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HIGHGRADE CLOSE-Five high-grade issuers raise US$10.175bn

Reuters - UK Focus

* Standard Chartered AT1 10 times covered

* Fidelity adds 30-year tranche

* Most actively traded RBS (LSE: RBS.L - news) 8.625% 2049s

* Monthly issuance US$87.075bn

By Mike Gambale

NEW YORK, Aug 11 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Thursday:

Number of deals priced: 5

Total (LSE: 524773.L - news) issuance: US$10.175bn

Average new issue concession: 2.36

Total book to cover: 4.19

WESTPAC BANKING CORP

Westpac Banking Corporation (NZSE: WBC.NZ - news) , Aa2/AA-, announced a US$ benchmark SEC registered multi-part senior unsecured note offering that includes a 3-year (8/19/2019) FXD and/or FRN, a 5-year (8/19/2021) FXD and/or FRN and 10-year (8/19/2026) FXD. The active bookrunners are Bank of America (Swiss: BAC.SW - news) , Citigroup (NYSE: C - news) , HSBC and Morgan Stanley (Xetra: 885836 - news) . Settle: 8/19/2016.

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IPTs: 3yr T+90 bps area and L equivalent, 5yr T+100 bps area and L equivalent, 10yr T+125 bps area

PRICE GUIDANCE: 3yr FXD T+80bp area (+/-5), 3yr FRN Libor equiv, 5yr FXD T+90bp area (+/- 2.5), 5yr FRN Libor equiv, 10yr T+115bp (#)

LAUNCH: US$5bn 5-part. US$1.5bn 3yr FXD T+75bp, US$500m 3yr FRN 3mL+56bp, US$1.5bn 5yr FXD T+87.5bp, US$500m 5yr FRN at 3mL+85bp, US$1bn 10yr at T+115bp

PRICED: US$5bn 5-part total.

- US$1.5bn 1.60% cpn 3yr (8/19/2019) FXD. At 99.982, yld 1.606%. T+75bp. Benchmark spot: 0.856%. 1st pay: 2/19/2017.

- US$500m 3yr (8/19/2019) FRN. At 100, floats at 3mL+56bp. 1st pay: 11/19/2016.

- US$1.5bn 2.0% cpn 5yr (8/19/2021) FXD. At 99.929, yld 2.015%. T+87.5bp. Benchmark spot: 1.140%. 1st pay: 2/19/2017.

- US$500m 5yr (8/19/2021) FRN. At 100, floats at 3mL+85bp. 1st pay: 11/19/2016.

- US$1bn 2.70% cpn 10yr (8/19/2026). At 99.861, yld 2.716%. T+115bp. Benchmark spot: 1.566%. 1st pay: 2/19/2017.

BOOK: Total US$12bn;

3-year FRN: US$1.1bn

3-year FXD: US$2.6bn

5-year FRN: US$1.5bn

5-year FXD: US$3.7bn

10-year: US$3.1bn

NIC (NasdaqGS: EGOV - news) : 3-year FXD: Flat (vs. 2.25% '19s at G+72bp, add 3bp for maturity extension, FV=G+75bp)

5-year FXD: 4.5bp (vs. 2.6% '20s at G+78bp, add 5bp for maturity extension, FV=G+83bp

10-year: 6bp (vs. 2.85% '26s at G+109bp)

COMPS:

2.250% January 17, 2019 at G+73bp

2.600% November 23, 2020 at G+78bp

2.850% May 13, 2026 at G+109bp

FIDELITY NATIONAL INFORMATION SERVICES (NYSE: FIS - news)

Fidelity National Information Services Inc (FIS), Baa3/BBB/BBB, announced a US$ benchmark SEC registered 2-part senior unsecured note offering that includes a 5-year and 10-year. The active bookrunners are Citigroup, JPMorgan, Mitsubishi (LSE: 7035.L - news) and US Bank. Optional Redemption: Par Call 1 month prior to maturity (5yr), Par Call 3 month prior to maturity (10yr).

Use of Proceeds: The company intends to use the net proceeds from the offering to repay all or a portion of the approximately $2.2 billion principal amount outstanding on a revolving credit facility (together with accrued interest thereon), with any remaining proceeds to beused for general corporate purposes. Settlement T+3 (Aug 16, 2016).

IPTs: 5yr T+145bp area, 10yr T+185bp area

PRICE GUIDANCE: 5yr T+115bp area, 10yr T+160bp area, 30-yr T+235bp area. Area is +/- 5bp. (added a 30yr 8/15/46 w/ 6mo par call)

LAUNCH: US$2.5bn 3-part. US$750m 5yr T+110bp, US$1.25bn 10yr at T+155bp, US$500m 30-yr at T+230bp

PRICED: US$2.5bn 3-part total.

- US$750m 2.25% cpn 5yr (8/15/2021). At 99.896, yld 2.253%. T+110bp. Benchmark spot: 1.153%. MWC+20bp

- US$1.25bn 3.0% cpn 10yr (8/15/2026). At 98.891, yld 3.13%. T+155bp. Benchmark spot: 1.58%. MWC+25bp

- US$500m 4.50% cpn 30-yr (8/15/2046). At 98.43, yld 4.597%. T+230bp. Benchmark spot: 2.297%. MWC+35bp

BOOK: Total US$9bn; 5-year US$3.6bn, 10-year US$3.6bn, 30-year US$1.8bn

NIC: 5-year: Flat (vs. 3.625% '20s at G+103bp, add 7bp for maturity extension, FV=G+110bp)

10-year: 2bp (vs. 5% '25s at G+154bp, add 2bp for maturity extension, FV=G+156bp. Subtract 3bp for high dollar price, FV=G+153bp)

30-year: 2bp (10/30s curve worth 75bp, FV=T+228bp)

COMPS:

3.625% October 15, 2020 at G+103bp

4.500% October 15, 2022 at G+136bp (US$110)

5.000% October 15, 2025 at G+154bp (US$115.5)

STANDARD CHARTERED (HKSE: 2888.HK - news)

Standard Chartered Bank, exp issue Ba1/BB-/BBB-, has mandated Standard Chartered Bank as structuring advisor and joint lead manager and Bank of America, Deutsche Bank (LSE: 0H7D.L - news) , Goldman Sachs, SocGen (Paris: FR0000130809 - news) and UBS (LSE: 0QNR.L - news) as joint lead managers on a US$ 144A/Reg S perpetual non-call 5.5-year contingent convertible AT1 subordinated notes offering. The notes contain a 7% CET1 trigger with equity conversion.

IPT: 8.00% area

GUIDANCE: 7.625% yield area.

FINAL GUIDANCE: 7.50% (#).

LAUNCH: US$2bn at 7.50%

PRICED: US$2bn 7.50% cpn perp NC 5.5-yr (4/02/2022). At 100, yld 7.50%. If not called floats at MS+630.1bp.

BOOK: US$20bn

COLORADO INTERSTATE GAS

Colorado Interstate Gas Co LLC (KMI), Baa3/BBB-/BBB-, announced a US$375m (no grow) 144A/RegS w/o reg rights 10-year (8/15/2026) senior unsecured notes. The active bookrunners are JPM and Mizuho. The notes are guaranteed by Kinder Morgan Inc (Xetra: 2KD.DE - news) , and contain a MWC and par call.

Use of Proceeds: To repay intercompany indebtedness owed to KMI, which was incurred to repay senior notes that matured in 2015. KMI intends to use the proceeds for debt repayment and general corporate purposes. Settle: 8/16/16.

IPT: T+275bp area

LAUNCH: US$375m at T+260bp

PRICED: US$375m 4.15% cpn 10yr (8/15/2026). At 99.757, yld 4.18%. T+260bp.

BOOK: US$950m

NIC: 2bp (vs. 4.3% '24s at G+252bp, add 6bp for maturity extension, FV=G+258bp)

COMPS:

KINDER MORGAN 4.300% (Baa3/BBB-) May 1, 2024 at G+252bp

SPIRIT REALTY

Spirit Realty LP (SRC), BBB-/BBB-, announced a US$300m 144A/RegS w/ reg rights 10-year (9/15/2026) senior unsecured notes. The active bookrunners are JPMorgan and Wells Fargo (Hanover: NWT.HA - news) . The notes are guaranteed by Spirit Realty Capital Inc (NYSE: SRC - news) , and contain a MWC and 3mo par call.

Use of Proceeds: To repay amounts outstanding under the Company's term loan facility and to use the remaining net proceeds, if any, to reduce amounts outstanding under the Company's revolving credit facility and for general corporate purposes. Settle: 8/18/2016.

IPT: T+low 300s

PRICE GUIDANCE: T+300bp area (+/- 5bp)

LAUNCH: US$300m at T+295bp

PRICED: US$300m 4.45% cpn 10yr (9/15/26). At 99.378, yld 4.527%. T+295bp. MWC+45bp.

BOOK: US$700m

NIC: Debut offering

COMPS:

BAM (Baa2/A-) 4.250% June 2, 2026 at G+235bp

USD HIGH-GRADE PIPELINE

WOORI BANK, A2/A-, hired Bank of America/Merrill Lynch, Citigroup, Commerzbank (Xetra: CBK100 - news) , Credit Agricole CIB, HSBC and Nomura to arrange fixed-income investor meetings that took place in the US, Europe and Asia from July 11 to July 20. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)