US$ High-Grade Credit Supply Pipeline - May 2, 2018

No new corporate supply on the docket yet

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

Potential issuance this week:

* $Benchmark, United Technologies

* $Benchmark, Coca-Cola (KO)

* $Benchmark Qualcomm, history of large annual issuance

-

$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

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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

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$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

-

No new corporate supply Friday

-

$6.2B priced Thursday

03/22 $750M *Abu Dhabi Commercial Bank PJSC ADCB 5Y MS +130

03/22 $1.5B *Baidu USD 5.5Y/10Y Bonds, IPT +140bp/+180bp

03/22 $1.3B *Assurant Inc. 3NC1 FRN, 5.5Y, 10Y, 30NC10 Sub

03/22 $1B *Prudential Financial; 10Y +105, 30Y +135

03/22 $600M *Mississippi Power 2y FRN L+75, 10Y +125A

03/22 $1.05B *Cequel Communications $1.05b 10NC5 Sr

- 

Small issuance Wednesday

03/21 $500M *Nordic Investment Bank Min. 2Y IPT MS -6

-

$13.85B Priced Tuesday, AB/INBEV lead

03/20 $10B *Annheuser-Busch INBEV, details:

  $1.5B 5Y fix +90, $500M 5Y FRN L+74, 

  $2.5B 10Y +125, $1.5B 20Y +135, 

  $2.5B 30Y +150 and $1.5B 40Y +165

03/20 $750M *Entergy Louisiana LLC 15Y IPT +115

03/20 $700M *Virginia Electric & Power Co 10Y IPT +95

03/20 $500M *MetLife PerpNC10 Pref IPT 5.875%

03/20 $1B *Kommunalbanken (KBN) 2Y; IPT MS -1

03/20 $400M *Ohio Power Co 30Y IPT +115a

-

$10.85B Priced Mon, HSBC late

03/19 $4B *HSBC Holdings USD AT1 $2.25B PerpNC5 6.25, $1.75 PerpNC10 6.50%

03/19 $500M *Connecticut Light & Power WNG 30Y FMB +93

03/19 $2.5B *AIG $750M 10Y +140, $1B 30Y +170, $750M 30NC10 Sub 5.75%a

03/19 $2.1B *Unilever Cap $400M 3Y, $550M 5Y, $350M 7Y, $800M 10Y

03/19 $1.75B *Macquarie Grp USD $1.25B 6NC5 fix/FRN, $500M 11NC10 +180

-

$4B Priced Friday, appr $25.9B/week

03/16 $4B *Russia $1.5B 11Y, $2.5B 2047 Tap

-

$1.8B Priced Thursday

03/15 $1.5B #Lloyds Banking Group Plc 10Y +160

03/15 $300M #AvalonBay Communities Inc 30Y +130

03/15 $Benchmark Nissan Motor Acceptance Corp. 3Y Fxd +85a, 3Y FRN L equiv, 5Y

+95-100

-

$3.5B Priced Wednesday

03/14 $2B *African Development Bank 3Y MS-1

03/14 $1.5B *McDonalds, $500M 5Y +75, $500M 10Y +100, $500M Tap of 4.45% +140

-

$3.47B Priced Tuesday

03/13 $3.25B *Asian Development Bank (ADB) 5Y +9

03/13 $220M *Idaho Power 30Y +110

-

$13.1B priced Monday

03/12 $5.3B *Campbell 7-tranche, details:

      $500M 2Y FRN L+50

      $350M 3Y fix, +90, $400M 3Y FRN L+63

      $1.2B 5Y +105, $850M 7Y +120, $1.2B 5Y +105, $1B 10Y +130, $700M 30Y +170,

03/12 $2.25B *Commonwealth Bank of Australia (CBA) 5Y fix and/or FRN, 10Y fix

03/12 $1.75B *Standard Chartered Plc $1.25B 6NC5 +125, $500M 15NC10 +200

03/12 $1.15B *Caterpillar $450M 3Y fix +50, $450M FRN L+23, $250M Tap of CAT

3.25 +78

03/12 $650M *Fifth Third Bancorp 10Y +110

03/12 $500M *Toyota Ind, $500M 5Y +60, $500M 10Y +70

03/12 $1.5B *Valeant Pharmaceuticals, 8NC4 Sr notes

-

No new supply issued Friday

-

$9.45B priced Thursday

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

03/08 $2.35B *Bank of America Perpnc 10 fix-FRN 5.875%

03/08 $1.5B *John Deere Capital $400M 3Y fix+48/+500M FRN +24/$600M 7Y +67

03/08 $1.25B *Province of Alberta Canada, 10Y +45

03/08 $1B *Transcontinental Gas Pipeline $400M 10Y +120, $600M 30Y +150

03/08 $1B *Export Dvlp Canada 5Y +10

03/08 $1B *Sysco $500M 7Y +85, $500M 30Y +135

03/08 $500M *Kommunalbanken FRN 3/2021 Tap L+4

03/08 $550M *Edison Int 10Y +128

03/08 $300M *Apollo Management hldngs WNG 30Y +200a

-

$2.05B Priced Wednesday

03/07 $1.25B *Swedish Export Credit 5Y +18

03/07 $800M *Hyundai Capital Am, $550m 3Y fix, $250M 3Y FRN

-

$41.5B total priced Tuesday

03/06 $40B *CVS 9-tranche details

* $1B 2yr FRN L+63

* $2B 2yr +90

* $1B 3yr FRN L+72

* $3B 3yr +95

* $6B 5yr +125

* $5B 7yr +145

* $9B 10yr +160

* $5B 20yr +180

* $8B 30yr +195

03/06 $1.5B *Oesterreichische Kontrollbank AG (OKB) 5Y +15

-

$2B Priced Monday

03/05 $1B *Korea Development Bank (KDB) $500M 3Y FRN L+55, 5Y fix +85

03/05 $1B *Tennessee Valley Auth, 2Y WNG +11

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

[TOPICS: MTABLE]