HIGHGRADE CLOSE-Three issuers tap primary market for US$3.85bn

* HollyFrontier downsized to US$250m from US$500m

* HollyFrontier sells 10yr notes at 5.965% yield

* Ford prices 5yr 15bp tighter vs IPTs

* Weekly total for IG (LSE: IGG.L - news) primary US$11.8bn

By Mike Gambale

NEW YORK, March 15 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Tuesday:

Number of deals priced: 3

Total (Swiss: FP.SW - news) issuance volume: US$3.85bn

Average new issue concession: 14.75bp

Total book to cover: 2.47

FORD MOTOR CREDIT

Ford Motor Credit Co LLC (F), Baa2/BBB/BBB-, announced a US$ benchmark SEC registered 5-year (3/18/2021) fixed and/or floating rate senior unsecured notes. The active bookrunners are Bank of America (Swiss: BAC.SW - news) , Bradesco, Commerzbank (Xetra: CBK100 - news) , HSBC, Royal Bank of Canada and Societe Generale (Swiss: 519928.SW - news) . UOP: GCP. Settle: 3/18/2016.

IPT: 5yr FXD T+200bp area, 5yr FRN Libor equiv

PRICE GUIDANCE: 5yr FXD T+187.5bp area (+/- 2.5bp), (5yr FRN dropped)

LAUNCH: US$1.75bn at T+185bp

PRICED: US$1.75bn 3.336% cpn 5yr (3/18/2021). At 100, yld 3.336%. T+185bp.

BOOK: US$3.9bn

NIC (NasdaqGS: EGOV - news) : 5bp (vs. 3.2% '21s at G+180bp)

COMPS:

F 3.200% January 15, 2021 at G+180bp

HOLLYFRONTIER CORP

HollyFrontier Corp (HFC), Baa3/BBB-, announced a US$500m SEC registered 10-year (4/01/2026) senior unsecured notes. The active bookrunners are Bank of America, Citigroup (NYSE: C - news) , Mitsubishi and Wells Fargo (Hanover: NWT.HA - news) . The notes contain a MWC, and a 3mo par call. Use of Proceeds: General corporate purposes, which may include purchases of common stock and repayment of debt. Settlement: T+5 (Mar 22, 2016).

IPT: T+387.5-400bp

PRICE GUIDANCE: T+400bp (#)

LAUNCH: US$250m (downsized from US$500m) at T+400bp

PRICED: US$250m 5.875% cpn 10yr (4/01/2026). At 99.326, yld 5.965%. T+400bp

BOOK: US$600m

NIC: 33bp (vs. MPC (KOSDAQ: 050540.KQ - news) 3.625% '24s at G+345bp. Add 12bp for one-notch S&P rating differential, FV=G+357bp. Add another 10bp for market cap differential, FV=G+367bp)

MARKET CAP: HFC US$5.97BN, PSX US$45BN, VLO US$29.5BN, MPC US$19BN

COMPS:

PSX (A3/BBB+) 4.300% April 1, 2022 at G+189bp

PSX (A3/BBB+) 4.875% November 15, 2044 at T+240bp

VLO (Baa2/BBB) 3.650% March 15, 2025 at G+266bp (US$93)

VLO (Baa2/BBB) 4.900% March 15, 2045 at T+335bp (US$85)

MPC (Baa2/BBB) 3.400% December 15, 2020 at G+323bp

MPC (Baa2/BBB) 3.625% September 15, 2024 at G+345bp (US$87)

MPC (Baa2/BBB) 4.750% September 15, 2044 at T+415bp (US$74)

ING BANK

ING Bank NV, A1/A/A, announced a USD benchmark 144A/RegS (no reg-rights) multi-part senior unsecured note offering that includes a 3-yr (3/22/2019) fixed and/or FRN and a 5-yr (3/22/2021) fixed and/or FRN. The active bookrunners are Barclays (LSE: BARC.L - news) , BNP Paribas (LSE: 0HB5.L - news) , Deutsche Bank (LSE: 0H7D.L - news) , Goldman Sachs (NYSE: GS-PB - news) and ING. UOP: GCP. Settle: 3/22/2016.

IPTs: 3yr FXD T+130bp area, 3yr FRN Libor equiv, 5yr FXD T+140-145bp area, 5yr FRN Libor equiv

PRICE GUIDANCE: 3yr FXD T+115bp (#), 3yr FRN Libor equiv, 5yr FXD T+130bp area (+/- 2bp). The 5yr FRN dropped.

LAUNCH: US$1.85bn 3-part. US$750m 3yr FXD T+115bp, US$500m 3yr FRN at 3mL+113bp, US$600m 5yr FXD T+128bp

PRICED: US$1.85bn 3-part total.

- US$750m 2.30% cpn 3yr FXD (3/22/19). At 99.971, yld 2.31%. T+115bp

- US$500m 3yr FRN (3/22/19). At 100, floats at 3mL+113bp

- US$600m 2.75% cpn 5yr FXD (3/22/21). At 99.903, yld 2.771%. T+128bp

BOOK: Just over US$5bn; 3-year FXD US$1.9bn, 3-year FRN US$800m, 5-year FXD US$2.3bn

NIC: 3-year FXD: 12bp (vs. INTNED 2% '18s at G+100bp, add 3bp for maturity extension, FV=G+103bp)

5-year FXD: 9bp (vs. INTNED 2.7% '20s at G+112bp, add 7bp for maturity extension, FV=G+119bp)

COMPS:

INTNED (A1/A) 2.000% November 26, 2018 at G+100bp

INTNED (A1/A) 2.700% August 17, 2020 at G+112bp

CBAAU (Aa2/AA-) 2.050% March 15, 2019 at G+95bp

CBAAU (Aa2/AA-) 2.550% March 15, 2021 at G+106bp

DANBNK (A2/A) 2.800% March 10, 2021 at G+128bp

RABOBK (Aa2/A+) 2.500% January 19, 2021 at G+107bp

SEB (Aa3/A+) 2.625% March 15, 2021 at G+118bp

SWEDA (Aa3/AA-) 2.650% March 10, 2021 at G+118bp (Reporting by Michael Gambale; Editing by Varghese Joseph)