Credit Pipeline

September 30th, 2016 6:16 am | by John Jansen |

Via Bloomberg:

IG CREDIT PIPELINE: $25b Priced So Far, More Today Is Possible
2016-09-30 09:28:56.36 GMT

By Robert Elson
(Bloomberg) — There has been issuance in a Friday session
at least 15x YTD. A self-led Financial may be possible.

LATEST UPDATES

* Comision Federal De Electricidad (CFELEC) Baa1/BBB+,
mandates BBVA/BAML/C for investor meetings from Oct. 4
* Global Bank Corp (GLBACO) Ba1/BBB-/BBB-, has mandated
C/DB/JPM/UBS for investor meetings Oct. 3-6; 144a/Reg-S
$benchmark deal is expected to follow
* Government of Bermuda (BERMUD) A2/A+, mandates HSBC for
roadshows from Sept. 30; 144a/Reg-S issue expected to follow
* Partial tender also announced
* Bermuda last priced a USD deal in 2013
* Export-Import Bank of Korea (EIBKOR) Aa2/AA, hires
ANZ/BAML/CA/Miz/Samsung/SG/UBS for investor meetings from
Oct. 3; USD intermediate maturity deal may follow
* UPL Corp (UPL) Baa3/BBB-, mandates ANZ/C/CS/DB/JPM for
investor meetings Sept. 29-Oct. 4; 144a/Reg-S may follow
* Nafin (NAFIN) A3/BBB+; mandates BofAML, HSBC for investor
meetings Sept. 27-28; USD-denominated deal may follow
* Analog Devices (ADI) A3/BBB; ~$13.1b Linear Technology acq
* $5b loan received after $11.6b bridge (Sept. 26)
* Sumitomo Mitsui Trust Bank (SUMIBK) A1/A; mandates
C/Daiwa/GS/JPM to arrange investor calls beginning Sept. 26;
144a/Reg-S 3Y fixed and/or floating issue expected to price
in the near future
* Kingdom of Saudi Arabia (SAUDI), may raise over $10b
following roadshows in late Sept.
* KEB Hana (KEB) A1/A; mandates C/CA/JPM/SCB/UBS for investor
mtgs from Sept. 26; 144A/Reg S transaction may follow

MANDATES/MEETINGS

* HollyFrontier (HFC) Baa3/BBB-; investor calls Sept. 15-16
* Banco Inbursa (BINBUR) –/BBB+/BBB+; mtgs Sept. 7-12
* Woolworths (WOWAU) Baa2/BBB; investor call Sept. 7
* Sydney Airport (SYDAU) Baa2/BBB; investor calls Sept. 6-7
* Korea Housing Finance (KHFC) Aa1/–; investor mtgs
* MTN Group (MTNSJ) Baa3/BBB-; roadshows from Sept. 9
* Korea National Oil (KOROIL) Aa2/AA; meetings from Sept. 6
* Industrial Bank of Korea (INDKOR) Aa2/AA-; mtgs from Aug. 22
* Sumitomo Life (SUMILF) A3/BBB+; investor mtg July 19

M&A-RELATED

* Bayer (BAYNGR) A3/A-; ~$66b Monsanto acq
* Hybrid bond sales planned; part of $57b bridge (Sept.
14)
* Danaher (DHR) A2/A; ~$4b Cepheid acq
* Sees financing deal via cash, debt issuance (Sept. 6)
* Couche-Tard (ATDBCN) Baa2/BBB; ~$4.4b CST Brands acq
* Expects to sell USD bonds (Aug. 22)
* Pfizer (PFE) A1/AA; ~$14b Medivation acq;
* Expects to finance deal with existing cash (Aug. 22)
* Danone (BNFP) Baa1/BBB+; ~$12.1b WhiteWave (WWAV) Ba2/BB
* Co. Says deal 100% debt-financed, expects to keep IG
profile (July 7)
* Zimmer Biomet (ZBH) Baa3/BBB; ~$1b LDR acq
* Plans $750m issuance post-completion (June 7)
* Great Plains Energy (GXP) Baa2/BBB+; ~$12.1b Westar acq
* $8b committed debt secured for deal (May 31)
* Abbott (ABT) A2/A+; ~$5.7b St. Jude buy, ~$3.1b Alere buy
* $17.2b bridge loan commitment (April 28)
* Sherwin-Williams (SHW) A2/A; ~$9.3b Valspar buy
* $8.3b debt financing expected (March 20)

SHELF FILINGS

* Starbucks (SBUX) A2/A-; debt shelf; has $400m maturing Dec.
5 (Sept. 15)
* Brunswick (BC) Baa3/BBB-; automatic mixed shelf; last issued
in 2013 (Sept. 6)
* Enbridge (ENBCN) Baa2/BBB+; $7b mixed shelf (Aug. 22)
* IBM (IBM) Aa3/AA-; automatic mixed shelf (July 26)
* Nike (NKE) A1/AA-; automatic debt shelf (July 21)
* Potash Corp (POT) A3/BBB+; debt shelf; last issued March
2015 (June 29)
* Tesla Motors (TSLA); automatic debt, common stk shelf (May
18)
* Reynolds American (RAI) Baa3/BBB; automatic debt shelf; sold
$9b last June (May 13)
* Statoil (STLNO) Aa3/A+; debt shelf; last issued USD Nov.
2014 (May 9)
* Corporate Office (OFC) Baa3/BBB-; debt shelf (April 12)

OTHER

* GE (GE) A1/AA-; Ratings cut by S&P on assumption of
increased debt for next couple of yrs on possible
acquisitions (Sept. 23)
* Israel Electric (ISRELE) Baa2/BBB-; said to hire C, JPM for
at least $500m bond sale in 4Q (Aug. 8)
* Visa (V) A1/A+; CFO says will issue $2b debt for buybacks by
yr end (July 21)
* Investment Corp of Dubai (INVCOR); weighs bond sale (July 4)
* Alcoa (AA) Ba1/BBB-; upstream entity to borrow $1b (June 29)
* Discovery Communications (DISCA) Baa3/BBB-; may revisit bond
market this yr, BI says (May 18)
* American Express (AXP) A3/BBB+; plans ~$3b-$7b term debt
issuance (April)

 

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