US IG CLOSE-Six issuers raise US$9.15bn in IG primary

* Mastercard over 3 times covered

* AEP sells inaugural debt offering

* Most actively traded: WSTP 4.322% '31s

* Weekly issuance US$25.000bn

* Monthly issuance US$40.995bn

* Hearing Abbott may come Thursday

By Mike Gambale

NEW YORK, Nov 16 (IFR) - Below is a recap of primary issuance activity in the US high-grade market on Wednesday:

Number of deals priced: 6

Total (LSE: 524773.L - news) issuance volume: US$9.15bn

Average new issue concession: 2.94

Total book to cover: 2.57

MASTERCARD

Mastercard Inc, rated A2/A, announced a US$ benchmark 3-tranche SEC (Shanghai: 603988.SS - news) -Reg note offering via Bank of America (Swiss: BAC.SW - news) , Citigroup (NYSE: C - news) , HSBC, Mizuho and US Bank. Make-whole calls apply, along with a 1-month par call, 3-month par call and a 6-month par call.

UOP: GCP, including working capital, investments and shareholder returns. Settlement date 11/21/2016.

IPTs: 5yr, T+70bp area; 10yr, T+100bp area; 30yr, T+120bp area

GUIDANCE: 5-year T+50bp area, 10-year T+80bp area, 30-year T+100bp area. Area = (+/-5bp).

LAUNCH: US$2bn 3-part.

- US$650m 5-year at T+45bp.

- US$750m 10-year at T+75bp.

- US$600m 30-year at T+95bp.

PRICED: US$2bn 3-part.

- US$650m. Cpn 2.00%. Due 11/21/2021. Ip US$99.429. Yld 2.121%. T+45bp. MWC T+10bp.

- US$750m. Cpn 2.95%. Due 11/21/2026. Ip US$99.819. Yld 2.971%. T+75bp. MWC T+15bp.

- US$600m. Cpn 3.80%. Due 11/21/2046. Ip US$98.328. Yld 3.895%. T+95bp. MWC T+15bp.

BOOK: Total US$7.2bn; 5-year US$2.6bn, 10-year US$2.6bn, 30-year US$2bn

NIC (NasdaqGS: EGOV - news) : 5-year: Flat (vs. 2% '19s at G+30bp. 3/5s curve worth 15bp, FV=G+45bp)

10-year: 1bp (vs. 3.375% '24s at G+70bp, add 4bp for maturity extension, FV=G+74bp)

30-year: 1bp (10/30s curve worth 20bp, FV=T+94bp)

COMPS:

2.000% April 1, 2019 at G+30bp

3.375% April 1, 2024 at G+70bp

ANZ

Australia and New Zealand Banking Group (Aa2/AA (Other OTC: AATDF - news) -/AA-) mandated itself, Goldman Sachs (NYSE: GS-PB - news) , JP Morgan and Wells Fargo (Hanover: NWT.HA - news) for a multi-tranche senior unsecured US dollar bond offering.

IPTs: 3yr fxd, T+90-95bp; 3yr frn, 3mL equiv; 5yr fxd, T+100-105bp; 5yr frn, 3mL equiv

GUIDANCE: 3-year FXD T+85bp area, 3-year FRN 3mL+equivalent, 5-year T+95bp area, 5-year FRN 3mL+equivalent. Area = (+/-5bp).

LAUNCH: US$3bn 4-part notes.

- US$850m 3-year frn at 3mL+66bp.

- US$900m 3-year fxd at T+80bp.

- US$400m 5-year frn at 3mL+87bp.

- US$850m 5-year fxd at T+90bp.

PRICED: US$3bn 4-part notes.

- US$850m. Cpn 3mL+66bp. Due 9/23/19. Ip par. Yld 3mL+66bp.

- US$900m. Cpn 2.05%. Due 9/23/19. Ip US$99.955. T+80bp.

- US$400m. Cpn 3mL+87bp. Due 11/23/21. Ip par. 3mL+87bp.

- US$850m. Cpn 2.55%. Due 11/23/21. Ip US$99.958. T+90bp.

BOOK: US$4.85bn total; 3-year FXD US$1.2bn, 3-year FRN US$1.2bn, 5-year FXD US$1.5bn, 5-year FRN US$950m.

NIC: 3-year FXD: Flat (vs. 1.6% '19s at G+80bp)

5-year FXD: 1bp (vs. 2.30% '21s at G+89bp)

COMPS:

1.600% July 15, 2019 at G+80bp

2.300% June 1, 2021 at G+89bp

HSBC

HSBC Holdings (HKSE: 0005.HK - news) announced a self-led 10yr Tier 2 bullet benchmark deal. Expected ratings A2/BBB+/A+ (neg/neg/st). Due Nov 23 2026, pay Nov 23. SEC-registered, NY law (English for subordination). 200k/1k denominations.

IPTs: T+235bp area

GUIDANCE: T+215-220bp.

LAUNCH: US$1.5bn 10-year at T+215bp.

PRICED: US$1.5bn. Cpn 1.50%. Due 11/23/2026. Ip US$99.992. Yld 4.376%. T+215bp.

BOOK: Undisclosed

NIC: 13bp (vs. 4.25% '25s at G+198bp, add 4bp for maturity extension, FV=G+202bp)

COMPS:

4.25% (A2/BBB+/A+) August 18, 2025 at G+198bp (sub)

HOLLYFRONTIER

HollyFrontier Corp, Baa3/BBB- (n/s), announced a 10-year (4/1/2026) SEC-Reg tap of its 5.875% 4/1/2026 senior unsecured note offering via Bank of America, Citigroup, Goldman Sachs, Mitsubishi (LSE: 7035.L - news) and TD Securities. Make-whole call applies, along with a par call 3 months prior to maturity.

UOP: GCP, including possible portion of purchase price for Petro-Canada and capital expenditures. Settlement date 11/21/2016.

IPTs: High 300s

GUIDANCE: T+362.5bp (the #)

LAUNCH: US$750m at T+362.5bp.

PRICED: US$750m. Cpn 5.875%. Due 4/1/26. Reoffer price US$100.098. Reoffer yield 5.86%. T+362.5bp. MWC T+50bp. First (Shanghai: 603806.SS - news) pay 4/1/17. Cusip # 436106AA6. Total amount now outstanding US$1bn.

BOOK: US$1.3bn

NIC: 5.5bp (vs. 5.875% '26s at G+357bp)

COMPS:

5.875% April 1, 2026 at G+357bp

AEP TRANSMISSION

AEP Transmission Co. LLC, rated A2/BBB+/A-, announced a US$700m 2-part senior unsecured notes via active bookrunners Barclays (LSE: BARC.L - news) , Credit Suisse (LSE: 0QP5.L - news) , JPMorgan (LSE: JPIU.L - news) and Scotia. Passive bookrunners are Bank of America, Mizuho, Royal Bank of Canada (Other OTC: RBCDF - news) and Suntrust.

Structure will consist of a 10-year (12/1/2026) and a 30-year (12/1/2046). Make-whole calls apply, along with a 3-month and 6-month par calls prior to maturity. 144a/RegS w/reg rights. UOP: GCP. Settlement date 11/21/2016.

IPTs: 10-year T+110bp area, 30-year T+140bp area.

GUIDANCE: 10-year T+90-95bp, 30-year T+115-120bp

LAUNCH: US$700m 2-part notes.

- US$300m 10-year at T+90bp.

- US$400m 30-year at T+115bp.

PRICED: US$700m 2-part notes.

- US$300m. Cpn 3.10%. Due 12/1/2026. Ip US$99.803. Yld 3.123%. T+90bp. MWC T+15bp.

- US$400m. Cpn 4.00%. Due 12/1/2046. Ip US$98.346. Yld 4.096%. T+115bp. MWC T+20bp.

BOOK: US$4.3bn total; 10-year US$1.9bn, 30-year US$2.4bn

NIC: Debut offering

AMERICAN HONDA

American Honda Finance Corp, rated A1/A+ (n/s), announced a US$ benchmark 2-part SEC-Reg senior unsecured note offering via BNP Paribas (LSE: 0HB5.L - news) , Deutsche Bank (LSE: 0H7D.L - news) , JPMorgan and Morgan Stanley (Xetra: 885836 - news) . Make-whole call on the fixed tranche.

UOP: To repay other existing indebtedness, to acquire retail loans or retail leases and provide wholesale flooring and commercial loans or for GCP unless the applicable prospectus supplement states otherwise. Pending such applications, such proceeds may be temporarily invested in short-term marketable securities. Settlement date 11/21/2016.

IPTs: 2-year fixed Low to mid 60s, 2-year FRN 3mL+equivalent

GUIDANCE: 2-year FXD T+55bp area (+/-3bp), 2-year 3mL+equivalent.

LAUNCH: US$1.2bn 2-part.

- US$450m 2-year fixed at T+52bp.

- US$750m 2-year frn at 3mL+28bp.

PRICED: US$1.2bn 2-part.

- US$450m. Cpn 1.500%. Due 11/19/2018. Ip US$99.959. Yld 1.521%. T+52bp. MWC T+10bp.

- US$750m. Cpn 3mL+28bp. Due 11/19/2018. Ip par. Yld 3mL+28bp.

BOOK: US$2bn total; 2-year FRN US$1.2bn, 2-year FXD US$800m

NIC: 2-year FXD: 2bp (vs. 1.2% '19s at G+55bp, subtract 5bp for maturity differential, FV=G+50bp)

COMPS:

1.200% July 12, 2019 at G+55bp

USD HIGH-GRADE PIPELINE:

Enbridge Inc (Toronto: ENB.TO - news) , the Canadian energy delivery company, asked Barclays, Deutsche Bank, Mizuho and MUFG to arrange fixed income investor calls slated to begin on Wednesday, November 16th from 11:00am thru 2:00pm ET and Thursday the 17th from 9:45am thru 4:00pm ET. DB will coordinate.

Chevron Phillips Chemical Company LLC (A2/A-) mandated J.P. Morgan (Other OTC: MGHL - news) , Mizuho and MUFG to arrange fixed income investor calls scheduled to take place on Wednesday, November 16th from 9:00am thru 5:00pm ET. MUFG is coordinating.

Abbott Labs (A2/A+) mandated Bank of America/Merrill Lynch, Barclays and Morgan Stanley to arrange fixed income investor calls that took place on Tuesday, November 15th from 11:00am thru 6:00pm ET and continue Wednesday the 16th from 9:00am thru 5:00pm ET in preparation for a benchmark Senior Unsecured transaction to finance the acquisition of St. Jude that is expected to follow the calls. BAML is coordinating. Abbott Labs (A2/A+) announced on Thursday, April 28th that it will buy St. Jude's Medical Inc. (Baa2/A-) in a cash-stock deal valued at $25b to reinforce the medical devices maker's stake in cardiovascular care.

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. Meetings began last week. 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, 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 Shankar Ramakrishnan)