US$ High-Grade Credit Supply Pipeline - June 18, 2018

$24.8B priced last week, jumbo Bayer AG multi tranche on tap this week

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

This week: German based multi-national pharma Bayer AG is looking looking to

issue $15-20B in 3- to 30Y US$ denominated debt to "simplify its capital

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

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

supply between 4- and 12Y tranches in the near term.

- 

No 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

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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

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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

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$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

- 

$13B Priced Tuesday:

06/05 $6B *Union Pacific 7-part:

      $600M 3Y +60, $ 650M 5Y +75, $500M 7Y +87, $1.5B 10Y +105, 

      $750M 20Y +130, $1.5B 30Y +142, $500M 40Y +172

06/05 $750M *PNC 5Y +77

063/05 $600M *AerCap Ireland apital 5Y +142

06/05 $1.75B *Danske Bank 5.25Y fix & FRN, 10Y 

06/05 $650M *Citigroup 8NC7 FRN 3ML +125

06/05 $3.25B *Toronto-Dominion $900M 2Y fix +55, $500M 2Y FRN +28, $1.85B 3Y fix

and FRN

-

$10.15B Priced Monday, $3B Kraft Heinz lead

06/04 $3B Kraft Heinz Foods 3Y +75, 5Y +125, long 10Y +175

06/04 $1.35B *John Deere Capital, $750M 19M FRN, $300M each 5Y fix/5Y FRN

06/04 $1.3B *Hyundai Capital America 3Y fix, 3Y FRN, 5Y fix

06/04 $1B *Goldman Sachs 2Y +70

06/04 $750M *DBS Group Holdings 10.5NC5.5 +173

06/04 $600M *WEC Energy 3Y +75

06/04 $350M *Tampa Electric WNG 30Y, +125

06/04 $700M *PSEG Power 5Y +108

06/04 $600M Puget Sound Energy 30Y +113

06/04 $500M *CDK Global 8NC3 5.875%

-

$500M priced Friday, $2.95B on week

06/01 $200M *Texas Instruments Tap 2048 4.15% +93

06/01 $300M *Moodys 3Y +70

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No new issuance Thursday

-

$2.45B priced Wednesday

05/30 $1.8b *L3 Technologies $800M 5Y +122, $1B 10Y +157

05/30 $650M *Southern California $300M 5Y +75, $350M Tap EIX 4.125% +135

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No issuance Tuesday

-

No new issuance on Fri's shortened/pre-holiday session, $22B priced on week

-

$2.5B priced Thursday, 

05/24 $1B *Yara Int 10Y +180

05/24 $600M *Hunt Oil WNG 10Y 6-5-6.25%a

05/23 $500M *Tokyo Metropolitan Govt WNG 5Y +42

05/24 $400M *Graham Holdings 8NC3 5.75%

- 

$16.6B priced Wednesday

05/23 $11.5B *Vodafone Grp 6-tranche launched:

      $2B long 5Y fix +110, $1B long 5Y FRN +99, $1.5B 7Y +135, 

      $3B 10Y +155, $1B 20Y +200, $3B 30Y +215

05/23 $1B *Equifax (upsized from $600M) $300M 3Y fix +105, $300M FRN +87, $400M

5Y +135

05/23 $850M *Harris Corp 10Y +140

05/23 $1.75B *Santander UK PLC, $1B 3Y fix +80, $750M 3Y FRN +62

05/23 $1.5B *Export-Import Bank of Korea $800M 3Y FRN +57.5, $700M 5Y FRN +77.5

- 

$2.3B priced Tuesday

05/22 $1B *US Bank NA $500M 3NC2 fix/FRN +60, $500M 3NC2 FRN +29

05/22 $1.3B *Spirit Aero 3-part, $300M WNC 3NC1 FRN +80, 5Y +105, 10Y +155

- 

Only $600M priced Monday

05/21 $300M *Unum Group 40NC5 6.25%

05/21 $300M *Citizens Financial PerpNC5 fix/FRN 6.00%

- 

No new issuance Friday after $35.05B priced on week

- 

$5.75B priced Thursday

05/17 $2.5B *Svenska $1.25B 3Y fix +65, 1.25B 3Y FRN +47

05/17 $1.95B *Schwab $600M 3Y fix +50, $600M 3Y FRN L+32, $750M 7Y +80

05/17 $750m *Valero Energy 10Y +125

05/17 $500M *Province of New Brunswick 10Y +50

- 

Only $1.8B priced Wednesday

05/16 $1B *Kommunivest 3Y +6

05/16 $800M *Harley-Davidson Fncl $450M 2Y FRN +50, $350M 3Y +80

- 

$9.725B priced Tuesday

05/15 $2.6B *Citigroup $1.25B 6NC5 fix/FRN +112.5, $1B 6NC5 FRN, $350M Tap of C

4.450% 2027

05/15 $2B Diego $500M each 2Y fix +45, 2Y FRN +24, 5Y +63, 10Y +85

05/15 $2B *Republic of South Africa $1.4B 12Y, $600M 30Y

05/15 $1.75B *RBS 11NC10 fix/FRN +182

05/15 $1B *Swedish Export Credit 3Y +9

05/15 $375M *Avista WNG 30Y +115 (upsized from $350M)

- 

$17.83B Priced Monday

05/14 $8B *Maple Escrow Sub (Keurig Dr Pepper) 6-part

      $1.75B 3Y +85, $2B 5Y +120, $1B 7Y +145, $2B 10Y +160, $500M 20Y +185,

$750M 30Y +195

05/14 $2.25B *Bank of America 4NC3 fix/FRN +80

05/14 $2B *American Express $1.2B 3Y +68, $800M 3Y FRN +52.5

05/14 $1.5B *Goldman Sachs 8NC7 FRN, L+117

05/14 $1B *Fidelity Ntnl WNG $400M 10Y +130, $600M 30Y +175

05/14 $800M *Great-West Lifeco Finance $300M 10Y +105, $500M 30Y +145

05/14 $500M *Canadian Pacific Railway WNG 10Y +102

05/14 $500M *AEP Texas 10Y +100

05/14 $430M *Ameren Illinois WNG 10Y +82

05/14 $400M *San Diego Gas & Electric 30Y +105

05/14 $Benchmark Swedish Export Credit 3Y +12a

05/14 $500M Alcoa 10NC5 

-

No new corporate issuance Friday, surprisingly decent $41.98B on week

- 

$13.65B priced Thursday, surprisingly decent $41.98B on week

05/10 $6B *HSBC $2B 3NC2 FRN +60, $2B 6NC5 +112, $2B 6NC5 +100

05/10 $6B *GlaxoSmithKline 5-part:

      $1.25B 3Y fix +55 $750M 3Y FRN +35, 

      $1.25B 5Y +65, $1B 7Y +80, $1.75B 10Y +90

05/10 $1.25B *ANZ $500M 3Y fix +65, $750M 3Y FRN L+46

05/10 $400M *Southern California Fas WNG 30Y +100

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$8.3B priced Wednesday

05/09 $4.5B *Barclays $1.25B 6NC5 fix/FRN +150, $1.5B 6NC5 +135, $1.75B 11NC10

fix/FRN +197

05/09 $2B *Caterpillar 4-part: 

      $650M 2Y fix +43, $600M 2Y FRN +18, 

      $500M 5Y fix +63, %250M 5Y FRN +51

05/09 $1.8B *Centene Corp 8NC3 sr notes

- 

$15.28B Priced Tuesday

05/08 $1.78B *Verizon 7Y FRN +110

05/08 $7.5B *General Dynamics 7-part: 

      $2B 2Y fix +55, $500M 2Y FRN +29, $2B 3Y fix +60, %00M 3Y FRN +38

      $750M 5Y +65, $750M 7Y +77, $1B 10Y +85

05/08 $3B *Westpac Banking $750M 2Y fix +55, $500M 2Y FRN +28, $1B 5Y fix +85,

$750M Y FRN +72

05/08 $1.75B *Skandinaviska Enskilda Banken AB (SEB), $650M 3Y fix +65, $1.1B 3Y

FRN +43

05/08 $1.25B *Huntington, $750M 3Y fix +68, $500M 7Y +112.5

-

$4.75B priced Monday

05/07 $1.2B *Bank of America PerpNC5 6%

05/07 $1B *Kellogg $400M 3Y +65, $600M 10Y +140

05/07 $1B *Consolidated Edison $300M 10Y +85, $700M 40Y +140

05/07 $500M *Amcor Finance 10Y +158

05/07 $500M *Clorox 10Y +97

05/07 $550M *PACCAR Financial $300M 3Y fix +48, $250M 3Y FRN +26

-

Potential upcoming issuance:

* $Benchmark, United Technologies

* $Benchmark, Coca-Cola (KO)

* $Benchmark Qualcomm, history of large annual issuance

- 

No new issuance Friday, $18.55B priced on week

- 

Near $6B priced Thursday

05/03 $2.5B *Transcanada Pipelines $1B 10Y +135, $500M 20Y +165, $1B 30Y +180

05/03 $1.2B *Hershey $350M 2Y +45, $ 350M 3Y +50, $500M 5Y +60

05/03 $800M *Republic Services 10Y +118

05/03 $500M *Florida Power & Light WNG 30Y +100

05/03 $400M *S&P Global 30Y +145

05/03 $550M *EBRD 4Y FRN 3ML +1a, launched late Wednesday

- 

No high-grade supply priced Wednesday

-

$4.9B Priced Tuesday, mostly Lloyds 3Y fix/FRN, 7Y fix

05/01 $3.75B *Lloyds, $1.25B 3Y fix +70, $1B 3Y FRN L+49, $1.5B 7Y fix +153

05/01 $550M *Consumer Energy Co 30Y +97

05/01 $600M *American Builders & Contractors 8NC3 Sr notes, downsized from $800M

- 

$7.65B priced Monday

04/30 $4B *Daimler Finance NA, 7-part:

  $500M 2Y fix +65, $500M 2Y FRN +39, $1B 3Y fix +77, $700M 3Y FRN +55, 

  $600M 5Y fix +95, $400M 5Y FRN +84, $300M 10Y tap +105

04/30 $1.5B *Ford Motor Credit $900M 5Y fix +135, $600M FRN +123.5

04/30 $1.3B *Texas Instruments Inc, 30Y +107

04/30 $525M *DTE Electric Co WNG 30Y +97

04/30 $350M *Indiana Michigan Power 10Y +95

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

[TOPICS: MTABLE]