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Free AccessUS$ High-Grade Credit Supply Pipeline - October 1, 2018
October high-grade issuance estimate appr $110-120B
Total $143.5B Priced in September vs. $125B est
Date $MM Issuer/Rating/Desc/Maturity/Yld/Leads; Priced *; Launch #:
Mkt chatter large issuers for week/month
10/01 $Benchmark Comcast, multi-tranche $20-25B estimate
10/01 $Benchmark Disney, multi-tranche $30-35B estimate
10/01 $Benchmark Home Depot
10/01 $Benchmark Sunway-Metway Ltd
10/01 $Benchmark Saudi Basic Inustries Corp
10/01 $Benchmark Korean Housing Finance
-
No new issuance Friday, $11B/week, $143.5B for month
-
$3.25B priced Thursday
09/27 $2B *Standard Chartered $1.4B 4NC3 fix/FRN +135, $600M 4NC3 FRN +115
09/27 $1.25B *Societe Generale PerpNC5 AT1 7.375%
-
No issuance in the works Wednesday, waiting on FOMC
-
$5.2B Priced Tuesday, $7.75B/wk, $132.5B/month
09/25 $3.25B *ING $1.5B 5Y +112.5, $500M 5Y FRN +100, $1.25B 10Y +150
09/25 $900M *Tyson $400M 5Y +95, $500M 30Y +190
09/25 $500M *Best Buy WNG 10Y +140
09/25 $550M *Torchmark 10Y +150
-
$2.55B Priced Monday
09/24 $800M *New York Life 2Y FRN +16
09/24 $1.75B *RBS 11NC10 fix/FRN +200
-
No new issuance Friday, $33.3B last week/$124.75B on month
-
$4B Priced Thursday
09/20 $4B World Bank 5Y +2
-
$5B priced Wednesday,
09/19 $1.25B *Rabobank $1B 5Y fix +98, $250M 5Y FRN L+86
09/18 $1B *Japanese Finance (JFM) 5Y MS +41
09/19 $500M *IADB 4Y flat
09/19 $750M *ADB 10y +11, upsized from $500M/launched
09/19 $500M *BOC Aviation 5Y FRN Libor +112.5
09/19 $500M *Interstate P&L WNG 10Y +105
09/19 $500M *Southern Carolina Gas long 30Y +107
-
$11.55B priced Tuesday, $24.32B/week, $115.75B/month
09/18 $3.75B *EDF $1.8B 10Y +160, $650M 20Y +190, $1.3B 30Y +200
09/18 $2B *Interpublic $500M each 2Y +80, 3Y +90, 10Y +165, 30Y +225
09/18 $2B *BP Capital Mkts $1B 7y +80, $1B 10y +90
09/18 $2B Canada Pension Plan Inv Board (CPPIB) 5Y MS+15
09/18 $1.3B *Nissan Motor $400M each 3Y fix/FRN, $500M 5Y
09/18 $500M *IADB 4Y steady
-
$11.775B Priced Monday, Nestle lead
09/17 $8B Nestle Holdings, 6-part: $1B 3Y +27, $1.5B 5Y +47, $900M 7Y +60,
$1.25B 10Y +70, $1.25B 20Y +85, $2.1B 30Y +95
09/17 $1.475B *JP Morgan $25par pref 5.75%
09/17 $300M *Baltimore Gas WNG 30Y +112.5
09/17 $1.5B *Toyota Motor Credit $750M each 2Y FRN +17, 5Y fix +60
09/17 $500M *GM Finance PNC10 6.5%
-
Dearth of Friday issuance, $34.525B/week, $91.425B/month
-
$11.5B Priced Thursday
09/13 $6B *AbbVie $1.25B 3Y +60, $1.25B 5Y +90, $1.75B 10Y +138, $1.75B 30Y +183
09/13 $1B *South Korea $500M each 10Y +60, 30Y +85
09/13 $2.5B *BNG Bank 5Y MS+11
09/13 $2B *African Dev. Bank (AFDB) 5Y MS+5
-
$6B priced Wednesday
09/12 $2B *Saudi Arabia long 10Y Sukuk, +127
09/12 $1.2B *Bangkok Bank $600M each 5.5Y +122.5, 10Y +152.5
09/12 $1B *WEA Finance 10Y $500M each +120, 30Y +155
09/12 $500M *MUFJ Lease & Finance WNG 5Y +110
09/12 $500M *AIA Group 3Y FRN +52
09/12 $500M *Lazard Group 10Y +165
09/12 $300M *Reliance Standard Life Global 5Y
-
$11.875B priced Tuesday, $17.12B for week
09/11 $3B *Bank of China, Hong Kong 5NC5 5.9%
09/11 $2.8B *IADB 10Y +12
09/11 $2.25B *3M 5-part $400M 3Y +25, $300M 5Y fix +43, #300M 5Y FRN +30, $600M
10Y +65, $650M 30Y +95
09/11 $1.5B *KFW 2.75% 2020 Tap MS-5
09/11 $750M *Apicorp (Arab Petroleum Inv Corp) 5Y MS+117
09/11 $600M *Seven & I 3Y +53
09/11 $575M *Southwestern Electric Power WNG 10Y +112.5
09/11 $500M *PNC Bank 4.05% 2028 Tap +110
-
$5.15B priced Monday
09/10 $2B *TD Bank $1B 2Y fix +45, $1B 2Y FRN Libor +26
09/10 $1.75B *Societe Generale $1B 5Y +145, $750M 10Y +185
09/10 $1.4B *Roche Holdings $750M 5Y +43, $650M 10Y +70
-
No new issuance on the docket Friday, $56.9B priced on week -- busiest week of
year
-
$21.5B priced Thursday
09/06 $20B *Cigna jumbo issuance top finance acquisition of Express Scripts;
Details
......$1B 1.5Y FRN L+35, $1.75B 2Y fix +60, $1B 3NC1 FRN L+65, $1.25B 3Y fix
+70,
......$3.1B 5Y fix +102, $700M 5Y FRN L+89, $2.2B 7Y fix +132, $3.8B 10Y fix
+152,
......$2.2B 20Y fix +177, $3B 30Y fix +187
09/06 $1.5B *CIBC $1B 5Y +80, $500M 5Y FRN L+66
Potential additions to pipeline in coming weeks:
* $5.5B Thompson Reuters 4-part combination US$/Eur
* Bank of China (Hong Kong) Ltd.
* Home Depot
-
$24.2B Priced Wednesday
09/05 $5.25B *HSBC $2B 3NC2 FRN +65, $2.5B 8NC7 fix +145, $750M 8NC7 FRN +138
09/05 $3B *EIB 3Y WNG -1
09/05 $2.75B *Mizuho $1.1B 6NC5 fix-FRN +115, $650M 6NC5 FRN, $1B 11NC10
09/05 $2.4B *Sinopec 5Y +125a, 7Y +145a, 10Y +160a, 30Y +160a
09/05 $2.1B *General Motors $450M 3Y FRN +90, $750M 10Y fix +210, $900M +30Y
09/05 $2B *BPCE $750M 5Y fix +137.5, 5Y FRN +124, 10Y fix +180
09/05 $2B *Eni $1B 5Y +135, $1B 10Y +195
09/05 $1.5B *Credit Suisse PerpNC7 AT1
09/05 $1.3B *John Deere Cap'l $600M 3Y fix +42, $400M 3Y FRN, $300M tap DE 3.45%
09/05 $1B *Equinor 10Y +75
09/05 $650M *Public Service Electric & Gas, $325M 5Y +52, $325M 10Y +75
09/05 $325M *AEP Transmission 30Y +118
-
$11.2B priced Tuesday
09/04 $5B *Pfizer 7-part: $1B 3Y fix +32, $1B 5Y fix +47, $300M 5Y FRN +33,
......$1B 10Y +72, $700M 20Y +105, $1B 30Y +115
09/04 $3B *MUFG, $1.15B 5Y fix +95, $850M 5Y FRN +81, $1B 10Y +115
09/04 $1.5B *Unilever capital $500M each: 3Y +42, 5Y +62, 10Y +72
09/04 $1.25B *Caterpillar $800M 3Y fix +45, $450M 3Y FRN L+28
09/04 $450M (upsized from $350M) *Duke Realty Ltd 10Y +123
-
No new issuance last Friday, $5.25B Priced on week
-
Potential for massive jump in issuance on week, estimates running over $50B
(>$120B for September) w/Cigna planning over $22B jumbo issuance to help finance
acquisition of Express Scripts. Potential additions to pipeline in coming weeks:
* Bank of China (Hong Kong) Ltd.
* Home Depot
-
$2B Priced Thursday,
08/30 $1B *Swedish Export Credit 2Y +2
08/30 $1B *MetLife 2Y FRN SOFR +57
-
08/29 $1.75B *Development Bank of Japan $1B 5Y +31, $750M 10Y +41
08/29 $1.5B *Oesterreichische Kontrollbank (OKB) 3Y +3
-
No new corporate issuance Monday or Tuesday,
-
No new issuance Friday, $3.75B last week
-
$1.25B Priced Thursday
08/23 $1.25B #JP Morgan 2NC1 FRN L+23
-
$3.65B priced Wednesday
08/22 $1.75B *Bank of America 2NC1 L+25
08/22 $1B *Nordea $250M 5Y FRN L+94, $750M 5Y fix +108
08/22 $500M *ZB N/A 3Y +93
08/22 $400M *Timken 10Y +170
-
$2B priced Tuesday
08/21 $2B *ABN AMRO Bank $1B 3Y +75, $1B 3Y FRN L+57
-
$500M priced Monday
08/20 $500M *Pricoa Global Funding 5Y +75
-
No new issuance Friday, $7.7B priced on week
-
$1.3B priced Thursday
08/02 $800M *Pacific Gas & Electricity, upsized: $500M 5Y +145, $300M 10Y +170
08/02 $500M *FS Energy & Power 5NCL
-
$900M Priced Wednesday
08/01 $900M *NY Life Global $500M 3Y fix +50, $400M 3Y FRN +32
-
$2.85B Priced Tuesday, AEP withdraws
07/31 $2.35B *American Express $1.85B 5Y fix +87.5, $500M 5Y FRN L+75
07/31 $500M *Northern Trust 10Y +70
07/31 $325M #AEP Transmission 30Y +110 -- Withdraws issue after Tuesday launch
-
$2.65B priced Monday
07/30 $1.5B Norfolk Southern $300M 7Y +75, $400M 10Y +85, $200M 30Y +115, $600M
100Y +200
07/30 $850M Southern Cal Edison $300M 7Y +80, $550M 30Y tap +125
07/30 $300M Woori Bank 10Y tier 2bond, IPT +220
-
No new issuance early Friday, $12.7B priced on week
-
$1.35B priced Thursday
07/26 $850M *Comerica 5Y +85
07/26 $500M *Industrial Bank of Korea 3Y FRN L+60
-
$3.4B Priced Wednesday
07/25 $750M *Burlington Northern Santa Fe 30Y +112.5
07/25 $1.35B *Temasek 10Y +72
07/25 $800M *Aviation Capital Group $300M 3Y FRN +67, $500M 7Y +145
07/25 $500M *Posco 5Y +130
-
$3.65B Priced Tuesday
07/24 $2B *International Finance Corp (IFC) 5Y MS+2
07/24 $350M *Narragansett Electric 10Y +97
07/24 $1.3B *SunTrust Bank $500M 4NC3 fix/FRN +77, $300M 4NC3 FRN +59, $500M
6NC5 fix/FRN +87
-
$4.3B priced Monday
07/23 $1.55B *Fifth Third Bank, $500M 3Y fix +63, $300M 3Y FRN L+44, $750M 7Y
fix +103
07/23 $1B *Berkshire Hathaway Energy 30Y +135
07/23 $750M *PNC Bank 10Y +112
07/23 $500M *SMBC Aviation Capital 5Y +133
07/23 $500M *Nonghyup Bank 5Y +122.5
07/23 $2B #International Finance Corp (IFC) 5Y MS+2
-
No new issuance Friday, $36.7B on week
-
$5.25B priced Thursday
07/19 $3.25B *US Bank NA/Cinc. $650M 2Y +48, $1.35B 2Y FRN L+125, $1.25B 5Y fix
+68
07/19 $1.25B *IHS Markit $500M 5Y +145, $750M 10Y +195
07/19 $750M *M&T $500M 5Y fix +83, $250M 5Y FRN LIBOR +68
-
$11.6B Priced Wednesday
07/18 $6B $Bank of America $2.5B 6NC5 fix/FRN +110, $500M 6NC5 FRN +96, $3B
11NC10 +140
07/18 $5B *Int Bank for Reconstruction & Development (IBRD), 3Y fix MS -5
07/18 $600M *Korea Hydro 5Y +112.5
-
$4.6B Priced Tuesday,
* MUFG 6-part:
* $750M 3Y fix +85, $750M 3Y FRN +65,
* $1B 5Y fix +100, $800M 5Y FRN L+86
* $800M 10Y tap 3.961 +120, $500M 20Y fix +132
-
$15.25B Priced Monday
07/16 $5.5B *JPMorgan $2.25B 6NC5 fix-FRN +105, $1B 6NC5 FRN, $2.25B 11NC10 +135
07/16 $3.25B *Wells Fargo $2B 3NC2 fix/FRN +73, $1.25B 3NC2 FRN LIBOR +50
07/16 $2.5B *Citibank, $1.75B 3Y fix +77, $750M 3Y FRN +57
07/16 $2.5B *Citigroup 30Y +170
07/16 $1.5B *Banque Fed du Credit Mutuel (BFCM) $1.1B 5Y fix +110, $400M 5Y FRN
--MNI Chicago Bureau; tel: +1 312-431-0089; email: bill.sokolis@marketnews.com
[TOPICS: MTABLE]
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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.