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HIGHGRADE CLOSE-Five high-grade issuers raise US$6.15bn
* OM Asset Mgmt sells debut offering
* OM prices bonds at wider end of IPTs
* GS bonds over six times covered
* Most actively traded WFC 2.1% 2021s
* Weekly issuance US$28.200bn
By Mike Gambale
NEW YORK, July 20 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:
Number of deals priced: 5
Total (LSE: 524773.L - news) issuance: US$6.15bn
Average new issue concession: 2.00
Total book to cover: 3.41
GOLDMAN SACHS (NYSE: GS-PB - news)
Goldman Sachs Group Inc (GS), Ba1/BB/BB+, announced a US$650m SEC registered perpetual non-call 10-year fixed to floating rate non-cumulative perpetual US$1,000 par pfd stock. Goldman Sachs is sole book. The notes contain a par call.
UOP: GCP.
Settle: T+5.
IPT: 5.75% area
PRICE GUIDANCE: 5.35% area +/- 5bp
LAUNCH: US$650m at 5.30%
PRICED: US$650m 5.30% perp NC10 at 100.
BOOK: US$4bn
MORGAN STANLEY (Xetra: 885836 - news)
Morgan Stanley (MS), A3/BBB+/A, announced a US$ benchmark SEC registered 10-year (7/27/2026) senior unsecured notes deal. Morgan Stanley is sole book. The notes contain a MWC.
UOP: GCP.
Settle: 7/25/2016.
IPT: T+180bp area
LAUNCH: US$3bn at T+163bp
PRICED: US$3bn 3.125% cpn 10yr (7/27/2026). At 99.320, yld 3.205%. T+163bp. MWC+25bp. 1st pay: 1/27/2017.
BOOK: US$10bn
NIC (NasdaqGS: EGOV - news) : Flat (vs. 3.875% 2026s at G+163bp)
COMPS:
3.875% January 27, 2026 at G+163bp
NATIONWIDE BUILDING SOCIETY (LSE: CCDS.L - news)
Nationwide Building Society (NWIDE), Aa3/A/A, announced a US$ benchmark 144A/Reg S 5-year (7/27/2021) senior bank notes offering. The active bookrunners are BNP Paribas (LSE: 0HB5.L - news) , Credit Suisse (LSE: 0QP5.L - news) , Deutsche Bank (LSE: 0H7D.L - news) and JP Morgan.
Settle: 7/27/2016.
IPT: T+155bp area
PRICE GUIDANCE: T+140bp area (+/- 5bp)
LAUNCH: US$1.25bn at T+135bp
PRICED: US$1.25bn 2.45% cpn 5yr (7/27/2021). At 99.822, yld 2.488%. T+135bp
BOOK: US$3.6bn
NIC: 4bp (vs. 2.35% 2020s at G+123bp, add 8bp for maturity extension, FV=G+131bp)
COMPS:
2.350% January 21, 2020 at G+123bp
3.900% July 21, 2025 at G+150bp
TENGIZCHEVROIL
Tengizchevroil Finance Company International Ltd., rated Baa2/BBB, announced a US$1bn 10-year (8/15/2026) amortiser via joint-global coordinators Citigroup (NYSE: C - news) , HSBC and JP Morgan. Joint bookrunners are Banca IMI, Bank of China (HKSE: 3988-OL.HK - news) , Citigroup, Deutsche Bank, HSBC, ING, JP Morgan, Mizuho, MUFG, SocGen (Paris: FR0000130809 - news) , Nikko, UniCredit (EUREX: DE000A163206.EX - news) . The 144A/Reg S bond has a weighted average life of 9.8 years. Repayment: Two equal repayments on February 15 and August 15, 2026.
Settle: 7/27/2017.
IPT: T+300bp area
GUIDANCE: T+275bp-287.5bp
LAUNCH: US$1bn at T+250bp
PRICED: US$1bn 4.0% cpn 10yr (8/15/2026). At 99.285, yld 4.089%. T+250bp
BOOK: Just over US$3bn
OM ASSET MANAGEMENT (NYSE: OMAM - news)
OM Asset Management plc (OMAM), Baa2/BBB-, announced a US$250m SEC registered 10-year (7/27/2026) senior unsecured notes offering. The active bookrunners are Bank of America (Swiss: BAC.SW - news) and Citigroup, with Royal Bank of Canada (LSE: 0QKU.L - news) and Wells Fargo (Hanover: NWT.HA - news) as passive bookrunners. Optional Redemption: Make Whole Call; Change of Control: 101%.
UOP: To finance the Landmark acquisition and for other general corporate purposes, including the settlement of an interest rate hedge in the amount of approximately US$30m and the purchase of certain seed capital investments.
Settle: 7/25/2016.
IPT: T+312.5-325bp
PRICE GUIDANCE: T+325bp (#)
LAUNCH: US$250m at T+325bp.
PRICED: US$250m. Cpn 4.80%. Due 7/27/2026. Ip US$99.819. Yld 4.823%. T+325bp.
BOOK: US$400m
NIC: Debut offering
USD HIGH-GRADE PIPELINE
WOORI BANK, A2/A-, hired Bank of America/Merrill Lynch, Citigroup, Commerzbank (Xetra: CBK100 - news) , Credit Agricole CIB, HSBC and Nomura to arrange fixed-income investor meetings in the US, Europe and Asia from July 11 and continuing through July 20.
NATIONAL GRID PLC (LSE: NG.L - news) , Baa1/A-, asked JP Morgan to arrange investor meetings that took place on June 1 in Boston and in New (KOSDAQ: 160550.KQ - news) York and concluded on June 3 in New Jersey and Philadelphia. (Reporting by Mike Gambale; editing by Varghese Joseph)
