HIGHGRADE CLOSE-Standard Chartered raises US$1.25bn
* Standard Chartered (HKSE: 2888.HK - news) book 2.64 times covered
* Weekly issuance US$25.435bn
* Most actively traded IG (LSE: IGG.L - news) bond MGM 5.625% 2024s
* CDX IG26 nearly 4.5 points wider
* Ten-year treasury yield 1.692%
By Mike Gambale
NEW YORK, April 7 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Thursday:
Number of deals priced: 1
Total (LSE: 524773.L - news) issuance volume: US$1.25bn
Average new issue concession: 12bp
Total book to cover: 2.64
STANDARD CHARTERED PLC
Standard Chartered PLC, rated A1/BBB+/A+, announced a US dollar 10-year benchmark issue. Senior (Other OTC: SNIRF - news) unsecured fixed-rate note under 144A/Reg S format. BNP Paribas (LSE: 0HB5.L - news) , Goldman Sachs (NYSE: GS-PB - news) , JP Morgan and StanChart (HKSE: 2888-OL.HK - news) are lead managers on the transaction.
IPTs: T+250-262.5bp
PRICE GUIDANCE: T+240bp (the #)
LAUNCH: US$1.25bn at T+240bp
PRICED: US$1.25bn 4.05% cpn 10-yr (4/13/2026). At 99.723, yld 4.084%. T+240bp
BOOK: US$3.3bn
NIC (NasdaqGS: EGOV - news) : 12bp (vs. 3.2% 2025s at G+228bp)
COMPS:
STANLN 3.050% January 15, 2021 at G+176bp
STANLN 3.200% April 17, 2025 at G+228bp
USD HIGH-GRADE PIPELINE
KIA MOTORS (KSE: 000270.KS - news) , Baa1/A-, mandated Bank of America Merrill Lynch, Citigroup (NYSE: C - news) , HSBC, JP Morgan and Nomura to arrange investor meetings in the US, Asia and Europe beginning April 4.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, Aa2/AA-/AA-, is lining up for a potential US dollar 144A/Reg S subordinated Tier 2 deal. ANZ, Citigroup, HSBC and JP Morgan are arranging the meetings.
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 Michael Gambale; editing by Shankar Ramakrishnan)