HIGHGRADE CLOSE-Three issuers to raise US$4.125bn in primary

* Isbank almost 4 times covered

* Week's issuance now US$14.925bn

* Second-busiest March of all time

* Biggest primary volume ever for Q1

By Mike Gambale

NEW YORK, March 30 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:

Number of deals expected to price: 3

Total (Swiss: FP.SW - news) expected issuance volume: US$4.125bn

Average new issue concession: 10bp

Total book to cover: 2.69

ROYAL BANK OF SCOTLAND (LSE: RBS.L - news)

The Royal Bank of Scotland Group plc, expected ratings Ba1/BBB-/BBB+ (p/p/s), announced a US$ benchmark SEC (Shanghai: 603988.SS - news) -Reg 10-year (4/5/2026) senior note offering via RBS(global coordinator), Bank of America (Swiss: BAC.SW - news) , Credit Suisse (LSE: 0QP5.L - news) and Morgan Stanley (Xetra: 885836 - news) . UOP: GCP. Settlement date 4/5/2016.

IPT: T+320bp area

PRICE GUIDANCE: T+300bp (the #).

LAUNCH: US$1.5bn 10-year at T+300bp.

PRICED: US$1.5bn. Cpn 4.80%. Due 4/5/2026. Ip US$99.819. Yld 4.823%. T+300bp. Cusip # 780097BA8

BOOK: US$3.25bn

NIC (NasdaqGS: EGOV - news) : 10bp (vs. 6.4% 19s at G+235bp, adjust for the cash price and adding curve gets you to 240bp for a theoretical five year. Add 50bp for 5/10s curve, FV=G+290bp)

COMPS:

RBS 6.400% October 21, 2019 at G+235bp (US$109)

ISBANK

Turkiye Is Bankasi AS, Baa3/BBB- (Moody's/Fitch), announced a US$ benchmar senior unsecured144a/RegS 5.5-year (10/6/2021) note offering via Deutsche Bank (LSE: 0H7D.L - news) , HSBC, ING and JPMorgan (LSE: JPIU.L - news) . Settlement date 4/6/2016.

IPT: MS+450bp area

GUIDANCE: MS+435bp

REVISED GUIDANCE: MS+420-425bp

LAUNCH: US$750m 5.5-year bond at mid-swaps plus 420bp.

PRICED: US$750m. Cpn 5.375%. Due 10/6/21. Ip US$99.540. Yld 5.473%. MS+420bp.

BOOK: US$2.8bn

WESTERN DIGITAL CORPORATION (NasdaqGS: WDC - news)

Western Digital Corporation announced a US$5.6bn 2-tranche deal via BAML(left)/JPM/CS/RBC (Other OTC: RBCI - news) /MIZ/MUFJ/HSBC/SMBC. Co-managers are SCOTIA/BNP (Paris: FR0000131104 - news) /TD/USB/BBVA (Amsterdam: BA6.AS - news) /STRH/FITB/SCB. US$101 COC put. Equity clawback up to 35% at par plus coupon for first 3-years. Roadshows begin on Monday (21Mar) through March 28. Global investor call is on Monday (21Mar) at 12:30pm, with pricing scheduled for Tuesday (29Mar). Structure will consist of: - US$1.5bn 7-year nc3 senior secured notes, rated Ba1/BBB-/BBB-. 144a/RegS for life. - US$4.1bn 8-year nc3 senior unsecured notes, rated Ba2/BB+/BB+. 144a/RegS w/reg rights.

UOP: together with the proceeds from other financing transactions, to finance the previously announced proposed merger with SanDisk Corporation (NasdaqGS: SNDK - news) ("SanDisk"), refinance indebtedness of Western Digital (Swiss: WDC.SW - news) and SanDisk and pay related fees and expenses. The Notes are expected to be issued by Western Digital, and guaranteed, jointly and severally on a senior basis, by certain of Western Digital's subsidiaries.

BUS: Western Digital Corporation (NASDAQ (NasdaqGS: NDAQ - news) : WDC) is an industry-leading developer and manufacturer of storage solutions that enable people to create, leverage, experience and preserve data.

Whispers: 7-year nc3 low 6s, 8-year nc3 9% area.

UPDATE: Pricing expected on Wednesday (30Mar). Price talk expected later this afternoon (29Mar).

UPDATE 2: Hearing updated whispers; 7-year nc3 low 7% (from low 6s), 8-year nc3 10.5% area (from 9% area).

PRICE TALK: 7-year nc3 at 7.50% area, 8-year nc3 at 10.5% area. Books close at 11am on Wednesday (30Mar), with pricing thereafter.

LAUNCH: US$5.225bn 2-part. Books close at 3pm, pricing thereafter.

- US$1.875bn (upsized from US$1.5bn) 7-year nc3 secured at 7.375%.

- US$3.35bn (downsized from US$4.1bn) 8-year nc3 senior unsecured at 10.5%.

PRICED: Further details to follow

(Reporting by Michael Gambale; Editing by Marc Carnegie)