Free Trial

US$ High-Grade Credit Supply Pipeline - May 24, 2018

Slow build Thursday
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
05/24 $600M Hunt Oil WNG 10Y 6-5-6.25%a
05/24 $400M Graham Holdings 8NC3 5.75%a
05/24 $Benchmark Yara Int 10Y +195a
- 
$16.6B priced Wednesday
05/23 $11.5B *Vodafone Grp 6-tranche launched:
      $2B long 5Y fix +110, $1B long 5Y FRN +99, $1.5B 7Y +135, 
      $3B 10Y +155, $1B 20Y +200, $3B 30Y +215
05/23 $1B *Equifax (upsized from $600M) $300M 3Y fix +105, $300M FRN +87, $400M
5Y +135
05/23 $850M *Harris Corp 10Y +140
05/23 $1.75B *Santander UK PLC, $1B 3Y fix +80, $750M 3Y FRN +62
05/23 $1.5B *Export-Import Bank of Korea $800M 3Y FRN +57.5, $700M 5Y FRN +77.5
05/23 $500M Tokyo Metropolitan Govt WNG 5Y +45a
- 
$2.3B priced Tuesday
05/22 $1B *US Bank NA $500M 3NC2 fix/FRN +60, $500M 3NC2 FRN +29
05/22 $1.3B *Spirit Aero 3-part, $300M WNC 3NC1 FRN +80, 5Y +105, 10Y +155
- 
Only $600M priced Monday
05/21 $300M *Unum Group 40NC5 6.25%
05/21 $300M *Citizens Financial PerpNC5 fix/FRN 6.00%
- 
No new issuance Friday after $35.05B priced on week
- 
$5.75B priced Thursday
05/17 $2.5B *Svenska $1.25B 3Y fix +65, 1.25B 3Y FRN +47
05/17 $1.95B *Schwab $600M 3Y fix +50, $600M 3Y FRN L+32, $750M 7Y +80
05/17 $750m *Valero Energy 10Y +125
05/17 $500M *Province of New Brunswick 10Y +50
- 
Only $1.8B priced Wednesday
05/16 $1B *Kommunivest 3Y +6
05/16 $800M *Harley-Davidson Fncl $450M 2Y FRN +50, $350M 3Y +80
- 
$9.725B priced Tuesday
05/15 $2.6B *Citigroup $1.25B 6NC5 fix/FRN +112.5, $1B 6NC5 FRN, $350M Tap of C
4.450% 2027
05/15 $2B Diego $500M each 2Y fix +45, 2Y FRN +24, 5Y +63, 10Y +85
05/15 $2B *Republic of South Africa $1.4B 12Y, $600M 30Y
05/15 $1.75B *RBS 11NC10 fix/FRN +182
05/15 $1B *Swedish Export Credit 3Y +9
05/15 $375M *Avista WNG 30Y +115 (upsized from $350M)
- 
$17.83B Priced Monday
05/14 $8B *Maple Escrow Sub (Keurig Dr Pepper) 6-part
      $1.75B 3Y +85, $2B 5Y +120, $1B 7Y +145, $2B 10Y +160, $500M 20Y +185,
$750M 30Y +195
05/14 $2.25B *Bank of America 4NC3 fix/FRN +80
05/14 $2B *American Express $1.2B 3Y +68, $800M 3Y FRN +52.5
05/14 $1.5B *Goldman Sachs 8NC7 FRN, L+117
05/14 $1B *Fidelity Ntnl WNG $400M 10Y +130, $600M 30Y +175
05/14 $800M *Great-West Lifeco Finance $300M 10Y +105, $500M 30Y +145
05/14 $500M *Canadian Pacific Railway WNG 10Y +102
05/14 $500M *AEP Texas 10Y +100
05/14 $430M *Ameren Illinois WNG 10Y +82
05/14 $400M *San Diego Gas & Electric 30Y +105
05/14 $Benchmark Swedish Export Credit 3Y +12a
05/14 $500M Alcoa 10NC5 
-
No new corporate issuance Friday, surprisingly decent $41.98B on week
- 
$13.65B priced Thursday, surprisingly decent $41.98B on week
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 $1.25B *ANZ $500M 3Y fix +65, $750M 3Y FRN L+46
05/10 $400M *Southern California Fas WNG 30Y +100
-
$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
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

To read the full story

Close

Why MNI

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.
}); window.REBELMOUSE_ACTIVE_TASKS_QUEUE.push(function(){ window.dataLayer.push({ 'event' : 'logedout', 'loggedOut' : 'loggedOut' }); });