US IG CLOSE-Eight issuers raise US$24.535bn in IG primary

* Lloyds over 3 times covered

* Citigroup (NYSE: C - news) just under 2 times covered

* Most actively traded: BACR 4.95% 2047s

* Weekly issuance: US$44.435bn

By Mike Gambale

NEW YORK, Jan 4 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:

Number of deals priced: 8

Total (LSE: 524773.L - news) issuance volume: US$24.535bn

Average new issue concession: 3.93

Total book to cover: 2.12

CITIGROUP INC

Citigroup Inc (C), Baa1/BBB+/A, announced a US$ benchmark SEC (Shanghai: 603988.SS - news) registered multi-part senior unsecured note offering that includes a 3-year (1/10/2020) FXD and/or FRN, and a 11-year (1/10/2028) non-call 10-year fixed to floater. Citigroup is sole bookrunner.

Optional Redemption: MWC for 3YR FXD, MWC 11NC10 FXD-to-FRN until 1/10/27, 1-Month Par Call for 3YR FXD and/or FRN, 3-Month Par Call for 11NC10 FXD-to-FRN, Citi may redeem the 11NC10 FXD-to-FRN notes in whole, but not in part, on 1/10/27, at a redemption price equal to 100% of the principal amount of the notes. Interest Payment Dates: During the fixed rate period, each January 10 and July 10, beginning 7/10/17, and during the floating rate period, each of 4/10/27, 7/10/27, 10/10/27 and 1/10/28, beginning 4/10/27. Settle: 1/10/2017.

IPTs: 3yr FXD T+110bp area, 3yr FRN Libor equiv, 11NC10 T+162.5bp area

GUIDANCE: 3yr FXD T+100bp area (+/- 2bp), 3yr FRN Libor equiv, 11NC10 T+145bp (#)

LAUNCH: US$5.25bn 3-part. US$1.5bn 3yr FXD at T+98bp, US$1bn 3yr FRN at L+equiv, US$2.75bn 11NC10 at T+145

PRICED: US$5.25bn 3-part total.

- US$1.5bn 2.45% cpn 3yr (1/10/20) FXD. At 99.960, yld 2.464%. T+98bp. Benchmark spot: 99-22 (1.484%)

- US$1bn 3yr (1/10/20) FRN. At 100, floats at 3mL+79bp

- US$2.75bn 3.887% cpn 11yr (1/10/28) NC10. At 100, yld 3.887%. T+145bp. Benchmark spot: 96-06 (2.437%). Back end: 156.3bp.

BOOK: Total US$9.6bn; 3-year FRN US$2bn, 3-year FXD US$2.6bn, 11-year US$5bn

NIC (NasdaqGS: EGOV - news) : 3-year FXD: 6bp (vs. 2.050% '19s at G+87bp, add 5bp for maturity extension, FV=G+92bp)

11-year: 10bp (vs. 3.2% '26s at G+130bp, add 2bp for maturity extension, and another 3bp for call provision, FV=G+135bp)

COMPS:

C 2.050% June 7, 2019 at G+87bp

C 3.200% October 21, 2026 at G+130bp

NAB

National Australia Bank (NAB), Aa2/AA (Frankfurt: A116XA - news) -, announced a US$ benchmark 5-part senior usnecured note offering that includes a 3-year (1/10/2020) FXD/FRN and 5-year (1/10/2022) FXD/FRN, and a 10-year fixed tranche. Active bookrunners are Citigroup, Morgan Stanley (Shenzhen: 002588.SZ - news) , NAB Securities and Royal Bank of Canada (Other OTC: RBCDF - news) .

UOP: General purposes of the branch, which may include loans to other offices or entities within NAB. Settle: 1/10/2017.

IPTs: 3yr FXD T+90bp area, 5yr FXD T+100bp area, 10yr T+120bp area

GUIDANCE: 3yr FXD T+80bp area, 3yr FRN L equiv, 5yr FXD T+90bp area, 5yr FRN L equiv, 10yr T+110bp area. Area is +/- 2bp.

LAUNCH: US$3.5bn 5-part. US$1bn 3yr FXD at T+78bp, US$250m 3yr FRN at 3mL+59bp, US$1bn 5yr FXD at T+90bp, US$500m 5yr FRN at 3mL+89bp, US$750m 10yr at T+108bp

PRICED: US$3.5bn 5-part total.

- US$1bn 2.25% cpn 3yr (1/10/20) FXD. At 99.991, yld 2.253%. T+78bp

- US$250m 3yr (1/10/20) FRN. At 100, floats at 3mL+59bp

- US$1bn 2.80% cpn 5yr (1/10/22) FXD. At 99.880, yld 2.826%. T+90bp

- US$500m 5yr (1/10/22) FRN. At 100, floats at 3mL+89bp

- US$750m 3.50% cpn 10yr (1/10/27). At 99.90, yld 3.512%. T+108bp

BOOK: Total US$6.65bn; 3y FRN US$650m, 3y FXD US$1.45bn, 5y FRN US$1.1bn, 5y FXD US$1.8bn, 10y FXD US$1.65bn

NIC: 3-year FXD: 3bp (vs. 1.375% '19s at G+72bp, add 3bp for maturity extension, FV=G+75bp)

5-year FXD: 2bp (vs. 1.875% '21s at G+83bp, add 5bp for maturity extension, FV=G+88bp)

10-year: 4bp (vs. 2.500% '26s at G+103bp, add 1bp for maturity extension, FV=G+104bp)

COMPS:

NAB 1.375% July 12, 2019 at G+72bp

NAB 1.875% July 12, 2021 at G+83bp

NAB 2.500% July 12, 2026 at G+103bp

LLOYDS BANKING GROUP PLC

Lloyds Banking Group plc (LLOYDS), exp rating Baa1/BBB+/A+, announced a US$ benchmark SEC registered 2-part senior unsecured ntoe offering that includes a 5-year (1/11/2022) and 10-year (1/11/2027). Joint Books (5yr): GS/HSBC/LLOYDS/MS/WFS; (10yr): GS/HSBC/LLOYDS/MS. Settle: 1/11/2017.

IPTs: 5yr T+130bp area, 10yr T+160bp area

GUIDANCE: 5yr T+115bp (#), 10yr T+145bp area (+/- 5bp)

LAUNCH: US$2.75bn 2-part. US$1.5bn 5yr at T+115bp, US$1.25bn 10yr at T+140bp

PRICED: US$2.75bn 2-part total.

- US$1.5bn 3.0% cpn 5yr (1/11/22). At 99.659, yld 3.074%. T+115bp. Benchmark spot: 100-11+ (1.924%)

- US$1.25bn 3.75% cpn 10yr (1/11/27). At 99.308, yld 3.834%. T+140bp. Benchmark spot: 96-07 (2.434%)

BOOK: Total book US$8.2bn; 5-year US$4bn, 10-year US$4.2bn

NIC: 5-year: 10bp (vs. 3.10% '21s at G+100bp, add 5bp for maturity extension, FV=G+105bp)

10-year: 5bp (5/10s curve worth 30bp, FV=G+135bp)

COMPS:

LLOYDS 3.100% July 6, 2021 at G+100bp

BANK OF MONTREAL (Toronto: BMO-PRR.TO - news)

Bank of Montreal (BMO), issue rating Aaa/AAA/AAA, announced a US$ benchmark 144A/RegS 5-year (1/11/2022) covered bond. Bookrunners are Barclays (LSE: BARC.L - news) , BMO, HSBC and TD. Settle: 1/11/2017.

IPT: MS+low/mid 60s

GUIDANCE: MS+60bp (#)

LAUNCH: US$1.75bn at MS+60bp

PRICED: US$1.75bn 2.5% cpn 5yr (1/11/22). At 99.711, yld 2.562%. MS+60bp.

BOOK: US$2.2bn

NIC: Flat (vs. 1.75% '21s at MS+58bp, add 2bp for maturity extension, FV=MS+60bp)

COMPS:

BMO 1.750% June 15, 2021 at MS+58bp

CREDIT SUISSE GROUP AG

Credit Suisse Group AG, Baa2/BBB+/A-, announced a US$ benchmark 2-part 144A/RegS senior unsecured note offering that includes a 6 year (1/09/2023) non-call 5-year (1/09/2022) and a 11-year (1/09/2028) non-call 10-year (1/09/2027). CS is sole books. Optional Redemption: 100% of principal amount at par on optional redemption dates and MWC. UoP: GCP. Settle: 1/09/2017.

IPTs: 6NC5 T+185bp area, 11NC10 T+205bp area

GUIDANCE: 6NC5 T+165bp (#), 11NC10 T+185bp (#)

LAUNCH: US$4bn 2-part. US$1.75bn 6NC5 at T+165bp, US$2.25bn 11NC10 at T+185bp

NIC: 6-year: 8bp (6/11 curve worth 20bp, FV=G+157bp)

11-year: 8bp (vs. 3.75% '25s at G+170bp, add 2bp for maturity extension, and another 5bp for call provision, FV+G+177bp)

COMPS:

3.750% March 26, 2025 at G+170bp

TOYOTA MOTOR CREDIT CORP

Toyota Motor Credit Corporation (TOYOTA), Aa3/AA-, announced a US$ benchmark SEC registered multi-part senior unsecured note offering that includes a 2-year (1/09/2019) FXD/FRN, 5-year (1/11/2022) FXD/FRN, and 10-year (1/11/2027) fixed tranches. The active bookrunners are BNP Paribas (LSE: 0HB5.L - news) , Citigroup, JPMorgan (LSE: JPIU.L - news) , Mizuho and TD. The notes contain a MWC. UOP: GCP. Settle: 1/09/2017.

IPTs: 2yr FXD T+60bp area, 2yr FRN Libor equiv, 5yr FXD T+80bp area, 5yr FRN Libor equiv, 10yr FXD T+low 90s.

GUIDANCE: 2yr FXD T+52bp area, 2yr FRN Libor equiv, 5yr FXD T+72bp area, 5yr FRN Libor equiv, 10yr FXD T+82bp area. Area is +/- 2bp

LAUNCH: US$3.5bn 5-part. US$850m 2yr FXD at T+50bp, US$400m 2yr FRN at 3mL+26bp, US$1.2bn 5yr FXD at T+70bp, US$300m 5yr FRN at 3mL+69bp, US$750m 10yr FXD at T+80bp

PRICED: US$3.5bn 5-part total.

- US$850m 1.70% cpn 2yr (1/09/19) FXD. At 99.965, yld 1.718%. T+50bp. Benchmark Spot: 100-02 (1.218%)

- US$400m 2yr (1/09/19) FRN. At 100, floats at 3mL+26bp

- US$1.2bn 2.60% cpn 5yr (1/11/22) FXD. At 99.865, yld 2.629%. T+70bp. Benchmark spot: 100-10 3/4 (1.929%)

- US$300m 5yr (1/11/22) FRN. At 100, floats at 3mL+69bp

- US$750m 3.20% cpn 10yr (1/11/27) FXD. At 99.669, yld 3.239%. T+80bp. Benchmark spot: 96-05+ (2.439%)

BOOK: Total US$6.9bn; 2-year FRN US$700m, 2-year FXD US$1.2bn, 5-year FRN US$400m, 5-year FXD US$2.4bn, 10-year US$2.2bn

NIC: 2-year FXD: Flat (vs. 1.55% '29s at G+60bp, subtract 10bp for maturity differential, FV=G+50bp)

5-year FXD: Flat (2/5s curve worth 20bp, FV=G+70bp)

10-year: Flat (vs. 2.25% '23s at G+70bp, add 10bp for maturity extension, FV=G+80bp)

COMPS:

1.550% October 18, 2019 at G+60bp

2.250% October 18, 2023 at G+70bp

FORD MOTOR CREDIT CORP

Ford Motor Credit Corp, Baa2/BBB/BBB, announced a US$ benchmark SEC registered 3-part senior unsecured note offering that includes a 3-year (1/9/2020) FXD/FRN, and a 7-year (1/9/24). The active bookrunners are Barclays, Credit Agricole (Swiss: ACA.SW - news) , Credit Suiss, JPMorgan, Mizuho, Royal Bank of Canada and Sumitomo. UOP: GCP. Settle: 1/09/2017.

IPTs: 3yr FXD T+140bp area, 3yr FRN L equiv, 7yr T+175bp area

GUIDANCE: 3yr FXD T+125bp area (+/- 5bp), 3yr FRN L equiv, 7yr T+160bp area (+/- 3bp)

LAUNCH: US$3bn 3-part. US$1.25bn 3yr FXD at T+120bp, US$1bn 3yr FRN at 3mL+100bp, US$750m 7yr at T+157bp

PRICED: US$3bn 3-part.

- US$1.25bn. Cpn 2.681%. Due 1/9/20. Ip par. Yld 2.681%. T+120bp

- US$1bn. Cpn 3mL+100bp. Due 1/9/20. Ip par. Yld 3mL+100bp.

- US$750m. Cpn 3.810%. Due 1/9/24. Ip par. Yld 3.810%. T+157bp

BOOK: US$8.25bn total; 3-year FRN US$2bn, 3-year FXD US$3.5bn, 7-year US$2.75bn

NIC: 3-year FXD: 3bp (vs. 1.897% '19s at G+114bp, add 3bp for maturity extension, FV=G+117bp)

7-year: Flat (vs. 3.096% '23s at G+155bp, add 2bp for maturity extension, FV=G+157bp)

COMPS:

F 1.897% August 12, 2019 at G+114bp

F 3.096% May 4, 2023 at G+155bp

AMERICAN AIRLINES (Frankfurt: A1W97M - news)

American Airlines Inc (AAL) announced a US$592.496m SEC registered 2017-1 EETC pass through certficates. The active bookrunners are Citigroup, Credit Suisse (IOB: 0QP5.IL - news) and Deutsche Bank (IOB: 0H7D.IL - news) . Passive Bookrunners are Goldman Sachs (NYSE: GS-PB - news) , Morgan Stanley (Xetra: 885836 - news) , Bank of America, Barclays, JPMorgan BNP Paribas, Credit Agricole, ICBC (HKSE: 1398-OL.HK - news) and US Bank.

Collateral: 7x Airbus A321-200S (2017 Delivery); 3x Boeing (Swiss: BA-USD.SW - news) 737-800 (2017 Delivery); 2x Boeing (NYSE: BA - news) 787-8 (2017 Delivery); 1x Boeing 787-9 (2017 Delivery; 5x Embraer ERJ 175LR (2017 Delivery).

UOP: To finance 18 brand new aircraft to be delivered to American in 2017. Settle: 1/13/2017.

- CLASS AA: US$404.943m (Aa3/AA); exp maturity 2/15/29; legal maturity 8/15/30; avg life 8.8 yrs; initial/Max LTV: 38.6%. IPTs: 3.875% area

- CLASS A: US$187.553m (A2/A); exp maturity 2/15/29; legal maturity 8/15/30; avg life 8.8 yrs; initial/Max LTV: 56.4%. IPTs: 4.125% area

GUIDANCE: Class AA 3.70% area (+/- 5bp), Class A 4.00% area (+/- 5bp)

LAUNCH: US$785.438m (upsized from US$592.496m) 2-part. US$536.811m Class AA at 3.65%, US$248.627m Class A at 4.00%

PRICED: US$785.438m 2-part total

- US$536.811mm 3.65% AA Class @ $100, +120, MWC+20

- US$248.627mm 4.00% A Class @ $100, +155, MWC+25

BOOK: Class AA: US$1.25bn , Class A: US$560m

USD HIGH-GRADE PIPELINE

International Company for Water and Power Projects (ACWA Power), co-owner and operator of a portfolio of power generation and water desalination plants in Saudi Arabia, mandated Jefferies as global coordinator and sole structuring adviser along with Citi, CCB Singapore, Mizuho and Standard Chartered (BSE: 580001.BO - news) Bank as joint lead managers and joint books to arrange investor meetings in the US, Europe, Asia and the Middle East commencing on November 23. ACWA Power Management and Investment One Limited (Issuer) is a wholly-owned subsidiary of ACWA Power, which holds an interest in a portfolio of nine power generation and water desalination plants in Saudi Arabia. Company is considering a benchmark US dollar senior secured 144a/Reg S Bond offering with expected investment-grade ratings from two international ratings agencies.

Canara Bank (BSE: CANBK.BO - news) mandated BAML, Barclays, BNP Paribas, Citigroup, HSBC, JP Morgan and Credit Agricole as joint lead managers for a senior unsecured US dollar 144A/Reg S offering. The deal, expected to be issued out of Canara Bank's London branch, will target around US$300m-$500m, a bank official said. UOP: Fund business operations.

Korea Hydro and Nuclear Power Co. Ltd, Aa2/AA, mandated BNP (Paris: FR0000131104 - news) Paribas and Citigroup two months ago.

Hyundai Capital Services, Baa1/A-, mandated Citigroup, HSBC and Nomura as joint books two months ago in preparation for a possible dollar-denominated 144a/Reg S issue. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)