HIGHGRADE CLOSE-Four issuers raise US$6bn in IG primary

* BAML floater dropped; almost 3 times covered

* BP 12-year prices only 5bp tighter than IPT

* Enbridge (Dusseldorf: EN3.DU - news) over 4 times covered

* Most actively traded: TWC 8.75% '19s

* Tuesday last issuance chance before Thanksgiving

By Mike Gambale

NEW YORK, Nov 21 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Monday:

Number of deals priced: 4

Total (LSE: 524773.L - news) issuance volume: US$6bn

Average new issue concession: 6.42

Total book to cover: 2.95

BANK OF AMERICA (Swiss: BAC-USD.SW - news)

Bank of America (BAC), issue rating Baa3/BBB/A-, announced a US$ benchmark SEC registered 11-year (11/25/2027) non-call 10-year fixed and/or FRN subordinated notes. Bank of America is sole book. UOP: GCP. Settle: 11/25/2016.

IPTs: 11-year FXD T+205bp area, 11-year FRN Libor equiv

GUIDANCE: FXD T+190bp area (+/- 5bp), FRN Libor equiv

LAUNCH: US$2bn 11NC10 fixed at T+185bp (FRN dropped)

PRICED: US$2bn 4.183% cpn 11NC10. At 100, yld 4.183%. T+185bp. Treasury spot: 97-01+/2.333%. 1st pay: 5/25/2017.

BOOK: US$5.8bn

NIC (NasdaqGS: EGOV - news) : 11-year FXD: Flat (vs. BAC 4.40% '26s at G+175bp. Add 10bp for call option, FV=G+185bp)

COMPS:

BAC 4.400% March 3, 2026 at G+175bp (sub)

JPM (Baa1/BBB+/A) 3.625% December 1, 2027 at G+155bp (sub)

ENBRIDGE INC

Enbridge Inc (ENBCN), Baa2/BBB+, announced a US$ benchmark SEC registered senior unsecured note offering that includes a 10-year and 30-year. The active bookrunners are Barclays (LSE: BARC.L - news) , Deutsche Bank (IOB: 0H7D.IL - news) , Mizuho and Mitsubishi (LSE: 7035.L - news) . The notes contain a MWC. UOP: To partially fund capital projects, to reduce existing indebtedness and for GCP. Settle: 11/29/2016.

IPTs: 10yr T+225bp area, 30yr T+275bp area

GUIDANCE: 10yr T+205bp area, 30yr T+255bp area. Area is +/- 5bp.

LAUNCH: US$1.5bn 2-part. US$750m 10yr at T+200bp, US$750m 30yr at T+250bp

PRICED: US$1.5bn 2-part total.

- US$750m 4.25% cpn 10yr (12/01/2026). At 99.356%, yld 4.33%. T+200bp. UST Spot: 97-02+. MWC+30bp. 1st pay: 6/01/2017.

- US$750m 5.50% cpn 30yr (12/01/2046). At 99.606, yld 5.527%. T+250bp. UST Spot: 84-26+. MWC+40bp. 1st pay: 6/01/2017.

BOOK: US$6.5bn total; 10-year US$3.5bn, 30-year US$3bn

NIC: 10-year: Flat (vs. 3% '24s at +196bp, add 4bp for maturity extension, FV=G+200bp)

30-year: Flat (vs. 4.574%s at T+250bp)

COMPS:

ENBCN (Baa2/BBB+) 3.500% June 10, 2024 at G+196bp

ENBCN (Baa2/BBB+) 4.500% June 10, 2044 at T+250bp

BP CAPITAL MARKETS

BP Capital Markets Plc (BPLN), A2/A-, announced a US$ benchmark SEC registered 2-part senior unsecured note offering that includes a 7-year (11/28/2023) and 12-year (11/28/2028). Active bookrunners are Bank of America, BNP Paribas (LSE: 0HB5.L - news) , Citigroup (NYSE: C - news) , Credit Suisse (IOB: 0QP5.IL - news) , Goldman Sachs (NYSE: GS-PB - news) and Mitsubishi. The notes contain a MWC, and a 2mo par call on the 7yr and 3mo par call on the 12yr.

Use of Proceeds: general corporate purposes, including working capital for BP or other companies in the BP Group and the repayment of existing borrowings of BP and its subsidiaries. Settle: 11/28/2016.

IPTs: 7yr T+120-125bp, 12yr T+145-150bp

GUIDANCE: 7yr T+115bp, 12yr T+145bp area. Area is +/- 5bp.

LAUNCH: US$2bn 2-part. US$1.2bn 7yr at T+110bp, US$800m 12yr at T+140bp

PRICED: US$2bn 2-part total.

- US$1.2bn 3.216% cpn 7yr (11/28/2023). At 100, yld 3.216%. T+110bp. MWC+20bp.

- US$800m 3.723% cpn 12yr (11/28/2028). At 100, yld 3.723%. T+140bp. MWC+25bp.

BOOK: Total US$4.4bn; 7-year US$2.5bn, 12-year US$1.9bn

NIC: 10-year: 7bp (vs. 2.75% '23s at G+100bp, add 3bp for maturity extension, FV=G+103bp)

12-year: 20bp (vs. 3.017% '27s at G+115bp, add 5bp for maturity extension, FV=G+120bp)

COMPS:

BPLN 2.112% September 16, 2021 at G+73bp

BPLN 2.750% May 10, 2023 at G+100bp

BPLN 3.119% May 4, 2026 at G+110bp

BPLN 3.017% January 16, 2027 at G+115bp

NEW YORK STATE ELECTRIC & GAS CORP

New York State Electric & Gas Corp (AGR), A3/A-/A-, announced a US$500m (no grow) 144A/RegS w/o reg rights 10-year (12/01/2026) senior unsecured notes. The active bookrunners are Bank of America, Mizuho, Mitsubishi and Royal Bank of Canada (Other OTC: RBCDF - news) . The notes contain a MWC and a 3mo par call.

Use of Proceeds: To refinance $100,000,000 in aggregate principal amount of our 5.650% Notes due December 15, 2016, to redeem $96,850,000 of Auction Rate Securities on December 19, 2016, to reduce short-term debt and for GCP. Settlement: T+5 (Nov 29, 2016).

IPT: T+110bp area

LAUNCH: US$500m at T+100bp

PRICED: US$500m 3.25% cpn 10yr (12/01/2026). At 99.282, yld 3.335%. T+100bp. Benchmark spot: 2.335%. MWC+15bp. 1st pay: 6/01/17.

BOOK: US$1bn

NIC: 11.5bp (vs. ED 2.9% '26s at G+80bp, add 8.5bp for one-notch Moody's rating differential, FV=G+88.5bp)

COMPS:

ED (A2/A-) 2.900% December 1, 2026 at G+80bp

NGGLN (A2/A-) 2.742% August 15, 2026 at G+95bp

PNW (A2/A-) 2.550% September 15, 2026 at G+84bp

USD HIGH-GRADE PIPELINE

Avnet Inc (NYSE: AVT - news) (Baa3/BBB-) mandated Bank of America Merrill Lynch and JP Morgan to arrange fixed income investor calls scheduled for Monday. BAML is coordinating.

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.

Korea Hydro and Nuclear Power Co. Ltd, Aa2/AA (Frankfurt: A116XA - news) , mandated BNP (Paris: FR0000131104 - news) Paribas and Citigroup to arrange fixed-income investor meetings in the US that took place October 18-20.

Hyundai Capital Services, Baa1/A-, mandated Citigroup, HSBC and Nomura as joint books to arrange investor meetings that took place on October 17 in preparation for a dollar-denominated 144a/Reg S issue.

(Reporting by Mike Gambale; Editing by Paul Kilby)