USD New Issues: Steady trickle of supply

Matrix 9 Nv 2020
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IG new issuance (ex-SSA) priced just over $9bn in the past week, below expectations. This week around $10-$15bn is anticipated.

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  • Steady trickle of supply  

  • New issues

  • Recent issues

     

    Steady trickle of supply    

    IG new issuance (ex-SSA) saw $9.05bn in the past week, lower than the $15bn expected for the shortened holiday week. SSA issuance was relatively heavy with $13.75bn priced. Week over week (ending Thursday), IG corporate spreads were unchanged at 146bps while high yield spreads widened out 10bps to 484bps, according to the BofA ICE Masters indexes. Today sees four IG issuers announcing thus far, with around $10-$15bn expected for the coming week (ex-SSA), according to surveys.

     

     

    New issues

     

    • Protective Life is working on a $300m 3y FA backed. Leads Citi, USB and WFS. A1/AA-/AA-. Price talk +145bps area.

       

    • Take-Two plans a $TBA 2-part (3y and 5y). Leads JPM and WFS. Baa2/BBB. Price talk +125bps and +145bps area.

       

    • Federal Realty is working on a $350m 5y Green fixed. Leads BofA, JPM, PNC, TD. Baa1/BBB+. Price talk +220bp area.

       

    • Jabil plans a $300m long 5y fixed. Leads BofA, JPM, Mizuho and USB. +235bps area.

       

    • Macquarie AirFinance Holdings plans a $500m 5y NC2 fixed. Leads JPM, Citi, Mizuho, BNPP, MUFG, Natwest, HSBC and DBS. Price talk 8.75%-9%.

     

     

    Recent issues

     

    • Apr 5: Micron priced a $1.5bn 2-part ($600m 5y and $900m 10y). Leads BNPP, JPM, MIZ, MUFG and WFS.  Baa3/BBB-/BBB.  +205bps, +265bps.

       

    • Apr 5: Realty Income priced a $1bn 2-part ($400m long 5y and $600m 10y). Leads BNPP, Barclays, GS, TD and WFS.  A3/A-. +155bps and +185bps.

       

    • Apr 5: Brazil priced a $2.25bn 10y benchmark via BNPP, BofA and MS.  Ba2/BB-/BB-. 6.15%.

       

    • Apr 5: Quebec priced a $3.5bn 5y Global via BofA, CIBC (B&D), JPM, RBC and TD at swaps +56bps. Aa2/AA-/AA-.

       

    • Apr 5: Turkey priced a $2.5bn long 7y Green at 9.3% through BofA, ING, JPM (B&D) and StanChart.

       

    • Apr 4: WEC Energy priced a $250m tap (4.75% 2026) via Barclays and TD.  Baa1/BBB+/BBB+.  +100bps. Total outstanding now $900m. 

       

    • Apr 4: Pilgrim’s Pride priced a $1bn 10y benchmark via Barclays, BofA, BMO, Citi, MIZ and RBC.  Na3/BBB-/BBB-. +300bp.

       

    • Apr 4: CNH Industrial Capital priced a $600m 5y benchmark vvia MUFG, Citi and DB.  Baa2/BBB/BBB+. +140bps.

       

    • Apr 4: Jackson National Life priced a $300m 5y FA-backed deal via BofA, DB, JPM and WFS.  A2/A/A.  +187.5bps.

       

    • Apr 4: MassMutual priced a $750m FA-backed 3y fixed via BofA, DB, JPM and MS.  Aa3/AA+/AA+.   +90bps. It dropped plans for a 3y FRN.

       

    • Apr 4: KfW priced a $3bn 3y Global at swaps +20bps. Leads are DB, HSBC and JPM.

       

    • Apr 4: World Bank priced a $5bn long 5y Sustainability Global at swaps +37bps. Leads are Citi, RBC, TD and WFS.   

       

    • Apr 4: IADB priced a $2.25bn 10y Sustainability Global at swaps +53bps. Leads are BMO, BofA, DB and MS.

       

    • Apr 3: Ford Motor Credit priced a $1.5bn 5y. Leads Citi, JPM, MS, SMBC, SocGen. Ba2/BB+/BB+.  6.8%.

       

    • Apr 3: GM Financial priced a $2.25bn 3-part ($1.25bn 3y fixed and $1bn 7y fixed). Leads JPM, Mizuho, Santander, SMB, WFS. Baa2/BBB/BBB-. +170bps and +240bps. It dropped plans for a 3y FRN. 

       

    • Apr 3: McCormick priced a $500m 10y. Leads BofA, TSI, WFS. Baa2/BBB. +153bps.

       

    • Apr 3: Evergy Metro priced a $300m 10y. Leads BofA, JPM and MS. A2/A+. +153bps.

       

    • Apr 3: Shinhan Bank priced a $500m 5y gender equality social bond. Leads BNPP, BofA, Credit Ag, JPM, ScoGen and Standard Chartered. Aa3/A+/A. +107bps. 

       

    • Apr 3: REC priced a $750m 5y Green 5.625%. Leads are Barclays, DBS, MUFG, StanChart and State Bank of India.  Baa3/BBB-. +212.5bps.

       

    • Apr 3: Saudi Electricity (A1/A) priced a $1.2bn 10y Green at Treasuries +120bps and a $800m 30y at +205bps. Leads are FADB, HSBC, JPM, Mizuho, MUFG, SMBC Nikko, SNB and StanChart (B&D).

       

       

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