Last checked at 
* CK Hutchison debuts with US$1.25bn bond
* Most actively traded: Molson 3% 2026s
* Monthly issuance: US$140.084bn
* Volumes now US$3.8bn away from Sept record
* Viacom and Fortis expected to come Thursday
By Mike Gambale
NEW YORK, Sept 28 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Wednesday:
Number of deals priced: 4
Total issuance volume: US$6.4bn
Average new issue concession: 1.75
Average book to cover: 2.72
HSBC HOLDINGS
HSBC Holdings PLC (HSBC), A1/A/AA-, announced a US$benchmark SEC registered senior unsecured notes offering thatincludes a long 5-year (1/05/2022) fixed and FRN tranches. HSBCis sole book. UOP: GCP. Settle: 10/05/2016.
IPTs: 5yr FXD T+170bp area, 5yr FRN Libor equiv
PRICE GUIDANCE: 5yr FXD T+155bp (#), 5yr FRN 3mL+150bp (#)
LAUNCH: US$3.75bn 2-part. US$2.5bn 5yr FXD at T+155bp,US$1.25bn 5yr FRN at 3mL+150bp.
PRICED: US$3.75bn 2-part total.
- US$2.5bn 2.65% cpn 5yr (1/05/22) FXD. At 99.906, yld2.67%. T+155bp.
- US$1.25bn 5yr (1/05/22) FRN. At 100, floats at 3mL+150bp.
BOOK: Undisclosed
NIC: 6bp (vs. 2.95% '21s at G+145bp, add 4bp for maturityextension, FV=G+149bp)
COMPS:
2.950% May 25, 2021 at G+145bp
ENTERGY LOUISIANA
Entergy Louisiana LLC (ETR), A2/A, announced a US$400m (nogrow) SEC registered 10-year (10/01/2026) collateral trustmortgage bonds deal. The active bookrunners are BNP Paribas,Goldman Sachs, Keybank, SMBC and US Bank. UOP: Repayment ofUS$57.5m Waterford 3 Secured Lease Obligation Bonds bearing8.09% interest per year, maturing Jan. 2, 2017, and GCP.Settlement: 10/04/2016 (T+4).
IPT: T+110bp area
PRICE GUIDANCE: T+95bp area (+/- 5bp)
LAUNCH: US$400m at T+90bp
PRICED: US$400m 2.40% cpn 10yr (10/01/2026). At 99.577, yld2.448%. T+90bp. Benchmark spot: 99-18/1.548%.
BOOK: US$1.1bn
NIC: 1bp (vs. 3.25% '28s at G+93bp, subtract 4bp formaturity differential, FV=G+89bp)
COMPS:
3.250% April 1, 2028 at G+93bp
AMERICAN TOWER
American Tower Corporation (AMT), Baa3/BBB-/BBB, announced aUS$ benchmark SEC registered 2-part senior unsecured notesoffering that includes a long 5-year (1/15/2022) and a long10-year (1/15/2027). The active bookrunners are Bank of America,Citigroup, Credit Agricole, JP Morgan and Morgan Stanley. Thenotes contain a CoC, a MWC and a 3mo par call on the 10yr. UOP:To repay existing indebtedness, including term loan, 2013 creditfacility and/or the 2014 credit facility, and GCP. Settle:9/30/2020.
IPTs: 5yr T+130-135bp, 10yr T+175-180bp
PRICE GUIDANCE: 5yr T+120bp area, 10yr T+160bp area. Area is+/- 3bp.
LAUNCH: US$1bn 2part. US$600m 5yr at T+117bp, US$400m 10yrat T+157bp
PRICED: US$1bn 2part.
- US$600m. Cpn 2.250%. Due 1/15/2022. Ip US$99.858. Yld2.279%. T+117bp. MWC T+20bp.
- US$400m. Cpn 3.125%. Due 1/15/2027. Ip US$99.933. Yld3.133%. T+157bp. MWC T+25bp.
BOOK: US$2.6bn total; 5-year US$1.4bn, 10-year US$1.2bn
NIC: 5-year: Flat (vs. 3.3% '21s at G+115bp, add 2bp formaturity extension, FV=G+117bp)
10-year: Flat (vs. 4.4% '26s at G+156bp, add 1bp formaturity extension, FV=G+157bp)
COMPS:
AMT 3.300% February 15, 2021 at G+115bp
AMT 4.400% February 15, 2026 at G+156bp
CCI (Baa3/BBB-) 2.250% September 1, 2021 at G+116bp
CCI (Baa3/BBB-) 4.450% February 15, 2026 at G+159bp
CK HUTCHISON
CK Hutchison International Limited (HUWHY), A3/A-/A-,announced a US$ benchmark 144A/Reg S 2-part senior unsecurednotes offering that includes a 5-year and 10-year. Bank ofAmerica Merrill Lynch, Citigroup, Goldman Sachs, HSBC (B&D) andMorgan Stanley are the joint bookrunners. CK Hutchison HoldingsLimited is the guarantor. UOP: To refinance certain indebtednessand for general corporate purposes.
IPTs: 5-year T+115bp area, 10-year T+145bp area.
PRICE GUIDANCE: 5-year T+95bp area, 10-year T+135bp area.Area is +/- 5bp.
LAUNCH: US$1.25bn 2-part. US$750m 5yr at T+90bp, US$500m10yr at T+130bp.
PRICED: US$1.25bn 2-part total.
- US$750m 1.875% cpn 5yr (10/03/2021). At 99.342, yld2.014%. T+90bp. Benchmark spot: 1.114%.
- US$500m 2.75% cpn 10yr (10/03/2026). At 99.092, yld2.855%. T+130bp. Benchmark spot: 1.555%.
BOOK: US$3.5bn total; 5-year US$1.9bn, 10-year US$1.6bn
NIC: Dollar debut offering
USD HIGH-GRADE PIPELINE
UPL Corporation Limited, Baa3/BBB-/BBB-, has mandatedCitigroup and JP Morgan as joint global coordinators and ANZ,Citigroup, Credit Suisse, Deutsche Bank and JP Morgan as jointbookrunners to arrange a series of fixed income investormeetings in Asia, Europe and the US commencing Sept 29. Aproposed benchmark offering under Rule 144A / Regulation S ofUSD-denominated senior unsecured notes may follow, subject tomarket conditions.
Viacom Inc, Baa3/BBB, asked Bank of America/Merrill Lynch,Citigroup and Morgan Stanley to arrange fixed income investorcalls on Sept 27 and 28 in preparation for a dollar-denominatedbenchmark new issue with an intermediate tenor.
Nacional Financiera SNC, A3/BBB+, mandated Bank ofAmerica/Merrill Lynch and HSBC as joint leads to arrange fixedincome meetings on Sept 27 and 28 in London, New York, Bostonand Los Angeles in preparation for a possible dollar-denominatednew issue.
Fortis Inc, S&P rating A-, asked Goldman Sachs, MUFG,Scotiabank and Wells Fargo to arrange fixed income investorcalls on Sept 28 from 8:00am thru 4:30pm ET. Goldman willcoordinate.
Sumitomo Mitsui Trust Bank, exp rating A1/A, has mandatedGoldman Sachs, JP Morgan, Citigroup and Daiwa to arrangeinvestor calls that took place on September 26, ahead of apossible offering of US dollar 3-year fixed and/or floatingsenior unsecured notes. The issue will be under 144A/Reg S andis expected to price in the near future, subject to marketconditions.
El Puerto de Liverpool SAB de CV, BBB+/BBB+, operator ofMexico's largest department store chain, mandated Citigroup,Credit Suisse and JP Morgan as joint leads to arrange fixedincome investor meetings in the US and Europe that took place onSept 26 in preparation for a dollar-denominated 144A/Reg Ssenior unsecured notes new issue. Meetings kicked off in Londonand continued on Sept 27 in New York and Boston beforeconcluding in New York on Sept 28.
The Export-Import Bank of Korea (KEXIM) has mandated ANZ,Bank of America Merrill Lynch, Credit Agricole, Mizuho, MorganStanley, Societe Generale and UBS for a US dollar bond. TheSEC-registered offering is expected sometime in the month ofOctober.
HollyFrontier Crop, Baa3/BBB-, named Bank of America/MerrillLynch, Citigroup, MUFG and Toronto Dominion to arrange fixedincome investor calls that took place on Sept 15 and 16.Citigroup is coordinating.
KEB Hana Bank, A1/A, has mandated Citigroup, Credit AgricoleCIB, JP Morgan, Standard Chartered Bank, UBS and KEB HanaGlobal Finance to arrange investor meetings in Asia, Europe, theMiddle East and the US that took place on Sept 26. A USDdenominated 144A/Reg S transaction may follow.
Banco Inbursa, BBB+/BBB+, mandated Bank of America/MerrillLynch, Citigroup and Credit Suisse as joint book runners toarrange fixed income investor meetings in the US, Mexico andEurope that took place from Sept 7 to 12.
MTN Group, multinational mobile operator headquartered inJohannesburg, rated Baa3 (neg) by Moody's and BBB- (neg) by S&P,has mandated BAML, Barclays, Citi and Standard Bank to arrangeinvestor meetings in the US and UK that took place on Sept 9 inconnection with an offering of intermediate tenorUSD-denominated benchmark 144A/Reg S senior unsecured fixed ratenotes.
Korea National Oil Corp, Aa2/AA-, will meet investors thismonth for an offering of US dollar 144A/Reg S bonds. Theroadshow took place in Hong Kong on Sept 5. The company hadplanned to meet investors in Singapore, Frankfurt, London, NewYork, Philadelphia, Boston and Los Angeles. Proceeds willrefinance debt maturing this year.
Industrial Bank of Korea, Aa2/AA-, hired HSBC and Nomura toarrange fixed income investor meetings that took place in HongKong and Singapore on August 22 in preparation for a 144A/Reg Sdollar-denominated offering. (Reporting by Michael Gambale; Editing by Shankar Ramakrishnan)
