US$ High-Grade Credit Supply Pipeline - Mar 20, 2020

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

03/20 $8B #Intel 6-pt: $1.5B 5Y +290, $1B 7Y +295, $1.5B 10Y +295, $750M 20Y

+295, $2.25B 30Y +310, $1B 40Y from +340

03/20 $5B #Coca-Cola 5-pt: $1B 5Y +245, $1B 7Y +255, $1.25B 10Y +250M, $500M 20Y

+250, $1.25B 30Y +260

03/20 $1.25B #Berkshire Hathaway Energy Co 5Y +380a

03/20 $1.1B *Schwab $600M 5Y +370, $500M 10Y +370

03/20 $700M #Moody's 5Y +325

03/20 $350M Appalachian Power 10Y +337.5a

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Unexpectedly large $18.55B issuance Thu ($45.39B/wk)

03/19 $6B *Walt Disney Co: $1.75B 5Y +270, $500M 7Y +270, $1.25B 10Y +270, $750M

20Y +275 and $1.75B 30Y +285

03/19 $3.5B *UPS: $1B 5Y +325, $750M 10Y +335, $500M 20Y +335, $1.25B 30Y +345

03/19 $2.5B *JP Morgan Chase 11NC10 +340

03/19 $2.25B *Northrop Grumman $750M 10Y +330, $500M 20Y +330, $1B 30Y +340

03/19 $2B *Morgan Stanley 31NC30 +375

03/19 $1.3B *Citigroup 21NC20 +350

03/19 $1B *Metlife Inc 10Y +350

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03/18 No new supply Wednesday

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03/17 Exxon and Pepsi jumbos comprised most than half Tue's whopping $26.84B

issuance; GS snuck in late w/$2.5B 10Y, BoA priced late. 

03/17 $8.5 *Exxon Mobil Corp $1.5B 5Y +225, $1B 7Y +230, $2B 10Y +240, $1.25B

20Y +250, $2.75B 30Y +260

03/17 $6.5B *PepsiCo $1.5B 5Y +160, $500M 7Y +180, $1.5B 10Y +180, $750M 20Y

+190, $1.5B 30Y +200, $750M 40Y +230

03/17 $3.5B *Verizon $750M 7Y +215, $1.5B 10Y +225, $1.25B 30Y +250

03/17 $3B *Bank of America 31NC30 fix/FRN +260

03/17 $2.5B *Goldman Sachs 10Y +300

03/17 $1B *Progressive $500M 10Y +225, $00M 30Y +245 

03/17 $800M *Oncor Electric Delivery $400M each 10Y +175, 30Y +205

03/17 $465M *Union Electric WNG 10Y +220

03/17 $575M *Consumers Energy 31Y +200 *upsized

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03/16-03/12 No new issuance since Wednesday; Scant $6.2B priced on week ($38.95B

on month)

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03/11 $1B *International Finance Corp (IFC) WNG 3Y +13

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$5.2B priced Tuesday, first of week

03/10 $2.25B *JP Morgan 6NC5 +145

03/10 $1.75B *Starbucks $500M 7Y +140, $750M 10Y +165, $500M 30Y +225

03/10 $550M *Duke Energy Indiana WNG 30Y +165

03/10 $650M *Textron 10Y +237.5

Canadian issuance

03/10 C$1.75B *Bank of Nova Scotia 3Y tap +127

03/10 C$1.75B *TD 30Y +145

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Nothing priced Monday; issuance remains at $32.75B for month

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No new issuance Friday; $31.75B priced on week, $32.75B for month

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$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

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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

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$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

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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

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$1B priced Wednesday

02/26 $1B *Canada Pension Plan Investment Board (CPPIB) WNG 5Y +16

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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

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$500M priced Friday; Amgen, Otis jumbos made up near third $35.85B total last

week, 

02/21 $500M *Grainger 5Y +60

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$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

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$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%

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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

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$2B priced Friday, $37B/wk

02/14 $2B *Export Development Canada 3Y +5

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$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.

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02/12 No new issuance Wednesday after near $24B total priced Mon-Tue

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$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

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$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

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No new issuance Friday, $33.57B/wk

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$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

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$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

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$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

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$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]