US IG CLOSE-Nine high-grade issuers raise US$9.174bn

* Few more yankees in dollar bond market

* Zero price progression for Reliance vs IPT

* American Airlines Class B bonds wider vs IPT

* VEPCO upsized to US$750m

* Credit Agricole AT1 sub 3 times covered

* Market awaits AB InBev jumbo bond deal

By Mike Gambale

NEW YORK, Jan 12 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Tuesday:

Number of deals priced: 9

Total (Swiss: FP.SW - news) issuance volume: US$9.174bn

Average new issue concession: 13.05

Total book to cover: 2.32

BANK OF NOVA SCOTIA (Other OTC: BKSHF - news)

Bank of Nova Scotia, exp Aa2/A+/AA-, announced a US$ benchmark SEC (Shanghai: 603988.SS - news) registered 3-year fixed and/or FRN. Active bookrunners are Bank of America (Swiss: BAC.SW - news) , Barclays (LSE: BARC.L - news) , Citigroup (NYSE: C - news) , JPMorgan (LSE: JPIU.L - news) and Scotia. UOP: GCP. Settle: T+3.

IPTs: 3yr FXD T+95bp area, 3yr FRN Libor equiv

PRICE GUIDANCE: 3yr FXD T+85-87bp, 3yr FRN Libor equiv

LAUNCH: US$1.5bn 2-part. US$1bn 3yr FXD at T+85bp, US$500m 3yr FRN at 3mL+83bp

PRICED: US$1.5bn 2-part total.

- US$1bn 1.95% cpn 3yr (1/15/2019) FXD. At 99.881, yld 1.991. T+85bp.

- US$500m 3yr (1/15/2019) FRN. At 100, floats at 3mL+83bp.

BOOK: US$2.4bn total; 3-year FXD: US$1.5bn, 3-year FRN US$900m

NIC (NasdaqGS: EGOV - news) : 3-year FXD: 7bp (vs. BNS 2.05% '18s at G+78bp)

COMPS:

BNS (Aa2/A+) 2.050% October 30, 2018 at G+78bp

NAB (Aa2/AA) 2.000% January 14, 2019 at G+78bp

MACQUARIE BANK LIMITED

Macquarie Bank Limited (MQGAU), A2/A/A, announced a US$ benchmark 144A/RegS 4-part senior unsecured note offering that includes a 3-year FXD and/or FRN, 5yr FXD, and 10yr FXD. Active bookrunners are Bank of America, Citigroup, JPMorgan, Macquarie and Wells Fargo (Hanover: NWT.HA - news) . UOP: GCP. Settle: 1/15/2016.

IPTs: 3yr FXD T+125bp area, 3yr FRN 3mL equiv, 5yr T+140bp area, 10yr T+190bp area

PRICE GUIDANCE: 3yr FXD T+120bp (#), 3yr FRN 3mL equiv, 5yr T+135bp (#), 10yr T+180bp (#)

LAUNCH: US$2.5bn 4-part. US$600m 3yr FXD at T+120bp, US$400m 3yr FRN at 3mL+118bp, US$800m 5yr at T+135bp, US$700m 10yr at T+180bp

PRICED: US$2.5bn 4-part total. -US$600m 2.35% cpn 3yr (1/15/19) FXD. At 99.988, yld 2.354%. T+120bp -US$400m 3yr (1/15/19) FRN. At 100, floats at 3mL+118bp. -US$800m 2.85% cpn 5yr (1/15/21). At 99.838, yld 2.885%. T+135bp -US$700m 3.90% cpn 10yr (1/15/26). At 100, yld 3.90%. T+180bp

BOOK: US$5.2bn total; 3-year FXD US$1.1bn, 3-year FRN US$1bn, 5-year US$1.5bn, 10-year US$1.6bn

NIC: 3-year FXD: 8bp (vs. 1.6% '17s at G+102bp, add 10bp for maturity extension, FV=G+112bp)

5-year: 20bp (vs. 2.85% '20s at G+115bp)

10-year: 15bp (vs. 4.00% '25s at G+165bp)

COMPS:

1.600% October 27, 2017 at G+102bp

2.850% July 29, 2020 at G+115bp

4.000% July 29, 2025 at G+165bp

STANDARD CHARTERED (BSE: 580001.BO - news)

Standard Chartered PLC, Aa3/A-/A+, announced a US$ benchmark 144A/RegS 5-year senior unsecured fixed notes. The active bookrunners are Bank of America, Credit Suisse (LSE: 0QP5.L - news) , JPMorgan and Standard Chartered. Settle: T+3.

IPT: T+162.5bp area

PRICE GUIDANCE: T+160bp area (+/- 2bp)

LAUNCH: US$1bn at T+158bp

PRICED: US$1bn 3.05% cpn 5yr (1/15/2021). At 99.798, yld 3.094%. T+158bp.

BOOK: US$1.7bn

NIC: 20bp (vs. 2.25% '20s at G+133bp, add 5bp for maturity extension, FV=G+138bp)

COMPS:

2.250% April (LSE: 0N69.L - news) 17, 2020 at G+133bp

3.200% April 17, 2025 at G+175bp

VEPCO

Virginia Electric and Power Company, A2/A-/A, announced a US$500m SEC registered 10-year senior unsecured notes. The active bookrunners are Citi, GS and MS. UOP: general corporate purposes and to repay short-term debt, which as of December 31, 2015 included $1.656 billion in outstanding commercial paper. Pricing expected today. Settle: 1/14/16.

IPT: T+120-125bp

PRICE GUIDANCE: T+110bp area (+/- 5bp)

LAUNCH: US$750m (upsized from US$500m) 10-year at T+105bp.

PRICED: US$750m 3.15% cpn 10-year (1/15/2026). At 99.991, yld 3.151%. T+105bp. MWC+20bp.

BOOK: US$2.2bn

NIC: 4bp (vs. D 3.100% '25s at G+101bp

COMPS:

D 3.100% May 15, 2025 at G+101bp

D 4.200% May 15, 2045 at T+124bp

ED (A2/A-) 3.300% December 1, 2024 at G+106bp

TTX CO.

TTX Co (TTXCO), Baa1/A+/A-, announced a US$300m 144A/RegS 3-year (2/01/2019) senior unsecured note offering. Active bookrunners are Bank of America and Wells Fargo. Passive bookrunners are CITI, JPM, FIFTHI, KEYCOR, MUFG, PNC, NORTHE. The notes contain a MWC. Use of Proceeds: general corporate purposes, which may include additions to working capital, repayment of indebtedness, and acquisitions of equipment. Settlement T+5 (Jan 20, 2016).

IPT: T+130bp area

PRICE GUIDANCE: T+120bp area (+/- 5bp)

LAUNCH: US$300m at T+115bp

PRICED: US$300m 2.25% cpn 3yr (2/01/2019). At 99.871, yld 2.294%. T+115bp.

BOOK: US$825m

NIC: 5bp (vs. 2.6% '20s at G+125bp, 3/5s curve worth 15bp, FV=G+110bp)

COMPS:

2.600% June 15, 2020 at G+125bp

RELIANCE STANDARD LIFE GLOBAL

Reliance Standard Global Funding II (TOMARI), A2/A, announced a US$300m 144A/RegS 5-yr (1/20/2021) FA backed notes. The active books are Credit Suisse, JPMorgan and US Bank. Use of Proceeds: To purchase one or more Funding Agreements from RSLIC. Settlement: T+5 (Jan 20, 2016).

IPT: T+155-160bp

LAUNCH: US$300m 5yr T+155bp

PRICED: US$300m 3.05% cpn 5yr (1/20/2021). At 99.885, yld 3.075%. T+155bp.

BOOK: US$500m

NIC: 15bp (vs. 2.375% '20s at G+130bp, add 5bp for maturity extension, FV=G+140bp)

COMPS:

2.375% May 4, 2020 at G+135bp

WOORI BANK

Woori Bank, A1/A-, announced a US$ benchmark 5.5-year senior unsecured notes via Barclays, Commerzbank (Xetra: CBK100 - news) , Credit Agricole (Swiss: ACA.SW - news) , HSBC, JPMorgan and Soc Gen. 144a/RegS.

IPT: T+130bp area.

GUIDANCE: T+115bp area (+/-2.5bp).

LAUNCH: US$500m at T+112.5bp.

PRICED: US$500m 2.625% cpn 5.5-yr (7/20/2021). At 99.599, yld 2.704%. T+112.5bp

BOOK: US$1.69bn (US$1.9bn peak)

NIC: 11.5bp (vs. 2.625% '20s at G+101bp)

COMPS:

WOORIB (A1/A-) 2.625% July 22, 2020 at G+101bp

SHNHAN (Aa3/A) 2.250% April 15, 2020 at G+99bp

KDB (Aa2/AA-) 2.500% January 13, 2021 at G+88bp

CREDIT AGRICOLE

Credit Agricole SA, exp BB/BB+, announced a US$ benchmark 144A/RegS perpetual NC10 (12/23/2025) subordinated Additional Tier 1 fixed notes. Credit Agricole is bookrunner and global coordinator. Joint lead managers are Banca IMI / Goldman Sachs (NYSE: GS-PB - news) / Morgan Stanley (Xetra: 885836 - news) / Santander / UBS / Wells Fargo. Coupon: Fixed rate until first call date, then reset at 5Y MS +initial margin, payable quarterly. Settle: 1/19/2016.

IPT: 8.375% area

LAUNCH: US$1.25bn at 8.125%

PRICED: US$1.25bn at 8.125% at par. Perp NC10 (12/23/2025). Reset Dates: December 23, 2025 and every five years thereafter. Rate of Interest on Each Reset Date: 5-Year Mid-Swap Rate plus a margin of 6.185%

BOOK: US$3.9bn

NIC: 25bp (vs. 7.875% Perp NC10 at 7.875%)

COMPS:

CAGR 7.875% Perpetual NC10 at 7.875%

AMERICAN AIRLINES (Xetra: A1G.DE - news)

American Airlines Inc (AAL) announced a US$822.953m SEC registered 3-part EETC (Taiwan OTC: 3472.TWO - news) pass through certificates, Series 2016-1. Active bookrunners are Citigroup, Credit Suisse, Deutsche Bank (Other OTC: DBAGF - news) , Goldman Sachs, Morgan Stanley. Passive bookrunners are BAML/BARC/JPM/BNP (Paris: FR0000131104 - news) /CAS. Collateral: 9 x A321-200 (2014-15 Delivery); 6 x B737-800 (2015 Delivery); 2 x B787-8 (2015 Delivery); 1 x B777-300ER (2015 Delivery). UOP: To partially pay for the purchase price of the new delivery aircraft and General Corporate Purposes. Settle: T+4 (01/19/2016).

- Class AA (exp Aa3/AA): $447,631,000; Exp Final Mat 1/15/28; Avg Life: 9yrs; Issuance/Max LTV: 39.0%/39.5%; IPT: 3.875%a

- Class A (exp A2/A): $200,859,000; Exp Final Mat 1/15/28; Avg Life: 9yrs; Issuance/Max LTV: 56.5%/57.2%; IPT: 4.375%a

- Class B (exp Baa3/BBB): $174,463,000; Exp Final Mat 1/15/24; Avg Life: 5.6yrs; Issuance/Max LTV: 71.7%/72.6%; IPT: 5.125%a

PRICE GUIDANCE: Class AA 3.625% area (+/- 5bp), Class A 4.15% area (+/- 5bp), Class B 5.25% (+/- 12.5bp)

LAUNCH: US$1,074.35m (upsized from US$822.953m) 3-part. US$584.374m Class AA at 3.575%, US$262.218m Class A at 4.10%, US$227.758m Class B at 5.25%

PRICED: US$1,074.35m (upsized from US$822.953m) 3-part total.

- US$584.374m Class AA (1/15/2028) at 3.575% cpn. Price at 100, yld 3.575%. T+146.7bp. MWC+30bp.

- US$262.218m Class A (1/15/2028) at 4.10% cpn. Price at 100, yld 4.10%. T+199.2bp. MWC+40bp.

- US$227.758m Class B (1/15/2024) at 5.25% cpn. Price at 100, yld 5.25%. T+370.5bp. MWC+50bp.

BOOK: US$2.9bn total; Class AA: US$1.7bn, Class A: US$800m, Class B: US$400m. (Reporting by Michael Gambale; Editing by Varghese Joseph)