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By Mike Gambale
NEW YORK, March 12 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Thursday.
Number of deals priced: 8
Total issuance volume: US$14.05bn
Average new issue concession: 8.83
Average book to cover: 3.86
THE JM SMUCKER
The JM Smucker Co (SJM), Baa2/BBB, announced a US$ benchmark144a/RegS (w/ reg rights) 6-part senior unsecured offering thatincludes 3-year (3/15/2018), 5-year (3/15/2020), 7-year(3/15/2022), 10-year (3/15/2025), 20-year (3/15/2035), and30-year (3/15/2045).
The active bookrunners include Bank of America and JPMorgan. Special Redemption: At 101%, if the acquisition does notoccur on or before August 3, 2015, or the merger agreement hasbeen terminated in accordance with the terms. Applies only tothe 10-, 20- and 30-year tranches.
Use of Proceeds: to fund the cash component of theacquisition consideration in respect of the Mergers, refinancecertain of Big Heart Pet's existing indebtedness and paytransaction expenses. Settle: 3/20/2015.
IPTs: 3yr T+90-100, 5yr T+115-125, 7yr T+130-140, 10yrT+150-160, 20yr T+170-180, 30yr T+190-200
PRICE GUIDANCE: 3yr T+80bp area, 5yr T+105bp area, 7yrT+120bp area, 10yr T+145bp area, 20yr T+165bp area, 30yr T+185bparea. Area +/- 5bp.
LAUNCH: US$3.65bn 6-part. US$500m 3yr at T+75bp, US$500m 5yrat T+100bp, US$400m 7yr at T+115bp, US$1bn 10yr at T+140bp,US$650m 20yr at T+160bp, US$600m 30yr at T+180bp.
PRICED: US$3.65bn 6-part.
- US$500m 1.75% 3yr (3/15/2018). At 99.85, yld 1.802%.T+75bp.
- US$500m 2.50% 5yr (3/15/2020). At 99.572, yld 2.592%.T+100bp.
- US$400m 3.00% 7yr (3/15/2022). At 99.975, yld 3.071%T+115bp.
- US$1bn 3.50% 10yr (3/15/2025). At 99.975, yld 3.503%.T+140bp.
- US$650m 4.25% 20yr (3/15/2035). At 99.627, yld 4.278%.T+160bp.
- US$600m 4.375% 30yr (3/15/2045). At 98.310, yld 4.478%.T+180bp.
BOOK: US$19.75bn total
NIC: 5-year: 5-10bp (5/7s curve worth 10bp, FV=G+90-95bp)
7-year: 10-15bp (vs. 3.5% '21s at G+95bp, add 5-10bp formaturity differential, FV=G+100-105bp)
10-year: 10-15bp (7/10s curve worth 25bp, FV=G+125-130bp)
30-year: 10-15bp (10/30s curve worth 40bp, FV=G+165-170bp)
COMPS:
3.500% October 15, 2021 at G+95bp
LLOYDS BANK
Lloyds Bank plc (LLOYDS), A1/A/A, announced a US$ benchmarkSEC registered 3-part senior unsecured note offering thatincludes a 3-year fixed and/or FRN and a 5-year fixed tranche.The active bookrunners include Citigroup, Credit Suisse, GoldmanSachs, JP Morgan and Lloyds. UOP: GCP. Settle: T+3.
IPTs: 3yr FXD T+ low 80s, 3yr FRN 3mL+57bp, 5yr FXD T+ low90s
PRICE GUIDANCE: 3yr FXD T+80bp area, 3yr FRN Libor equiv,5yr FXD T+90bp area. Area is +/- 5bp.
LAUNCH: US$2.5bn 3-part. US$1bn 3yr FXD at T+75bp, US$500m3yr FRN at 3mL+52bp, US$1bn 5yr at T+85bp.
PRICED: US$2.5bn 3-part total.
- US$1bn 1.75% 3yr (3/16/2018) FXD. At 99.866, yld 1.796%.T+75bp.
- US$500m 3yr (3/16/2018) FRN. At 100, floats at 3mL+52bp.
- US$1bn 2.40% 5yr (3/16/2020) FXD. At 99.836, yld 2.435%.T+85bp.
BOOK: Total US$4.1bn, 3-year FXD: US$1.5bn, 3-year FRN:US$800m, 5-year US$1.8bn
NIC: 3-year: 10bp (3/5s curve worth 10bp, FV=G+65bp)
5-year: 10bp (vs. 2.350% 2019s at G+70bp, maturity extensionof 5bp, FV=G+75bp)
COMPS:
2.350% September 5, 2019 at G+70bp
BP CAPITAL MARKETS
BP Capital Markets PLC (BPLN), A2/A, announced US$ benchmarkSEC registered 2-part senior unsecured note offering thatincludes a 7-year (3/17/2022) and 10-year (3/17/2025). Theactive bookrunners include Bank of America, Barclays, HSBC,Morgan Stanley and UBS. The notes contain a MWC. UOP: GCP.Settle: 3/17/2015.
IPTs: 7yr T+125bp area, 10yr T+150bp area
PRICE GUIDANCE: 7yr T+120bp area, 10yr T+145bp area. Area is+/- 3bp.
LAUNCH: US$2bn 2-part total. US$1bn 7yr at T+117bp, US$1bn10yr at T+142bp.
PRICED: US$2bn 2-part total
- US$1bn. Cpn 3.062%. Due 3/17/2022. Ip par. Yld 3.062%.T+117bp. MWC T+20bp.
- US$1bn. Cpn 3.506%. Due 3/17/2025. Ip par. Yld 3.506%.T+142bp. MWC T+25bp.
BOOK: US$4.1bn
NIC: 7-year: 6bp (vs. 3.245% May 2022s at G+111bp)
10-year: 7bp (vs. 3.535% 2024s at G+130bp, add 5bp formaturity extension, FV=G+135bp)
COMPS:
2.315% February 13, 2020 at G+76bp
3.245% May 6, 2022 at G+111bp
2.500% November 6, 2022 at G+112bp
3.814% February 10, 2024 at G+132bp
3.535% November 4, 2024 at G+130bp
RDSALN (Aa1/AA) 2.375% August 21, 2022 at G+76bp
RDSALN (Aa1/AA) 3.400% August 12, 2023 at G+80bp
STLNO (Aa2/AA-) 3.150% January 23, 2022 at G+85bp
STLNO (Aa2/AA-) 2.650% January 15, 2024 at G+87bp
TOTAL (Aa1/AA-) 2.875% February 17, 2022 at G+84bp
TOTAL (Aa1/AA-) 3.750% April 10, 2024 at G+100bp
MORGAN STANLEY
Morgan Stanley (MS), expected ratings Ba3/BB/BB, announced aUSD benchmark perpetual nc5 (7/15/2020) preferred self-ledoffering. Joint-lead manager Mitsubishi. US$1000 par. DRD/QDIeligible. UOP: GCP. Settlement date T+5.
IPTs: 5.75%
LAUNCH: US$1.5bn 5.55%
PRICED: US$1.5bn 5.55% perp nc5 at 100, floats at a3mL+381bp.
BOOK: US$5bn
BANK OF AMERICA
Bank of America Corporation, Ba3/BB/BB, announced a USDbenchmark SEC-Reg perpetual nc10 fixed-to-floatingnon-cumulative preferred self-led offering. US$1000 par. DRD/QDIeligible. UOP: GCP. Settlement date T+3.
IPT: 6.25% area
LAUNCH: US$1.9bn at 6.100%
PRICED: US$1.9bn 6.10% perp nc10 pfd at 100.00
BOOK: US$4bn
EOG RESOURCES
EOG Resources (EOG), A3/A-, announced a US$1bn (no grow) SECregistered 2-part senior unsecured note offering that includes a10-year (4/01/2025) and 20-year (4/01/2035). The activebookrunners include Barclays, Citigroup, JP Morgan, UBS andWells Fargo. The notes contain a MWC, and a 3mo par call on the10yr tranche and a 6mo par call on the 20yr tranche. UOP:General corporate purposes, including funding of future capitalexpenditures. Settle: 3/17/2015.
IPTs: 10yr T+115bp area, 20yr T+135bp area
PRICE GUIDANCE: 10yr T+110bp area, 20yr T+130bp area. Areais +/- 5bp.
LAUNCH: US$1bn 2-part. US$500m 10yr at T+105bp, US$500m 20yrat T+125bp
PRICED: US$1bn 2-part total. 1st pay: 10/01/2015.
- US$500m 3.15% 10yr (4/01/2025). At 99.999, yld 3.15%.T+105bp. MWC+20bp.
- US$500m 3.90% 20yr (4/01/2035). At 99.571, yld 3.931%.T+125bp. MWC+20bp.
BOOK: US$2.8bn
NIC: 10-year: 4bp (2.625% '23s at G+101bp or 5/10s curveworth 20bp, FV=G+101bp)
20-year: 4bp (10/20s curve worth 20bp, FV=G+121bp)
COMPS:
2.450% April 1, 2020 at G+81bp
2.625% March 15, 2023 at G+101bp
HELMERICH & PAYNE
Helmerich & Payne International Drilling Co (HP), A3,announced a US$350m 10-year (3/15/2025) senior unsecured noteoffering. The active bookrunners include Goldman Sachs and WellsFargo, with HSBC as a passive bookrunner. The notes areguaranteed by Helmerich & Payne Inc, and contain a MWC and a 3mopar call. UOP: for general corporate purposes, including,capital expenditures associated with its rig constructionprogram. BIZ: Tulsa based energy exploration and productioncompany. Settle: 3/19/2025.
IPTs: low 300s
PRICE GUIDANCE: T+275bp area (+/- 12.5bp)
LAUNCH: US$500m (upsized from US$350m) at T+262.5bp
PRICED: US$500m 4.65% 10yr (3/15/2025). At 99.425, yld4.723%. T+262.5bp.
BOOK: US$3.4bn
NIC: Debut offering
HUTCHISON PORT HOLDINGS TRUST
Hutchison Port Holdings Trust Finance Limited (HPHT),Baa1/BBB+, announced US$ benchmark 144A/RegS 2-part seniorunsecured note offering that consists fo a 3-year and 5-year.Bank of America Merrill Lynch and HSBC are joint bookrunners onthe offering.
IPTs: 3yr T+140bp area, 5yr T+150bp area
LAUNCH: US$1bn 2-part. US$500m 3yr T+127.5bp, US$500m 5yrT+140bp
PRICED: US$1bn 2-part total
- US$500m 2.25% 3yr (3/17/2018). At 99.787, yld 2.324%.T+127.5bp.
- US$500m 2.875% 5yr (3/17/2020). At 99.529, yld 2.977%.T+140bp.
NIC: Debut offering (Reporting by Michael Gambale; editing by Shankar Ramakrishnan)
