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* HSBC prints jumbo US$8bn deal
* Whirlpool comes with 30-year trade
* Dell bonds tighten amid high trading volumes
* Weekly issuance hits US$41.560bn
By Mike Gambale
NEW YORK, May 18 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Wednesday:
Number of deals priced: 5
Total issuance: US$12.085bn
Average new issue concession: 3.93
Total book to cover: 2.95
HSBC HOLDINGS
HSBC Holdings plc, A1/A/AA-, announced a US$ benchmark SECregistered 4-part senior unsecured note offering that includes a5-year (5/25/2021) fixed and/or FRN, a 7-year (5/25/2023) fixedand a 10-year (5/25/2026) fixed. HSBC is sole books. UOP: GCP.Settle: 5/25/2016.
IPTs: 5yr FXD T+180bp area, 5yr FRN Libor equiv, 7yr T+215bparea, 10yr T+230bp area
GUIDANCE: 5yr FXD T+160bp (#), 5yr FRN Libor equiv, 7yrT+195bp (#), 10yr T+210bp (#)
LAUNCH: US$8bn 4-part. US$2.5bn 5yr FXD at T+160bp, US$1bn5yr FRN at 3mL+166bp, US$2bn 7yr at T+195bp, US$2.5bn 10yr atT+210bp
PRICED: US$8bn 4-part.
- US$2.5bn. Cpn 2.950%. Due 5/25/21. T+160bp.
- US$1bn. Cpn 3mL+66bp. Due 5/25/21. Ip par. Yld 3mL+166bp.
- US$2bn. Cpn 3.600%. Due 5/25/23. T+195bp.
- US$2.5bn. Cpn 3.900%. Due 5/25/26. T+210bp.
BOOK: Undisclosed
NIC: 5-year FXD: 6bp (vs. 3.4% '21s at G+154bp)
7-year: 7bp (7/10s curve worth 15bp, FV=G+188bp)
10-year: 7bp (vs. 4.3% '26s at G+203bp)
COMPS:
HSBC 3.400% March 8, 2021 at G+154bp
HSBC 4.300% March 8, 2026 at G+203bp
KEXIM
The Export-Import Bank of Korea (KEXIM), Aa2/AA-/AA-,announced a US$ benchmark SEC registered 3-part senior unsecurednote offering that includes a 3-year fixed and/or FRN and a10-year fixed. Joint bookrunners are Bank of America, BNPParibas, Citigroup, Goldman Sachs, HSBC and Nomura. Joint-leadmanagers are Bank of America, BNP Paribas, Citigroup, GoldmanSachs, HSBC, Nomura and Daewoo. Co-manager: KEXIM Asia Ltd.
IPTs: 3yr FXD T+95bps area, 3yr FRN 3mL equiv, 10yr T+105bpsarea
PRICE GUIDANCE: 3yr FXD T+80bps area, 3yr FRN 3mL equiv,10yr T+85bps area. Area is +/- 2.5bp.
LAUNCH: US$2.5bn 3-part. US$1bn 3yr FXD at T+77.5bp, US$500m3yr FRN at 3mL+70bp, US$1bn 10yr at T+82.5bp
PRICED: US$2.5bn 3-part.
- US$1bn 1.75% cpn 3yr (5/26/2019) FXD. At 99.866, yld1.796%. T+77.5bp
- US$500m 3yr (5/26/2019) FRN. At 100, floats at 3mL+70bp.
- US$1bn 2.625% cpn 10yr (5/26/2026). At 99.790, yld 2.649%.T+82.5bp
BOOK: US$7.1bn total; 3-year FRN US$1.6bn, 3-year FXDUS$2bn, 10-year US$3.5bn
NIC: 3-year FXD: 5bp (3/10s curve worth 7.5bp, FV=G+72.5bp)
10-year: 2.5bp (vs. 3.25% '25s at G+78bp, add a couple ofbasis points for maturity extension, FV=G+80bp)
COMPS:
2.125% February 11, 2021 at G+75bp
3.250% November 10, 2025 at G+78bp
PRICELINE
The Priceline Group Inc (PCLN), Baa1/BBB+, announced a US$benchmark SEC registered 10-year (6/01/2026) senior unsecurednotes. Active bookrunners are Bank of America, Goldman Sachs andWells Fargo. Passive bookrunners are Citigroup, JPMorgan, MorganStanley and US Bank. Optional Redemption: Make Whole Call; ParCall: 3 month(s) prior to maturity. Use of Proceeds: For generalcorporate purposes, which may include share repurchases,repayment of debt and acquisitions. Settle: 5/23/2016.
IPT: T+200bp area
GUIDANCE: T+185bp area (+/- 5bp)
LAUNCH: US$1bn at T+180bp
PRICED: US$1bn 3.60% cpn 10-yr (6/01/2026). At 99.807, yld3.623%. T+180bp.
BOOK: US$2.7bn
NIC: Flat (vs. 3.65% '25s at G+174bp, add 6bp for maturityextension, FV=G+180bp)
COMPS:
PCLN 3.650% March 15, 2025 at G+174bp
EFX (Baa1/BBB+) 3.250% June 1, 2026 at G+145bp
TRICN (Baa2/BBB+/BBB+) 3.350% May 15, 2026 at G+158bp
EBAY (Baa1/BBB+) 3.450% August 1, 2024 at G+169bp
WHIRLPOOL
Whirlpool Corp (WHR), Baa1/BBB/BBB, announced a US$500m (nogrow) SEC registered 30-year (6/01/2046) senior unsecured notes.The active bookrunners are Citigroup and Mizuho, with BNPParibas and JPMorgan passive. The notes contain a MWC and a 6mopar call. UOP: Repay part of debt maturing in 2016; remainderfor GCP. Settle: 5/23/2016.
IPT: T+220-225bp
PRICE GUIDANCE: T+200bp area (+/- 5bp)
LAUNCH: US$500m at T+190bp
PRICED: US$500m 4.50% cpn 30-yr (6/01/2046). At 99.201, yld4.549%, T+190bp. MWC+30bp.
BOOK: Just under US$2bn
NIC: Flat (vs. 3.7% '25s at G+150bp, 10/30s curve worth40bp, FV=T+190bp
COMPS:
3.700% May 1, 2025 at G+150bp
ENTERGY
Entergy New Orleans Inc, Baa2/A-, announced a US$85m SECregistered 10-year (6/01/2026) senior notes. The activebookrunners are Bank of New York and JPMorgan.
UOP: to repay prior to maturity our first mortgage bonds dueSeptember 2024 in the aggregate principal amount of $33.271million bearing interest at 5.6% per year and our first mortgagebonds due September 2029 in the aggregate principal amount of$37.772 million bearing interest at 5.65% per year and forgeneral corporate purposes.
IPT: T+137.5-150bp
LAUNCH: US$85m at 4%
PRICED: US$85m. Cpn 4.00%. Due 6/1/2026. Ip par. Yld 4.00%.T+213bp.
USD HIGH-GRADE PIPELINE
CHINA THREE GORGES CORP, Aa3/A/A+, has mandated DeutscheBank, ICBC and JP Morgan as joint global coordinators for aproposed US dollar bond 144a/RegS transaction. Fixed-incomemeetings for the senior unsecured notes will commence onWednesday in Asia, and head to London on Friday and the US nextweek. The JGCs will act as joint bookrunners with Bank of China,Goldman Sachs and UBS.
SOUTHERN CO, Baa2/BBB+, asked Bank of America/Merrill Lynch,Barclays, Citigroup, J.P. Morgan, Mizuho and Wells Fargo toarrange fixed income investor calls beginning Tuesday, May 17thand concluding on Wednesday the 18th.
BROOKFIELD ASSET MANAGEMENT, Baa2/A-, asked Citigroup andDeutsche Bank to arrange telephonic investor calls as well asinvestor meetings in the New York Metropolitan area slated tobegin on Tuesday, May 17th with one-on-ones followed by physicalmeetings on Wednesday, May 18th. Citigroup is coordinating.
KALLPA GENERACION (KALLPA), Baa3/BBB-, mandates CreditSuisse, Credicorp Capital, Morgan Stanley and Scotiabank forinvestor meetings May 12-18. A US dollar-denominated 144a/RegSdeal could follow.
STATOIL ASA, A3/A+, the Norwegian multinational oil and gascompany filed an F-3ASR shelf registration statement on Monday,May 9th covering debt securities and equity shares.
APPLE, Aa1/AA+, filed a Form S-3 (S-3ASR) with the SECcovering debt securities on April 28.
Russian bank VNESHECONOMOBANK, Ba1/BBB-, announced plans forinvestor meetings in New York that began on April 19.
ROGERS COMMUNICATIONS filed an F-10 shelf registration onMarch 4 covering US$4bn of debt securities including US$2.25bnexisting from a previous shelf.
MOLSON COORS, Baa2/BBB, expects to issue up to US$6.8bn innew debt to help fund its US$12bn acquisition of Miller beerbrands from AB InBev. (Reporting by Mike Gambale; Editing by Paul Kilby)
