HIGHGRADE CLOSE-Five high-grade issuers raise US$9.4bn

* August volumes soar to US$76.9bn

* New (KOSDAQ: 160550.KQ - news) record set for busiest August

* Baxter price progression 30-40bp

* Amgen (Xetra: 867900 - news) and Baxter over 4 times covered

* Bunge nearly 7 times covered

* Most actively traded DUK 2.65% 2026s

By Mike Gambale

NEW YORK, Aug 10 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:

Number of deals priced: 5

Total (LSE: 524773.L - news) issuance: US$9.4bn

Average new issue concession: 3.00

Total book to cover: 4.74

AMGEN INC

Amgen Inc (AMGN), Baa1/A, announced a US$ benchmark SEC registered 4-part senior unsecured notes offering that includes a 5-year (8/19/2021), 7-year (8/19/2023), 10-year (8/19/2026) and a 30-year (5/01/2045) tap. The active bookrunners are Citigroup (NYSE: C - news) , Goldman Sachs (NYSE: GS-PB - news) , HSBC and Morgan Stanley (Xetra: 885836 - news) . Optional Redemption: Make-Whole Calls; one month par call (5yr), two month par call (7yr), three month par call (10yr), and six month par call (30yr). Change of Control: 101%.

Use of Proceeds: The company intends to use the net proceeds to repay outstanding indebtedness, including borrowings under the term loan credit agreement, to repurchase shares of common stock pursuant to stock repurchase program, and for general corporate purposes. Settlement: August 19, 2016 (T+7).

IPTs: 5yr T+90bp area, 7yr T+110bp area, 10yr T+125bp area, 30yr T+190bp area

PRICE GUIDANCE: 5yr T+85bp area, 7yr T+100bp area, 10yr T+115bp area, 30yr T+175bp area. Area is +/- 5bp.

LAUNCH: US$3.75bn 4-part. US$750m 5yr at T+80bp, US$750m 7yr at T+95bp, US$1.25bn 10yr at T+110bp, US$1bn 30yr at T+170bp

PRICED: US$3.75bn 4-part. First (Other OTC: FSTC - news) pay 2/19/2017. Settlement date 8/19/2016.

- US$750m. Cpn 1.85%. Due 8/19/2021. Ip US$99.891. Yld 1.073%. T+80bp. MWC T+15bp.

- US$750m. Cpn 2.25%. Due 8/19/2023. Ip US$99.749. Yld 2.289%. T+95bp. MWC T+15bp.

- US$1.25bn. Cpn 2.60%. Due 8/19/2026. Ip US$99.939. Yld 2.607%. T+110bp. MWC T+20bp.

- US$1bn. Cpn 4.40%. Due 5/1/2045. Ip US$107.892. Yld 3.934%. T+170bp. MWC T+30bp.

BOOK: US$16.5bn total; 5-year: US$3.4bn, 7-year: US$2.7bn, 10-year: US$4.4bn, 30-year: US$6bn

NIC (NasdaqGS: EGOV - news) : 5-year: 4bp (vs. 2.125% '20s at G+68bp, add 8bp for maturity extension, FV=G+76bp)

7-year: 7bp (7/10s curve worth 15bp, FV=G+88bp)

10-year: 7bp (vs. 3.125% '25s at G+98bp, add 5bp for maturity extension, FV=G+103bp)

30-year: 7bp (vs. 4.4% '45s at T+163bp)

COMPS:

2.125% May 1, 2020 at G+68bp

3.125% May 1, 2025 at G+98bp

4.400% May 1, 2045 at T+163bp

BAXTER INTERNATIONAL (LSE: 0QK8.L - news)

Baxter International Inc (BAX), Baa2/A-/BBB+, announced a US$ benchmark SEC registered 3-part senior unsecured notes offering that includes a 5-year (8/15/2021), 10-year (8/15/2026), and 30-year (8/15/2046). The active bookrunners are Bank of America (Swiss: BAC.SW - news) , Citigroup and Goldman Sachs. Optional redemption: Make-whole Calls, one month par-call (5-year), three month par-call (10-year), six month par-call (30-year). Change of Control: @101%.

Use of Proceeds: The company intends to use a portion of the net proceeds to redeem certain of the outstanding senior notes and to pay related fees and expenses, with the remaining proceeds being used for general corporate purposes, including the repayment of commercial paper. Settle: 8/15/2016.

IPTs: 5yr T+100bp area, 10yr T+140bp area, 30yr T+175bp area

PRICE GUIDANCE: 5yr T+70bp area, 10yr T+115bp area, 30yr T+140bp area. Area is +/- 5bp.

LAUNCH: US$1.6bn 3-part. US$400m 5yr at T+65bp, US$750m 10yr at T+110bp, US$450m 30yr at T+135bp

PRICED: US$1.6bn 3-part total. 1st pay: 2/15/2017.

- US$400m 1.70% cpn 5yr (8/15/2021). At 99.895, yld 1.722%. T+65bp. Benchmark spot: 1.072%. MWC+10bp.

- US$750m 2.60% cpn 10yr (8/15/2026). At 99.904, yld 2.611%. T+110bp. Benchmark spot: 1.511%. MWC+20bp.

- US$450m 3.50% cpn 30yr (8/15/2046). At 98.464, yld 3.584%. T+135bp. Benchmark spot: 2.234%. MWC+20bp.

BOOK: US$6.9bn total; 5-year: US$2.1bn, 10-year: US$2.9bn, 30-year: US$1.9bn

MARKET CAP: BDX US$37bn, BAX US$26.5bn

NIC: 5-year: negative 4bp (5/10s curve worth 40bp, FV=G+69bp)

10-year: 1bp (vs. 3.734% '24s at G+113bp. Subtract 8bp for one-notch rating differential, FV=G+105bp. Add 4bp for market cap differential FV=G+109bp)

30-year: 1bp (10/30s curve worth 25bp, FV=T+134bp)

COMPS:

BDX (Baa2/BBB+) 3.734% December 15, 2024 at G+113bp

BLACK HILLS CORP

Black Hills Corp, Baa1/BBB/BBB+ (n/s/n), announced a US$700m 2-part senior unsecured note offering via JPMorgan, Mitsubishi and Scotia. Structure will consist of a long 10-year (1/15/2027) and a 30-year (9/15/2046). Make-whole calls and six month par calls prior to maturity apply. US$101 COC put.

UOP: Repay certain existing indebtedness, including indebtedness of Black Hills Gas Holdings, LLC (formerly known as SourceGas Holdings LLC) and its subsidiaries, and to settle certain outstanding interest rate swaps. Any portion of the net proceeds not so used may be used for GCP. Settlement date 8/19/2016.

IPTs: Long 10-year T+185bp area, 30-year T+220bp area.

PRICE GUIDANCE: Long 10-year T+170bp area, 30-year T+205bp area. Area is +/- 5bp.

LAUNCH: US$700m 2-part. US$400m 10yr at T+165bp, US$300m 30yr at T+200bp.

PRICED: US$700m 2-part total.

- US$400m 3.15% cpn 10yr (1/15/2027). At 99.949, yld 3.156%. T+165bp. Benchmark spot: 101-02+. MWC+25bp. 1st pay: 1/15/2017.

- US$300m 4.20% cpn 30yr (9/15/2046). At 99.455, yld 4.232%. T+200bp. Benchmark spot:105-24+. MWC+30bp. 1st pay: 3/15/2017.

BOOK: US$3.2bn total; 10-year US$1.8bn, 30-year US$1.4bn

NIC: 10-year: 3bp (vs. 3.95% '26s at G+160bp, add 2bp for maturity extension, FV=G+162bp)

30-year: 3bp (10/30s curve worth 35bp, FV=T+197bp)

COMPS:

BKH 4.250% June 1, 2021 at G+143bp

BKH 3.950% January 15, 2026 at G+160bp

BUNGE LTD

Bunge Ltd Finance Corp (BG), Baa2/BBB/BBB, announced a US$500m SEC registered 10-year senior unsecured notes deal. The active bookrunners are Citigroup, JP Morgan and Morgan Stanley. The notes are guaranteed by Bunge Ltd. Use of Proceeds: GCP, including, but not limited to, the repayment of outstanding indebtedness of Bunge. Settlement: T+3 (Aug 15, 2016).

IPT: T+low 200s

PRICE GUIDANCE: T+180bp area (+/- 5bp)

LAUNCH: US$700m (upsized from US$500m) at T+175bp

PRICED: US$700m 3.25% cpn 10yr (8/15/2026). At 99.907, yld 3.261%. T+175bp. Benchmark spot: 101-01/1.511%. MWC+30bp. 1st pay: 2/15/2017

BOOK: US$4.16bn

NIC: 1bp (vs. 3.5% '20s at G+134bp, add 40bp for maturity extension, G+174bp)

COMPS:

3.500% November 24, 2020 at G+134bp

ROYAL BANK OF SCOTLAND GROUP

Royal Bank of Scotland Group, exp issue B/BB-, announced a US$ benchmark SEC registered perpetual non-call 5-year (8/05/2021)subordinated AT1 contingent capital notes deal. Royal Bank of Scotland is the global coordinator and structuring advisor with Citigroup, Deutsche Bank (LSE: 0H7D.L - news) , JP Morgan and UBS (LSE: 0QNR.L - news) as joint leads. Settle: 8/15/2016.

IPTs: 8.75% area

LAUNCH: US$2.65bn at 8.625%

PRICED: US$2.65bn (E2bn equiv). Cpn 8.625%. Ip par.

BOOK: US$16bn

USD HIGH-GRADE PIPELINE

STANDARD CHARTERED BANK, exp issue Ba1/BB-/BBB-, has mandated Standard Chartered Bank as structuring advisor and joint lead manager and BAML, DB, GS, SG, and UBS as joint lead managers on a US$ 144A/Reg S perpetual non-call 5.5-year contingent convertible AT1 notes offering. The notes contain a 7% CET1 trigger with equity conversion.

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 Varghese Joseph)