HIGHGRADE CLOSE-Six high-grade issuers raise US$5.8bn

* HSBC raises another US$2bn

* No price progression on BGC

* Spirit 10-year price progession 50bp

* Spirit 9 times oversubscribed

* Dell 5.45% 2023s most actively traded

By Mike Gambale

NEW YORK, May 24 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Tuesday:

Number of deals priced: 6

Total (LSE: 524773.L - news) issuance: US$5.8bn

Average new issue concession: 2.67

Total book to cover: 3.29

HSBC

HSBC HOLDINGS PLC (HKSE: 0005.HK - news) , issue rating Baa3/BBB, announced a US$ benchmark SEC registered perpetual non-call 5-year (6/01/2021) subordinated contingent convertible. HSBC is sole bookrunner. Settlement: T+5 (6/01/2016).

IPT: 7.25% area

GUIDANCE: 7% area (+/- 12.5bp)

LAUNCH: US$2bn at 6.875%

PRICED: US$2bn 6.875% cpn perp NC5 at 100.

BOOK: Undisclosed

NICS: Flat (vs. 5.625% Perp at 6.50%, add 7.5bp for low dollar price, FV = 6.575%. Add 30bp for maturity extension, FV=6.875%)

COMPS:

5.625% Perpetual NC5 at 6.50% (US$96)

SPIRIT AEROSYSTEMS (NYSE: SPR - news)

Spirit AeroSystems Inc (SPR), Baa3/BBB-, announced a US$300m (no grow) SEC registered 10-year (6/15/2026) senior unsecured notes. Active bookrunners are Bank of America (Swiss: BAC.SW - news) , Citigroup (NYSE: C - news) and Morgan Stanley (Xetra: 885836 - news) . Passive bookrunners are Mizuho, Royal Bank of Canada and Scotia. Co-Managers: WFS, MUFG, USB. The notes are guaranteed by Spirit AeroSystems Holdings Inc. Optional Redemption: Make Whole Call; Par Call: 3 month(s) prior to maturity.

UOP: To repurchase 2020 notes, (whether pursuant to the tender offer, redemption or otherwise); to pay related interest, fees and expenses. The company may initially use the proceeds for general corporate purposes. Settlement: T+5 (Jun 01, 2016).

IPT: T+250bp area

GUIDANCE: T+200-212.5bp

LAUNCH: US$300m at T+200bp

PRICED: US$300m 3.85% cpn 10-yr (6/15/2026). At 99.924, yld 3.859%. T+200bp. MWC+30bp.

BOOK: US$2.7bn

NICS: Flat (vs. HRS 3.832% '25s at G+153bp, add 7bp for maturity extension, FV=G+160bp. Add another 40bp for market cap differential, FV=G+200bp)

MARKET CAP: SPR US$5.47bn, LLL US$10.6bn, HRS US$9.85bn

COMPS:

HRS (Baa3/BBB-) 3.832% April 27, 2025 at G+153bp

LLL (Baa3/BBB-) 3.950% May 28, 2024 at G+207bp

APOLLO MANAGEMENT

Apollo Management Holdings (APO), A/A-, announced a US$350m 144A/RegS 10-year (5/27/2026) senior unsecured notes. The active bookrunners are Goldman Sachs (NYSE: GS-PB - news) and JPMorgan. The notes contain a MWC and a 3mo par call. UOP: To repay a portion of the outstanding term loan under existing credit facilities, and general corporate purposes. Settle: 5/27/2016.

IPT: T+262.5-275bp

PRICE GUIDANCE: T+255-260bp

LAUNCH: US$500m (upsized from US$350m) at T+255bp

PRICED: US$500m 4.40% 10yr (5/27/2026). At 99.912, yld 4.411%. T+255bp.

BOOK: US$1bn

NICS: 8bp (vs. 4% 2024s at G+229bp, add 18bp for 2-year extension, FV=G+247bp)

COMPS:

4.000% May 30, 2024 at G+229bp

DP WORLD CRESENT

DP World Crescent Limited, Baa3/BBB-, announced a US$ benchmark 144A/RegS 7-year (5/31/2023) senior unsecured Sukuk bond. Joint Bookrunners are Citigroup, Deutsche Bank (LSE: 0H7D.L - news) (B&D), Dubai Islamic Bank, HSBC, Barclays (LSE: BARC.L - news) , Emirates NBD Capital, First Gulf Bank, J.P. Morgan (Other OTC: MGHL - news) , National Bank (NYSE: NBHC - news) of Abu Dhabi, SG CIB. Co-Managers: Noor Bank, Samba Financial Group, Union National Bank.

Use of Proceeds: Funding the tender of the existing Sukuk 2017's and general corporate purposes of the obligor. Settle: 5/31/2016.

IPTs: MS+262.5-275bp area

PRICE GUIDANCE: MS+237.5-250bp

LAUNCH: US$1.2bn at MS+237.5bp

PRICED: US$1.2bn 3.908% cpn 7yr (5/31/2023). At 100, YLD 3.908%. MS+237.5bp.

BOOK: About US$2.5bn

THREE GORGES FINANCE

Three Gorges Finance I (Cayman Islands) Ltd, Aa3/-/A+, announced a US$ benchmark senior unsecured note offering via joint-global coordinators JPMorgan, Deutsche Bank and ICBC (HKSE: 1398-OL.HK - news) . Joint-bookrunners are JPMorgan, Deutsche Bank, ICBC, /DB/ICBC/BOC/GS/UBS (LSE: 0QNR.L - news) . Structure will consist of a 5-year and 10-year. 144a/RegS. UOP: Refinancing of indebtedness and general corporate purposes. Guarantor China Three Gorges Corporation. 6/02/2016.

IPT: 5-year T+100bp area, 10-year T+150bp area.

PRICE GUIDANCE: 5-year T+90bp (the #), 10-year T+130bp (the #)

LAUNCH: US$1.5bn 2-part. US$500m 5-year at T+90bp, US$1bn 10-year at T+130bp

PRICED: US$1.5bn 2-part.

- US$500m 2.30% cpn 5-year (6/02/2021). At 99.962, yld 2.308%. T+90bp

- US$1bn 3.15% cpn 10-year (6/02/2026). At 99.804, yld 3.173%. T+130bp

BOOK: US$5.3bn total; 5-year US$2.1bn, 10-year US$3.2bn

BGC PARTNERS (NYSE: BGCA - news)

BGC Partners Inc (BGCP), BBB-/BBB-, announced a US$250m 144A/RegS w/ re rights 5-year senior unsecured notes. The active bookrunners are Bank of America and Cantor Fitzgerald. Optional Redemption: Make Whole Call. Use of Proceeds: GCP, which may include the repayment in full of the 4.50% convertible notes scheduled to mature on July 15, 2016, and to fund future potential acquisitions.

IPT: 5.25% area

LAUNCH: US$300m at 5.25%

PRICED: US$300m (upsized from US$250m) 5.125% cpn 5-yr (5/27/21). At 99.457, yld 5.25%. (Reporting by Mike Gambale; Editing by Varghese Joseph)