USD New Issues: Meta, Comcast line up; April closes with $65.7bn
Meta, Comcast line up; April closes with $65.7bn
IG new issuance (ex-SSA) saw $16.85bn price in the last week of April – roughly matching expectations. April closed with just $65.7bn -well under the $100bn anticipated. Hefty FIG issuance did account for a good portion of the month’s issuance with supply led by BofA ($8.5bn 2-part) and Morgan Stanley ($7.5bn 3-part).
Meanwhile week over week, IG corporate spreads widened out 2bps to 140bps while high yield spreads widened 4bps to 450bps, according to the ICE BofA Masters indexes.
For the coming week, surveys expect around $30bn to $35bn and for the month of May, around $135bn, sources say. Today already sees multi-tranches from Meta Platforms and Comcast.
- Comcast is working on a $TBA 4-part (long 5y, 10y, 30y and 41y). Leads GS, MS, SMBC and WFS. A3/A-/A-. Price talk +115bps, +145bps, +180bps and +195bps area.
- Meta Platforms plans a $TBA 5-part (5y, 7y, 10y, 30y and 40y). Leads BofA, JPM and MS. A1/AA-. Price talk +115bps, +140bps, +155bps, +200bps and +215bps area.
- HCA Inc. is working on a $TBA 3-part (5y, 10y and 30y). Leads BofA, Citi, JPM and WFS. Baa3/BBB-. Price talk +190bps, +220bps and +260bps area.
- Northern States Power plans a $TBA 30y FMB. Leads BMO, CIBC, Citi, Mizuho and USB. Aa3/A/A+. Price talk +155bps area.
- Hershey is working on a $750m 2-part (5y and 10y). No grow. Leads BofA, Citi, JPM and RCBCM. A1/A. Price talk +100bps and +130bps area.
- Tractor Supply is working on a $500m 10y. Leads TSI, USB and WFS. Baa1/BBB. Price talk +205bps area.
- CenterPoint Energy Resources plans a $300m (no grow) 5.25% 2028 reopening. Leads Barclays, GS, JPM and WFS. A3/BBB+/A-. Price talk +125bps area.
- Avolon Holdings is working on a $TBA 5y. Leads BNPP, DB, FTB, JPM and MUFG. Baa3/BBB-/BBB-. Price talk +337.5bps area.
- Georgia Power plans a $TBA 2-part (5y and 10y). Leads BofA, MS, MUFG, PNC, Scotia, TSI and WFS. Baa1/BBB+/BBB+. Price talk +130bps and +165bps area.
- GATX is working on a $400m 10y. Leads BofA, Citi, MS. Baa2/BBB. Price talk +210bps area.
- Healthpeak LLC plans a $300m 5.25% 2032 reopening. Leads Barclays, Mizuho, RBCCM, TD and WFS. Baa1/BBB+. Price talk +200bps area.
- Apr 27: CDP (BBB/BBB) priced a $1bn 3y at Treasuries +200bps through BNPP, BofA, Citi (B&D), GS, HSBC, IMI-Intesa Sanpaolo, JPM, MS and SocGen.
- Apr 27: Philip Morris priced a $2.45bn 4-part tap ($450m 4.875% 2/26, $550m 4.875% 2/28, $700m 5.125% 2/30, $750m 5.375% 2/33). Leads BBVA, GS and WFS. A2/A-/A. +90bps, +115bps, +145bps, +165bps.
- Apr 27: Anglo American priced a $900m 10y benchmark via HSBC, GS, BMO and Scotia. Baa2/BBB+/BBB+. +205bps.
- Apr 27: Constellation Brands priced a $750m 10y benchmark via BofA, GS, JPM an d WFS. Baa3/BBB. +147bps.
- Apr 27: State Bank of India (BBB-) priced a $750m 5y at Treasuries +145bps through Citi (B&D), ENBD, HSBC, JPM, MUFG and StanChart.
- Apr 26: Empresa Nacional del Petroleo priced a $500m 10y benchmark via Citi, Santander, Scotia and SMBC. Baa3/BB+/A-. +275bps.
- Apr 26: American Express priced a $2.5bn 2-part ($1.25bn 3y NC2 and $1.25bn 11y NC10). Leads Citi, HSBC, MS and RBC. A2/BBB+/A. +98bps, +160bps.
- Apr 26: ERAC USA Finance priced a $3bn 3-part ($1bn 5y, $1bn 10y and $1bn 30y). Leads JPM, MIZ and RBC. Baa1/A-. +120bps, +150bps, +175bps.
- Apr 26: SMBC Aviation Capital priced a $650m 5y at Treasuries +200bps via Citi, CA, GS (B&D), JPM, RBC and SMBC. A-/BBB+.
- Apr 26: Private Export Funding priced a $300m 4.5y deal via HSBC, KEYBCM and SMBC. Aaa/AAA. +43bps.
- Apr 26: Sasol Financing priced a $1bn 6y at 8.75% through BofA, Citi (B&D), SMBC, IMI, JPM, Mizuho, MUFG, SMBC and StanChart.
- Apr 26: Swedish Export Credit priced a $1.25bn 2y Global at swaps +31bps via BofA, DB, Nomura and TD. Aa1/AA+.
- Apr 25: BOC Aviationpriced a $500m 10y bond. Leads BOC International, Citi, DBS, HSBC and JPM. A-/A-. +160bps.
- Apr 24: CIBC priced a $2.25bn 2-part ($1.25bn 2y and $1bn 5y). Leads BofA, CIBC, JPM, MS and UBS. A2/A-/AA-. +103bps and +142bps. It dropped plans for a 2y FRN.
- Apr 24: Royal Bank of Canada priced a $2.5bn 2-part ($1.6bn 2y and $900m 10y). Leads RBCCM, GS, Lloyds, TSI, Citi and ANZ. +85bps and +152bps. It dropped plans for a 2y FRN.
- Apr 24: nVent Finance Sarl priced a $500m 10y. Leads BofA, Citi and JPM. BBB-/BBB. +218bps.
- Apr 24: Crown Castle priced a $1.35bn 2-part ($600m long 5y and $750m 10y). Leads Barclays, BofA, BNS, CACIB, MS and SocGen. Baa3/BBB/BBB+. +125bps and +160bps.