Credit Pipeline

December 30th, 2015 10:18 am | by John Jansen |

My friend and former colleague Steve Liddy forwarded this Bloomberg story which paints a landscape of active issuance in January by corporations.

Via Bloomberg:

(Bloomberg) — Most recent updates, includes serial January issuers:

  • There are 30 issuers that have at least $1b maturing in January
  • In size order by amount issued (amount outstanding may be less):
    • GE, $5.75b, not expected to be an issuer
    • GS, $2.5b
    • HSBC, $2.5b
    • LLOYDS, $2.25b
    • INTNED, $2.25b
    • DB, $2.1b
    • ORCL, $2b
    • ISPIM, $2b
    • CM, $2b
    • CBAAU, $2b
    • Issuers with over $1b, but less than $2b maturing include: JPM, C, BMO, BNG, NOMURA, WSTP, DAIGR, CAF
    • Issuers with $1b maturing include: VALEBZ, IBM, BAC, ABIBB, FITB, C, ABN, TOTAL, RENTEN
    • There are another 20 names that issued at least $500m but less than $1b
  • CVS Health (CVS) Baa1/BBB+, has ability to raise $10b incremental debt
  • Anheuser-Busch InBev (ABIBB) A2/A-, files mixed securities shelf; has issued 5 of the past 7 Januarys
    • Said to plan $55b bond sale, a record issuance, for acquisition of SABMiller (SABLN) A3/A-
    • Named 21 banks providing $75b SABMiller Loan; MLAs/bookrunners: BofAML, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, Intesa Sanpaolo, Mizuho, Rabobank, RBS, Banco Santander, SG, SMBC, BTMU, TD, UniCredit, Wells Fargo
  • EIB, PHILIP, INDON have history of January issuance
  • GS Has Issued in January in 14 of Past 15 Years
  • JPM a Likely Jan. Issuer, Based on Historical Record
  • Bank of America (BAC) Baa1/BBB+, has issued every January going bank to 2009
    • Its 2016 maturities total $27.7b; 2017 $34.2b, the largest year in its debt distribution
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