US$ High-Grade Credit Supply Pipeline - September 6, 2018

CIBC joins burgeoning supply; still await CIGNA 10-part details

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

09/06 $Benchmark Cigna >$22B jumbo issuance top finance acquisition of Express

Scripts; Details

......1.5Y FRN +45a, 2Y fix +75a, 3NC1 FRN +80a, 3Y fix +85a, 5Y fix +120a, 5Y

FRN L equiv,

......7Y fix +150a, 10Y fix +170a, 20Y fix +195a, 30Y fix +205a

09/06 $5.5B Thompson Reuters 4-part combination US$/Eur

09/06 $Benchmark CIBC 5Y +90a, 5Y FRN LIBOR equiv

Potential additions to pipeline in coming weeks: 

* 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

- 

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

-

No new issuance Friday, $23.85B priced on week

-

$5.9B priced Thursday

07/12 $2B *Sumitomo Mitsui Fncl Grp $750M 5Y fix +100, $500M 5Y FRN +86, $750M

10Y +110

07/12 $2B *TD Bank 5Y fix +78, 5Y FRN Libor +64

07/12 $400M *Northern Natural Gas 30Y +135

07/12 $1B *Nordic Investment Bank (NIB) WNG 5Y +3

07/12 $500M *Korea East/West Power 5Y

-

$1.75B Priced Wednesday, $17.95B/wk

07/11 $1.75B *American Honda Finance $500M 2Y fix +50, $750M 2Y FRN L+26, $500M

5Y +75

-

$12.95B Priced Tuesday

07/10 $4B *EIB 5Y +7

07/10 $3.5B *Japan Bank for Int Cooperation $1B 3Y +50.1, $1.5B 5Y +50, $1B 10Y

+45.4

07/10 $600M *Pacificorp 30Y +117, upsized from $500M

07/10 $2.5B *Bank of Montreal 2Y +70a, 2Y FRN Libor equiv

07/10 $2.0B *Toyota $750M 3Y +50, $750M 5Y +65, $500M 10Y +80

07/10 $350M *National Life Ins 50NC30 fix/FRN

-

$3.25B priced Monday

07/09 $2B *Credit Suisse PNC5 AT1 notes, 7.5%

07/09 $1.25B *Commonwealth Bank of Australia (CBA) 5Y +40

-

No new high-grade supply issued Thursday or Friday, $500M priced last week

-

$500M priced Tuesday

07/03 $500M *Kommunalbanken WNG 11/2019 -3

- 

No new issuance Monday

- 

No new issuance Friday, slow week w/total $3.68B placed

-

$1.03B priced Thursday

06/28 $1.027B *Community Health systems 5.5NC2.5, 8.75%

-

$1.75B priced Wednesday

06/27 $1B *Municipality Finance 3Y +3

06/27 $750M *Transocean 5.5NC3

- 

$900M priced Tuesday

06/26 $500M *Penske Truck Leasing 5Y +137.5

06/26 $400M *USAA Capital 2Y +53

-

Slow start to week, nothing HG supply yet

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

[TOPICS: MTABLE]