US IG CLOSE-Seven issuers raise US$21.5bn in IG primary market

* ETF, SCB & Fibria over 4 times covered

* Most actively traded: MMC 4.35% 2047s

* Weekly issuance: US$34.800bn

* Monthly issuance: US$89.783bn

By Mike Gambale

NEW YORK, Jan 11 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:

Number of deals priced: 7

Total (LSE: 524773.L - news) issuance volume: US$21.5bn

Average new issue concession: 5.18

Total book to cover: 2.46

BROADCOM CORPORATION

Broadcom Corporation and Broadcom Cayman Finance Ltd (AVGO), Ba1/BBB-/BBB-, announced a US$ benchmark 144A/RegS w/ reg rights 4-part senior unsecured note offering. Active Books: BofAML, BARC, CITI, CS, DB, WFC. Notes guaranteed by Broadcom Limited (NasdaqGS: AVGO - news) , Broadcom Cayman LP and BC Luxembourg S.à r.l., and contain a CoC, a MWC, 1mo par call on the 5yr, 2mo par call on the 7yr, and 10yr par call on the 10yr.

UOP: Repay Term B-3 loan, a portion of Term A Loan and related fees and expenses. Settle: 1/19/17.

IPTs: 3yr T+112.5-125; 5y T+137.5-150; 7yr T+160-170; 10yr T+175-187.5

GUIDANCE: 3yr T+105bp area; 5y T+125bp area; 7yr T+150bp area; 10yr T+160bp area. Area is +/- 5bp.

LAUNCH: US$13.55bn 4-part. US$2.75bn 3yr at T+100bp; US$3.5bn 5y at T+120bp; US$2.5bn 7yr at T+145bp; US$4.8bn 10yr T+155bp

PRICED: US$13.55bn 4-part. First (Other OTC: FSTC - news) pay 7/15/17.

- US$2.75bn. Cpn 2.375%. Due 1/15/20. Ip US$99.774. Yld 1.454%. T+100bp. MWC T+15bp.

- US$3.5bn. Cpn 3.00%. Due 1/15/22. Ip US$99.592. Yld 3.089%. T+120bp. MWC T+20bp.

- US$2.5bn. Cpn 3.625%. Due 1/15/24. Ip US$99.896. Yld 3.642%. T+145bp. MWC T+25bp.

- US$4.8bn. Cpn 3.875%. Due 1/15/27. Ip US$99.558. Yld 3.929%. T+155bp. MWC T+25bp.

BOOK: US$27.9bn total; 3-year US4.8bn, 5-year US$6.5bn, 7-year US$6.1bn, 10-year US$10.5bn

NIC (NasdaqGS: EGOV - news) : 3-year: 7.5bp (3/5s curve worth 20bp, FV=G+92.5bp)

5-year: 7.5bp (5/10s curve worth 22.5bp, FV=G+112.5bp)

7-year: 10bp (7/10s curve worth 15bp, FV=G+135bp)

10-year: 5bp (vs. QCOM 3.45% '25s at G+86bp, add 4bp for maturity extension, FV=G+90bp. Add 50bp for 5-notch S&P rating differential, FV=G+140bp. Add 10bp for market cap differential, FV=G+150bp)

MARKET CAP: AVGO US$72bn, INTC US$174bn, QCOM US$97bn, ADI US$22bn, NVDA US$56bn

COMPS:

INTC (A1/A+) 1.700% May 19, 2021 at G+48bp

INTC (A1/A+) 2.600% May 19, 2026 at G+63bp

QCOM (A1/A+) 2.250% May 20, 2020 at G+62bp

QCOM (A1/A+) 3.450% May 20, 2025 at G+86bp

ADI (A3/BBB) 2.500% December 15, 2021 at G+80bp

ADI (A3/BBB) 3.500% December 5, 2026 at G+117bp

NVDA (Baa1/BBB-) 2.200% September 16, 2021 at G+91bp

NVDA (Baa1/BBB-) 3.200% September 16, 2026 at G+126bp

GENERAL MOTORS FINANCIAL

General Motors Financial Co Inc (GM (NYSE: GM - news) ), Ba1/BBB/BBB-, announced a US$ benchmark SEC (Shanghai: 603988.SS - news) registered 3-part senior unsecured note offering. Active Bookrunners: DB (B&D) / CACIB / GS / RBCCM / SCOTIA / WFC. The notes contain a MWC, and a 1mo par call on the 5yr FXD and a 3mo par call on the 10yr FXD. Settle: 1/17/2017.

IPTs: 5yr FXD T+180bp area, 5yr FRN L equiv, 10yr T+215bp area

GUIDANCE: 5yr FXD T+165bp area, 5yr FRN L equiv, 10yr T+205bp area. Area is +/- 5bp.

LAUNCH: US$2.5bn 3-part. US$1.25bn 5yr FXD at T+160bp, US$500m 5yr FRN at 3mL+155bp, US$750m 10yr at T+200bp

PRICED: US$2.5bn 3-part.

- US$1.25bn. Cpn 3.45%. Due 1/14/22. Ip US$99.868. Yld 3.479%. T+160bp. MWC T+25bp.

- US$500m. Cpn 3mL+155bp. Due 1/14/22. Ip par. Yld 3mL+155bp.

- US$750m. Cpn 4.35%. Due 1/17/27. Ip US$99.855. Yld 4.368%. T+200bp. MWC T+30bp.

BOOK: US$6.9bn total; 5-year FRN US$1.1bn, 5-year FXD US$2.9bn, 10-year US$2.9bn

NIC: 5-year FXD: 3bp (5/10s curve worth 35bp, FV=G+157bp)

10-year: 8bp (vs. 4% '26s at G+192bp)

COMPS:

GM 4.000% October 6, 2026 at G+192bp

ABN AMRO BANK NV

ABN AMRO Bank NV (ABNANV), A1/A/A+, announced a US$ benchmark 144A/RegS w/o reg rights 2-year (1/18/2019) fixed and/or FRN senior unsecured notes. Active books are Morgan Stanley (Shenzhen: 002588.SZ - news) , Credit Suisse (IOB: 0QP5.IL - news) , Goldman Sachs (NYSE: GS-PB - news) , HSBC and Royal Bank of Canada. Senior (Other OTC: SNIRF - news) co-lead Abn Amro. UOP: GCP. Settle: 1/18/2017.

IPT: 2yr FXD T+105bp area, 2yr FRN L equiv

GUIDANCE: 2yr FXD T+95bp area (+/- 2bp), 2yr FRN L equiv

LAUNCH: US$1.75bn 2-part. US$1bn 2yr FXD at T+93bp, US$750m 2yr FRN at L+64bp

PRICED: US$1.75bn 2-part total.

- US$1bn 2.10% cpn 2yr (1/18/2019) FXD. At 99.986, yld 2.107%. T+93bp. Benchmark spot: 100-04+ (1.177%)

- US$750m 2yr (1/18/2019) FRN. At 100, floats at 3mL+64bp

BOOK: Total US$3.1bn; 2-year FXD US$2.1bn, 2-year FRN US$1bn

NIC: 2-year FXD: 3bp (vs. 1.8% '19s at G+93bp, subtract 3bp for maturity differential, FV=G+90bp)

COMPS:

ABNANV 1.800% September 20, 2019 at G+93bp

ENERGY TRANSFER PARTNERS

Energy Transfer Partners LP (ETF), Baa3/BBB-/BBB-, announced a US$ benchmark SEC registered 2-part senior unsecured note offering that includes a 10-year (4/15/2027) and 30-year (4/15/2047). Active Books: BofAML, MUFG, TDSECS. The notes contain a MWC, a 3mo par call on the 10yr and a 6mo par call on the 30yr. UOP: Refinance current maturities and repay revolving credit facility. Settlement: T+3 (Jan 17, 2017).

IPTs: 10yr T+212.5bp area, 30yr T+262.5bp area

GUIDANCE: 10yr T+190bp area, 30yr T+240bp area. Area +/- 5bp

LAUNCH: US$1.5bn 2-part. US$600m 10yr at T+185bp, US$900m at T+235bp

PRICED: US$1.5bn 2-part total.

- US$600m 4.20% cpn 10yr (4/15/2027). At 99.786, yld 4.224%. T+185bp. MWC+30bp.

- US$900m 5.30% cpn 30yr (4/15/2047). At 99.483, yld 5.333%. T+235bp. MWC+40bp.

BOOK: US$6.5bn total; 10-year US$3.4bn, 30-year US$3.1bn

NIC: 10-year: Flat (vs. 4.75% '26s at G+185bp)

30-year: 3bp (vs. 5.15% '45s at T+232bp)

COMPS:

ETP 4.750% January 15, 2026 at G+185bp

ETP 5.150% March 15, 2045 at T+232bp

STANDARD CHARTERED PLC (BSE: 580001.BO - news)

Standard Chartered PLC, exp issue rating Ba1/BB-/BB+, announced a US$ benchmark perpetual non-call 6-year AT1 subordinated contingent convertible securities. Joint-lead managers are Bank of America (Swiss: BAC-USD.SW - news) , BNP Paribas (LSE: 0HB5.L - news) , Citigroup (NYSE: C - news) and Standard Chartered.

IPT: 8% area

LAUNCH: US$1bn at 7.75%

PRICED: US$1bn 7.75% perp NC6. At 100, yld 7.754%.

BOOK: US$4.3bn

COMPS:

SCB 7.500% Perpetual nc5 to yield 7.420%

FIBRIA OVERSEAS FINANCE

Fibria Overseas Finance Ltd, exp rating BBB-/BBB-, announced a US$ benchmark SEC registered 10-year senior unsecured notes. Bookrunners: BNP Paribas, BofA Merrill Lynch, Citigroup, HSBC, JP Morgan. The notes are guaranteed by Fibria Celulose S.A (NYSE: FBR - news) . UOP: eligible Green projects. Settle: 1/17/2017.

IPT: very low 6% area

GUIDANCE: 5.75% area (+/- 5bp)

LAUNCH: US$700m at 5.70%

PRICED: US$700m 5.5% cpn 10yr (1/17/2027). At 98.491, yld 5.70%.

BOOK: US$3bn

NIC: 5bp (vs. 5.25% '24s at 5.40%, add 2bp for maturity extension, FV=5.65%)

COMPS:

FIBRIA 5.250% May 12, 2024 at a yield of 5.40%

ADANI PORTS & SPECIAL ECONOMIC ZONE LTD

Adani Ports & Special Economic Zone Ltd, Baa3/BBB-/BBB-, announced a US$ 144A/RegS 5-year senior unsecured notes. JGCs: BofAML, Barclays (LSE: BARC.L - news) , Citi, StanChart (HKSE: 2888-OL.HK - news) . JBRs: BofAML, Barclays, Citi, StanChart, CS, Emirates NBD Capital, SBICAP. UOP: To refinance existing debt of company, subsidiaries and JVs as permitted under ECB guidelines and/or RBI approvals. Balance for capex, other GCP.

IPTs: T+235bp area

GUIDANCE: T+220bp area (+/- 5bp)

LAUNCH: US$500m at T+215bp

PRICED: US$500m 3.95% cpn 5yr (1/19/2022). At 99.784, yld 3.998%. T+215bp.

BOOK: US$1.25bn

NIC: 5bp (vs. 3.5% '20s at G+200bp, add 10bp for maturity extension, FV=G+210bp)

COMPS:

APSE 3.500% July 29, 2020 at G+200bp

USD HIGH-GRADE PIPELINE

Empresa de Transporte de Pasajeros Metro S.A. (Metro (Amsterdam: ME6.AS - news) Santiago), A+/A, Santiago, Chile (Stuttgart: 704599.SG - news) 's subway owner/operator, mandated Bank of America/Merrill Lynch and J.P. Morgan (Other OTC: MGHL - news) to arrange investor meetings in preparation for a dollar-denominated 144a/REGS 30-year new issue that could soon follow their conclusion. Roadshows end in Boston on January 17.

International Company for Water and Power Projects (ACWA Power), mandated Jefferies as global coordinator and sole structuring adviser along with Citi, CCB Singapore, Mizuho and Standard Chartered as joint lead managers and joint books for meetings in US, Europe, Asia and the Middle East that began Nov 23 2016. The company is considering benchmark USD senior secured 144A/Reg S offering with expected investment-grade ratings.

Canara Bank (BSE: CANBK.BO - news) mandated BAML, Barclays, BNP Paribas, Citigroup, HSBC, JP Morgan and Credit Agricole (Swiss: ACA.SW - news) 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. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)