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Free AccessUS$ High-Grade Credit Supply Pipeline - May 3, 2018
Supply Slowly Builds Ahead Weekend
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
05/03 $550M *EBRD 4Y FRN 3ML +1a, launched late Wednesday
05/03 $1.2B Hershey 2Y +55-60a, 3Y +60-65a, 5Y +75a
05/03 $400M S&P Global 30Y +155a
05/03 $500M Florida Power & Light WNG 30Y +110a
05/03 $Benchmark Transcanada Pipelines, 10Y +140a, 20Y +170a, 30Y +185a
05/03 $Benchmark Republic Services 10Y +130a
Potential issuance this week:
* $Benchmark, United Technologies
* $Benchmark, Coca-Cola (KO)
* $Benchmark Qualcomm, history of large annual issuance
-
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
-
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]
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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.