USD New Issues: Over ten issuers today; Final March week

Curvy road 6 DEc 2021
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Issuers are seizing upon the better conditions to start the week, with over ten announcing thus far. March volumes are just over $76bn.

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  • Over ten issuers today; Final March week

  • New issues

  • Recent issues

     

    Over ten issuers today; Final March week  

    IG new issuance priced $21bn in the past week as the new issuance market reengaged after the 7-day shutout.  Volumes were led by UnitedHealth’s $6.5bn 4-part.

     

    Week over week, IG corporate spreads narrowed 7bps to 155bps while high yield spreads widened 5bps to 522bps, according to the BofA ICE Masters Indexes.

     

    Today sees more than ten issuers tapping the market as conditions have continued to improve. Surveys expect around $15-$20bn for the week. March volume currently stands at $76.3bn – well below the $130-$150bn that had been expected.

     

     

    New issues

     

    • Mercedes Benz is working on a $TBA 4-part (2y fixed, 2y FRN, 3y and 5y). Leads Barclays, BBVA, CACIB, Citi, GS and Standard Chartered. A2/A-. Price talk +120bps, SOFR equivalent, +130bps and +150bps.

       

    • Pioneer Natural Resources plans a $TBA 3y. Leads BofA, TD and WFS. Baa1/BBB/BBB+. Price talk +165bps area.

       

    • Tennessee Valley Authority is working on a $TBA 5y. Leads BofA, Barclays, MS and RBCCM. Aaa/AA+/AAA. Price talk +50bps area.

       

    • Public Service Co of Colorado plans a $TBA 30y FMB. Leads GS, JPM, MUFG, MS and TD. A1/A/A+. Price talk +185bps area.

       

    • General Mills is working on a $TBA 10y. Leads BofA, Barclays, DB and JPM. Baa2/BBB. Price talk +180bps.

       

    • PACCAR Financial plans a $300m 3y. Leads Mizuho, RBCCM, TD and WFS. A1/A+. Price talk +90/95bps area.

       

    • Amphenol plans a $350m 3y. Leads BNPP, BofA  and JPM. A3/BBB+. Price talk +145bps.

       

    • Wisconsin Power & Light is working on a $300m (no grow) 10y Green. Leads Key, MUFG, TD and WFS. A3/A. Price talk +180bps area.

       

    • Phillips 66 plans a $TBA 2-part (short 5y and long 10y). Leads GS, Mizuho, MUFG, SMBC, TD and TSI. A3/BBB+. Price talk +170bps and+205bps area.

       

    • Berry Global is working on a $TBA 5y. Leads Citi, JPM and WFC. BBB-/BBB-. Price talk +237.5bps and +250bps.

       

    • Penske Truck Leasing plans a $TBA 5y. Leads BofA, JPM, Mizuho, Santander and WFC. Baa2/BBB/BBB+. Price talk +225bps area.   

       

    • Korea National Oil is working on a $TBA (3y and 5y). Leads Citi, Credit Agricole, CIBC, HSBC and Mizuho. Price talk +120bps and +135bps.

     

    Recent issues

     

    • Mar 23: UnitedHealth priced a $6.5bn 4-part ($1.2bn 5y, $1.5bn 10y, $2bn 30y and $1.75bn 40y). Leads Citi, DB, GS, MS, PNC, RBC, TSI and WFS.  A3/A+/A. +88bps, +118bps, +143bps, +158bps. 

       

    • Mar 23: Prologis priced a $1.2bn 2-part ($750m 10y and $450m 30y). Leads BofA, PNC, Scotia and WFS.  A3/A. +140bps and +160bps.

       

    • Mar 23: Medtronic priced a $2bn 2-part ($1bn 5y and $1bn 10y). Leads Barclays, JPM and MIZ.  A3/A.  +87.5bps, +115bps.

       

    • Mar 23: Public Service Electric & Gas priced a $900m 2-part ($500m 10y and $400m 30y). Leads BofA, MUFG, RBC and USB.  A1/A.  +122bps and +142bps.

       

    • Mar 23: Marriot International priced a $800m 6y benchmark via DB, JPM, TD and TSI.  Baa2/BBB. +170bps.

       

    • Mar 23: Nutrien priced a $1.5bn 2-part ($750m 5y and $750m 30y). Leads BMO, BNS, Citi and MS.  Baa2/BBB.  +150bps, +215bps.

       

    • Mar 23: AIG priced a $750m 10y benchmark. Leads BofA, JPM and MS.  Baa2/BBB+/BBB+. +175bps.

       

    • Mar 21: Panama priced a $1.8bn 2-part ($800m 2035 tap 6.4% 2/14/35 and a $1bn 31y fixed). Leads GS and Scotia.  +255bps and +312.5bps. Total outstanding on the 6.4% Feb 2035 now $2.3bn.

       

    • Mar 21: NiSource priced a $750m 5y benchmark. Leads WFS, BofA, JPM and MIZ.  Baa3/BBB+/BBB.  +155bps.

       

    • Mar 21: Extra Space Storage priced an upsized $500m 5y. Leads JPM, PNC and TSI.  Baa2/BBB.  +200bps. Upsized from $350m.

       

    • Mar 21: Oklahoma Gas and Electric priced a $350m 30y. Leads WFS, MIZ and RBC.  A3/A-/A. +190bps.

       

    • Mar 21: Republic Services priced a $1.2bn 2-part ($400m 6y and $800m 11y). Leads  BofA, JPM, SMBC, TSI and WFC.  Baa2/BBB+/BBB+. +120bps, +145bps.

       

    • Mar 21: Southwest Gas priced a $300m 5y. Leads BofA and JPM.  Baa1/BBB/A.  +175bps.

       

    • Mar 21: Indiana Michigan Power priced a $500m 30y. Leads BofA, Citi, PNC and RBC.  A3/A-/A.  +190bps.

       

    • Mar 21: Brown-Forman priced a $650m 10y benchmark. Leads BofA, Citi, JPM and USB.  A1/A-.  +120bps.

       

    • Mar 21: Duke Energy Indiana priced a $500m 30y FMB deal via BofA, Citi, SMBC, TD and TSI.  Aa3/A.  +170bp.

       

    • Mar 21: MetLife priced a $1bn 10y. Leads BofA, Citi, JPM and MIZ.  Aa3/AA-/AA-.  +158bps.

       

    • Mar 20: Duke Energy Ohio priced a $750m 2-part FMB ($375m 10y and $375m 30y). Leads BNPP, Citi, PNC, Santander and TD. A2/A. +175bps and +200bps.

       

    • Mar 20: CenterPoint Energy Houston priced a $900m 2-part ($600m 10y and $300m 30y green). Leads MUFG, CS, BofA , BNPP and RBCCM. A2/A/A. +150bps and +165bps.

     

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