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US$ High-Grade Credit Supply Pipeline - Nov 8, 2019

Issuance stalls second half of week after $24.7B priced Mon-Wed. Focus on next
week's AbbVie jumbo issuance
Date $MM Issuer/Rating/Desc/Maturity/Yld; Priced *; Launch #:
11/?? Chatter: AbbVie jumbo issue next week, rumored to be around $28B (would
make 4th largest issue on record). Seems excessively high as last year, AbbVie
issued $6B on 09/13: 1.25B 3Y +60, $1.25B 5Y +90, $1.75B 10Y +138, $1.75B 30Y
+183.
11/?? Chatter: Sprint
11/?? Chatter: T-Mobile US
11/08 Nothing in pipeline Friday; $24.7B/wk
--
11/07 Nothing priced Thursday 
-
$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
-
$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
-
$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
-
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
-
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
-
$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
-
$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
-
$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
-
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
-
$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
-
$1.75B priced Tuesday
10/15 $1B *Credit Agricole 5.25Y +85
10/15 $750M *New York Life 2Y FRN +28
-
10/14 No new issuance Monday, $20B est/wk
-
No new issuance Friday, $29.06B on week
-
$3.35B Priced Thursday
10/10 $3B *ADB (Asia Development Bank) 5Y +13
10/10 $350M *EBRD (European Bank for Reconstruction & Development) 3Y SOFR+26
10/?? $Benchmark Industrial Bank of Korea
-
$10.065B priced Wednesday, $25.715B/wk
10/09 $7B *Rep of Italy $2.5B 5Y +105, $2B 10Y +150, $2.5B 30Y +235
10/09 $500M *Suntory Holdings Ltd 5Y +88
10/09 $1B *Bank of Nova Scotia +3Y +60
10/09 $1B *NIB (Nordic Investment Bank) 3Y +8
10/09 $565M *Thai Oil 30Y +145
-
$11.4B Priced Tuesday, much better than anticipated; $15.65B/wk
10/08 $3B *JBIC (Japan Bank for International Cooperation) $1B Each: 3Y +34, 5Y
+42, 10Y +55
10/08 $2B *IFC (International Finance Corp) 5Y +11
10/08 $1.5B *Dexia 5Y +38
10/08 $1.25B *CBA (Commonwealth Bank of Australia) 3Y +27.8
10/08 $1.25B *Macquarie Bank 3Y +75
10/08 $1B *Societe Generale 5Y +130
10/08 $1B *BNG Bank 5Y +18
10/08 $400M *IADB 3Y SOFR+26
-
$4.25B priced Monday
10/07 $1.5B *TD Bank $1.15B +3Y +53, $350M 3Y FRN L+53
10/07 $1B *PepsiCo 30Y +92
10/07 $750M *WEA Finance +7Y +143
10/07 $500M *DR Horton 5Y +112.5
10/07 $500M *Keysight WNG 10Y +145
-
$9.25B priced last week
10/04 No new US$ denominated issuance 
10/04 C$500M Quebec 10Y +68
-
10/03 No new issuance Thursday
-
$3.9B priced Wednesday, $9.25B/wk
10/02 $1.75B *Toyota Motor Credit $40M 2Y +33, $850M 2Y FRN +29, $500M 5Y +60
10/02 $1B *EIB (European Investment Bank) 10Y +19
10/02 $750M *National Bank of Canada 3Y +72
10/02 $400M *UDR $100M 2030 Tap +123, $300M WNG 15Y +155
Canadian issuance:
10/02 C$300M *Allied Properties 7.5Y +180
-
$2.4B Priced Tuesday; $5.35B on week so far
10/01 $1B *Nextera Energy Capital Holdings 10Y +115
10/01 $850M *MidAmerican Energy $250M 10Y tap +75, $600M 30Y +107
10/01 $550M *Marriott Int 3Y +70
-
Oh Canada! C$2.3B priced Tuesday
10/01 C$1B *CCDJ (Federation des Caisses Desjardins du Quebec) 5Y +105
10/01 C$1B *Enbridge Inc WNG 10Y +163
10/01 C$300M *Saskatchewan 10Y +79.5
-
$2.95B Priced Monday -- September saw record $159.13B issuance -- third all-time
highest issuance, w/43% occurring in first week (three largest issuers: $7B
Apple 5-part, $7B Disney 6-part and $5B JP Morgan 2-part).
09/30 $1.6B *Diageo Capital PLC $600M 5Y +58, $1B 10Y +80
09/30 $1.35B *American Tower $750M 7Y +115, $600M 30Y +160
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]

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