USD New Issues: First issuance for December arrives

Sand Snowman
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Last week saw $22.15bn price in IG (ex-SSA), slightly above expectations. The supply was front loaded and December finally sees the first supply today

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  • First issuance for December arrives

  • New issues

  • Recent issues

     

    First issuance for December arrives    

    $22.15bn priced in IG new issuance (ex-SSA) last week, or above the $20bn expected. The supply got a major boost from the $8.25bn 5-part from Amazon on Tuesday, the largest jumbo since the $8.25bn GE Healthcare in early November. Indeed, Tuesday saw the bulk of the flow for the week ($17.35bn) while Thursday and Friday were shut outs. 

     

    Week over week, IG corporate spreads ended unchanged at 140bps while high yields spreads narrowed 2bps to 450bps, according to the ICE BofA Masters Indexes.

     

    For the coming week, surveys expect around $10 to $15bn in supply. This morning sees a pair of energy sector issuers (Energy Transfer and Duke Energy) kicking things off for the week, and marks the first supply for the month of December. In addition, RBC has also announced a USD 3y covered bond and Athene Holding announced plans for a $200m perp NC5 $25 par preferred. 

     

     

    New issues

     

    • Energy Transfer is working on a $TBA 2-part (long 5y and long 10y). Leads DB, Barclays, BofA and WFS. Baa3/BBB-/BBB-. Price talk +200bps and +245bps area.

       

    • Duke Energy plans a $TBA 2-part (3y and 5y). Leads MUFG, BofA, CS, RBCCM and TSI. Baa2/BBB. Price talk +115bps and +150bps area.

       

    • Athene Holding plans a $200m perp NC5 $25 par preferred. Leads WFS, BofA, MS and RBC. Baa3/BBB/BBB. Price talk 7.875% area.

       

    • Royal Bank of Canada plans a benchmark-sized, 3y USD Covered bond. Leads Barclays, Lloyds and RBC (B&D). Aaa/AAA. Price talk SOFR +85bps.

     

    Recent issues:

     

    • Nov 30: Bank of Nova Scotia priced a $1bn 2y fixed benchmark. Leads DB, BNS and GS.  A2/A-/AA-.   +90bps. It dropped plans for a 2y FRN.

       

    • Nov 30: Flex priced an upsized $400m 5y. Leads USB, Barclays, BNPP and BofA.  Baa3/BBB-/BBB-.  +225bps. Upsized from $300m.

       

    • Nov 30: Public Service Electric & Gas priced a $400m 10y. Leads Citi, MIX and Scotia.  A1/A.   +112.5bps.

       

    • Nov 30: MassMutual priced a $750m 5y FA-backed. Leads DB, BofA, JPM and MIZ.  Aa3/AA+/AA+. +115bps.

       

    • Nov 29: Diamondback priced a $650m 30y. Leads Citi, TD and TSI. Baa2/BBB-/BBB-. +240bps.

       

    • Nov 29: ANZ priced a $2.5bn 2-part ($1.25bn 3y fixed senior and $1.25bn 10y Tier 2 sub). Leads are ANZ, BofA, Citi, GS and TD. Aa3/AA-/A+ on 3y and Baa1/BBB+/A- on 10y. +85bps and +300bps.

       

    • Nov 29: Amazon priced a $8.25bn 5-part ($1.25bn 2y, $1.25bn 3y, $2bn 5y, $1.5bn 7y and $2.25bn 10y). Leads Barclays, BofA, JPM and SocGen. A1/AA/AA-. +25bps, +35bps, +62.5bps, +80bps and +95bps.

       

    • Nov 29: PNC Financial priced a $1bn 6y NC5. Leads JPM, MS and PNC. A3/A-/A. Price talk +143bps.

       

    • Nov 29: Illumina priced a $1bn 2-part ($500m 3y and $500m 5y). Leads Citi and GS.  Baa3/BBB/BBB.  +155bps, +185bps.

       

    • Nov 29: Digital Realty Trust LP priced a $350m tap (5.55% 2028) via Citi and BofA.  Baa2/BBB/BBB.  +180bps. Total outstanding now $900m.

       

    • Nov 29: Massachusetts Mutual Life priced a $500m 30y surplus note. Leads BofA, GS and JPM.  A2/AA-/AA-. +183bps.

       

    • Nov 29: Southwest Gas priced a $300m 5y. Leads WFS, BofA, BNYM and JPM.  Baa1/BBB/A.  +190bps.

       

    • Nov 29: Equitable Financial Life priced a $300m 3y FA backed. Leads GS, JPM and WFS. A1/A+. +125bps.

       

    • Nov 29: Alcon Finance priced a $1.3bn 2-part ($700m 10y and $600m 30y). Leads CS, BofA, Citi, JPM, Mizuho and UBS. Baa2/BBB. +170bps and +195bps.

       

    • Nov 29: PacifiCorp priced a $1.1bn 31y benchmark green deal via BMO, PNC, SMBC, TD and WFS.  A1/A+.  +153bps.

       

    • Nov 28: Colombia priced a $1.36bn long 10y. Leads HSBC, Santander and Scotia. Baa2/BB+/BB+. 8.25%.

       

    • Nov 28: Linde priced a $900m 2-part ($300m 2y and $600m 3y). Leads DB, BofA and Citi. A2/A. +35bps and +50bps.

       

    • Nov 28: Air Lease priced a $700m 5y. Leads BofA, JPM, SocGen and TSI. BBB/BBB. +220bps.

       

    • Nov 28: Avalon Bay Communities priced a $350m 10y. Leads WFS, GS and TSI. +135bps. 

       

    • Nov 28: Commonwealth Bank of Australia priced a $1.5bn 3y covered global. Leads BMO, CBA, RBC and TorDom. Aaa/AAA. Mid swaps +85bps. 

       

    • Nov 28: Evergy Missouri West priced a $300m 5y FMB. Leads BofA, BNY Mellon, GS, RF, TD and WFC. A3/A. +130bps.

     

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