30Y +162

06/04 $1B *Santander Hldngs 5Y +163

06/04 $350M *Liberty Mutual Grp 30Y +190

06/04 $300M *Oklahoma Gas & Electric WNG +10Y +120

06/04 $300M *Federal Realty 10Y +110

-

$2.575B priced Monday

06/03 $750M *Public Service Enterprise Group (PSEG) WNG 5Y +103

06/03 $425M *Dayton Power & Light WNG 30Y +145

06/03 $1.4B *Home Depot $1B 10Y +93, $400M 30Y +120

-

No new issuance Friday, Only $5.2B priced on week

- 

$1.9B priced Thursday

05/30 $1.25B *BoNY Mellon 2NC1 FRN L+28

05/30 $350M *Southern California Gas WNG 30Y +130

05/30 $300M *Entergy Mississippi WNG 30Y +127

-

Only $300M priced Wednesday, $3.3B total for week

05/29 $300M GS Caltex 5Y +100

-

$3B Priced Tuesday

05/28 $2B *Mastercard $1B 10Y +70, $1B 30Y +95

05/28 $300M *Pennsylvania Electric Co 10Y +135

05/28 $400M *San Diego Gas & Electric Co 30Y +140 

05/28 $300M *Southwest Gas WNG 30Y +145

-

05/24 No new issuance Friday, $19.4B priced on week

-

05/23 No new issuance Thursday

- 

$1.1B priced Wednesday

05/22 $300M *Consumers Energy Co WNG Long 30Y +100

05/22 $300M *Life Storage LP 10Y +167

05/22 $500M *Telus 30Y +155

-

$10.1B priced Tuesday

05/21 $4B *World Bank long 3Y +2

05/21 $1.25B *US Bank NA $900M 3Y +48, +350M 3Y FRN L+44

05/21 $1.25B *Kommunivest 2Y +6

05/21 $1B *Tokyo Metro Gvt WNG 5Y +43

05/21 $1B *BP Capital Markets 1.5Y FRN L+25

05/21 $1B *Hong Kong SAR 5Y Green Bond +32.5

05/21 $600M *Piedmont Natural WNG 10Y +110

-

$8.2B priced Monday

05/20 $2.1B *Wells Fargo $1B 3NC2 FRN +62, $1.1B fix/FRN 3NC2 +68

05/20 $1.75B *Bank of America 2NC1 L+35

05/20 $1.3B *Oncor Electric Delivery $500M 5Y +55, $300M 10Y +78, $500M 30Y +100

05/20 $1B *Goldman Sachs 2NC1 FRN SOFR +60, upsized from $500M

05/20 $1B *Cargill $650M 10Y +90, $350M 30Y +112.5

05/20 $600M *Schwab WNG 10Y +87.5

05/20 $450M *Ohio Power 30Y +118

-

No new issuance Friday, $30.15B priced/wk

-

$8B Priced Thursday

05/16 $2B *Dow Chemical $500M 5Y +102, $750M 7Y +135, $750M 10Y +200

05/16 $2B *Standard Chartered 6NC5 +170a, 11NC10 +200a

05/16 $1.5B *Discovery Communications LLC 10Y +180a, 30Y +255a

05/16 $2.5B *JBIC 5Y +36

-

$10.5B priced Wednesday

05/15 $3B *American Express $1.25B 3Y +67, $900M 3Y FRN L+62, $850M 7Y +92

05/15 $3B *Citibank NA $1.5B 3NC2 +68, $1.5B 3NC2 FRN L+60

05/15 $3B *HSBC Holdings 11NC10 fix/FRN +160

05/15 $1.5B *Wells Fargo 2NC1 FRN +38

----  

$11.65B priced Tuesday, Waste Management 5-part lead

05/14 $4B *Waste Management 5-part $750M 5Y +75, $750M 7Y +90, $1B 10Y +105,

$500M 20Y +115, $1B 30Y +130

05/14 $2B *Caterpillar Fncl $750M 2Y +47, $750M 2Y FRN L+39, $500M 5Y +70

05/14 $2B *Suntrust Bank $1.35B 3Y +65, $650M 3Y FRN L+59

05/14 $1B *Fidelity National WNG 10Y +135

05/14 $750M *Avangrid 10Y +140

05/14 $400M *NSTAR Electric 10U +85

05/14 $1B *Nordic Investment Bank 5Y +6a

-

No new issuance Monday

-

No new issuance Friday, Quiet end after $51.6B priced on week

-

$3B Priced Thursday

05/09 $500M *O'Reilly Automotive WNG 10Y +145

05/09 $2.5B *Asia Infrastructure Inv Bank (AIIB) 5Y +6

-

$26.55B priced Wednesday ($48.6B/wk), IBM lion's share after $19B BMY Tue

05/08 $20B *IBM 8-part (est. $20-25B):

----  $1.5B 2Y +50, $1.5B 2Y FRN L+/-, 2.75B 3Y +60, $3B 5Y +80, 

----  $3B 7Y +95, $3.25B 10Y +105, $2B 20Y +130, $3B 30Y +145

05/08 $3B *EIB 5Y +6

05/08 $600M *Reinsurance Group 10Y +145

05/08 $400M *USAA Capital Corp WNG 2Y +37.5

05/08 $600M *Bell Canada 30Y +142, upsized from $500M

05/08 $1.5B *MGM China $750M 5NC2, $750M 7NC3

05/08 $450M *AvalonBay 10Y +82 Upsized from $350M

-

$19.5B priced Tuesday

05/07 $19B *Bristol-Myers 9-part (book was >$60B)

----  $750M 1.5Y +20, $1B 2Y +35, $1.5B 3Y fix +45, $500M 3Y FRN L+38, 

----  $3.25B 5Y +73, $2.25B 7Y +90, $4B 10Y +105, $2B 20Y +30, $3.75B 30Y +145

05/07 $500M *Principal Financial WNG 10Y +130

-

$2.55B priced Monday

05/06 $750M *Public Service Electric & Gas, $375M 10Y +75, $375M 30Y +95

05/06 $1.1B *American Water Capital Corp, 10Y +98, 30Y +128

05/06 $700M *Consolidated Edison +122

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

[TOPICS: MTABLE]