HIGHGRADE CLOSE-Five issuers raise US$12.085bn in HG primary

* HSBC prints jumbo US$8bn deal

* Whirlpool (NYSE: WHR - news) comes with 30-year trade

* Dell bonds tighten amid high trading volumes

* Weekly issuance hits US$41.560bn

By Mike Gambale

NEW YORK, May 18 (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$12.085bn

Average new issue concession: 3.93

Total book to cover: 2.95

HSBC HOLDINGS (HKSE: 0005.HK - news)

HSBC Holdings plc, A1/A/AA-, announced a US$ benchmark SEC registered 4-part senior unsecured note offering that includes a 5-year (5/25/2021) fixed and/or FRN, a 7-year (5/25/2023) fixed and a 10-year (5/25/2026) fixed. HSBC is sole books. UOP: GCP. Settle: 5/25/2016.

IPTs: 5yr FXD T+180bp area, 5yr FRN Libor equiv, 7yr T+215bp area, 10yr T+230bp area

GUIDANCE: 5yr FXD T+160bp (#), 5yr FRN Libor equiv, 7yr T+195bp (#), 10yr T+210bp (#)

LAUNCH: US$8bn 4-part. US$2.5bn 5yr FXD at T+160bp, US$1bn 5yr FRN at 3mL+166bp, US$2bn 7yr at T+195bp, US$2.5bn 10yr at T+210bp

PRICED: US$8bn 4-part.

- US$2.5bn. Cpn 2.950%. Due 5/25/21. T+160bp.

- US$1bn. Cpn 3mL+66bp. Due 5/25/21. Ip par. Yld 3mL+166bp.

- US$2bn. Cpn 3.600%. Due 5/25/23. T+195bp.

- US$2.5bn. Cpn 3.900%. Due 5/25/26. T+210bp.

BOOK: Undisclosed

NIC (NasdaqGS: EGOV - news) : 5-year FXD: 6bp (vs. 3.4% '21s at G+154bp)

7-year: 7bp (7/10s curve worth 15bp, FV=G+188bp)

10-year: 7bp (vs. 4.3% '26s at G+203bp)

COMPS:

HSBC 3.400% March 8, 2021 at G+154bp

HSBC 4.300% March 8, 2026 at G+203bp

KEXIM

The Export-Import Bank of Korea (KEXIM), Aa2/AA-/AA-, announced a US$ benchmark SEC registered 3-part senior unsecured note offering that includes a 3-year fixed and/or FRN and a 10-year fixed. Joint bookrunners are Bank of America (Swiss: BAC.SW - news) , BNP (Paris: FR0000131104 - news) Paribas, Citigroup (NYSE: C - news) , Goldman Sachs (NYSE: GS-PB - news) , HSBC and Nomura. Joint-lead managers are Bank of America, BNP Paribas (LSE: 0HB5.L - news) , Citigroup, Goldman Sachs, HSBC, Nomura and Daewoo. Co-manager: KEXIM Asia Ltd.

IPTs: 3yr FXD T+95bps area, 3yr FRN 3mL equiv, 10yr T+105bps area

PRICE GUIDANCE: 3yr FXD T+80bps area, 3yr FRN 3mL equiv, 10yr T+85bps area. Area is +/- 2.5bp.

LAUNCH: US$2.5bn 3-part. US$1bn 3yr FXD at T+77.5bp, US$500m 3yr FRN at 3mL+70bp, US$1bn 10yr at T+82.5bp

PRICED: US$2.5bn 3-part.

- US$1bn 1.75% cpn 3yr (5/26/2019) FXD. At 99.866, yld 1.796%. T+77.5bp

- US$500m 3yr (5/26/2019) FRN. At 100, floats at 3mL+70bp.

- US$1bn 2.625% cpn 10yr (5/26/2026). At 99.790, yld 2.649%. T+82.5bp

BOOK: US$7.1bn total; 3-year FRN US$1.6bn, 3-year FXD US$2bn, 10-year US$3.5bn

NIC: 3-year FXD: 5bp (3/10s curve worth 7.5bp, FV=G+72.5bp)

10-year: 2.5bp (vs. 3.25% '25s at G+78bp, add a couple of basis points for maturity extension, FV=G+80bp)

COMPS:

2.125% February 11, 2021 at G+75bp

3.250% November 10, 2025 at G+78bp

PRICELINE

The Priceline Group Inc (PCLN), Baa1/BBB+, announced a US$ benchmark SEC registered 10-year (6/01/2026) senior unsecured notes. Active bookrunners are Bank of America, Goldman Sachs and Wells Fargo (Hanover: NWT.HA - news) . Passive bookrunners are Citigroup, JPMorgan, Morgan Stanley and US Bank. Optional Redemption: Make Whole Call; Par Call: 3 month(s) prior to maturity. Use of Proceeds: For general corporate purposes, which may include share repurchases, repayment of debt and acquisitions. Settle: 5/23/2016.

IPT: T+200bp area

GUIDANCE: T+185bp area (+/- 5bp)

LAUNCH: US$1bn at T+180bp

PRICED: US$1bn 3.60% cpn 10-yr (6/01/2026). At 99.807, yld 3.623%. T+180bp.

BOOK: US$2.7bn

NIC: Flat (vs. 3.65% '25s at G+174bp, add 6bp for maturity extension, FV=G+180bp)

COMPS:

PCLN 3.650% March 15, 2025 at G+174bp

EFX (Baa1/BBB+) 3.250% June 1, 2026 at G+145bp

TRICN (Baa2/BBB+/BBB+) 3.350% May 15, 2026 at G+158bp

EBAY (Hanover: EBA.HA - news) (Baa1/BBB+) 3.450% August 1, 2024 at G+169bp

WHIRLPOOL

Whirlpool Corp (WHR), Baa1/BBB/BBB, announced a US$500m (no grow) SEC registered 30-year (6/01/2046) senior unsecured notes. The active bookrunners are Citigroup and Mizuho, with BNP Paribas and JPMorgan passive. The notes contain a MWC and a 6mo par call. UOP: Repay part of debt maturing in 2016; remainder for GCP. Settle: 5/23/2016.

IPT: T+220-225bp

PRICE GUIDANCE: T+200bp area (+/- 5bp)

LAUNCH: US$500m at T+190bp

PRICED: US$500m 4.50% cpn 30-yr (6/01/2046). At 99.201, yld 4.549%, T+190bp. MWC+30bp.

BOOK: Just under US$2bn

NIC: Flat (vs. 3.7% '25s at G+150bp, 10/30s curve worth 40bp, FV=T+190bp

COMPS:

3.700% May 1, 2025 at G+150bp

ENTERGY

Entergy New Orleans Inc (NYSE: ENJ - news) , Baa2/A-, announced a US$85m SEC registered 10-year (6/01/2026) senior notes. The active bookrunners are Bank of New York and JPMorgan.

UOP: to repay prior to maturity our first mortgage bonds due September 2024 in the aggregate principal amount of $33.271 million bearing interest at 5.6% per year and our first mortgage bonds due September 2029 in the aggregate principal amount of $37.772 million bearing interest at 5.65% per year and for general corporate purposes.

IPT: T+137.5-150bp

LAUNCH: US$85m at 4%

PRICED: US$85m. Cpn 4.00%. Due 6/1/2026. Ip par. Yld 4.00%. T+213bp.

USD HIGH-GRADE PIPELINE

CHINA THREE GORGES CORP, Aa3/A/A+, has mandated Deutsche Bank, ICBC (HKSE: 1398-OL.HK - news) and JP Morgan as joint global coordinators for a proposed US dollar bond 144a/RegS transaction. Fixed-income meetings for the senior unsecured notes will commence on Wednesday in Asia, and head to London on Friday and the US next week. The JGCs will act as joint bookrunners with Bank of China (HKSE: 3988-OL.HK - news) , Goldman Sachs and UBS (LSE: 0QNR.L - news) .

SOUTHERN CO, Baa2/BBB+, asked Bank of America/Merrill Lynch, Barclays (LSE: BARC.L - news) , Citigroup, J.P. Morgan (Other OTC: MGHL - news) , Mizuho and Wells Fargo to arrange fixed income investor calls beginning Tuesday, May 17th and concluding on Wednesday the 18th.

BROOKFIELD ASSET MANAGEMENT (LSE: 0KEH.L - news) , Baa2/A-, asked Citigroup and Deutsche Bank (LSE: 0H7D.L - news) to arrange telephonic investor calls as well as investor meetings in the New York Metropolitan area slated to begin on Tuesday, May 17th with one-on-ones followed by physical meetings on Wednesday, May 18th. Citigroup is coordinating.

KALLPA GENERACION (KALLPA), Baa3/BBB-, mandates Credit Suisse, Credicorp Capital, Morgan Stanley (Xetra: 885836 - news) and Scotiabank for investor meetings May 12-18. A US dollar-denominated 144a/RegS deal could follow.

STATOIL ASA (LSE: 0M2Z.L - news) , A3/A+, the Norwegian multinational oil and gas company filed an F-3ASR shelf registration statement on Monday, May 9th covering debt securities and equity shares.

APPLE (LSE: 0R2V.L - news) , Aa1/AA+, filed a Form S-3 (S (Other OTC: UBGXF - news) -3ASR) with the SEC covering debt securities on April 28.

Russian bank VNESHECONOMOBANK, Ba1/BBB-, announced plans for investor meetings in New York that began on April 19.

ROGERS COMMUNICATIONS (NYSE: RCI - news) filed an F-10 shelf registration on March 4 covering US$4bn of debt securities including US$2.25bn existing from a previous shelf.

MOLSON COORS, Baa2/BBB, expects to issue up to US$6.8bn in new debt to help fund its US$12bn acquisition of Miller beer brands from AB InBev. (Reporting by Mike Gambale; Editing by Paul Kilby)