HIGHGRADE CLOSE-Ten issuers tap primary market for US$9.27bn

* Hyundai sells first US$ corporate Green bond from South Korea

* Perrigo over 7 times oversubscribed

* Perrigo price progression of 10bp from guidance to launch

* Perrigo tranches price with NIC (NasdaqGS: EGOV - news) of negative 5bp

* Eversource book 4 times oversubscribed

By Mike Gambale

NEW YORK, March 7 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Monday:

Number of deals priced: 10

Total (Swiss: FP.SW - news) issuance volume: US$9.27bn

Average new issue concession: 2.50bp

Total book to cover: 2.54

ABBEY NATIONAL TREASURY

Abbey National Treasury Services plc (ABBEY (LSE: ABBY.L - news) ), A1/A/A, announced a US$ benchmark SEC (Shanghai: 603988.SS - news) registered 3-year (3/14/19) fixed and/or FRN senior unsecured notes. Bookrunner Active: BSSA, CITI, HSBC, MS, and WFC. The notes are guaranteed by Santander UK plc. UOP: GCP. Settle: 3/14/2016.

IPTs: 3yr FXD T+165bp area, 3yr FRN Libor equiv

PRICE GUIDANCE: 3yr FXD T+150bp (the #), 3yr FRN Libor equiv

LAUNCH: US$2bn 2-part. US$1.65bn 3yr FXD at T+150bp, US$350m 3yr FRN at 3mL+148bp.

PRICED: US$2bn 2-part total.

- US$1.65bn 2.50% cpn 3yr FXD (3/14/2019). At 99.825, yld 2.56%. T+150bp

- US$350m 3yr FRN (3/14/2019). At 100, floats at 3mL+148bp

BOOK: Total book US$3.15bn; 3-year FRN: US$550m, 3-year FXD US$2.6bn

NIC: 4bp (vs. 2.350% '19s at G+146bp)

COMPS:

ABBEY 2.350% September 10, 2019 at G+146bp

ABBEY 2.375% March 16, 2020 at G+154bp

BANK OF AMERICA (Swiss: BAC.SW - news)

Bank of America (BAC), Ba2/BB+/BB+, announced a US$750m SEC registered perpetual fixed-to-floating rate US$1000 par non-cumulative preferred stock, Series DD. Bank of America is sole books.

IPT: 6.625% area

LAUNCH: US$1bn (upsized from US$750m) at 6.30%

PRICED: US$1bn. Cpn 6.30%. Ip par. Due Perpetual NC10 (3/10/2026). If not called, coupon will be 3mL+455.3bp. First (Shanghai: 603806.SS - news) pay 9/10/2016. Settlement date 3/10/2016. Cusip #060505EU4.

BOOK: Undisclosed

TORONTO-DOMINION BANK

The Toronto-Dominion Bank (Toronto: TD.TO - news) , Aaa/AAA (Moody's/DBRS), announced a US$ benchmark 5-year (3/15/2021) covered bond via Citigroup (NYSE: C - news) , HSBC, Royal Bank of Canada (LSE: 0QKU.L - news) and TD Securities. 144a/RegS. TD Covered Bond (Legislative) Guarantor Limited Partnership. Type: Canadian legislative covered bond, backed by Canadian residential mortgages. Settlement date 3/15/2016.

IPT: M/S (Other OTC: UBGXF - news) +high 90s.

PRICE GUIDANCE: MS+95bp (the #)

LAUNCH: US$1.75bn at MS+95bp

PRICED: US$1.75bn 2.25% cpn 5yr (3/15/2021). At 99.845, yld 2.283%. MS+95bp

BOOK: US$2.3bn

NIC: 5bp (vs. 1.95% 2020s, add 6bp for maturity extension, FV=MS+90bp)

COMPS:

1.950% April 2, 2020 at MS+84bp

HYUNDAI CAPITAL SERVICES

Hyundai Capital Services, Baa1/A-/BBB+ (s/s/s), announced a US$ benchmark 5-year senior unsecured note offering via BAML(b&d)/CITI/CA (NasdaqGS: CA - news) -CIB. 144a/RegS. UOP: Proceeds will be used to provide new car installment financing and automotive loans for eligible green model vehicles manufactured by Hyundai Motor (Other OTC: HZNDF - news) and Kia Motors (KSE: 000270.KS - news) . Settle: 3/16/2016.

IPT: T+165bp area

FINAL GUIDANCE: T+150bp (the #).

LAUNCH: US$500m at T+150bp

PRICED: US$500m 2.875% cpn 5yr (3/16/21). At 99.815, yld 2.915%. T+150bp.

BOOK: US$1.3bn

NIC: 4bp (vs. 2.625% '20s at G+146bp)

COMPS:

HYUCAP (Baa1/A-) 2.625% September 29 2020 at G+146bp

PERRIGO FINANCE

Perrigo Finance Unlimited Co (PRGO), Baa3/BBB, announced a US$ benchmark SEC registered 2-part senior unsecured note offering that includes a 5-year (3/15/2021) and 10-year (3/15/2026). Active bookrunners are Bank of America, HSBC and Morgan Stanley (Xetra: 885836 - news) . The notes are guaranteed by Perrigo Company plc, and contain a MWC and a 2mo par call on the 5yr and 3mo par call on the 10yr.

UOP: The net proceeds from this offering will be used to repay amounts borrowed under a 364-day revolving credit facility, which has a scheduled maturity date of December 7 2016, and a five-year revolving credit facility, which has a scheduled maturity date of December 5 2019, with the balance used for general corporate purposes. Settlement T+3 (Mar 10, 2016).

IPTs: 5yr T+250bp area, 10yr T+285bp area

PRICE GUIDANCE: 5yr T+220bp area, 10yr T+260bp area. Area is +/- 3bp.

LAUNCH: US$1.2bn 2-part. US$500m 5yr at T+210bp, US$700m 10yr at T+250bp

PRICED: US$1.2bn 2-part total. 1st pay: 9/15/2016.

- US$500m 3.50% cpn 5yr (3/15/2021). At 99.908, yld 3.520%. T+210bp. MWC+35bp.

- US$700m 4.375% cpn 10yr (3/15/2026). At 99.757, yld 4.406%. T+250bp. MWC+40bp.

BOOK: US$9.3bn total; 5-year US$4.8bn, 10-year US$4.5bn

NIC: 5-year: negative 5bp (5/10s curve worth 40bp, FV=G+215bp)

10-year: negative 5bp (vs. 3.9% '24s at G+255bp)

COMPS:

3.900% December 15, 2024 at G+255bp

DANSKE BANK (LSE: 0NVC.L - news)

Danske Bank A/S (DANBNK), A2/A/A, announced a US$ benchmark 144A/RegS 5-year (3/10/2021) senior unsecured notes. Active bookrunners are Bank of America, Citigroup, Danske, Goldman Sachs, JPMorgan (LSE: JPIU.L - news) and Wells Fargo (Hanover: NWT.HA - news) . UOP: GCP. Settle: 3/10/2016.

IPT: T+ low 150s

PRICE GUIDANCE: T+145bp area (+/- 5bp)

LAUNCH: US$1bn at T+140bp.

PRICED: US$1bn 2.80% cpn 5yr (3/10/2021). At 99.977, yld 2.805%. T+140bp.

BOOK: US$2bn

NIC: 10bp (vs. 2.750% '20s at G+120bp, add 10bp for maturity extension, FV=G+130bp)

COMPS:

DANBNK 2.750% September 17, 2020 at G+120bp

SWEDBNK (Aa3/AA-) 2.650% March 10, 2021 at G+128bp

SWEDBNK (Aa3/AA-) 2.200% March 4, 2020 at G+120bp

BROOKLYN UNION GAS

The Brooklyn Union Gas Co, A2/A-/A-, announced a US$ benchmark 144A/RegS 2-part senior unsecured note offering that includes a 10-year and 30-year. Bookrunners are Bank of America, Barclays (LSE: BARC.L - news) , Mizuho, Royal Bank of Canada and Royal Bank of Scotland. UOP: GCP. Settlement: T+3 (Mar 10, 2016).

IPTs: 10yr T+165bp area, 30yr T+195bp area

PRICE GUIDANCE: 10yr T+155bp area, 30yr T+185bp area. Area is +/- 5bp.

LAUNCH: US$1bn 2-part. US$500m 10yr at T+150bp. US$500m 30yr at T+180bp.

PRICED: US$1bn 2-part total.

- US$500m 3.407% cpn 10yr (3/10/2026). At 100, yld 3.407%. T+150bp.

- US$500m 4.504% cpn 30yr (3/10/2046). At 100, yld 4.504%. T+180bp.

BOOK: US$2.35bn total; 10-year US$1.35bn, 30-year US$1bn

NIC: 10-year: 12bp (vs. 3.508% '24s at G+138bp)

30-year: Flat (vs. 4.119% '42s at T+180bp)

COMPS:

NGGLN (A2/A-) 2.721% November 28, 2022 at G+133bp

NGGLN (A2/A-) 3.508% October 1, 2024 at G+138bp

NGGLN (A2/A-) 4.119% November 28, 2042 at T+180bp

NGGLN (A3/A-) 4.170% December 10, 2042 at T+184bp

NGGLN (A3/A-) 4.487% February 15, 2042 at T+188bp

ENTERGY LOUISIANA

Entergy Louisiana, A2/A-, announced a US$200m tap of its 4.95% 1/15/2045 via Citigroup, JPMorgan, Mizuho and Wells Fargo. First (Other OTC: FSTC - news) pay 7/15/2016. UOP: To repurchase or redeem one or more series of outstanding securities on their stated due dates or in some cases prior to their stated due dates; or for other general corporate purposes.

IPT: 5.25% area

PRICE GUIDANCE: 5.20% area (+/- 5bp)

LAUNCH: US$200m at 5.15%

PRICED: US$200m 4.95% cpn 1/15/2045 tap. At 97.006, yld 5.15%. T+244bp.

BOOK: US$700m

NIC: 5bp

COMPS:

ETR 4.950% January 15, 2045 at T+239bp

EVERSOURCE ENERGY (NYSE: ES - news)

Eversource Energy (ES), Baa1/A-/BBB+, announced a US$500m (no grow) SEC registered 2-part senior unsecured note offering that includes a 5-year (3/15/2021) and 10-year (3/15/2026). Active Bookrunners are Barclays, Bank of America and TD Securities. Passive bookrunners are Royal Bank of Canada, US Bank and Wells Fargo.

Co-mgrs: Ramirez & Co. The notes contain a MWC, and a 1mo par call on the 5yr and 3mo par call on the 10yr. Use of Proceeds: To repay a portion of outstanding short-term debt. Covenants: Limitation on liens and sale and leaseback transactions; consolidation, merger, conveyance, sale or transfer of assets. Settlement: T+3 (Mar 10, 2016)

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

PRICE GUIDANCE: 5yr T+115bp area, 10yr T+150bp area. Area is +/- 3bp.

LAUNCH: US$500m 2-part. US$250m 5yr at T+112bp, US$250m 10yr at T+147bp

PRICED: US$500m 2-part total. 1st pay: 9/15/16.

- US$250m 2.50% cpn 5yr (3/15/2021). At 99.789, yld 2.545%. T+112bp. MWC+20bp.

- US$250m 3.35% cpn 10yr (3/15/2026). At 99.696, yld 3.386%. T+147bp. MWC+25bp.

BOOK: US$2bn (split evenly)

NIC: 5-year: Flat (5/10s curve worth 35bp, FV=G+112bp)

10-year: Flat (vs. 3.15% '25s at G+147bp)

COMPS:

ES 1.600% January 15, 2018 at G+117bp

ES 2.800% May 1, 2023 at G+144bp

ES 3.150% January 15, 2025 at G+147bp

IDAHO POWER

Idaho Power Co., A1/A- (s/s), announced a US$120m (no grow) 30-year (3/1/2046) FMB SEC-Reg via Keybanc, JPMorgan, Mitsubishi and Wells Fargo. Co-managers are BAML/BNY/USB. Make-whole call applies, along with a 6-month par call prior to maturity. UOP: Repay US$100m 6.15% FMBs due April 2019 and to fund a portion of capital requirements. Settlement date 3/10/2016.

IPT: T+150-155bp.

PRICE GUIDANCE: T+140bp area (+/- 5bp)

LAUNCH: US$120m at T+135bp

PRICED: US$120m. Cpn 4.05%. Due 3/1/2046. Ip US$99.742. Yld 4.065%. T+135bp. First pay 9/1/2016. MWC T+25bp.

BOOK: US$450m

NIC: 4bp (add a couple of basis points for low dollar price, FV=G+131bp)

COMPS:

IDA 3.650% March 1, 2045 at T+129bp (US$94). (Reporting by Michael Gambale; Editing by Varghese Joseph)