US$ High-Grade Credit Supply Pipeline - May 19, 2020

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

05/19 $1.5B #Quebec 10Y +67

05/19 $1.5B #Kingdom of Belgium 10Y +36

05/19 $2B Rentenbank 5Y Global +21

05/19 $1.35B Royal Bank of Scotland Grp PLC (RBS) 4NC3 +245a, 8NC& +280a

05/19 $600M Arizona Public Service WNG 30Y +230a

05/19 $500M NWB (Nederlandse Waterschapsbank) WNG 10Y +43a

05/19 $Benchmark Abu Dhabi 5Y +140, 10Y +155, 30Y 3.30%

05/19 $Benchmark Five Corners Funding Trust 10Y +240a

05/19 $400M Kentucky Utilities 30Y +225a

05/20 $Benchmark AIIB (Asian infrastructure Inv Bank) 5Y +24a

05/?? $Benchmark HSH Portfoliomanagement investor calls

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$10.7B Priced Monday

05/18 $4B *Pfizer Inc $750M 5Y +55, $1B 10Y +100, $1B 20Y +115, $1.25B 30Y +130

05/18 $2.5B *Intercontinental Exch $1.25B each 10Y +145, 30Y +165

05/18 $1.5B *Equinor $750M each +5Y +145, 10Y +170

05/18 $750M *Alcon Finance 10Y +190

05/18 $750M *RELX Capital 10Y +235

05/18 $400M *Evergy Metro WNG 10Y +155

05/18 $400M *Piedmont Natural WNG 30Y +195

05/18 $400M *Duke Energy Ohio WNG 10Y +140

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$2.75B Priced Friday, $65.7B total for week

05/15 $1.6B *AES $900M 5Y +300, $700M 10Y +337.5

05/15 $1.15B *Lockheed $400M 10Y +125, $750M 30Y +155

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$11.7B Priced Thursday

05/14 $3B *Honeywell $1.25B 5Y +105, $1B 10Y +135, $750M 30Y +155

05/14 $1.75B *Ontario 7Y +65

05/14 $1.7B *Boston Scientific $500M 5Y +160, $1.2B 10Y +205

05/14 $1.5B *JFM (Japan Finance Org for Muni's) 5Y +69

05/14 $1B *NatWest 3Y +230

05/14 $1B *Bank of America WNG fix-FRN 4NC3 covid bond +130

05/14 $600M *PPG Industries $300M each 10Y +200a, 30Y +230

05/14 $650M *Puget Energy 10Y +350

05/14 $500M *Manulife Fncl WNG 7Y +200

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$14.7B priced Wednesday, United Health 5pt jumbo lead

05/13 $5B *United Health jumbo: $500M 5Y +100, $1.25B 10Y +145, $1B 20Y +160,

$1.25B 30Y +170, $1B 40Y +190

05/13 $2B *JBIC (Japan Bank for Int Cooperation) 3Y +43

05/13 $1.5B *Nordic Investment Bank 3Y +13

05/13 $1.25B *SNCF (Societe Nationale) 3Y +50

05/13 $1.2B *Entergy $600M each: 10Y +225, 30Y +250

05/13 $1B *Corteva Agriscience $500M each: 5Y +140, 10Y +170

05/13 $1B *Republic of Finland 10Y +30

05/13 $750M *Regions Financial 5Y +200

05/13 $500M *Duke Energy WNG 10Y +185

05/13 $500M *Alleghany Corp 10Y +300

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$14.95B priced Tuesday

05/12 $3B *CADES 3Y +24

05/12 $2.25B *Province of Alberta 5Y +65

05/12 $2B *Caterpillar $1.1B 2Y +82, $300M 2Y FRN +73.5, $600M 5Y +115

(Note, Caterpillar issued issued $2B total 2Y, 3Y and 5Y on Jan 9)

05/12 $1.75B *EBRD (European Bank for Reconstruction/Develop) 5Y +19

05/12 $1B *EIB (European Inv Bank) WNG 10Y +31

05/12 $1B *Williams Cos 10Y +287.5

05/12 $1B *Aon Corp 10Y +212.5

05/12 $900M *Exelon Generation 5Y +295

05/12 $750M *Xilinx 10Y +170

05/12 $500M *Amerisourcebergen WNG 10Y +215

05/12 $500M *Appalachian Power 30Y +235

05/12 $300M *Moody's WNG 30Y +195

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$21.6B Priced Monday, Walt Disney added to $6B jumbo on Mar 19

05/11 $11B *Walt Disney Co 6pt: $1.5B 5Y +145, $1B 7Y +170, $2.5B 10Y +195,

$1.75B 20Y +210, $2.75B 30Y +220 and $1.5B 40Y +240.

05/11 $4B *PayPal 4pt: $1B each 3Y +115, 5Y +130, 10Y +160, 30Y +185

05/11 $2B *Fiserv 7Y +175, 10Y +200

05/11 $1.5B *Nutrien $500M each 3Y +170, 10Y +225, 30Y +255

05/11 $1.5B *Becton Dickinson $750M each 10Y +210, 30Y +235

Under $1B issuers: $700M *ITC Holdings 10Y +225; $550M *Quest Diagnostics WNG

11Y +210; $350M *Southwestern Public Service 30Y +175

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$6.1B priced Friday, $107.1B/wk

05/08 $1.5B *US Bancorp 5Y +115

05/08 $1B *Ingredion $600M 10Y +225, $400M 30Y +260 

05/08 $800M *Lincoln National Bank $500M +10Y +275, $300M 30Y +300

05/08 $750M *Public Service Co of Colorado 10Y +125, 30Y +145

05/08 $600M *AvalonBay 10Y +182

05/08 $500M *GATX 10Y +335

05/08 $500M *Verisk WNG 30Y +230

05/08 $450M *First American 10Y +337.5

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$26.8B Priced Thursday, $101B for the week

05/07 $8B *Chevron $1.2B 3Y +95/$300M 3Y FRN L+90, $2.5B 5Y +125, $1B 7Y +150,

$1.5B 10Y +160, $500M 20Y +165, $1B 30Y +175

05/07 $4B *GM $1B 3Y +525, $2B 5Y +585, $1B 7Y +635

05/07 $4B *IBRD/World Bank 10Y +35

05/07 $2B *Discovery Inc $1B each 10Y +300, 30Y +335

05/07 $1.5B *Citigroup 4NC3 +150

05/07 $1B *HSBC Bank Canada 3Y +72

05/07 $1.25B *Zoetis $750M 10Y +145, $500M 30Y +175

05/07 $1.15B *Newcrest Finance 10Y +325a, 30Y +350a

05/07 $1B *Global Payments, 10Y +230

05/07 $900M *CAF 3Y +220

05/07 $700M *Federal Realty Inv Trust $300M 4Y +265, $400M 10Y +300

05/07 $500M *Vulcan Materials 10Y +290

05/07 $500M *Mohawk Ind 10Y +300

05/07 $300M *Owens Corning WNG 10Y +325

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Flood of 16 issuers place near $30B high-grade debt Wednesday

05/06 $4.5B *GE Cap $1.35B 5Y +310a, $1B 7Y +350, $1.4B 10Y +370, $750M 12Y +385

05/06 $4.1B *AIG $1.5B 5Y +215, $1.6B 10Y +270, $1B 30Y +300

05/06 $4B *VW Group $1.5B 2Y +275, $1B 3Y +290, $1B 5Y +300, $500M 10Y +305

05/06 $3B *Sinopec $1B 5Y +180, $1.5B 10Y +205, $500M 30Y 3.35%

05/06 $3B *JP Morgan 11NC10 +225

05/06 $2B *Qualcomm $1.2B 10Y +150, $800M 30Y +190

05/06 $2B *Capital One $1B 3Y +237, $1B 7Y +310

05/06 $1.25B *Swedish Export Credit 5Y +32

05/06 $1.2B *Transcontinental Gas $700M 10Y and $500M 30Y both +255

05/06 $1B *Tennessee Valley Authority WNG 5Y +43

05/06 Under $1B issuers: $600M *Realty Income +10Y +265; $600M *Colonial Ent 10Y

+255; $500M *Sun Hung Kai Prop 10Y +210; $500M *Magellan Midstream WNG 10Y +255;

$500M *Loews WNG 10Y +250; $375m *Public Service Elec&Gas 30Y +130

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$17.45b priced Tuesday ($42.6B/wk, $44.35B/mo)

05/05 $8B *Broadcom $1B 3Y +200, $2.25B 5Y +280, $2.75B 10Y +350, $2B 12Y +365

05/05 $2B *Nextera Energy Cap 10Y +160

05/05 $2B *Sabine Pass 10Y +387.5

05/05 $1.75B *Barclays Bank 2Y +155

05/05 $1.5B *CK Hutchison $750M 10Y +190, $750M 30Y +210

05/05 $1B *QNB (Qatar Ntl Bank) 5Y +225

05/05 $500M *Clorox Co 10Y +170a

05/05 $400M *Ryder +5Y +300

05/05 $300M *WR Berkley 30Y +270

Chatter: 05/?? HSBC Canada; Loews Corp; Rep of Chile

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$25.15B Priced Monday

05/04 $8.5B *Apple, $2B 3Y +60, $2.25B 5Y +80, $1.75B 10Y +110, $2.5B 30Y +145

05/04 $4B *Amgen, $1B 2Y +150, $1.25B 10Y +170, $750M 10Y +175, $1B 30Y +185

05/04 $3.5B *Kraft Heinz $1.35B 7NCL 3.875%, $1.35B 10.75NCL 4.25%, $800m 30NCL

5.5%

05/04 $3B *Starbucks 3pt $500M 2Y +115, $1.25B 10Y +195, $1.25B 30Y +225

05/04 $2B *Altria $750M 5Y +200, $750M 10Y +280, $500M 30Y +320

05/04 $1.25B *TIAA 30Y Surplus Note +200

05/04 $1B* America Movil 10Y +225

05/04 $750M *Marsh & McLennan 10Y +170

05/04 $650M *NY Life 3Y +87a

05/04 $500M *Whirlpool 30Y +340

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$1.75B priced Friday

05/01 $1.25B #Boston Properties 10Y +262.5

05/01 $500M #D.R. Horton 5Y +225

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

[TOPICS: MTABLE]