US IG CLOSE-Seven high-grade issuers raise US$5.7bn

By John Balassi

NEW YORK, Aug 17 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Monday:

Number of deals priced: 7

Total (Swiss: FP.SW - news) issuance volume: US$5.7bn

Average new issue concession: 20.5bp

Average book to cover: 1.96

DEUTSCHE BANK (Other OTC: DBAGF - news)

Deutsche Bank AG (DB), A3/BBB+/A, announced a US$ benchmark SEC (Shanghai: 603988.SS - news) registered 2-part senior unsecured note offering that includes a 5-year (8/20/20) fixed and/or FRN. The sole bookrunner is DB. Use of Proceeds: General Corporate Purpose. Settlement T+3 (Aug 20, 2015).

IPTs: 5yr FXD T+mid 150s, 5yr FRN Libor equiv

PRICE GUIDANCE: 5yr FXD T+145bp area (+/- 2bp), 5yr FRN Libor equiv

LAUNCH: US$1.25bn 2-part. US$1bn 5yr FXD at T+143bp, US$250m 5yr FRN at 3mL+131bp.

PRICED: US$1.25bn 2-part total.

- US$1bn 2.95% cpn 5yr (8/20/20) FXD. At 99.829. T+143bp

- US$250m 5yr (8/20/20) FRN. At 100, floats at 3mL+131bp.

BOOK: US$2.25bn

NIC (NasdaqGS: EGOV - news) : 5-year fixed: 14bp-19bp (10bp-15bp for curve extension added to 2019s for FV: 124bp-129bp)

COMPS:

2.5% Feb 13 2019 at G+114bp

3.7% May 30 2024 at G+166bp

ABBEY NATIONAL TREASURY SERVICES

Abbey National Treasury Services plc (ABBEY (LSE: ABBY.L - news) ), A2/A/A, announced a US$ benchmark SEC registered 2-part senior unsecured note offering that includes a 3-year fixed and/or FRN. The active bookrunners include BAML, GS, Sant and WFC. The notes are guaranteed by Santander UK plc (LSE: 44RS.L - news) . UOP: GCP. Settle: T+5.

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

PRICE GUIDANCE: 3yr FXD T+105bp (#), 3yr FRN Libor equiv

LAUNCH: US$1bn 2-part. US$750m 3yr FXD at T+105bp, US$250m 3yr FRN at 3mL+85bp

PRICED: US$1bn 2-part total. US$750m 2.0% cpn 3yr (8/24/18) FXD. At 99.708, yld 2.101%. T+105bp. US$250m 3yr (8/24/18) FRN. At 100, floats at 3mL+85bp

BOOK: US$1.5bn

NIC: 3-year fxd: 5bp (vs Lloyds 2018s)

COMPS:

Abbey 1.65% 2017 at G+85bp

Abbey 2.35% 2019 at G+90bp

Lloyds (A1/A/A) 2.0% 2018 at G+100bp

STANLN (Aa3/A-/AA-) 2.4% 2019 at G+97bp

RYDER SYSTEM INC (NYSE: R - news)

Ryder System Inc (R), Baa1/BBB/A-, announced a US$300m (no grow) SEC registered 5-year (9/01/20) senior unsecured notes. The active bookrunners include BAML, BNP (Paris: FR0000131104 - news) , Miz, MS, and RBC (Other OTC: RBCI - news) . Optional Redemption: Make Whole Call, and Par Call: 1 month(s) prior to maturity. Use of Proceeds: General Corporate Purposes. Settlement T+5.

IPTs: T+150bp area

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

LAUNCH: US$300m at T+135bp

PRICED: US$300m 2.875% cpn 5-yr (9/01/20). At 99.888, yld 2.899%. T+135bp.

BOOK: US$650m

NIC: 5-yr 14bp

COMPS:

2.5% May 2020 at G+121bp

PLAINS ALL AMERICAN PIPELINE

Plains All American Pipeline L.P. (PAA), Baa2/BBB+, announced a US$ benchmark 10-year (10/15/25) senior notes. The active bookrunners include Citi, Miz, MUFG and UBS (NYSEArca: FBGX - news) . The notes contain a MWC and 3mo par call. UOP: GCP. Settle: T+5.

IPTs: T+262.5bp area

PRICE GUIDANCE: T+250bp (the #)

LAUNCH: US$1bn at T+250bp

PRICED: US$1bn 4.65% cpn 10yr (10/15/25). At 99.846, yld 4.668%. T+250bp. MWC+37.5bp

BOOK: US$1.75bn

NIC: 10-year: 23bp (add 5bp to 2024s for curve extension for FV: 227bp)

COMPS:

2.6% 2019 at T+141bp, G+157bp

3.6% 2024 at T+216bp, G+222bp

4.9% 2045 at T+262bp

EPD (Baa1/BBB+/BBB+) 2.55% 2019 at G+134bp

EPD 3.7% 2026 at G+211

EPD 4.9% 2046 at T+253bp

Spectra (Baa2/BBB/BBB) 3.5% 2025 at G+210bp

Spectra (Other OTC: SPKTF - news) 4.5% 2045 at T+249bp

XEROX CORP (Swiss: XRX.SW - news)

Xerox Corp (XRX), Baa2/BBB/BBB, announced a US$400m (no grow) SEC registered 5-year (8/20/20) senior notes. The active bookrunners include BNP, Citi, CS, and UBS. Co-mgrs:BAML, JPM, GS, MIZ, MS. Op. Redempt: Make whole call. UOP: General corporate purposes which may include repayment of a portion of outstanding borrowings. Settle: T+3 (8/20/2015)

IPTs: T+187.5bp area

LAUNCH: US$400m at T+212.5bp

PRICED: US$400m 3.5% cpn 5yr (8/20/20). At 99.113, yld 3.696%. T+212.5bp.

BOOK: US$635m

NIC: 5-year 50-55bp

COMPS:

2.75% Sept 2020 at G+153bp

FIFTH THIRD BANK

Fifth Third Bank (FITB), A3/A-/A, announced a US$ benchmark 3-year fixed and/or FRN bank notes. DB, GS, FITB, and JPM are the active bookrunners. UOP: GCP. Pricing expected today.

IPTs: 3yr FXD T+120-125bp, 3yr FRN Libor equiv

PRICE GUIDANCE: 3yr FXD T+115bp area (+/- 5bp), 3yr FRN Libor equiv

LAUNCH: US$1.25bn 2-part. US$1bn 3yr FXD at T+110bp, US$250m 3yr FRN at 3mL+91bp

PRICED: US$1.25bn 2-part total. US$1bn 3yr 2.15% cpn FXD (8/20/18). At 99.983, yld 2.156%. T+110bp. US$250m 3yr FRN (8/20/18). At 100, floats at 3mL+91bp

BOOK: 3yr FXD US$1.85bn, 3yr FRN US$300m

NIC: 3yr FXD 10bp. (curve from 2017s to 2018s about 25bp so FV: T+100bp)

COMPS:

1.35% June 1, 2017 at G+75bp

2.375% April 25, 2019 at G+123bp

2.875% October 1, 2021

HUNTINGTON NATIONAL BANK

Huntington National Bank (HBAN), A3/BBB+/A-, announced a US$500m 3(a)2 exempt 5-year (8/20/20) senior bank notes. The active bookrunners include DB, GS and HIC. Optional redemption: Par call 1mo prior to maturity. UOP: General Corporate Purposes. Pricing expected today. Settle: T+3 (08/20/2015).

IPTs: T+140-145bp

PRICE GUIDANCE: T+140bp (the #)

LAUNCH: US$500m at T+140m

PRICED: US$500m 2.875% cpn 5yr (8/20/20). At 99.58, yld 2.966%. T+140bp.

BOOK: US$720m

NIC: 5yr 20-25bp

COMPS:

2.4% April, 1 2020 G+114bp

(Reporting by John Balassi; Editing by Varghese Joseph)