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

Gradual Pick-Up In Expected Issuance

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

10/24 $Benchmark Japanese Bank of Int Cooperation (JBIC) 5Y +31a, 10Y +43a

10/24 $Benchmark Province of Alberta 5Y +25a

10/24 $Benchmark SunTrust Bank 3NC2 fix/FRN, 7Y +115a

10/24 $1.1B United Rentals 8NC3 

10/24 $600M National Rural Utilities, 10Y +95a, 30Y +125a

10/24 $500M Kimberly-Clark WNG 10Y +90a

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$5B Priced Tuesday

10/23 $3B *EIB WNG 5Y +6

10/23 $2B *Netflix 10.5NCL split: $800M US$ 6.25%a and E1.1B 4.625%a

- 

$2.65B priced Monday

10/22 $2.15B *Constellation Brands $650M 3NC1 +70, $500M 7Y +130, $500M 10Y

+150, $500M 30Y +190

10/22 $500M *Keycorp WNG 7Y +103

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No new issuance Friday, $23.38B priced on week, $87.6B/month

-

$1.05B priced Thursday

10/18 $550M *Progressive +10Y +85

10/18 $500M *MuniFin 2Y FRN L+1

-

$1.8B Priced Wednesday

10/17 $500M *IADB 3Y FRN 3ML-2

10/17 $300M *UDR 10Y +123

10/17 $1B *Nuveen 10Y +90

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$10.25B priced Tuesday

10/16 $3.25B *Wells Fargo 3Y +70, 3Y FRN LIBOR equiv

10/16 $2B *TD Bank 3Y +25

10/16 $2B *Pemex long 10Y +335

10/16 $3B *ESM 2Y MS+0

10/16 $Benchmark Turkey 5Y IPT 7.75%a

Chatter: financial names as banks exit earnings blackout

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$10.275B priced Monday

10/15 $7.025B *Conagra jumbo 8-tranche issuance:

      $525M 2NC1 FRN 3ML +75, $1.2B 3Y +90, $1B 5.5Y +130

      $1B 7Y +155, $1.3B 10Y +170, $1B 20Y +200, $1B 30Y +210

10/15 $1.7B *Royal Bank of Canada 3Y MS+25

10/15 $1.25B *FedEx $400M 10Y 105, $850M 30Y +165

10/15 $300M *Korea Expressway 30Y +80

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$800M priced Friday, $16.15B priced/week, $64.2B/month

10/12 $800M *JP Morgan 2NC1 FRN SOFR +55

-

Only $1.5B Thursday after $12.65B priced Wed, 

10/11 $1.5B *Kommunalbanken 3Y +3

-

$12.65B priced Wednesday

10/10 $4B *KFW 3Y flat

10/10 $2.5B *Province of Ontario Canada 5Y +25

10/10 $1.4B *TransCanada Pipeline $400M tap 4.25%, $1B 30Y +170

10/10 $750M *CPPIB Capital Inc +3

10/10 $500M *Jackson National Life 2Y +30

10/10 $2.5B *Sumitomo Mitsui Financial Grp (SMFG) $1.85B 5Y fix/FRN, $650M 10Y

+112

10/10 $1B *Sumitomo Mitsui Banking Corp 2Y +37

Chatter $3B total US$ denominated PBOC 5Y, 10Y and 30Y

-

$1.2B priced Tuesday

10/09 $850M *John Deere Capital, $350M 2Y +17, $500M 5Y +60

10/09 $350M *Atlantic City Electric WNG 10Y +80

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No new issuance Friday, $48.125B priced on Week

-

$750M Priced Thursday

10/04 $750M *AIB Group 5Y +175

-

$10B Priced Wednesday, 47.375B on week ($27B *Comcast jumbo 12-part)

10/03 $3B *Enterprise Products $750M 3Y +55, $1B 10Y +100, 1.25B 30Y +150

10/03 $2B *Colombia +1.5B 10Y +140, $500M tap COLOM 5%

10/03 $1.75B *American Honda $700M 3Y +45, $350M 3Y FRN +29, $700M 5Y +62

10/03 $1.5B *CenterPoint Energy, $500M @ 3Y fix +67, 5Y +85, 10Y +115

10/03 $1B *Total Capital 10Y +73

10/03 $750M *MetLife Global funding 3Y +52

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$32.75B priced Tuesday, Comcast jumbo 12-part lead, 37.375B/wk

10/02 $27B *Comcast jumbo 12-part: 

      $1.75B 2Y fix +50, 1.25B 2Y FRN +33, $2B 3Y fix +60, $1B 3Y FRN +44,

      $2.5B 5Y fix +75, $500M 5Y FRN +63, $3B 7Y +95, $4B 10Y +110

      $1.5B 12Y +120, $3B 20Y +140, $4B 30Y +150, $2.5B 40Y +175

10/02 $2B *Saudi Basic Ind, $1B @ 5Y +115, 10Y +155

10/02 $1.5B *Lloyds Banking PerpNC7 7.5%

10/02 $1B *Kommuninvest 3Y +3

10/02 $850M *Bank of Montreal 10NC5 +140

10/02 $400M *Camden Property 10Y +105

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$4.575B Priced Monday

10/01 $1.8B *Royal Bank of Canada $1.5B 5Y fix/FRN +78, $300M 5Y +66

10/01 $1.5B *Deutsche Bank $1B 2Y fix +148, $500M 2Y FRN +129

10/01 $600M *Atmos WNG 30Y +110

10/01 $300M *Wisconsin Electric Power WNG 30Y +110

10/01 $375M *Tampa Electric WNG 30Y +125

-

Mkt chatter large issuers for week/month

10/-- $Benchmark Disney, multi-tranche $30-35B estimate

10/-- $Benchmark Home Depot

10/-- $Benchmark Sunway-Metway Ltd

10/-- $Benchmark Saudi Basic Inustries Corp

10/-- $Benchmark Korean Housing Finance

10/-- $Benchmark AIB Group

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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

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$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%

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

[TOPICS: MTABLE]