corporate-debt-issuance

Avalanche of Investment Grade Corporate Debt Deals

Below extract is courtesy of May 09 edition of daily debt capital market commentary and focus on investment grade corporate debt deals courtesy of boutique investment bank Mischler Financial Group, the financial industry’s oldest minority broker-dealer owned and operated by Service-Disabled Veterans. MarketsMuse editorial team adds: “Make no mistake, the phrase ‘service-disabled’ applies to members of the military injured in the line of duty and no longer certified for combat situations. The heroes who have earned “SDV certification” are highly-trained, uniquely capable and often, thanks to the skills learned while serving in the U.S. military, are more qualified than most to meet and exceed job requirements across every facet of any business setting.

Today makes it clear why I featured “The Most Interesting Man in the World” in last Friday’s “QC” saying, “EMBRACE NEXT WEEK’S IG ISSUANCE

ron quigley, mischler financial, marketsmuse
Ron Quigley, Mgn.Dir. Mischler Financial Group

AVALANCHE!” Just look at today’s numbers: 10 IG Corporate issuers priced 25 tranches between them totaling $25.10bn.  SSA featured 1 issuer and 1 tranche for $500mm bringing today’s all-in IG day total to a monolithic 11 issuers, 26 tranches and $25.6bn.

Here’s where today stands:

 

The 7th highest IG dollar new issue volume day of all-time.

The 2nd busiest day of 2016 for the same.

The 3rd highest number of tranches priced in history.

New Issues Priced Today’s recap of visitors to our IG dollar Corporate and SSA DCM:For ratings I use the better two of Moody’s, S&P or Fitch.IG

Issuer Ratings Coupon Maturity Size IPTs GUIDANCE LAUNCH PRICED LEADS
AbbVie Inc. Baa2/A- 2.30% 5/14/2021 1,800 +135a +120a (+/-5) +115 +115 BAML/BARC/DB/JPM
AbbVie Inc. Baa2/A- 2.85% 5/14/2023 1,000 +150a +140a (+/-5) +135 +135 BAML/BARC/DB/JPM
AbbVie Inc. Baa2/A- 3.20% 5/14/2026 2,000 +165a +155a (+/-5) +150 +150 BAML/BARC/DB/JPM
AbbVie Inc. Baa2/A- 4.30% 5/14/2036 1,000 +195a +180a (+/-5) +175 +175 BAML/BARC/DB/JPM
AbbVie Inc. Baa2/A- 4.45% 5/14/2046 2,000 +210a +195a (+/-5) +190 +190 BAML/BARC/DB/JPM
Banco de Bogota Ba2/BBB 6.25% 5/12/2026 600 mid 6.00%a 6.50%a (+/-12.5) 6.50% +474.8 CS/JPM/HSBC
Burlington Northern Santa Fe, LLC A3/A 3.90% 8/01/2046 750 +155a +135a (+/-2) +133 +133 CITI/GS/JPM
Chevron Corp. Aa2/AA- FRN 5/16/2018 850 3mL+50a 3mL+50 the # 3mL+50 3mL+50 BAML/JPM/WFS
Chevron Corp. Aa2/AA- 1.561% 5/16/2019 1,350 +70a +70 the # +70 +70 BAML/JPM/WFS
Chevron Corp. Aa2/AA- FRN 5/16/2021 250 3mL+equiv 3mL+equiv 3mL+95 3mL+95 BAML/JPM/WFS
Chevron Corp. Aa2/AA- 2.10% 5/16/2021 1,350 +90a +90 the # +90 +90 BAML/JPM/WFS
Chevron Corp. Aa2/AA- 2.566% 5/16/2023 750 +105a +105 the # +105 +105 BAML/JPM/WFS
Chevron Corp. Aa2/AA- 2.954% 5/16/2026 2,250 +120a +120 the # +120 +120 BAML/JPM/WFS
Deutsche Bank Baa1/BBB+ FRN 5/10/2019 500 3mL+equiv 3mL+equiv 3mL+191 3mL+191 DB-sole
Deutsche Bank Baa1/BBB+ 2.85% 5/10/2019 1,600 +212.5a +200 the # +200 +200 DB-sole
Deutsche Bank Baa1/BBB+ 3.375% 5/12/2021 1,500 +237.5a +225 the # +225 +225 DB-sole
Duke Energy Indiana LLC Aa3/A 3.75% 5/12/2046 500 +130a +115a (+/-3) +115 +115 CS/GS/MIZ/USB
GATX Corp. Baa2/BBB 5.625% 50NC5 150 5.75%a RG: 5.625%a
+5.75%a
5.625% $25 par BAML/MS
Waste Management Baa2/A- 2.40% 5/15/2023 500 +110a N/A +90 +90 BAML/CITI/MIZ
Westpac Banking Corp. Aa2/AA- FRN 5/13/2019 250 3mL+equiv 3mL+equiv 3mL+71 3mL+71 BAML/CITI/GS/JPM
Westpac Banking Corp. Aa2/AA- 1.65% 5/13/2019 750 +95a +85a (+/-5) +80 +80 BAML/CITI/GS/JPM
Westpac Banking Corp. Aa2/AA- FRN 5/13/2021 250 3mL+equiv 3mL+equiv 3mL+100 3mL+100 BAML/CITI/GS/JPM
Westpac Banking Corp. Aa2/AA- 2.10% 5/13/2021 1,250 +110a +100a (+/-5) +95 +95 BAML/CITI/GS/JPM
Westpac Banking Corp. Aa2/AA- 2.85% 5/13/2026 1,500 +137.5 +120a (+/-5) +115 +115 BAML/CITI/GS/JPM
WW Grainger Inc. A2/AA- 3.75% 5/16/2046 400 +140a +120a (+/-3) +117 +117 HSBC/MS/WFS

         

For the entire edition of Quigley’s Corner, including a full analysis of the day’s debt capital market activity, please click here  

SSA

Issuer Ratings Coupon Maturity Size IPTs GUIDANCE LAUNCH PRICED LEADS
Mubadala Dev. Co. PJSC Aa2/AA 2.75% 5/11/2023 500 MS+170 MS+150 MS+150 +133.8 BAML/BNPP/FGB/JPM/MUFG/SG

 

 

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