US$ High-Grade Credit Supply Pipeline - September 27, 2018

Upsized $1.25B Societe Generale launched

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

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%

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No issuance in the works Wednesday, waiting on FOMC 

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$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

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$2.55B Priced Monday

09/24 $800M *New York Life 2Y FRN +16

09/24 $1.75B *RBS 11NC10 fix/FRN +200

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No new issuance Friday, $33.3B last week/$124.75B on month

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$4B Priced Thursday

09/20 $4B World Bank 5Y +2

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$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

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$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%

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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

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$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

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$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

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$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

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No new issuance on the docket Friday, $56.9B priced on week -- busiest week of

year

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$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

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$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

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$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 

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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

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$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

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$2B priced Tuesday

08/21 $2B *ABN AMRO Bank $1B 3Y +75, $1B 3Y FRN L+57

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$500M priced Monday

08/20 $500M *Pricoa Global Funding 5Y +75

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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

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$900M Priced Wednesday

08/01 $900M *NY Life Global $500M 3Y fix +50, $400M 3Y FRN +32

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$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

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$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

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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

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$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

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$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

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$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

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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

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$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

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$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

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$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]