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By IFR Reporters
NEW YORK, Aug 10 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Monday:
Number of deals priced: 12
Total issuance volume: US$14bn
Average new issue concession: 7.36
Average book to cover: 2.52
SIMON PROPERTY GROUP
Simon Property Group, L.P., A2/A (s/s), announced a US$benchmark two-part notes via CITI/RBS/UBS.
IPTs: 5yr Low 100s, 10yr Mid-high 140s
PRICE GUIDANCE: 5yr T+95bp area, 10yr T+140bp area (+/- 5bp)
LAUNCH: US$1.1bn total. US$500m five-year at T+90bp; US$600m10-year at T+135bp
PRICED: US$1.1bn total.
- US$500m 5-year (Sep 1 2020) at T+90bp; 99.943 at 2.5%coupon, 2.512% yield.
- US$600m 10-year (Sep 1 2025) at T+135bp; 99.354, 3.5%coupon, 3.577% yield. sett Aug 17 2015
BOOK: 5-year: US$925m; 10-year: US$775m
NIC: 5-year: 10bp; 10-year: 8bp
COMPS:
2019s at G+79bp
2020s at G+82bp (USD 113)
September 2024s at G+127bp
October 2024s at G+125bp
AMERICAN WATER CAPITAL CORP
American Water Capital Corp, A3/A/A (s/s/s), announced aUS$550m two-part SEC-Reg senior unsecured notes viaJPM/MUFG/WFS/UBS(act)/REGF/BSSA (pass)
IPTs: 10-year tap T+130bp area, 30-year T+165bp area.
PRICE GUIDANCE: 10-year tap: 125bp area; 30-year: 150bp area
LAUNCH: US$225m 10-year tap at T+120bp area; US$325m 30-yearat 145bp area.
PRICED: US$550m total:
- US$225m 10-year tap at T+120bp; 99.667. 3.4% coupon,3.441% yield.
- US$325m 30-year at T+145bp, 98.684, 4.3% coupon, 4.379%yield.
BOOK: US$1.6bn total; US$550m-tap; US$1.05bn: 30-year.
NIC: 10-year: 7bp; 30-year: 3bp
COMPS:
AWK 3.4% 2025 at T+113bp, G+117bp US$100.6
AWK 4.3% 2042 at T+142bp US$100.3
BARCLAYS PLC
Barclays PLC, Baa3/BBB/A (s/s/s), announced a US$ benchmark30-year senior unsecured self-led note offering.
UOP: GCP.
Settlement date: 8/17/15.
IPTs: T+250bp area
PRICE GUIDANCE: T+240bp area (+/-5bp)
LAUNCH: US$1.5bn 30-year at T+235bp
PRICED: US$1.5bn 30-year (Aug 17 2045) at T+235bp; 5.25%coupon, 5.266% yield, 99.76. sett: T+5
BOOK: Undisclosed
NIC: 30-year: 13bp (10s/30s curve about 15bp added to 2025sfor FV: 222bp)
COMPS:
3.65% 2025 at G+207bp (US$95)
CS 3.75% March 2025 at G+194bp (US$97)
CS 4.875% May 2045 at T+208bp (US$99.41)
ING BANK
ING Bank, A1/A/A (s/s/s), announced a four-part US$ 3-yearfixed/floating and 5-year fixed/floating senior notes via HSBC,ING, JPM, UBS and WFS.
IPTs: 3yr FXD T+105-110bp, 3yr FRN 3mL+equivalent, 5yr FXDT+115-120bp, 5yr FRN 3mL+ equivalent
PRICE GUIDANCE: 3-year FXD at T+105bp (+/-5bp), 5-yearFXD at T+115bp (+/-5bp), 3 and 5-year Libor equivalent.
LAUNCH: US$2.5bn total: US$1bn 3-yr FXD at T+100bp, US$750m5-yr at T+110bp, US$500m 3-yr at FRN at 3ML+78bp, US$250m 5-yrat FRN at 3ML+97bp
PRICED: US$2.5bn total.
- US$1bn 3-yr FXD; 99.939; 2.05%C; 2.071%Y; T+100bp,
- US$750m 5-yr FXD; 99.93; 2.71%C; 2.715%Y; T+110bp,
- US$500m 3-yr FRN; par; 3ML+78bp,
- US$250m 5-yr FRN; par; 3ML+97bp.
BOOK: US$4.5bn
NIC: 5-year: 10bp-15bp; 3-year: 10bp-15bp
COMPS:
INTNED 2.45% 2020 at G+95bp
LLOYDS BANK PLC
Lloyds Bank Plc, A1/A/A+ (p/s/s), announced a US$ benchmarkmulti-tranche SEC-Reg senior unsecured note offering viaBAML/CITI/GS(B&D)/LLOYDS/MS/RBC(3yr fxd only). Structureconsists of a 3-year (8/17/18) FXD and/or FRN, and a 5-year(8/17/20) FXD.
UOP: GCP.
Settlement date: 8/17/15.
IPTs: 3-year FXD T+105-110bp, 3-year FRN 3mL+equivalent,5-year FXD T+115-120bp.
PRICE GUIDANCE: 3yr FXD T+100bp (the #), 3yr FRN 3mL+78bp(the #), 5yr FXD T+110bp (the #)
LAUNCH: US$2bn total: US$700m 3-year fixed at T+100bp;US$300m 3-year FRN at L+78bp; US$1bn 5-year fixed at T+110bp
PRICED: US$2bn total.
- US$700m 3-year at T+100bp, 2% coupon, 2.068% yield;
- US$1bn five-year at T+110bp, coupon 2.7%, yield 2.712%;
- US$300m 3-year FRN at 3mL+78bp
BOOK: 3-year floater US$450m; 3-year fixed US$1.1bn; 5-yearUS$1.8bn
NIC: 3-year: 10bp (fair value about 88bp; 3s/5s about 10bp);5-year 12bp (vs 2019s at G+98bp)
COMPS:
LLOYDS 2.4% 2019 at G+98bp
DISCOVER BANK
Discover Bank, Baa3/BBB/BBB+ (s/p/s), announced a US$benchmark 3-yr unsecured unsubordinated 3(a)(2) notes viaBARC/CS/DB/RBC. Co-managers are MUFJ/WILL.
IPTs: T+165bp area
PRICE GUIDANCE: T+160bp area (+/- 5bp)
LAUNCH: US$1bn 3-year at T+155bp
PRICED: US$1bn three-year (11/13/2018) at T+155bp; 99.938,coupon 2.6%, yield 2.618%.
Settlement date: 8/13/2015
BOOK: US$1.8bn
NIC: 3-year: 10bp
COMPS:
Jun 2020s at G+153bp
Feb 2018s at G+144bp
DUKE ENERGY PROGRESS
Duke Energy Progress, Aa2/A/A+ (n/s/s), announced a two-partUS$1bn SEC-Reg FMB via CS, RBC, STRH, UBS and WFS.
IPTs: 10yr T+115-120bpa, 30yr T+140-145bpa
PRICE GUIDANCE: 10yr T+110bp area (+/-5bp); 30yr T+135bparea (+/-5bp)
LAUNCH: US$500m 10-year at T+105bp; US$700m 30-year at 130bp
PRICED: Total US$1.2bn.
- US$500m 10-year (Aug 15 2025) at T+105bp 3.25% coupon,3.286% yield, 99.695.
- US$700m 30-year (Aug 15 2045) at T+130bp; 4.2% coupon,4.23% yield, 99.493. Sett 8/13/2015
BOOK: 10-year: US$900m; 30-year: US$1.4bn
NIC: 10-year: flat; 30-year: 2-3bp
COMPS:
4.15% 12/1/2044 at T+126bp
4.375% 3/30/2044 at T+128bp
3.75% 6/1/2045 at T+116bp Aa2/A Carolinas
XEL 4.00% 8/15/2045 at T+117bp Aa3/A Nthn Sts Pwr-MN
DUK 2.80% 5/15/2022 at T+75bp G+103bp
SRE 3.2% 6/15/2025 at T+96bp G+98bp Aa2/A+ So Cal Gas Co
DTE 3.375% 3/1/2025 at T+99bp G+103bp Aa3/A DTE Elec Co
THE BANK OF NEW YORK MELLON
The Bank of New York Mellon Corp, A1/A+, announced a US$benchmark SEC-Reg 5-year senior unsecured note offering viaBAML/BARC/BK/JPM/WFS.
IPTs: 5yr FXD T+115bp area, 5yr FRN 3mL+equivalent
PRICE GUIDANCE: 5yr FXD T+105bp area, 5yr FRN libor equiv.
LAUNCH: US$1.4bn total: US$300m five-year FRN at 3mL+87bp;US$1.1bn five-year fixed at T+100bp
PRICED: US$1.4bn total.
- US$1.1bn 5-year (8/17/2020) at T+100bp; 99.953, 2.6%coupon, 2.61% yield
BOOK: US$3.275bn total. 5-year FRN: US$875m; 5-year fixed:US$2.4bn
DELTA AIR LINES
Delta Air Lines announced a US$381.973m two-part SEC-Regthrough certificates Series 2015-1 via CS/MS (act). Joint-booksare CITI/DB/GS. Passive books are BNP/CA/NATX. Collateral: 15Boeing 737-900ERs (delivered SEP 2013 to FEB 2014)
IPTs: Class "AA", rated Aa3/AA, Expected maturity 7/30/27.Avg life 8.9-years. IPT: High 3s. Class "A", rated A1/A+,Expected maturity 7/30/27. Avg life 8.9-years. IPT: 4.125-4.25%.
PRICE GUIDANCE: Class AA: 3.75% +/- .125; Class A: 4% +/-.125; Class B: 4.375% +/- .125%
LAUNCH: US$312.524m Class AA: 3.625%; US$69.449m Class A:3.875%; $118.027m Class B: 4.25%
PRICED: US$500m three-part EETC Pass Through Certificates.
- US$312.524m Class AA 12-year (07/30/2027), avg life 8.9years. At 100, 3.625% yld.
- US$69.449m Class A 12-year (07/30/2027), avg life 8.9years. At 100, 3.875% yld.
- US$118.027m Class B eight-year (07/30/2023), avg life 5.9years. At 100, 4.25% yld.
BOOK: AA: US$1.7bn; A: US$500m; BB: US$300m
PACCAR FINANCIAL GROUP
Paccar Financial Group, A1/A+ (s/s), announced a US$500mtwo-part SEC-Reg senior unsecured note offering viaJPM/RBC/USB/WFS.
IPTs: 3yr FXD T+80bp area, 5yr FXD T+95bp area
PRICE GUIDANCE: 3yr FXD T+70-72bp area, 5yr FXD T+90bp area.
LAUNCH: US$500m total: US$250m 3-year at T+70bp; US$250m5-year at 90bp
PRICED: US$500m total.
- US$250m 3-year (Aug 14 2018) at T+70bp, 99.924, 1.75%coupon, 1.776% yield;
- US$250m 5-year (Aug 14 2020) at T+90bp, 99.907, 2.5%coupon, 2.52% yield.
BOOK: Over US$1bn
HSBC HOLDINGS PLC
HSBC Holdings PLC, A2/A+, announced a US$ benchmark 10-yearsubordinated self-led offering. UOP: GCP.
IPT: T+220-225bp
PRICE GUIDANCE: T+215bp (+/-3bp)
LAUNCH: US$1.5bn subordinated 10-year at T+212bp
PRICED: US$1.5bn subordinated 10-yr: 99.18; 4.25%C; 4.352%Y;T+212bp
BOOK: Undisclosed
REGENCY CENTERS
Regency Centers LP, Baa1/BBB/BBB (s/p/p), announced aUS$250m (no grow) 10-year SEC-Reg senior unsecured note offeringvia BAML/JPM (act)/USB/WFS (pass).
IPTs: T+190bp area
PRICE GUIDANCE: T+180bp area (+/- 5bp)
LAUNCH: US$250m at T+175bp
PRICED: US$250m Nov 1 2025 at T+175bp; 99.264, 3.9% coupon,3.989% yield
BOOK: Undisclosed (Reporting by IFR; editing by Marc Carnegie)
