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US$ High-Grade Credit Supply Pipeline - May 10, 2018 

Two $6B Launces: HSBC 3-part and GlaxoSmithKline 5-part
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
05/10 $400M *Southern California Fas WNG 30Y +100
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 $Benchmark ANZ 3Y fix +70a, 3Y FRN L equiv
-
$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
- 
No new supply Friday, $23.25B Priced On Wk
- 
$2.5B Priced Thursday
04/26 $2B *Capital One $1.25B 3Y +85, $750M 7Y +130
04/26 $500M *Turk Eximbank 6Y MS +330
-
$2.45B Priced Wednesday
04/25 $1B *Kommunalbanken 3Y MS+4
04/25 $1.45B *CNOOK Finance 2015 USA $450M 5Y +105, $1B 10Y +140
- 
$11.3B priced Tuesday
04/24 $3B *Royal Bank of Canada $1.5B 3Y fix +60/$1.5B 3Y FRN +39
04/24 $2.85B *US Bankcorp $1B 3Y fix +53, $1B 3Y FRN +32, $850M 10Y +95
04/24 $2.6B *Barcardi Ltd $750M 7Y +155, $800M 10Y +175, $350M 20Y +200, $700M
30Y +215
04/24 $950M *State Grid (Overseas Inv 2016 Ltd, CHGRID) 5Y +97.5, 10Y +130
04/24 $850M *Suntrust Banks 7Y +108
04/24 $650M *Aviation Capital Grp 5Y +115
04/24 $397.5M *Harvest Operations Corp 5Y +140
- 
$7B priced Monday
04/23 $3.5B *Citibank $2B 2Y fix +60, $1.5B 2Y FRN +32
04/23 $1.25B *Bank of NY Mellon $750M 5Y +70, $500M 10Y +90
04/23 $1B *Nucor $500M 10Y +100, $500M 30Y +150
04/23 $750M *Keycorp 10Y +115
04/23 $500M *BOC Aviation, 3Y FRN 3ML +105
- 
No new issuance Friday
$11.75B Priced Thursday, $47.2B on week
04/19 $3.75B *Morgan Stanley 2-part, 6NC5 +68, 21NC20 +135
04/19 $3.5B *JP Morgan Case Bank $2.2B 3NC2 fix-FRN +65, $1.3B 3NC2 3ML+34
04/19 $1B *Meiji Yasuda Life 30NC10 5.1%
04/19 $1.75B *EBRD 3Y NS -3
04/19 $1.75B *Rabobank $1B 3Y fix +65, $750M 3Y FRN +43
- 
$6.8B priced Wednesday
04/18 $1.5B *EIB 7Y +14
04/18 $5B *Goldman Sachs, $3.5B 11NC10 +135, $1.5B 21NC20 +135
04/18 $300M *Guardian Life 5Y +80a
- 
$16.6B priced Tuesday, $28.65B/week
04/17 $4.75B *Syngenta 6-parts, all fixed
      $750M 2Y+130, $750M 3Y+140, $1B 5Y+175, $750M 7Y+210, $1B 10Y+235, $500M
30Y+265
04/17 $3.8B *AXA Equitable Hldngs, $800M 5Y +125, $1.5B 10Y +155, $1.5B 30Y +200
04/17 $2B *Bank of Nova Scotia $1.3B 3Y +67, $700M 3Y FRN L+44
04/17 $1.5B *IDA 5Y Reg S/144a +7
04/17 $1.75B *Credit Agricole $1.25B 5Y +115, $500M 5Y FRN +102
04/17 $1B *JFM 5Y MS +44
04/17 $750M *Sumitomo Mitsui Banking FRN 2020 Tap 3ML +40
04/17 $500M *Cargill Inc, WNG 3Y +57
04/17 $550M *Fidelity & Guaranty Life 7NCL Sr Notes
-
$12.05B priced Monday, JPM 3-part and $2B Citigroup late in day
04/16 $4.5B *JPMorgan, $1.75B 6NC5 +88, $500m 6NC5 FRN +73, $2.25B 11NC10 +118
04/16 $2B *Citigroup Inc, 11NC10 Fxd-to-FRN IPT +125
04/16 $1.75B *Taqa $750M 7yr +160, $1B 12Y +205
04/16 $1.6B *Delta Air Lines 3Y +90, 5Y Fxd +115, 10Y +155
04/16 $1.2B *United Overseas Bank (UOB) $700M 3Y fix+72, $500M 3Y FRN +48
04/16 $1B *Hanwa Life 30NC5 at 4.7%
-
No new issuance so far Friday
- 
$16B priced Thursday, $12B Qatar crest early wk Saudi issuance 
04/12 $12B *State of Qatar $3B 5Y +135, $3B 10Y +170 and $6B 30Y +205
04/12 $4B *IADB 3Y Global MS-3 
- 
$2.5B Priced Wednesday
04/11 $2.5B *SRILAN (Democratic Socialist Rep of Sri Lanka) $1.25B each 5Y, 10Y
- 
$17.5B Priced Tuesday
04/10 $4.5b *Saudi Arabia 7Y +140
04/10 $3b *Saudi Arabia 12Y +175
04/10 $3.5b *Saudi Arabia 31Y +210
04/10 $2.25B *Bank of Montreal $1.5B 3Y +70, $750M 3Y FRN L +46
04/10 $2.25B *Toyota Motor Credit $1B 3Y +52, $750M 3Y FRN +28, $500M 7Y +70
04/10 $2B *Ontario Teachers' Finance Trust 3Y +15
- 
$4.075B Priced Monday
04/09 $3B *Banco Santander $1.25B 5Y Fxd +125, $500M 5Y FRN +112, $1.25B 10Y fix
+160
04/09 $500M *SK Telecom 5Y +117.5
04/09 $575M *Nevada Power Co 2Y +47
-
No new supply issued Friday, $20.875B total last wk
- 
$9.35B Priced Thursday
04/05 $2.5B *GM Financial, $500M 3Y FRN +85, $1B 3Y fix +112, $1B 7Y +160
04/05 $3.5B *BMW US Capital, $1.75B 3y Fxd/FRN, $1B 5y Fxd, $750M 10y
04/05 $2.5B *Salesforce, $1B 5Y +62.5, $1.5B 10Y +87.5
04/05 $350M *NWB Mining FRN 2019 Tap 3mL +1
04/05 $500M *BNG Mining 4Y FRN 3ML +7a
-
$2.05B priced Wednesday
04/04 $1.25B *Societe Generale PerpNC10 1.675%
04/04 $800M *Aegon 30NC10 Tier 2 Fixed to FRN 5.75%
-
$8.975B priced Tuesday
04/03 $6.05B *General Mills Inc., potential 8-tranche issuance:
      $600M 3Y Fxd +80, $850M 3Y FRN +54
      $850M Long 5Y Fxd +115, $400M 5Y FRN +101
      $800M 7Y +130
      $1.4B 10Y +145
      $500M 20Y +155
      $650M 30Y +170
04/03 $2.5B *Charter Communications $800M 20Y +245, $1.7B 30Y +275
04/03 $425M *Union Electric Co WNG 30Y FMB IPT +100
-
$500M Priced Monday
04/02 $500M *Securian Financial Group 30Y IPT +185
-
03/26 $500M *Allstate $500M, $250M 3Y FRN 3ML +43, $250M 5Y FRN 3ML +63
03/26 $500M *Dollar General Corp 10Y +130
03/26 $1.5B *ABB Finance $300M 2Y +55, $450M 5Y +75, $750M 10Y +95
03/26 $750M *Citizens Bank $500M 5Y +110, $250M 5Y FRN L+95
03/26 $600M *Centerpoint Energy Resources WNG 5Y +97, 10Y +117
03/26 $Benchmark KfW 3Y IPT MS +1A
03/26 $Benchmark Bell Canada Inc 30Y IPT +160A
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]
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