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By Mike Gambale
NEW YORK, March 23 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Monday:
Number of deals priced: 8
Total issuance volume: US$13.5bn
Average new issue concession: 8.33bp
Average book to cover: 3.37
PRICED DEALS:
UBS AG
UBS AG, acting through its Stamford Branch, A2/A/A,announced a US$ benchmark 3(a)(2) 4-part senior unsecured banknote offering that includes 18mo floater, 3yr floater, 3yrfixed, and 5yr fixed. Maturity Date: 9/26/2016 | 3/26/2018 |3/26/2018 | 3/26/2020. Sole Books: UBS Investment Bank.Settlement Date: T+3 (3/26/2015).
IPTs: 18-month FRN 3mL+50bp area, 3-year FXD T+100bp area,3-year FRN 3mL+equiv, 5-year FXD T+100bp area
PRICE GUIDANCE: 18mo FRN 3mL+50bp (the #), 3yr FXD T+95bparea, 3yr FRN Libor equiv, 5yr FXD T+100bp area. Area is +/-3bp.
LAUNCH: US$4.85bn 4-part. US$600m 18mo FRN at 3mL+50bp,US$2.5bn 3yr FXD at T+92bp, US$1bn 3yr FRN at 3mL+70bp, US$750m5yr FXD at T+97bp.
PRICED: US$4.85bn 4-part total.
- US$600m 18mo (9/26/2016) FRN. At 100, floats at 3mL+50bp.1st pay: 6/26/2015.
- US$2.5bn 1.80% 3yr (3/26/2018) FXD. At 99.869, yld 1.845%.T+92bp. 1st pay: 9/26/2015.
- US$1bn 3yr (3/26/2018) FRN. At 100, floats at 3mL+70bp.1st pay: 6/26/2015.
- US$750m 2.35% 5yr (3/26/2020) FXD. At 99.977, yld 2.355%.T+97bp. 1st pay: 9/26/2015.
BOOK: About US$7bn
NIC: 3-year: 7bp
5-year: About 12bp
COMPS:
2.375% August 14, 2019 at G+85bp
HSBC HOLDINGS PLC
HSBC Holdings plc, rated Baa3/Nr/BBB(exp), announced a US$benchmark SEC-Reg perpetual nc10 (3/30/2025) subordinatedcontingent convertible securities via sole-bookrunner HSBC.Joint-lead managers are BBVA, BNP Paribas, Scotia, BOC, CCBInt'l, CIBC, Citigroup, Commerzbank, Lloyds, Morgan Stanley,Natixis, SocGen, UBS and Unicredit.
UOP: Issuer will use the net proceeds from the sale of theSecurities for general corporate purposes and to furtherstrengthen our capital base pursuant to requirements under CRDIV. Settlement date 3/30/2015.
IPT: 6.625% area
PRICE GUIDANCE: 6.50% area (+/- 12.5bp)
LAUNCH: US$2.25bn at 6.375%
PRICED: US$2.25bn 6.375% perp NC10 at 100. Floats atMS+436.8bp.
BOOK: US$16bn
NIC: Roughly 35bp
COMPS:
6.375% Perp NC10, with a call date in 2024, were tradingbid-side at US$102.7 to yield 5.99% on Friday.
CREDIT SUISSE GROUP
Credit Suisse Group Funding (Guernsey) Limited, A2/BBB+/A,announced a US$ benchmark 144A/RegS (w/ reg rights)2-part-offering that includes a 5-year (3/26/2020) and 10-year(3/26/2025) senior unsecured notes. Credit Suisse is the solebookrunner. Guarantor: Credit Suisse Group AG. UOP: GCP,includes lending to subsidiaries such as Credit Suisse AG(whether or not acting through one of its branches). Settle:(T+3) 03/26/2015.
IPTs: 5-year T+145bp area, 10-year T+195bp area.
PRICE GUIDANCE: 5yr T+137.5bp (the #), 10yr T+187.5bp (the#)
LAUNCH: US$4bn 2-part. US$1.5bn 5yr at T+137.5bp, US$2.5bn10yr at T+187.5bp.
PRICED: US$4bn 2-part. 1st pay: 9/26/2015.
- US$1.5bn 2.75% 5yr (3/26/2020). At 99.949, yld 2.761%.T+137.5bp.
- US$2.5bn 3.75% 10yr (3/26/2025). At 99.76, yld 3.779%.T+187.5bp.
BOOK: 5-year: US$4bn, 10-year: US$6.25bn
NIC: Opco/Holdco differential for CS is +53bp
5-year: 2.5bp (vs. 4.375% '20s at G+82bp, add 53bp foropco/holdco differential, FV=G+135bp)
10-year: 1.5bp (vs. 3.625% '24s at G+133bp, add 53bp foropco/holdco differential, FV=G+186bp)
COMPS:
2.300% May 28, 2019 at G+84bp
4.375% August 5, 2020 at G+82bp
3.625% September 9, 2024 at G+133bp
POTASH CORP OF SASKATCHEWAN INC
Potash Corp of Saskatchewan Inc (POT), A3/A-, announced aUS$500m (no grow) SEC-registered 10-year (4/01/2025) seniorunsecured notes. Bookrunner Active: Bank of America, Royal Bankof Canada, Goldman Sachs and HSBC.
Optional Redemption: Make Whole Call; Par Call: 3 month(s)prior to maturity. Use of Proceeds GCP which may include theredemption of the 3.750% notes maturing September 30, 2015although Potash is not required to redeem the 3.750% notes priorto maturity. Settlement T+3 (Mar 26, 2015).
IPTs: T+125-130bp
PRICE GUIDANCE: T+115-120bp
LAUNCH: US$500m at T+115bp
PRICED: US$500m 3.0% 10yr (4/01/2025). At 99.52, yld 3.056%.T+115bp. 1st pay: 10/01/2015.
BOOK: US$1.65bn
NIC: 3bp (vs. 3.625% '24s at G+102bp, add 10bp for 1-yearmaturity extension, FV=G+112bp)
COMPS:
3.625% March 15, 2024 at G+102bp
AGU (Baa2/BBB) 3.375% March 15, 2025 at G+145bp
MOS (Baa1/BBB) 4.25% November 15, 2023 at G+152bp
KIMCO REALTY CORP
Kimco Realty Corp (KIM), Baa1/BBB+, announced a US$350m SECregistered 30-year (4/01/2045) senior unsecured notes.Bookrunner Active: Bank of America and Barclays. Passivebookrunners include JP Morgan, Morgan Stanley and Royal Bank ofCanada. The notes contain a MWC and 6mo par call.
UOP: for GCP, including to (i) pre-fund near-termmaturities, including one or more of the (a) US$184.2m ofmortgage debt maturing during the remainder of 2015, (b) $100million 5.25% Senior Notes due September 2015 and (c) $150million of 5.584% Senior Notes due November 2015 and (ii)partially reduce borrowings under our revolving credit facilitymaturing in March 2018 (subject to two six-month extensionoptions), which borrowings bear interest at a rate of one-monthLIBOR plus 0.925% (1.09% as of December 31, 2014). Settle:3/30/2015.
IPTs: T+185-190bp
PRICE GUIDANCE: T+185bp area (+/- 5bp)
LAUNCH: US$350m at T+180bp.
PRICED: US$350m 4.25% 30yr (4/01/2045). At 98.945, yld4.313%. T+180bp. MWC+30bp. 1st pay: 10/01/2015.
BOOK: Just over US$600m
NIC: 9bp (vs. 3.125% '23s at G+136bp, 10/30s curve worth35bp, FV=T+171bp)
COMPS:
5.700% May 1, 2017 at G+89bp
4.300% February 1, 2018 at G+97bp
6.875% October 1, 2019 at G+107bp (US$118)
3.200% May 1, 2021 at G+120bp
3.125% June 1, 2023 at G+136bp
SPG (A2/A) 3.375% October 1, 2024 at G+124bp
SPG (A2/A) 4.250% October 1, 2044 at T+150bp
FRT (A3/A-) 3.950% January 5, 2024 at G+124bp
FRT (A3/A-) 4.500% December 1, 2044 at T+155bp
WFDAU (A3/BBB+) 2.700% September 17, 2024 at G+150bp
WFDAU (A3/BBB+) 4.750% September 17, 2044 at T+169bp
EQR (Baa1/BBB+) 3.000% April 15, 2023 at G+117bp
EQR (Baa1/BBB+) 4.500% July 1, 2044 at T+155bp
VTR (Baa1/BBB+) 3.500% February 1, 2025 at G+152bp
VTR (Baa1/BBB+) 4.375% February 1, 2045 at T+174bp
SOUTHWESTERN ELECTRIC POWER CO.
Southwestern Electric Power Company (AEP), Baa2/BBB/BBB,announced a US$400m SEC registered 30-year (4/01/2045) seniorunsecured notes. The active bookrunners include Mizuho and UBS,with Citigroup and Scotia as passive bookrunners. UOP: GCPincluding the repayment of Senior Notes due in 2015. OptionalRedemption: MWC, 6-month par call. Settle: 3/26/2015.
IPT: T+155bp area
PRICE GUIDANCE: T+145-150bp
LAUNCH: US$400m at T+145bp
PRICED: US$400m 3.90% 30yr (4/01/2045). At 99.108, yld3.951%. T+145bp. MWC+25bp. 1st pay: 10/01/2015.
BOOK: US$725m
NIC: Flat
COMPS:
6.200% March 15, 2040 at T+145bp
HYUNDAI CAPITAL SERVICES
Hyundai Capital Services has announced an offering of US$5.5-year senior unsecured bonds. The 144A/Reg S benchmark bonds,are expected to be rated on par with the issuer at Baa1/A-(Moody's/S&P). ANZ, Bank of America Merrill Lynch, Citigroup andDeutsche Bank are the joint bookrunners.
IPT: T+145bp
PRICE GUIDANCE: T+130bp area
LAUNCH: US$400m at T+125bp
PRICED: US$400m 2.625% cpn 5.5-yr (9/29/2020). At 99.848,yld 2.655%. T+125bp
BOOK: US$2.5bn
NIC: 5bp (vs. 2.60% '20s, add 5bp for maturity differential,FV=G+120bp)
COMPS:
2.000% March 19, 2018 at G+99bp
2.600% March 19, 2020 at G+115bp
DAIGR (A3/A-/A-) 2.250% March 2, 2020 at G+72bp
WOORIB (A1/NR/A-) 2.625% July 22, 2020 at G+94bp
BOC AVIATION
BOC Aviation Pte Ltd, issuer rated A-/A-, exp issue ratingBBB+/A-, announced a 144A/Reg S USD 5-year benchmark bondoffering. BOCI, Citigroup, HSBC and JP Morgan are managing theissue. This will be BOC Aviation's first drawdown from its newlyestablished global MTN programme. Settle: 3/30/2015.
IPT: T+190bp area
FINAL GUIDANCE: T+170-175bp
LAUNCH: US$750m at T+170bp
PRICED: US$750m 3.0% 5yr (3/30/2020). At 99.458, yld 3.118%.T+170bp. 1st pay: 9/30/2015.
BOOK: US$5.5bn
EXTRA DETAILS: Accounts: 284
- Geographic Dist: US 50%, Asia 39%, Europe/ME 11%
- Buyer Breakdown: FM 72%, Bank 13%, Ins/Pens 12%, PB 3%
NIC: Debut US$ offering (Reporting by Michael Gambale; editing by Shankar Ramakrishnan)
