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Market News Topics
March 10, 2020 11:25 GMT
US$ High-Grade Credit Supply Pipeline - Mar 10, 2020
Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #
Nothing in the pipeline for Tuesday
-
Nothing priced Monday; issuance remains at $32.75B for month
-
No new issuance Friday; $31.75B priced on week, $32.75B for month
-
$8.15B priced Thursday,
03/05 $2.15B *Daimler Finance $1.25B 3Y +120, $450M each: 5Y +155, 10Y +175
03/05 $1.5B *Prudential Financial $500M each 6Y +90, 10Y +120, 20Y +145
03/05 $1.5B *Bank of Montreal 3Y FRN SOFR+68
03/05 $1.25B *Kommunalbanken 5Y +15
03/05 $700M *KeyBank 3Y +65
03/05 $550M *EBRD 3Y FRN SOFR+26
03/05 $500M *Martin Marietta 10Y +170
-
Surprise $18.2B priced Wednesday; $23.6B/wk
03/04 $4.25B *Truist Bank $1.25B 3Y +58, $500M 3Y FRN SOFR+73, $1.25B Each: 5Y
+78, 10Y +123
03/04 $3.5B *Cigna $1.1B 10Y +142, $750M 20Y +157, $1.25B 30Y +177
03/04 $3.5B *World Bank (IBRD) 5Y +10
03/04 $1.1B *So. California Edison $400M 10Y +125, $700M 30Y tap +170
03/04 $1B *John Deere Capital $500M each: 3Y +53, 7Y +88
03/04 $1B *Ebay $00M each 5Y +120, 10Y +170
03/04 $1B *Newmont Corp 10Y +135
03/04 $800M *JM Smucker %500M 10Y +140, $300M 30Y +195
03/04 $500M *Berkshire Hathaway WNG 10Y +87.5
03/04 $500M *Waste Connections, 30Y +150
03/04 $300M *Healthcare Realty WNG 10Y +145
03/04 $500M *Avery Dennison 10Y +170
03/04 $250M *L3Harris WNG 3Y +75
-
$5.4B priced Tuesday, McDonalds helped break near two week string of no corp
issuance
03/03 $2B *McDonalds Corp $500M 5Y +75, $750M each: 10Y +115, 30Y +160
03/03 $1B *Sherwin Williams $500M each 10Y +130, 30Y +170
03/03 $800M *American Electric Power WNG $400M each 10Y +130, 30Y +165
03/03 $500M *Canadian Pacific Railway 10Y +105
03/03 $350M *Entergy Louisiana 31Y +130
03/03 $750M *Texas Instruments 5Y +60
-
Only $1B priced this week, virus pandemic-induced mkt risk kept issuers
sidelined after whopping $107.5B for month
02/27 $1B *European Investment Bank (EIB) WNG 4Y SOFR+28
-
$1B priced Wednesday
02/26 $1B *Canada Pension Plan Investment Board (CPPIB) WNG 5Y +16
-
No new issuance Monday-Tuesday. Virus pandemic-induced mkt risk keeping many
issuers sidelined after whopping $106.5B for month so far. Lowering estimate for
week to under $20B
-
$500M priced Friday; Amgen, Otis jumbos made up near third $35.85B total last
week,
02/21 $500M *Grainger 5Y +60
-
$3.25B priced Thursday
02/20 $1.5B *PNC Bank $500M 3NC2 +35, $1B 3NC2 FRN +32.5
02/20 $1B *Council Of Europe Development Bank (COE) WNG 5Y +8
02/20 $750M *Citrix 10Y +185
-
$11.7B priced Wednesday
02/19 $5.3B #Otis Worldwide Corp jumbo: $500M 3NC1 +45, $1.3B 5Y +65, $500M 7Y
+80, $1.5B 10Y +100, $750M 20Y +110, $750M 30Y +135
02/19 $1.25B *BP Capital Markets AM 30Y +107
02/19 $1B *Tennessee Gas Pipeline 10Y +135
02/19 $1B *Halliburton 10Y +135
02/19 $750M *KLA Corp 30Y +130
02/19 $600M *Omnicon 10Y +92
02/19 $300M *FNB Corp 3Y +83
02/19 $1.5B *JP Morgan perp NC5 4.0%
-
Tuesday kicked off with whopping $20.4B high-grade issuance
02/18 $5B *Amgen 5-part: $500M 5Y +55, $750M 7Y +75, $1.25B@: 10Y +90, 20Y +117,
30Y +137
02/18 $3.75B *MUFG $2.6B 5Y +80, $1.15B 10Y +100
02/18 $2.35B *Mizuho Fncl $1.1B 4.25NC3.25 +63, $750M 6.25NC5.25 +83, $500M
11.25NC10.25 +103
02/18 $2B *Gazprom 10Y 3.25%
02/18 $1.75B *BNP Paribas Perp NC10 4.5%
02/18 $1.75B *FirstEnergy $300M 5Y +70, $600M 10Y +110, $850M 30Y +140
02/18 $1B *Commonwealth Edison, $350M 10Y +68, $650M 30Y +100
02/18 $1B *Republic Services $600M 10Y +78, 00M $30Y +108
02/18 $700M *National Retail $400M 10Y +98, $300M 30Y +120
02/18 $600M *Brookfield Finance 30Y +150
02/18 $500M *KKR Group Finance 30Y +165
-
$2B priced Friday, $37B/wk
02/14 $2B *Export Development Canada 3Y +5
-
$11.15B priced Thursday; just over $35B/wk
02/13 $9.25B *Carrier Global 6-tranche breakdown: $500M 3Y +50, $2B 5Y +80,
$1.25B 7Y +95, $2B 10Y +110, $1.5B 20Y +130, $2B 30Y +150
02/13 $750M *Bank of New Zealand 5Y +68
02/13 $750M *Carlisle 10Y +128
02/13 $400M *Amphenol WNG 5Y +65
Note on Carrier Global (5x oversubscribed!): jumbo issue not as large as
estimates ($15B) but still largest for year so far. Practical effect on market,
less than expected had specs scramble to cover shorts, adding to post 30Y
auction gap bid, while Tsy futures pared gains soon after. Also note, swap spds
narrowed across the curve on supply.
-
02/12 No new issuance Wednesday after near $24B total priced Mon-Tue
-
$11.675B priced Tuesday, near $24B/wk
02/11 $5B *Novartis Capital Corp $1B 5Y +37, $1.25B 7Y +50, $1.5B +10K +62,
$1.25B +30Y +80
02/11 $2.7B *HCA Inc. 10.5NCL 3.5% *Upsized from $1B
02/11 $1.25B *Post Holdings 10.25NC5 4.625%
02/11 $1.1B *DTE Electric $600M 10Y +68, $500M 30Y +90
02/11 $1B *Sysco WNG 10Y +85, 30Y +125
02/11 $300M *Oshkosh WNG 10Y +155
02/11 $325M *Duke Realty 30Y +112
-
$12.3B priced Monday
02/10 $5B *Bank of America $1.5B 6NC5 +65, $3.5B 11NC10 +95
02/10 $2.5B *Toyota Motor Cr $1.1B 1.5Y FRN L+12.5, $650M 5Y +45, $750M 10Y +65
02/10 $2.25B *Intel $750M 10Y +65, $500M 30Y +90, $1B 40Y +110
02/10 $750M *KDB 3Y FRN L+35, 5Y +45
02/10 $700M *AvalonBay 10Y +77
02/10 $600M *Valvoline 10NC5
02/10 $500M *Emirates NBD 5Y +125
-
No new issuance Friday, $33.57B/wk
-
$3.125B priced Thursday
02/06 $4B *Republic of Turkey $2B 5Y 4.45%, $2B 10Y 5.45%
02/06 $1.5B *ANZ New Zealand Int 3Y +48, 10Y +93
02/06 $925M *EBRD (Environmental Sustainability Bond) 5Y +7
02/06 $700M *Indian Railway Finance 30Y +160
-
$9.4B priced Wednesday, $26.45B/wk
02/05 $2B *Hyundai Capital America $1B 3Y +95, $500M each: 5Y +122.5, 7Y +147.5
02/05 $2B *Goldman Sachs 10Y +95
02/05 $1.5B *OKB (Oesterreichische Kontrollbank AG) 5Y +12
02/05 $1B *IBRD (World Bank) 2024 Tap SOFR+28
02/05 $1B *Nationwide Building Society 3Y +27
02/05 $500M *First Republic 4NC3 fix-FRN +48
02/05 $500M *Exp/Imp Bk of Korea (KEXIM) 5Y +47.5
02/05 $400M *Synovus Bank 3NC2 fix-FRN 85
02/05 $500M *Southwest Air WNG 10Y +103
-
$13.25B priced Tuesday; Large $6B Wells Fargo 2-part launched. Matches MS last
month for largest issuance of yr so far
02/04 $6B *Wells Fargo $3B each: 6NC5 +75, 11NC10 +98
02/04 $3B *EIB WNG 3Y +6
02/04 $1.25B *Santander UK PLC 3Y +28
02/04 $2.5B *Quebec 5Y +19
02/04 $500M *Essex Portfolio 12Y +110a
-
$4.8B priced Monday
02/03 $2.2B *Prologis LP $500M 7Y +70, $1B 10Y +80, $700M 30Y +105
02/03 $1B *Federation des Caisses Desjardins du Quebec (CCDJ) 5Y +73
02/03 $800M *KeyCorp +7Y +82
02/03 $500M *Discover Bank WNG 10Y +120
02/03 $300M *Citizens Financial 10Y +100
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]
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Close
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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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