US IG CLOSE-StanChart, TD Bank price US$3.75bn in high-grade

By John Balassi and Danielle Robinson

NEW YORK, March 26 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Thursday:

Number of deals priced: 2

Total (Swiss: FP.SW - news) issuance volume: US$3.75bn

Average new issue concession: 4

Average book to cover: 6.16

PRICED DEALS:

STANDARD CHARTERED PLC (HKSE: 2888.HK - news)

Standard Chartered PLC, Ba1/BB/BBB, announced a perpetual non-call five-year note. Leads Standard Chartered, BAML, Barc, GS (KSE: 078935.KS - news) , JPM, and UBS (NYSEArca: FBGX - news) . 7% CET1 trigger, equity conversion, 144a/RegS. Settle: T+5.

IPTs: Hi 6% area

PRICE GUIDANCE: 6.75% area

LAUNCH: US$2bn at 6.5%

PRICED: US$2bn 6.5% perp NC5 at 100. Then at MS+488.9bp.

BOOK: US$22bn

NIC (NasdaqGS: EGOV - news) : Debut

THE TORONTO-DOMINION BANK (Toronto: TD.TO - news)

The Toronto-Dominion Bank, Aaa/AAA, announced a US$ benchmark 144A/RegS 5-year (4/02/20) covered bond. The active bookrunners include BNP (Paris: FR0000131104 - news) , JPM, RBC (Other OTC: RBCI - news) and TD. Guarantor: TD Covered Bond (Legislative) Guarantor Ltd. UOP: GCP.

IPTs: MS+40bp area

PRICE GUIDANCE: MS+37-38bp

LAUNCH: US$1.75bn at MS+37bp

PRICED: US$1.75bn 1.95% 5yr (4/02/20). At 99.829, yld 1.986%. MS+37bp

BOOK: US$2.3bn

NIC: 4bp

COMPS:

RY 1.2% 9/17s G+46 Aaa

RY 2.0% 10/18s G+48 Aaa

RY 2.2% 9/19s G+49 Aaa

TD 2.25% 9/19s G+50 Aaa

RY 1.875 2/20s G+49 Aaa (Reporting by Danielle Robinson and John Balassi; Editing by Natalie Harrison and Marc Carnegie)