Shire Share News (SHP)

* Biggest third quarter on record

* Third consecutive US$300bn plus quarter

* Shire over 2 times covered

* St Joseph Health upsized to US$700m

* Most actively traded: GILD 4.15% 2047s

* Monthly issuance: US$108.934bn

By Mike Gambale

NEW YORK, Sept 19 (IFR) - Below is a recap of primaryissuance activity in the US high-grade market on Monday:

Number of deals priced: 5

Total issuance volume: US$15.614bn

Average new issue concession: 1.43

Total book to cover: 2.60

SHIRE ACQUISITIONS INVESTMENTS

Shire Acquisitions Investments Ireland DAC (SAIIDAC),Baa3/BBB-, announced a US$ benchmark SEC registered 4-partsenior unsecured note offering. Active bookrunners are Bank ofAmerica, Barclays and Morgan Stanley. Passive bookrunners areBOC, CITI, COBA, CS, DB, DNBK, LLOYDS, MIZUHO, MUFG, RBCCM, RBS,SANT, SUMITM. Co-managers: GS, HSBC, JPM, MEDBCA, SCOTIA, WFS.

Optional Redemption: Make Whole Call; Par Call: 1 month(s)prior to maturity (5yr); Par Call: 2 month(s) prior to maturity(7yr); Par Call: 3 month(s) prior to maturity (10yr).

Guarantor: Shire PLC. Covenants: Change of Control. Use ofProceeds: To repay amounts outstanding under a January 2016Bridge Facilities Agreement and for GCP. Settlement: T+4 (Sep23, 2016).

IPTS: 3yr T+120-125bp, 5yr T+140-145bp, 7yr T+160-165bp,10yr T+175-180bp

PRICE GUIDANCE: 3yr T+105bp area, 5yr T+125bp area, 7yrT+140bp area, 10yr T+155bp area. Area +/- 5bp.

LAUNCH: US$12.1bn 4-part. US$3.3bn 3yr at T+100bp, US$3.3bn5yr T+120bp, US$2.5bn 7yr at T+135bp, US$3bn 10yr at T+150bp

PRICED: US$12.1bn 4-part.

- US$3.3bn. Cpn 1.90%. Due 9/23/19. Ip US$99.919. Yld1.928%. T+100bp. MWC T+15bp.

- US$3.3bn. Cpn 2.40%. Due 9/23/21. Ip US$99.892. Yld2.423%. T+120bp. MWC T+20bp.

- US$2.5bn. Cpn 2.875%. Due 9/23/23. Ip US$99.987. Yld2.877%. T+135bp. MWC T+25bp.

- US$3bn. Cpn 3.20%. Due 9/23/26. Ip US$99.881. Yld 3.214%.T+150bp. MWC T+25bp.

BOOK: Total US$28.5bn; 3-year US$5.6bn, 5-year US$7.3bn,7-year US$6.6bn, 10-year US$9.0bn

NIC: 3-year: Flat (3/5s curve worth 20bp, FV=G+100bp)

5-year: Flat (vs. AGN 3% 2020s at G+110bp, add 10bp for1.5-year maturity extension, FV=G+120bp)

7-year: Flat (7/10s curve worth 15bp, FV=G+135bp)

10-year: Flat (vs. AGN 3.8% 2025s at G+156bp, add a coupleof basis point for maturity extension, FV=G+158bp. Subtract 8bpfor one-notch S&P differential, FV=G+150bp)

COMPS:

BXLT 2.875% June 23, 2020 at G+139bp

BXLT 3.600% June 23, 2022 at G+145bp

BXLT 4.000% June 23, 2025 at G+159bp

BXLT 5.250% June 23, 2045 at T+185bp (US$116)

AGN (Baa3/BBB) 3.000% March 12, 2020 at G+110bp

AGN (Baa3/BBB) 3.450% March 15, 2022 at G+130bp

AGN (Baa3/BBB) 3.800% March 15, 2025 at G+156bp

AGN (Baa3/BBB) 4.750% March 15, 2045 at T+187bp

TEVA (Baa2/BBB) 1.700% July 19, 2019 at G+90bp

TEVA (Baa2/BBB) 2.200% July 21, 2021 at G+111bp

TEVA (Baa2/BBB) 2.800% July 21, 2023 7/21/23 at G+137bp

TEVA (Baa2/BBB) 3.150% 10/1/26 at G+152bp

CELG (Baa2/BBB+) 2.875% 8/15/20 at G+99bp

CELG (Baa2/BBB+) 3.550% 8/15/22 at G+121bp

CELG (Baa2/BBB+) 3.875% 8/15/25 at G+148bp

S&P GLOBAL INC

S&P Global Inc, rated Baa1/Nr/BBB+, announced a US$benchmark 10yr (1/22/2027) senior note offering via Citigroup,Goldman Sachs and JPMorgan as active, with Bank of America andDeutsche Bank as passive. US$101 COC put. 144a w/reg rights. Parcall 3-months prior to maturity.

UOP: To fund all or a portion of the redemption of theoutstanding US$400m aggregate principal amount of its 5.900%Senior Notes due 2017, and the balance for general corporatepurposes. The foregoing does not constitute a notice ofredemption for the Company's 5.900% Senior Notes due 2017. Noassurance is given that a notice of redemption for the 5.900%Senior Notes due 2017 will be given or that such securities willbe redeemed.

IPTS: T+155bp area

PRICE GUIDANCE: T+140bp area (+/- 5bp)

LAUNCH: US$500m at T+135bp

PRICED: US$500m 2.95% cpn 10yr (1/22/2027). At 99.157, yld3.046%. T+135bp.

BOOK: US$2.4bn

NIC: 5bp (vs. 4% 2025s at G+125bp, add 5bp for maturityextension, FV=G+130bp)

COMPS:

MHFI (NR/NR/BBB+) 4.00% June 15, 2025 at G+125bp

HESS CORP

Hess Corp (HES), Ba1/BBB-/BBB, announced a US$ benchmark SECregistered 2-part note offering long 10-year (4/01/2017) andlong 30-year (4/01/2047). Bookrunners are JPMorgan, GoldmanSachs and Morgan Stanley. Passive bookrunners are Bank of TokyoMitsubishi and Mizuho.

Par call: 3 mos & 6 mos. Use of Proceeds: For the repurchaseof 8.125% notes due 2019, 7.875% notes due 2029, 7.300% notesdue 2031 and 7.125% notes due 2033 that are tendered pursuant tooffer to purchase dated September 16 2016 and to finance theredemption of the 1.300% notes due 2017, as well as for workingcapital and other general corporate purposes. Settle: T+7.

IPTS: 10yr T+300bp area, 30yr T+362.5bp area

PRICE GUIDANCE: 10yr T+275bp area, 30yr T+350bp area. Areais +/- 12.5bp

LAUNCH: US$1.5bn 2-part. US$1bn 10yr at T+262.5bp, US$500m30yr at T+337.5bp.

PRICED: US$1.5bn 2-part total. 1st pay: 4/01/2017.

- US$1bn 4.30% cpn 10yr (4/01/2027). At 99.790, yld 4.325%.T+262.5bp. MWC+40bp.

- US$500m 5.80% cpn 30yr (4/01/2047). At 99.715, yld 5.82%.T+337.5bp. MWC+50bp.

BOOK: US$6.1bn total; 10-year US$3.75bn, 30-year US$2.35bn

NIC: 10-year: 2.5bp (vs. 3.5% 2024s at G+250bp, add 10bp formaturity extension, FV=G+260bp)

30-year: 2.5bp (vs. 5.6% 2041s at T+335bp)

COMPS:

3.500% July 15, 2024 at G+250bp

5.600% February 15, 2041 at T+335bp

AMERICAN AIRLINES

American Airlines announced a US$813.797m SEC registered2-part 12-year EETC pass through certificate, Series 2016-3. Thebookrunners are Goldman Sachs and Morgan Stanley.

UOP: to finance the following 25 aircraft: (a) five AirbusA321-231S aircraft newly manufactured and scheduled for deliveryto American from November 2016 to January 2017, (b) eight Boeing737-823 aircraft either delivered new to American from March2016 to September 2016 or newly manufactured and scheduled fordelivery to American from September 2016 to December 2016, (c)four Boeing 787-9 aircraft newly manufactured and scheduled fordelivery to American from October 2016 to January 2017 and (d)eight Embraer ERJ 175 LR aircraft newly manufactured andscheduled for delivery to American from September 2016 toDecember 2016; and for GCP.

IPTS: -Class AA: Aa3/AA+, IPT: 3.0%-3.125%

-Class A: A2/A+, IPT: 3.25%-3.375%

PRICE GUIDANCE: Class AA 3.0% (#), Class A 3.25% (#)

LAUNCH: US$813.797m. US$557.654m Class AA at 3%, US$256.143mClass A at 3.25%

PRICED: US$813.797m 2-part total. 1st pay: 4/15/2017.

- US$557.654m Class AA at 3.0% cpn 12-yr (10/15/2028). At100, yld 3.0%. MWC+20bp.

- US$256.143m Class A at 3.25% cpn 12-yr (10/15/2028). At100, yld 3.25%. MWC+25bp.

BOOK: Total US$1.275bn; AA: US$750m, A: US$525m

PROVIDENCE ST JOSEPH HEALTH

Providence St. Joseph Health Obligated Group, Aa3/AA-/AA-,announced a US$600m 2-part taxable bonds that includes a US$300m10-year (10/01/2026) and a US$300m 31-year (10/01/2047). Theactive bookrunners are Bank of America, Citigroup, MorganStanley and Wells Fargo. The notes contain a MWC. 1st pay:4/01/2017. Settle: 9/28/2016.

IPTs: 10yr T+120bp area, 31yr T+145bp area

PRICE GUIDANCE: 10yr T+110bp area, 31yr T+135bp area. Areais the +/- 5bp.

LAUNCH: US$700m 2-part (upsized from US$600m). US$300m 10yrat T+105bp, US$400m 31yr at T+130bp.

PRICED: US$700m 2-part total.

- US$300m 2.746% cpn 10yr (10/01/2026). At 100, yld 2.746%.T+105bp

- US$400m 3.744% cpn 31yr (10/01/2047). At 100, yld 3.744%.T+130bp.

USD HIGH-GRADE ACTIVE DEALS

Woori Bank, issue rating Ba3/BB+, has named banks for a USbenchmark Additional Tier 1 subordinate note offering. Bank ofAmerica Merrill Lynch, Citigroup, Commerzbank, Credit Agricole,HSBC and Nomura are active bookrunners. BNP Paribas and MorganStanley are passive bookrunners. Woori Bank Global Markets Asiais a co-manager. The 144A/Reg S offering is expected to price asearly as Tuesday. IPT: 4% area

USD HIGH-GRADE PIPELINE

ICBC Financial Leasing, A2/A, has mandated banks for a144A/RegS US dollar bond offering that is expected to price thisweek. ICBC, Goldman Sachs Asia, JP Morgan, Citigroup, BNPParibas, Shanghai Pudong Development Bank Hong Kong and BOCOM HKare joint global coordinators. Investor meetings will begin onTuesday in Singapore and continue over the next two days in HongKong. Calls will be held with European and US investors throughThursday.

Northwell Healthcare Inc, A3/A-, announced a US$500m 3(a)430-year (11/01/46) secured notes offering. The activebookrunners are Citi and MS. Optional Redemption: Make-wholecall, Par call prior to maturity. Use of Proceeds: The bonds arebeing issued by HCI in order to provide funds (i) for generalcorporate purposes, including future capital expenditures, and(ii) to pay costs of issuance incurred in connection with theissuance of the bonds. Settle: T+5.

Air Liquide SA, A3/A-, mandated BNP Paribas, Barclays,Citigroup, HSBC, JP Morgan and MUFG as joint leads to arrangefixed income investor meetings slated to begin on Monday (Sept19) in London; Tuesday (Sept 20) in Boston and concluding onWednesday (Sept 21) in New York in preparation for what could bea dollar-denominated deal.

HollyFrontier Crop, Baa3/BBB-, named Bank of America/MerrillLynch, Citigroup, MUFG and Toronto Dominion to arrange fixedincome investor calls that began on Thursday (Sept 15) and willcontinue through Friday (Sept 16). Citigroup is coordinating.

Goodman Australia, NR/BBB+, asked HSBC and JP Morgan asjoint global coordinators and ANZ as joint leads to arrangefixed income investor meetings in the US and Asia beginning onMonday (Sept 19) in preparation for a dollar-denominated144A/Reg S new issue that could soon follow their conclusion.

KEB Hana Bank, A1/A, has mandated Citigroup, Credit AgricoleCIB, J.P. Morgan, Standard Chartered Bank, UBS and KEB HanaGlobal Finance to arrange a series of fixed income investormeetings in Asia, Europe, the Middle East and the U.S.,commencing on 26 September 2016. A USD denominated 144A/Reg Stransaction may follow, subject to market conditions.

BRF GmbH, BBB/BBB, a subsidiary of the Brazilian foodconglomerate BRF S.A., mandated BB Securities, Bradesco BBI,Itau BBA, JP Morgan and Santander as joint book runners toarrange fixed income investor meetings in preparation for adollar-denominated 144A/Reg S senior unsecured new issue thatcould soon follow its conclusion.

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 ended on Monday.

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 began on September 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 began in Hong Kong on September 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 earlier in the month in preparation for a144A/Reg S dollar-denominated offering. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)