US$ High-Grade Credit Supply Pipeline - September 10, 2018

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

09/10 $Benchmark IADB 10Y

09/10 $Benchmark Seven & I 3Y

09/10 $Benchmark Societe Generale 5Y, 10Y

-

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]