HIGHGRADE CLOSE-Eight issuers raise US$15.425bn in primary

* Most deals see good price progression

* Estee Lauder upsized to US$600m

* Equifax (NYSE: EFX - news) upsized to US$775m

* GM (NYSE: GM - news) 3.7% 2023s most actively traded

* Friday employment data to slow issuance

By Mike Gambale

NEW YORK, May 5 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Thursday:

Number of deals priced: 8

Total (LSE: 524773.L - news) issuance: US$15.425bn

Average new issue concession: 3.07

Total book to cover: 2.59

SHELL INTERNATIONAL

Shell International Finance BV (RDSALN), Aa2/A+, announced a US$ benchmark SEC registered 4-part senior unsecured note offering that includes a 3-year (5/10/19), 5-year (5/10/21), 10-year (5/10/26), and 30-year (5/10/46). The active bookrunners are BARC, DB, MS and RBC (Other OTC: RBCI - news) . The notes are guaranteed by Royal Dutch Shell PLC and contain a MWC. UOP: GCP. Settle: 5/10/16.

IPTs: 3yr: T+75bp area, 5yr: T+95bp area, 10yr: T+130-135bp 30yr: T+165-170

PRICE GUIDANCE: 3yr T+62.5bp area (+/- 2.5bp) 5yr T+85bp area (+/- 5bp), 10yr T+120bp area (+/- 2bp), 30yr T+155bp area (+/- 3bp)

LAUNCH: US$7.25bn 4-part. US$1.75bn 3yr at T+60bp, US$1.5bn 5yr at T+80bp, US$1.75bn 10yr at T+118bp, US$2.25bn 30yr at T+152bp.

PRICED: US$7.25bn 4-part total. 1st pay: 11/10/16.

- US$1.75bn 1.375% cpn 3yr (5/10/19). At 99.778, yld 1.451%. T+60bp. MWC+10bp.

- US$1.5bn 1.875% cpn 5yr (5/10/21). At 99.455, yld 1.99%. T+80bp. MWC+15bp.

- US$1.75bn 2.875% cpn 10yr (5/10/26). At 99.672, yld 2.913%. T+118bp. MWC+20bp.

- US$2.25bn 4.0% cpn 30yr (5/10/46). At 98.198, yld 4.105%. T+152bp. MWC+25bp.

BOOK: US$15.75bn total; 3-year: US$3.2bn, 5-year US$3.3bn, 10-year: US$4.15bn, 30-year: US$5.1bn

NIC (NasdaqGS: EGOV - news) : 3-year: Flat (vs. 1.625% '18s at G+56bp, add 4bp for maturity extension, FV+G+60bp)

5-year: 5bp (vs. 2.25% '20s at G+70bp, add 5bp for maturity extension, FV=G+75bp)

10-year: Flat (vs. 3.250% '25s at G+114bp, add 4bp for maturity extension, FV=G+118bp)

30-year: Flat (vs. 4.375% '45s at T+152bp)

COMPS:

1.625% November 10, 2018 at G+56bp

2.250% November 10, 2020 at G+70bp

3.250% May 11, 2025 at G+113bp

4.375% May 11, 2045 at T+152bp

BARCLAYS (LSE: BARC.L - news)

Barclays PLC (BACR), Baa3/BB+/A-, announced a US$ benchmark SEC registered 10-year (5/12/2026) subordinated notes deal. Barclays is the sole active bookrunner. Co-Managers ANZ, BMO, Capital One (LSE: 0RCZ.L - news) , Credit Agricole (Swiss: ACA.SW - news) , Danske, Drexel, Great Pacific, Mischler, Mizuho, Nomura, PNC, RBC, Scotia, Ramirez, SMBC, Telsey, TD, U.S (Other OTC: UBGXF - news) . Bancorp, Wells Fargo Securities. UOP: GCP. Settle: 5/12/2016.

IPT: T+350bp area

PRICE GUIDANCE: T+350bp area (+/- 5bp)

LAUNCH: US$1.25bn at T+345bp

PRICED: US$1.25bn 5.20% cpn 10-yr (5/12/2026). At 99.992, yld 5.201%. T+345bp. 1st pay: 11/12/2016.

BOOK: Undisclosed

NIC: 16bp (vs. BACR 4.375% 2024s, add 8bp for maturity extension, FV=G+329bp)

COMPS:

BACR (Baa3/BB+/A-) 4.375% Sep 11 2024 at G+321bp (LT2 HC)

BACR (Baa3/BBB/A) 3.650% Mar 16 2025 at G+242bp (SR HC)

BACR (Baa3/BBB/A) 4.375% Jan 12 2026 at G+243bp (SR HC)

BB&T

Branch Banking & Trust and BB&T Corporation (NYSE: BBT - news) announced a US$ benchmark 4-part offering via BB&T, Deutsche Bank (LSE: 0H7D.L - news) , Goldman Sachs (NYSE: GS-PB - news) and Wells Fargo (Hanover: NWT.HA - news) . Co-Mgrs: Drexel/Mischler/Ramirez. The notes contain a 1mo par call on the 3yr & 5yr fixed tranches. UOP: GCP. Settle: 5/10/2016.

- Branch Banking & Trust, A1/A/A+, 3(a)2 exempt 3-year fixed (5/10/2019) and/or floating (5/01/2019) rate senior bank notes, IPT: 3yr FXD T+80bp area, 3yr FRN Libor equiv

- BB&T Corporation, A2/A-/A+, SEC registered 5-year (5/10/2021) fixed and/or floating rate senior holdco MTN. IPT: 5yr FXD T+105bp area, 5yr FRN Libor equiv

PRICE GUIDANCE: 3yr FXD T+65bp area, 3yr FRN Libor equiv, 5yr FXD T+90bp area. Area is +/- 2.5bp. (5yr FRN dropped)

LAUNCH: US$3bn 3-part. US$1.5bn 3yr FXD at T+62.5bp, US$250m 3yr FRN at 3mL+53bp, US$1.25bn 5yr FXD at T+87.5bp,

PRICED: US$3bn 3-part total.

- US$1.5bn 1.45% cpn 3yr (5/1/2019) FXD. At 99.909, yld 1.481%. T+62.5bp

- US$250m 3yr (5/10/19) FRN. At 100, floats at 3mL+53bp.

- US$1.25bn 2.05% cpn 5yr (5/10/2021) FXD. At 99.896, yld 2.072%. T+87.5bp

BOOK: US$5.25bn total; 3yr FXD US$2.6bn, 3yr FRN US$350m, 5-year FXD US$2.3bn.

NIC: 3-year: 1.5bp (vs. 2.05% 2018s at G+55bp, add 6bp for maturity extension, FV=G+61bp)

5-year: 0.5bp (vs. BBT 2.625% 2020s at G+87bp)

COMPS:

BBT 2.050% June 19, 2018 at G+55bp

BBT 2.625% June 29, 2020 at G+87bp

BNP PARIBAS (LSE: 0HB5.L - news)

BNP Paribas SA, exp issue ratings Baa2/BBB+/A, announced a US$ benchmark 144a/RegS 10-year (5/12/2026) Tier 2 subordinated notes. The sole bookrunner is BNP Paribas. Settle: 5/12/2016.

IPT: T+285bp area

PRICE GUIDANCE: T+265bp (the #)

LAUNCH: US$1.25bn at T+265bp

PRICED: US$1.25bn 4.375% cpn 10-yr (5/12/2026). At 99.824, yld 4.397%. T+265bp.

BOOK: US$2.9bn

NIC: 10bp (vs. 4.375% '25s at G+255bp)

COMPS:

BNP (Paris: FR0000131104 - news) 4.375% September 28, 2025 at G+255bp

EQUIFAX

Equifax Inc (EFX), Baa1/BBB+, announced a US$500m SEC registered 5-year (6/01/2021) senior unsecured note. Active bookrunners are Bank of America (Swiss: BAC.SW - news) , JPMorgan and Wells Fargo. Passive: MIZUHO, SUN. The notes contain a CoC, a MWC, and a 1mo par call. Use of Proceeds: To repay borrowings under Equifax's 364-day revolving credit facility and Equifax's commercial paper program incurred to finance the acquisition of Veda. Settlement: T+5 (May 12, 2016).

IPT: T+140bp area

PRICE GUIDANCE: 5-yr T+115bp area, added a 10-yr note T+155bp area. Area is +/- 5bp.

LAUNCH: US$775m (upsized from US$500m) 2-part. US$500m 5-yr at T+110bp, US$275m 10-yr note at T+150bp

PRICED: US$775m 2-part total. 1st pay: 12/01/2016.

- US$500m 2.30% cpn 5-yr (6/01/2021). At 99.952, yld 2.31%. T+110bp. MWC+20bp.

- US$275m 3.25% cpn 10-yr (6/01/2026). At 99.964, yld 3.254%. T+150bp. MWC+25bp.

BOOK: Total US$4.75bn; 5-year US$3.5bn, 10-year US$1.25bn

NIC: 5-year: 2bp (vs. 3.3% '22s at G+117bp, adjust 9bp for maturity differential, FV=G+108bp)

10-year: 2bp (5/10s curve worth 40bp, FV=G+148bp)

COMPS:

EFX 3.300% December 15, 2022 at G+117bp

ESTEE LAUDER

The Estee Lauder Cos Inc, A2/A+, announced a US$500m SEC registered 2-part senior unsecured note offering that includes a new 5-year (5/10/2021) and a tap of the 4.375% 6/15/2045. The active bookrunners are Bank of America, JPMorgan and Mitsubishi (LSE: 7035.L - news) . The notes contain a CoC, a MWC, and a 1mo par call on the 5yr tranche and a 6mo par call on the 30yr tranche. UOP: GCP. Settle: 5/10/2016.

IPTs: 5yr T+75bp area, 30yr tap T+145bp area

PRICE GUIDANCE: 5yr T+55bp area, 2045 tap T+120bp area. Area is +/- 5bp.

LAUNCH: US$600m (upsized from US$500m) 2-part. US$450m 5yr at T+50bp, US$150m 2045 tap at T+115bp

PRICED: US$600m 2-part total.

- US$450m 1.70% cpn 5yr (5/10/2021). At 99.976, yld 1.705%. T+50bp. MWC+10bp.

- US$150m 4.375% cpn 6/15/2045 tap. At 110.847, yld 3.753%. T+115bp. MWC+25bp.

BOOK: US$3bn total: 5-year US$2bn, 30-year US$1bn

NIC: 5-year: 1bp (vs. EL 2.350% '22s at G+55bp, adjust 6bp for maturity differential, FV=G+49bp)

2045 tap: Flat

COMPS:

EL 2.350% August 15, 2022 at G+55bp

EL 4.375% June 15, 2045 at T+125bp

KMB (A2/A) 2.400% March 1, 2022 at G+44bp

KMB (A2/A) 2.750% February 15, 2026 at G+70bp

PACCAR FINANCIAL

PACCAR Financial Corp (PCAR), A1/A+, announced a US$500m (no grow) SEC registered 3-year (5/10/2019) senior unsecured notes. Active bookrunners are BNP Paribas, JPMorgan, Mizuho and US Bank. Co-Managers WFC, WILLCP. UOP: GCP. Settle: 5/10/2016.

IPT: T+65bp area

PRICE GUIDANCE: T+50bp area (+/- 5bp)

LAUNCH: US$500m at T+45bp

PRICED: US$500m 1.30% cpn 3-year (5/10/2019). At 99.941, yld 1.32%. T+45bp.

BOOK: US$1.6bn

NIC: Flat (vs. 1.65% '19s at G+45bp)

COMPS:

PCAR 1.650% February 25, 2019 at G+45bp

TIME WARNER (Xetra: AOL1.DE - news)

Time Warner Inc (TWX), Baa2/BBB/BBB+, announced a US$ benchmark SEC registered 10-year (7/15/2026) senior unsecured notes. The active bookrunners are Bank of America, Citigroup (NYSE: C - news) , Credit Agricole and Mizuho. The notes contain a MWC and a 3mo par call. UOP: GCP. Settle: 5/10/2016.

IPT: T+150-155bp

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

LAUNCH: US$800m at T+135bp

PRICED: US$800m 2.95% cpn 10-yr (7/15/2026). At 98.702, yld 3.099%. T+135bp. MWC+20bp.

BOOK: Just under US$3.5bn

NIC: 5bp (vs. 3.875% '26s at G+130bp)

COMPS:

TWX 3.875% January 15, 2026 at G+130bp

TWX 4.850% July 15, 2045 at T+180bp (Reporting by Mike Gambale; Editing by Varghese Joseph)