HIGHGRADE CLOSE-Seven issuers tap the primary market for US$13bn

* US$111.4bn deals sold in last 12 business days

* March issuance starts with a roar

* FIGs sell US$12.5bn in six deals Tuesday

* HSBC prices its largest US dollar deal

* HSBC tighter in the grey; 5yr T+205, 10y T+239bp

* O'Reilly price progression 10bp from guidance to launch

* March volume seen well over US$100bn - banker

By Mike Gambale

NEW YORK, March 1 (IFR) - Below is a recap of primary

issuance activity in the US high-grade market on Tuesday:

Number of deals priced: 7

Total (Swiss: FP.SW - news) issuance volume: US$13bn

Average new issue concession: 7.5

Total book to cover: 3.00

HSBC

HSBC Holdings Plc (HKSE: 0005.HK - news) , A1/A/AA- (s/s/s), announced a US$

benchmark multi-tranche SEC-Reg senior unsecured notes via

sole-bookrunner HSBC. Structure will consist of a 5-year

(3/8/2021) FXD, 5-year (3/8/2021) FRN and a 10-year (3/8/2026)

fixed. UOP: General corporate purposes (see preliminary

prospectus supplement for complete information. Settlement date

3/8/2016.

IPTs: 5-year FXD T+237.5bp area, 5-year FRN 3mL+equivalent,

10-year FXD T+275bp area

PRICE GUIDANCE: 5yr FX T+220bp area, 5yr FRN Libor equiv,

10yr T+255bp area. Area is +/- 5bp.

LAUNCH: US$7bn 3-part deal.

- US$3bn 5-year fixed at T+215bp.

- US$1bn 5-year floater at 3mL+224bp.

- US$3bn 10-year fixed at T+250bp.

PRICED: US$7bn 3-part deal total.

- US$3bn 3.40% cpn 5-year fixed (3/8/2021). At 99.772, yld

3.45%. T+215bp.

- US$1bn 5-year floater (3/8/2021). At 100, floats 3mL+224bp

- US$3bn 4.30% cpn 10-year fixed (3/08/2026). At 99.855, yld

4.318%. T+250bp.

BOOK: US$19bn total

NIC (NasdaqGS: EGOV - news) : 5-year: 7bp (5/10s curve worth 35bp, FV=G+208bp)

10-year: 7bp (sr/sub differential 45bp, FV=G+243bp)

COMPS:

HSBC 4.250% August 18, 2025 at G+288bp (sub)

CITIGROUP INC (NYSE: C - news)

Citigroup Inc., Baa3/BBB/A- (s/s/s), announced a US$

benchmark 10-year (3/9/2026) subordinated self-led note

offering. UOP: GCP. Settlement date 3/9/2016.

IPT: T+300bp area.

PRICE GUIDANCE: T+280bp (the #)

LAUNCH: US$1.5bn at T+280bp

PRICED: US$1.5bn. Cpn 4.60%. Due 3/9/2026. Ip US$99.802. Yld

4.625%. T+280bp.

BOOK: US$5bn

NIC: 8bp (vs. 4.40% '25s at G+272bp)

COMPS:

C 4.400% June 10, 2025 at G+272bp (sub)

C 4.450% September 29, 2027 at G+278bp

JOHN DEERE CAPITAL CORP

John Deere Capital Corp, A2/A (s/s), announced a US$

benchmark SEC-Reg 7-year (3/6/2023) senior unsecured notes via

Citigroup, Goldman Sachs (NYSE: GS-PB - news) and Mitsubishi (LSE: 7035.L - news) . UOP: GCP. Settlement

3/4/2016.

IPT: T+135bp area

PRICE GUIDANCE: T+125bp area (+/- 5bp)

LAUNCH: US$750m at T+120bp

PRICED: US$750m 2.80% cpn 7yr (3/06/2023). At 99.88, yld

2.819%. T+120bp. 1st pay: 9/06/2016.

BOOK: US$1.75bn

NIC: 15bp (vs. 3.40% '25s at G+115bp. 7/10s curve worth

10bp, FV=G+105bp)

COMPS:

DE 2.550% January 8, 2021 at G+92bp

DE 3.400% September 11, 2025 at G+115bp

MANULIFE FINANCIAL CORP

Manulife Financial Corp, Nr/A/A- (-/s/s), announced a US$

benchmark SEC-Reg 2-part senior unsecured note offering via

Citigroup and Morgan Stanley (Xetra: 885836 - news) . Structure will consist of a

10-year (3/4/2026) and a 30-year (3/4/2046). Make-whole calls

apply. UOP: General corporate purposes, including future

refinancing requirements. Settlement date 3/4/2016.

IPTs: 10-year T+250-262.5bp, 30-year T+287.5bp area.

PRICE GUIDANCE: 10yr T+240bp area, 30yr T+275bp area. Area

is +/- 5bp.

LAUNCH: US$1.75bn 2-part. US$1bn 10yr at T+235bp, US$750m

30yr at T+270bp.

PRICED: US$1.75bn 2-part total.

- US$1bn 4.15% cpn 10yr (3/04/2026). At 99.757, yld 4.18%.

T+235bp. MWC+35bp.

- US$750m 5.375% cpn 30yr (3/04/2046). At 99.645, yld

5.399%. T+270bp. MWC+40bp.

BOOK: US$4.4bn, 10-year US$2.4bn, 30-year US$2bn

NIC: 10-year: 9.5bp (vs. AIG 3.75% '25s at G+233bp, subtract

7.5bp for one-notch S&P rating, FV=G+225.5bp)

30-year: 7.5bp (vs. AIG 4.8% '45 at T+275bp, subtract 7.5bp

for one-notch S&P rating, FV=G+267.5bp)

MARKET CAP: MET US$45bn, MFC US$27bn, AIG US$62bn

COMPS:

MET (A3/A-) 3.600% November 13, 2025 at G+186bp

MET (A3/A-) 4.600% May 13, 2046 at T+207bp

AIG (Baa1/A-) 3.750% July 10, 2025 at G+233bp

AIG (Baa1/A-) 4.800% July 10, 2045 at T+275bp

LNC (Baa1/A-) 3.350% March 9, 2035 at G+235bp

PNC BANK

PNC Bank NA (PNC), A2/A, announced a US$ benchmark 3(a)2

3-year (3/04/2019) senior bank notes. The active bookrunners are

Barclays (LSE: BARC.L - news) , Citigroup, Morgan Stanley and PNC Capital Markets.

Optional Redemption: Par Call 30 days month prior to maturity.

Use of Proceeds: General Corporate Purpose. Settlement: T+3

(3/4/2016).

IPT: T+115bp area

PRICE GUIDANCE: T+105bp area (+/- 3bp)

LAUNCH: US$1bn at T+102bp

PRICED: US$1bn 1.95% cpn 3yr (3/04/2019). At 99.899, yld

1.985%. T+102bp.

BOOK: US$2.4bn

NIC: 6bp (vs. 1.80% '18s at G+96bp)

COMPS:

PNC 1.800% November 5, 2018 at G+96bp

O'REILLY AUTOMOTIVE

O'Reilly Automotive Inc (ORLY), Baa1/BBB+, announced a

US$500m (no grow) SEC registered 10-year (3/15/2026) senior

notes. Active bookrunners are JPMorgan (LSE: JPIU.L - news) and US Bank. Passive:

BofAML, WFC. Optional Redemption: Make Whole Call and Par Call:

3 month(s) prior to maturity. Use of Proceeds: The net proceeds

from this offering for general corporate purposes, which may

include ordinary course working capital increases, repurchases

of shares of our common stock, repayment of debt and to invest

in other business opportunities, including acquisitions, and to

pay related fees and expenses. Settle: 3/08/2016.

IPT: very low 200s.

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

LAUNCH: US$500m at T+175bp

PRICED: US$500m 3.55% cpn 10yr (3/15/2026). At 99.832, yld

3.57%. T+175bp. MWC+30bp.

BOOK: US$3.5bn (US$4bn peak)

NIC: Flat (vs. 3.85% '23s at G+175bp

COMPS:

ORLY 3.850% June 15, 2023 at G+175bp

YAPI KREDI

Yapi Kredi, rated Ba3/BBB-, announced a US$ benchmark

10-year nc5 Basel III-tier 2 capital deal via Bank of America (Swiss: BAC.SW - news) ,

Citigroup, Mitsubishi and Unicredit (EUREX: DE000A163206.EX - news) . 144a/RegS. Structure will

consist of a 10-year nc5. Books to go subject London afternoon.

Settlement date T+5.

IPT: High 8s

PRICE GUIDANCE: 8.75% area

LAUNCH: US$500m at 8.625%

PRICED: US$500m 8.50% cpn 10yr (3/09/2026) non-call 5yr

(3/09/2021). At 99.50, yld 8.625%.

BOOK: US$975m (Books include USD150m related party order).

COMPS:

YKBNK 5.250% December 3, 2018 at bid yield 4.323% (T+340bp)

YKBNK 5.125% October 22, 2019 at bid yield 4.820% (T+382bp)

YKBNK 4.000% January 22, 2020 at bid yield 4.855% (T+383bp)

MARCH MONTHLY VOLUMES

Date Amount US$(bn)

2015 $149.760

2014 $119.125

2013 $73.892

2012 $108.115

2011 $95.673

2010 $91.276

2009 $65.658

2008 $43.850

2007 $75.189

2006 $61.415

2005 $40.122

2004 $61.090

2003 $40.936

2002 $74.020

(Reporting By Michael Gambale)