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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]

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