HIGHGRADE CLOSE-Five high-grade issuers raise US$15.614bn

* Biggest third quarter on record

* Third consecutive US$300bn plus quarter

* Shire (Xetra: S7E.DE - news) 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 primary issuance activity in the US high-grade market on Monday:

Number of deals priced: 5

Total (LSE: 524773.L - news) 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 (Shanghai: 603988.SS - news) registered 4-part senior unsecured note offering. Active bookrunners are Bank of America, Barclays (LSE: BARC.L - news) and Morgan Stanley (Xetra: 885836 - news) . Passive bookrunners are BOC, CITI, COBA, CS, DB, DNBK, LLOYDS, MIZUHO, MUFG, RBCCM, RBS (LSE: RBS.L - news) , SANT, SUMITM. Co-managers: GS (KSE: 078935.KS - news) , 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 of Proceeds: To repay amounts outstanding under a January 2016 Bridge Facilities Agreement and for GCP. Settlement: T+4 (Sep (Shanghai: 600021.SS - news) 23, 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, 7yr T+140bp area, 10yr T+155bp area. Area +/- 5bp.

LAUNCH: US$12.1bn 4-part. US$3.3bn 3yr at T+100bp, US$3.3bn 5yr 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. Yld 1.928%. T+100bp. MWC T+15bp.

- US$3.3bn. Cpn 2.40%. Due 9/23/21. Ip US$99.892. Yld 2.423%. T+120bp. MWC T+20bp.

- US$2.5bn. Cpn 2.875%. Due 9/23/23. Ip US$99.987. Yld 2.877%. 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 (NasdaqGS: EGOV - news) : 3-year: Flat (3/5s curve worth 20bp, FV=G+100bp)

5-year: Flat (vs. AGN 3% 2020s at G+110bp, add 10bp for 1.5-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 couple of basis point for maturity extension, FV=G+158bp. Subtract 8bp for 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 (Frankfurt: 851710 - news)

S&P Global Inc, rated Baa1/Nr/BBB+, announced a US$ benchmark 10yr (1/22/2027) senior note offering via Citigroup (NYSE: C - news) , Goldman Sachs (NYSE: GS-PB - news) and JPMorgan (LSE: JPIU.L - news) as active, with Bank of America (Swiss: BAC-USD.SW - news) and Deutsche Bank (LSE: 0H7D.L - news) as passive. US$101 COC put. 144a w/reg rights. Par call 3-months prior to maturity.

UOP: To fund all or a portion of the redemption of the outstanding US$400m aggregate principal amount of its 5.900% Senior Notes due 2017, and the balance for general corporate purposes. The foregoing does not constitute a notice of redemption for the Company's 5.900% Senior Notes due 2017. No assurance is given that a notice of redemption for the 5.900% Senior Notes due 2017 will be given or that such securities will be 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, yld 3.046%. T+135bp.

BOOK: US$2.4bn

NIC: 5bp (vs. 4% 2025s at G+125bp, add 5bp for maturity extension, 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 SEC registered 2-part note offering long 10-year (4/01/2017) and long 30-year (4/01/2047). Bookrunners are JPMorgan, Goldman Sachs and Morgan Stanley. Passive bookrunners are Bank of Tokyo Mitsubishi (LSE: 7035.L - news) and Mizuho.

Par call: 3 mos & 6 mos. Use of Proceeds: For the repurchase of 8.125% notes due 2019, 7.875% notes due 2029, 7.300% notes due 2031 and 7.125% notes due 2033 that are tendered pursuant to offer to purchase dated September 16 2016 and to finance the redemption of the 1.300% notes due 2017, as well as for working capital 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. Area is +/- 12.5bp

LAUNCH: US$1.5bn 2-part. US$1bn 10yr at T+262.5bp, US$500m 30yr 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 for maturity 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 (Frankfurt: A1W97M - news)

American Airlines announced a US$813.797m SEC registered 2-part 12-year EETC pass through certificate, Series 2016-3. The bookrunners are Goldman Sachs and Morgan Stanley.

UOP: to finance the following 25 aircraft: (a) five Airbus A321-231S aircraft newly manufactured and scheduled for delivery to American from November 2016 to January 2017, (b) eight Boeing (Swiss: BA-USD.SW - news) 737-823 aircraft either delivered new to American from March 2016 to September 2016 or newly manufactured and scheduled for delivery to American from September 2016 to December 2016, (c) four Boeing (NYSE: BA - news) 787-9 aircraft newly manufactured and scheduled for delivery to American from October 2016 to January 2017 and (d) eight Embraer ERJ 175 LR aircraft newly manufactured and scheduled for delivery to American from September 2016 to December 2016; and for GCP.

IPTS: -Class AA: Aa3/AA (Frankfurt: A116XA - news) +, 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$256.143m Class 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). At 100, yld 3.0%. MWC+20bp.

- US$256.143m Class A at 3.25% cpn 12-yr (10/15/2028). At 100, 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$300m 10-year (10/01/2026) and a US$300m 31-year (10/01/2047). The active bookrunners are Bank of America, Citigroup, Morgan Stanley and Wells Fargo (Hanover: NWT.HA - news) . 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. Area is the +/- 5bp.

LAUNCH: US$700m 2-part (upsized from US$600m). US$300m 10yr at 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 (KSE: 000030.KS - news) , issue rating Ba3/BB+, has named banks for a US benchmark Additional Tier 1 subordinate note offering. Bank of America Merrill Lynch, Citigroup, Commerzbank (Xetra: CBK100 - news) , Credit Agricole (Swiss: ACA.SW - news) , HSBC and Nomura are active bookrunners. BNP Paribas (LSE: 0HB5.L - news) and Morgan Stanley are passive bookrunners. Woori Bank Global Markets Asia is a co-manager. The 144A/Reg S offering is expected to price as early as Tuesday. IPT: 4% area

USD HIGH-GRADE PIPELINE

ICBC Financial Leasing, A2/A, has mandated banks for a 144A/RegS US dollar bond offering that is expected to price this week. ICBC (HKSE: 1398-OL.HK - news) , Goldman Sachs Asia, JP Morgan, Citigroup, BNP (Paris: FR0000131104 - news) Paribas, Shanghai Pudong Development Bank Hong Kong and BOCOM HK are joint global coordinators. Investor (LSE: 0NC5.L - news) meetings will begin on Tuesday in Singapore and continue over the next two days in Hong Kong. Calls will be held with European and US investors through Thursday.

Northwell Healthcare Inc, A3/A-, announced a US$500m 3(a)4 30-year (11/01/46) secured notes offering. The active bookrunners are Citi and MS. Optional Redemption: Make-whole call, Par call prior to maturity. Use of Proceeds: The bonds are being issued by HCI in order to provide funds (i) for general corporate purposes, including future capital expenditures, and (ii) to pay costs of issuance incurred in connection with the issuance of the bonds. Settle: T+5.

Air Liquide SA (LSE: 0NWF.L - news) , A3/A-, mandated BNP Paribas, Barclays, Citigroup, HSBC, JP Morgan and MUFG as joint leads to arrange fixed income investor meetings slated to begin on Monday (Sept 19) in London; Tuesday (Sept 20) in Boston and concluding on Wednesday (Sept 21) in New York in preparation for what could be a dollar-denominated deal.

HollyFrontier Crop, Baa3/BBB-, named Bank of America/Merrill Lynch, Citigroup, MUFG and Toronto Dominion to arrange fixed income investor calls that began on Thursday (Sept 15) and will continue through Friday (Sept 16). Citigroup is coordinating.

Goodman Australia, NR/BBB+, asked HSBC and JP Morgan as joint global coordinators and ANZ as joint leads to arrange fixed income investor meetings in the US and Asia beginning on Monday (Sept 19) in preparation for a dollar-denominated 144A/Reg S new issue that could soon follow their conclusion.

KEB Hana Bank, A1/A, has mandated Citigroup, Credit Agricole CIB, J.P. Morgan (Other OTC: MGHL - news) , Standard Chartered Bank, UBS (LSE: 0QNR.L - news) and KEB Hana Global Finance to arrange a series of fixed income investor meetings in Asia, Europe, the Middle East and the U.S., commencing on 26 September 2016. A USD denominated 144A/Reg S transaction may follow, subject to market conditions.

BRF GmbH, BBB/BBB, a subsidiary of the Brazilian food conglomerate BRF S.A (NYSE: BRFS - news) ., mandated BB Securities, Bradesco BBI, Itau BBA, JP Morgan and Santander as joint book runners to arrange fixed income investor meetings in preparation for a dollar-denominated 144A/Reg S senior unsecured new issue that could soon follow its conclusion.

Banco Inbursa, BBB+/BBB+, mandated Bank of America/Merrill Lynch, Citigroup and Credit Suisse (LSE: 0QP5.L - news) as joint book runners to arrange fixed income investor meetings in the US, Mexico and Europe that ended on Monday.

MTN Group, multinational mobile operator headquartered in Johannesburg, rated Baa3 (neg) by Moody's and BBB- (neg) by S&P, has mandated BAML, Barclays, Citi and Standard Bank to arrange investor meetings in the US and UK that began on September 9 in connection with an offering of intermediate tenor USD-denominated benchmark 144A/Reg S senior unsecured fixed rate notes.

Korea National Oil Corp, Aa2/AA-, will meet investors this month for an offering of US dollar 144A/Reg S bonds. The roadshow began in Hong Kong on September 5. The company had planned to meet investors in Singapore, Frankfurt, London, New (KOSDAQ: 160550.KQ - news) York, Philadelphia, Boston and Los Angeles. Proceeds will refinance debt maturing this year.

Industrial Bank (Shanghai: 601166.SS - news) of Korea, Aa2/AA-, hired HSBC and Nomura to arrange fixed income investor meetings that took place in Hong Kong and Singapore earlier in the month in preparation for a 144A/Reg S dollar-denominated offering. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)