USD New Issues: Just shy of $15bn; Holiday slow-down

New year fireworks 31 Dec 2021
IG issuance chalked up $14.3bn (ex. SSA) in new deal flow last week, just shy of the $15bn expected. This week’s holiday will crimp supply.

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  • Just shy of $15bn; Holiday slow-down

  • New issues

  • Recent issues


    Just shy of $15bn; Holiday slow-down  

    IG issuance chalked up $14.3bn (ex. SSA) in new deal flow last week, just shy of the roughly $15bn that syndicate desks originally expected.  With this, the monthly tally for July came in at just of over $91bn (ex. SSA).


    Week over week, IG corporate spreads narrowed 5bps to 130bps while high yield spreads narrowed 35bps to 405bps, according to the ICE BofA Masters indexes.


    For the coming week, syndicate surveys expect roughly just $5bn in new IG issuance, the decline owing largely to the 4th of July holiday in the U.S. tomorrow. 


    New issues


    There are currently no new IG deals lined up for the holiday shortened week just yet.


    Recent issues


    • Jun 29 Mizuho priced a $1.4bn 6y NC5 (Green) and $1.1bn 11y NC10 fixed to fixed TLAC bonds. Leads are JPM and Mizuho (B&D).  Priced at +165bps, +190bps.


    • Jun 28: Corebridge Global Funding priced a $500m 3y. Leads BofA and DB.  A2/A+. +145bps.


    • Jun 28: Standard Chartered priced a $2.5bn 3-part ($1bn 4y NC3, $500m 4y NC3 FRN and $1bn 11y NC10 bond). Leads BNPP, GS, MS, StanChart (B&D) and TorDom. A3/BBB+/A. +185bps, SOFR +193bps and +258bps, respectively. 


    • Jun 27: Credit Agricole priced a $2.5bn 3-part ($1.25bn 3y fixed, $500m 3y FRN and $750m 10y fixed). Leads BofA, Citi, CA (B&D), GS, JPM and SMBC. +120bps, SOFR equivalent and +200bps.


    • Jun 27: Arizona Public Service priced a $400m 10y deal via JPM and TSI.  A3/BBB+. +180bps area.


    • Jun 27: Republic of Chile priced a $2.25bn 2-part ($1.15bn 12y and $1.1bn 30y). Leads CA-CIBC HSBC, Santander, Scotia and SocGen.  A2/A/A-.  +123bps and +148bps.


    • Jun 27: Mitsubishi Corp (A2/A) priced a $500m 5y bond at Treasuries +100bps via Citi (B&D), MS and JPM.


    • Jun 27: Korea Gas (Aa2/AA) priced a $500m 5y at Treasuries +88bps. Leads are BNPP, HSBC, JPM (B&D), Mizuho, KDB and UBS.


    • Jun 27: British Columbia priced a $2.25bn 10y global through BMO, CIBC (B&D), DB, NBC and TD. Swaps +70bps. 


    • Jun 27: IADB priced a $3bn short 3y Global at swaps +24bps via Barclays, Nomura, Scotia and WFS.


    • Jun 26: ANZ priced a $1.5bn 2-part ($1bn 2y fixed and $500m 2y FRN). Leads ANZ, BofA, RBC and WFS. Aa3/AA-/A+. +65bps and SOFR +75bps.


    • Jun 26: Prologis priced a $2bn 3-part ($750m 5y, $750m long 10y and $500m tap of its 5.25% Jun 2053). Leads BofA, Citi, GS and TD. +105bps, +145bps and +160bps. 


    • Jun 26: Hyatt priced a $600m 3.5y. Leads DB, GS and JPM. Baa3/BBB-/BBB-. +145bps.     


    • Jun 26: Kinross Gold priced a $500m 10y. Leads BofA, MS and RBCCM. Baa3/BBB-/BBB. +270bps. 


    • Jun 26: Connecticut Light and Power priced a $300m 10y FMB. Leads JPM, MUFG and WFS. A1/A+/A+. +120bps.


    • Jun 26: National Rural Utilities priced a $400m 5y fixed. Leads JPM, MUFG, Scotia and USB. A2/A-/A. +110bps.


    • Jun 26: NongHyup Bank priced a $600m 5y USD Social Bond at USTs +98bps via BofA, BNPP, Credit Agricole, MUFG, SocGen and UBS.