USD New Issues: Steady as she goes; $15bn weeks

Container ship at sea above 25 MAr 2021
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$15.4bn priced last week, matching expectations. This week is expected to see around the same volume. Supply thus far see ANZ, Prologis and others.

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  • Steady as she goes; $15bn weeks

  • New issues

  • Recent issues

     

    Steady as she goes; $15bn weeks  

    IG new issuance recorded $15.4bn in new issuance (ex-SSA) in the past week, matching expectations. Thursday’s $4.25bn 5-part by Nasdaq led volumes while Monday saw the busiest session with five issuers coming that day with a total of $6.1bn.

     

    Week over week, IG corporate spreads remained unchanged at 135bps while high yield spreads widened out 25bps to 440bps, according to the ICE BofA Masters indexes.

     

    For the coming week, surveys expect around $15bn ahead of next week’s holiday week. Thus far, ANZ leads with a 2y fixed/FRN along a Prologis 3-part and several other smaller issuers. In addition, a couple of SSAs (IADB and Province of British Columbia) have announced this morning and are due to price tomorrow.

     

    With one week left to go, June MTD currently stands at $79.2bn - just a hair below the $80bn expected for the month.   

     

     

    New issues

     

    • ANZ plans a $TBA 2-part (2y fixed and 2y FRN). Leads ANZ, BofA, RBC and WFS. Aa3/AA-/A+. Price talk +90bps and SOFR equivalent.

       

    • NongHyup Bank plans a 5y USD Social Bond at around USTs +135bps via BofA, BNPP, Credit Agricole, MUFG, SocGen and UBS.

       

    • Prologis is working on a $TBA 3-part (5y, long 10y and tap of its 5.25% Jun 2053). Leads BofA, Citi, GS and TD. Price talk +130bps, +165bps and +185bps area.  

       

    • Kinross Gold plans a $TBA 10y. Leads BofA, MS and RBCCM. Baa3/BBB-/BBB. Price talk +285bps area.  

       

    • Province of British Columbia plans a $TBA 10y. Leads BMO, CIBC, DB, NBCFM and TD. Aaa/AA/AA+. Price talk SOFR MS +72bps area. Expected to price tomorrow.

       

    • The IADB plans a USD short 3y Global at around swaps +27bps via Barclays, Nomura, Scotia and WFS. Expected to price tomorrow.

       

    • Connecticut Light and Power is working on a $300m (no grow) 10y FMB. Leads JPM, MUFG and WFS. A1/A+/A+. Price talk +145bps area.

       

    • National Rural Utilities plans a $400m 5y fixed. Leads JPM, MUFG, Scotia and USB. A2/A-/A. Price talk +130bps area.

       

    • Hyatt is working on a $500m 3.5y. Leads DB, GS and JPM. Baa3/BBB-/BBB-.     

       

    • Mitsubishi plans a 5y bond via Citi, MS and JPM following investor calls scheduled for later today.

     

     

    Recent issues

     

    • Jun 22: BBVA Mexico priced a $1bn 15y NC10. Leads BBVA, CACIB, GS and JPM. Baa3/BB. Priced at 8.45%.

       

    • Jun 22: Nasdaq priced a 5-part ($500m 2y, $1bn 5y, $1,25bn long 10y, $750m 30y and $750m 40y) to fund its acquisition of Adenza. Leads are BofA, Citi, GS, JPM, MS, Nordea and SEB. Baa2/BBB. Priced at +90bps, +135bps, +175bps, +210bps and +225bps.

       

    • Jun 21: Bank of Montreal priced a $1bn 5y Covered bond at swaps +92bps. Leads are BMO (B&D), HSBC, Lloyds, RBC, Scotia and UBS.

       

    • Jun 21: Principal Life Global Funding priced a $300m FA-backed deal via Barclays, BN PP, DB and MS. +155bps. 

       

    • Jun 21: Element Fleet priced a $750m 3y benchmark via BofA, BMO and CIBC.  BBB/BBB+.  +200bps.

       

    • Jun 21: Hyundai Capital America priced a $3bn 4-part ($750m 2y Green, $750m 3y, $1bn 5y and $500m 7y). Treasuries +115bps, 145bps, +178bps and +188bps. Leads are Citi (B&D), CA, HSBC, Mizuho, SocGen and SMBC Nikko.  Baa1/BBB+

       

    • Jun 21: EDC priced a $2bn 3y Global at swaps +25bps. Leads are BofA, Citi, CA, Daiwa and Scotia.

       

    • Jun 20: CBRE Services priced a $1bn 11y. Leads HSBC, BofA, Scotia and WFS. +245bps.

       

    • Jun 20: Sempra priced a $1.25bn 2-part ($550m 3y and $700m 10y). Leads MUFG, BNPP, GS, ONC, RBCCM. Baa2/BBB/BBB+. +123bps and +180bps.   

       

    • Jun 20: Inversiones CMPC priced a $500m 10y. Leads BofA, JPM and Scotia. Baa3/BBB/BBB. +240bps. 

       

    • Jun 20: General Motors Financial priced a $1.85bn 2-part ($1.35bn 5y and $500m tap of its 6.4% Jan 2033). Leads BNPP, Citi, CACIB, MS, Scotia and TD. +185bps and +235bps.

       

    • Jun 20: Barclays priced a $1.5bn 11y NC10 sub (Baa1/BBB-) at Treasuries +340bps. Self-led.

     

     

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