US$ High-Grade Credit Supply Pipeline - June 22, 2020

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

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

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

06/22 $700M Femsa 30Y +195

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

06/22 $Benchmark Canadian Natural Resources 5Y +205a, 10Y +255a

On tap for Tuesday

06/23 $1B MiniFin WNG 3Y+19a

Later in the week:

06/?? American Airlines to issue $1.5B 5Y junk, chatter United may follow

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

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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

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$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

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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 

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$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

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$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

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

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$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

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$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

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$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

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

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$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

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$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

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$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

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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

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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]