USD New Issues: FIG issuers boost into final lap of April

Sprinter starting race 17 Jan 2023
$28.85bn priced in IG new issues last week, well above expectations. The big boost came from FIGs and this week sees some Yankee FIGs lining up.

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  • FIG issuers boost into final lap of April  

  • New issues

  • Recent issues


    FIG issuers boost into final lap of April      

    IG new issuance saw $28.85bn price in the past week (ex-SSA) – well above the $10-$15bn expected. Post-earnings FIG issuance commanded the focus of the week as $19.75bn in total came in total from the big six FIGs, led by a $.85bn 2-part from Bank of America and a $7.5bn 3-part by Morgan Stanley. In addition, Wells Fargo started the week off with a $3.75bn 11y NC10. Other financial sector issuance included a $2.5bn 2-part by BNY Mellon.


    Meanwhile, week over week, IG corporate spreads tightened 5bps to 138bps while high yield spreads leaked 3bps wider to 446bps, according to the ICE BofA Master Indexes.


    Ahead, surveys expect around $15bn to $20bn for the final week of April. Month to date currently stands at $48.85bn – well beneath the roughly $100bn that had been anticipated for the month, sources point out. To start the week, today's business already has a couple of Yankee FIGs on the docket as both RBC and CIBC have announced 3-parts.



    New issues


    • Royal Bank of Canada is working on a $TBA 3-part (2y fixed, 2y FRN and 10y). Leads RBCCM, GS, Lloyds, TSI, Citi and ANZ. Price talk +110bps, SOFR equivalent and +170bps area.


    • CIBC plans a $TBA 3-part (2y fixed, 2y FRN and 5y). Leads BofA, CIBC, JPM, MS and UBS. A2/A-/AA-. Price talk +130/135bps, SOFR equivalent and +165bps area.  


    • Crown Castle plans a $TBA 2-part (long 5y and 10y). Leads Barclays, BofA, BNS, CACIB, MS and SocGen. Baa3/BBB/BBB+. Price talk +150bps and +190bps area.


    • nVent Finance Sarl plans a $TBA 10y. Leads BofA, Citi and JPM. BBB-/BBB. Price talk +245bps area.


    • Italian government agency CDP (BBB/BBB) plans a USD 3y to 5y bond. Via BNPP, BofA, Citi, GS, HSBC, IMI-Intesa Sanpaolo, JPM, MS and SocGen.


    • Packaging and container company Trident TPI Holdings plans a $620m, 5.5y NC2.5 bond via BMO, CS, Goldman and Jefferies following investor roadshows.


    • Sasol Financing has mandated BofA, Citi, SMBC, IMI, JPM, Mizuho, MUFG, SMBC and Standard Chartered to lead a USD benchmark 6y bond issue pending investor calls.


    • Autoparts and steel maker Benteler AG plans two 5yNC2 bond issues of $525m and $500m via Commerz, Goldman, JPM, MS and UniCredit.


    • BOC Aviation plans a USD-denominated, 10y bond issue via BOC International, Citi, DBS, HSBC and JPM. 


    • SMBC Aviation Capital plans a USD bond issue via Citi, Credit Agricole, Goldman, JPM, RBC and SMBC.


    Recent issues


    • Apr 20: Mexico priced a $3.5bn 30y benchmark via Citi, HSBC, MIZ and MS.  Baa2/BBB/BBB-. +260bps.


    • Apr 20: Pertamina Geothermal (Baa3/BBB-) priced a $400m 5y Green at 5.15% via ANZ (B&D), BNPP, Citi, HSBC, Mandiri, MUFG, SMBC Nikko and UOB.


    • Apr 20: Japan Finance Organization for Municipalities (JFM) (A1/A+) priced a $1bn 5y at swaps +81bps. Leads are Barclays, BofA (B&D), JPM and Nomura.


    • Apr 19: BNY Mellon priced a $2.5bn 2-part ($1.5bn 4y NC3 fixed to FRN and $1bn 11y NC10 benchmark). Leads BNYM, Citi, GS, RBC and SAMRCO.  A1/A/AA-. +97bps, +137bps.


    • Apr 19: Morgan Stanley priced a $7.5bn 3-part ($1.5bn 3y, $2.75bn 6y NC5 fixed to FRN and a $3.25bn 11y NC10 fixed to FRN). Leads MS and MNUFG.  A1/A-/A+>. +80bps, +145bps, +165bps.


    • Apr 19: Bank of America priced a $8.5bn 2-part ($3.5bn 6y NC5 fixed to FRN and $5bn 11y NC10 fixed to FRN). Self-led.  A2/A-/AA-. +148bps and +168bps.


    • Apr 19: New Development Bank (AA+/AA) priced a $1.25bn 3y Green bond Leads are Citi, CA, HSBC and ICBC. AA+/AA. Mid swaps +125bps.


    • Apr 19: Canada priced a $4bn 5y Global at Treasuries +11bps via Barclays, BofA, CIBC, RBC and TD (B&D).


    • Apr 19: Kommuninvest priced a $1bn short 3y. Leads Barclays, CACIB, Danske and Nomura. Aaa/AAA. Mid swaps +27bps. 


    • Apr 18: Altice USA (B1/B) priced a $1bn 5y NC2 11.245% unsecured via GS, MS, Barclays, BNPP, BofA, Citi, CA, CS, DB, JPOM, RBC, Scotia, TD and WFS.


    • Apr 18: Sumitomo Mitsui Finance & Leasing (A-) priced a $500m 5y at Treasuries +170bps. Leads are BofA, Citi and SMBC Nikko (B&D).


    • Apr 18: CK Hutchinson priced a $2.5bn 2-part ($1.25bn 5y and $1.25bn 10y). Leads BofA, Barclays, BNPP, HSBC, JPM, Mizuho and StanChart. A2/A/A-. +110bps and +135bps.


    • Apr 18: Japan Bank for International Cooperation (JBIC) priced a $2.5bn 3y Global at swaps +47bps. Leads are Barclays, BofA, Citi and Nomura (B&D). A1/A+.


    • Apr 18:  EIB priced a $4bn 7y Global at swaps +39bps. Leads are Barclays, JPM (B&D) and MS.


    • Apr 18: Asian Development Bank priced a $3.5bn 5y Global via BofA, BMO, BNPP and HSBC. Swaps +36bps.


    • Apr 17: Ontario Teachers’ Finance Trust priced a $1.5bn 5y via BofA, Citi, NBC and RBC. Aa1/AA+.  Swaps +78bps.


    • Apr 17: Wells Fargo priced a $3.75bn 11y NC10. Self-led. A1/BBB+/A+. +180bps.


    • Apr 17: Mars Inc. priced a $2.5bn 3-part ($1bn 5y, $500m 8y sust. and $1bn 10y). Leads BNPP, Citi, JPM and MS. A1/A. +87bps, +105bps, +117bps.


    • Apr 17: Cargill priced a $1.1bn 2-part ($600m long 3y and $500m 10y). Leads Barclays, BNPP, BofA and GS. A2/A/A. +65bps and +120bps. 


    • Apr 17: Kookmin Bank priced a $500m 5y. Leads BofA, Citi (B&D), HSBC, JPM, KDB and MUFJ. Aa3/A+. Price talk +95bps.


    • Apr 17: Abu Dhabi National Energy (Taqa) priced a $1.5bn 2-part ($500m long 5y and a $1bn  10y Green Bond). Leads BNPP, ENDB, FAB, HSBC, ICBC, IMI, Scotia, SMBC and Standard Chartered (B&D). Aa3/AA-. +80bps and +110bps.