US$ High-Grade Credit Supply Pipeline - Nov 21, 2019

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

11/21 $1.5B #Deutsche Bank 6NC5 +235

11/21 $750M #National Bank of Kuwait Perp non-call 6Y 4.5%

11/21 $900M *Duke Energy Florida $200M 2Y L+25, $700M 10Y Green +73

11/21 $500M *Las Vegas Sands WNG +5Y +130

11/21 $7B Centene Corp 5Y, 8Y, 10Y

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$4.75B priced Wednesday, $17.45B/wk

11/20 $3B *Diamondback $1B 5Y +130, $800M 7Y +160, $1.2B 10Y +180

11/20 $1.2B *CyrusOne $600M 5Y +135, $600M 10Y +175

11/20 $550M *Virginia Electric and Power WNG 30Y +110

Canadian issuance:

11/20 C$750M *Ontario 2025 Green Bond +41 

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$3.5B priced Tuesday, $12.7B/wk

11/19 $1.8B *Estee Lauder $500M 5Y +50, $650M 10Y +70, $650M 30Y +93

11/19 $1.1B *S&P Global $500M 10Y +73, $1B 30Y +103

11/19 $600M *Vereit 10Y +145

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$9.2B priced Monday

11/18 $2.75B *Intel $1.25B 10Y +65, $1.5B 30Y +95

11/18 $1.5B *Banque Federative du Credit Mutuel SA (BFCM) $1B 3Y +63, $500M 5Y

+83

11/18 $1.5B *Dominion Energy $600m 5Y +88, $600m 10Y +123, $300m 30Y +160

11/18 $1.05B *Labcorp $400M $5Y +72, $650M 10Y +117

11/18 $900M *Packaging Corp $500M 10Y +120, $400M 30Y +180

11/18 $600M *American Honda Finance 2.5Y +37

11/18 $500M *Western Union 5Y +125

11/18 $300M *Mid-America Apartments WNG +10Y +97

11/18 $300M *Arizona Public Service +120

11/18 $300M *Ameren Illinois WNG 30 +98

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$750M Priced Friday; $48.625B on week 

11/15 $750M *Equifax 5Y +100

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$5.25B Priced Thursday, $47.875B on week ($73.375B/month)

11/14 $1.5B *Corning $400M 30Y +160, $1.1B 60Y +315

11/14 $1.5B *ANZ $1B 3Y +48, $500M 3Y FRN L+49

11/14 $1B *Nationwide Financial Services, 30Y +162

11/14 $850M *Kansas City Southern $425M 10Y +107, $425M 50Y +192

11/14 $400M *Principal Life 5Y +65

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$9.375B priced Wednesday; $42.625B/wk

11/13 $2.375B *Hasbro $300M 3Y +95, $500M 5Y +135, $675M 7Y +180, $900M 10Y +205

11/13 $2B *Enbridge Inc. $500M 5Y +85, $1B 10Y +125, $500M 30Y +170

11/13 $2B *Egypt $500M 4Y 4.55%, $1B +12Y 7.05%, $500M 40Y 8.15%

11/13 $1B *Kommunivest WNG +3Y +11

11/13 $1B *Equinor 30Y +97

11/13 $500M *Aon Corp 3Y +55

11/13 $400M *L3Harris WNG 10Y +105

11/13 $400M *Choice Hotels 10Y +190

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$30B AbbVie jumbo 10-part priced late Tuesday, 4th largest on record.

11/12 $30B *AbbVie 10-tranche: $750M 1.5Y FRN 3ML +35, $1.75B 2Y +50, $750M 2Y

FRN L+46, $3B 3Y +65, $750M 3Y FRN L+65, $3.75B 5Y +90, $4B 7Y +115, $5.5B 10Y

+130, $4B 20Y +170, $5.75B 30Y +190. 

11/12 $2B *BNP Paribas 6NC5 +110

11/12 $1.25B *Westpac 5.25Y +63

*** Historical context for AbbVie mega-issue if they actually issues $45B in

debt across 10 tranches. Would make it third largest high-grade issuer on

record:

* 8/11/13 $49B Verizon

* 1/13/16 $46B AB InBev

* 9/04/18 $40B CVS over 9 tranches

The three next largest issuers:

* 8/31/18 $22B Cigna

* 4/30/13 $17B Apple

* 6/20/18 $16B Walmart

* 6/18/18 $15B Bayer

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11/08 $750M JP Morgan 10Y R/O +100; $25.5B/wk

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11/07 Nothing priced Thursday 

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$7.2B priced Wednesday; $24.7B/wk

11/06 $2.8B *Equinix $1B 5Y +100, $600M 7Y +120, $1.2B 10Y +140

11/06 $1.5B *Cheniere Corpus 10Y +190

11/06 $1.25B *Swedish Export Credit 3Y +13

11/06 $750M *Healthpeak Properties +10Y +123

11/06 $400M *Ryder WNG 7Y +118

11/06 $500M *Athene Global Funding 7Y +125

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$4.75B Priced Tuesday; $17.575B/wk

11/05 $2.25B *Province of Alberta 5Y +29

11/05 $1.5B *British Telecom $1B 10Y +150, $500M 30Y +192

11/05 $600M *Consolidated Edison 40Y +145

11/05 $400M *Duke Realty 10Y green bond +102

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$12.825B priced Monday

11/04 $4B *Shell $1.25B 5Y +47, $1.5B 10Y +68, $1.25B 30Y +95

11/04 $2B *Sinopec $700M 5Y +93, $1B 10Y +122.5, $300M 30Y

11/04 $2B *Brazil $500M 10Y +203, $1.5B 30Y +265

11/04 $2B *Credit Suisse WNG 2Y +52

11/04 $1B *Excel Energy Inc $500M 10Y +90, $500M 30Y +125

11/04 $525M *Baker Hughes WNG 10Y +135

11/04 $500M *Caterpillar WNG 5Y +57

11/04 $500M *Posco 3Y +97.5

11/04 $300M *Commonwealth Edison WNG 30Y +97

Canadian issuance

11/04 *C$500M GM Financial 4Y +170a

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11/01 Nothing in pipeline for Friday; $100B est for month of November

-

$2.65B priced Thursday; $26.65B/wk, $101B/month of Oct

10/31 $2B *HSBC 6NC5 fix/FRN +112

10/31 $350M *Private Export Funding (PEFCO) 5Y +25

10/31 $300M *PACCAR Financial WNG +3Y +38

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10/29 No new issuance early Wed; $24B total/wk ($98.3B/month)

-

Unexpected $15.95 total issuance Tue pushed wk total to $24B ($98.3B/month)

10/29 $4.75B *Comcast $1.6B 10Y +83, $1.35B 20Y +93, $1.8B 30Y +113

10/29 $4B *Danaher $700M 3Y +40, $700M 5Y +55, $800B 10Y +85, $900M 20Y +100,

$900M 30Y +115

10/29 $3.5B *Mamoura $1B 5Y +95, $1B 10Y +125, $1.5B 30Y +175

10/29 $1.5B *State Street $1B 6NC5 fix/FRN +70, $500M 10NC10 +120

10/29 $750M *Royal Bank of Scotland 10NC2 +210

10/29 $800M *DTE Energy 3Y +70, 10Y +120

10/29 $650M *PNC 5Y Green bond +55

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$8.05B priced Monday ($74.3B running total for October)

10/28 $4.25B *Citigroup $1.5B 3NC2 fix/FRN +67, $500M 3NC2 FRN, $2.25B 11NC10

+113

10/28 $1.5B *Hyundai Capital $800M 3Y +120, $700M 7Y +175

10/28 $1B *Hershey Co $300M 5Y +40, $300M 10Y +60, $400M 30Y +80

10/28 $1B *Rogers Communications Inc 30Y +142

10/28 $300M *Dover Corporation 10Y +115

Canadian supply

10/28 C$2.5B *Royal Bank of Canada 5Y +98

-

10/25 No new issuance Friday; $15.35B/wk

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$7.8B Priced Thursday

10/24 $6.5B *Wells Fargo $3B 6NC5 fix/FRN +82, $3.5B 11NC10 fix/FRN +112

10/24 $800M *Norfolk Southern Corp $400M 10Y +83, $400M 30Y +120

10/24 $500M *Zions Bancorp 10Y +153

Canadian issuance:

10/24 C$450M *CN Rail 30Y +145

10/24 C$385M *Laurentian Bank NHA MBS +51

-

$1.05B priced Wednesday, $7.55B/wk

10/23 $750M *Fifth Third +5Y +80

10/23 $300M *Reliance Standard Life 5Y +95

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$3.5B priced Tuesday, $6.5B/wk

10/22 $2.5B *Saudi Arabia 10Y Sukuk +127

10/22 $1B *CPPIB (Canada Pension Plan Investment Board) WNG 10Y +38

Canadian issuance

10/22 C$200M *Translink 300Y +102

-

$3B priced Monday

10/21 $1.5B *RBC (Royal Bank of Canada) 5Y +70

10/21 $1.5B *Delta Air Lines $900M 5Y +137.5, $600M 10Y +200

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10/18 No new issuance Friday; $12.6B priced on week

-

$6.75B priced Thursday, $12.6B/wk

10/17 $4B *Bank of America $2B 6NC5 +88, $2B 11NC10 +113

10/17 $750M *LeasePlan 5Y +135

10/17 $750M *Bank of NY Mellon 5Y +60a

10/17 $750M *PNC Bank 10Y +100

10/17 $500M *FMO (Development Bank of the Netherlands) 5Y +20

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$4.1B priced Wednesday, $5.85B/wk

10/16 $2B *World Bank 10Y +20

10/16 $1B *FINNVERA WNG 5Y +17

10/16 $600M *Industrial Bank of Korea $300M 3Y FRN +45, $300M 5Y +60

10/16 $500M *Bank of Montreal WNG 3Y +70

Canadian$ issuance

10/16 C$1.11B *Scotia Capital NHA MBS +50

10/16 C$500M *Fortified Trust 3Y +72

10/16 C$300M *Vancouver Airport Authority 30Y +119

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$1.75B priced Tuesday

10/15 $1B *Credit Agricole 5.25Y +85

10/15 $750M *New York Life 2Y FRN +28

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10/14 No new issuance Monday, $20B est/wk

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

[TOPICS: MTABLE]