Credit Pipeline

November 29th, 2016 6:36 am | by John Jansen |

Via Bloomberg:

By Robert Elson
(Bloomberg) — Set to price today:

* BPCE SA (BPCEGP) A2/A, to price $benchmark 2-part deal, via
managers GS/HSBC/MS/Natix/RBC
* 5Y, IPT +115 area
* 10Y, IPT +140 area
* Rentenbank (RENTEN) Aaa/AAA, to price $benchmark Global 5Y,
via Barc/HSBC/RBC/Sco; guidance MS +32 area

* In the 2 weeks following Thanksgiving 2015, $65b was priced.
In 2014, in the week following Thanksgiving, a whopping $54b
was priced.

LATEST UPDATES:

* Allstate (ALL) A3/A-, to buy SquareTrade for $1.4b using
cash and debt issuance; ALL has not issued since 2013
* Analog Devices (ADI) A3/BBB, to hold investor calls today,
via BAML/CS/JPM/MUFG; last seen in December, it has just 3
issues outstanding
* Johnson & Johnson (JNJ) Aaa/AAA
* Actelion Weighs Combination With Parts of J&J: FT
* Constellation Brands (STZ) Ba1/BBB-, scheduled investor
calls for Nov. 21-22, via BAML; deal may follow
* $1b share repurchase authorized Nov. 21
* Fitch expects Constellation to refi $700m of upcoming
maturities
* Dr. Pepper Snapple (DPS) Baa1/BBB+, to buy Bai Brands for
$1.7b; deal to be financed through new unsecured notes and
short term commercial paper.
* ACWA Power, hires banks for investor meetings from Nov. 23;
a 144a/Reg-S offering with IG ratings may follow
* Scentre Group (SCGAU) A1/A, to hold investor meetings Dec.
5-8, via BAML/JPM
* Avnet (AVT) Baa3/BBB-, hired BAML/JPM for investor calls to
take place today; reported acquisition of majority stake in
Hackster Nov. 14
* Adani Ports (ADSEZ) Baa3/BBB-, holding investor meetings
from Nov. 13, via BAML/Barc/C/SCB; 144a/Reg-S deal may
follow
* Puget Sound Energy (PSD) A2/A-, filed an $800m debt shelf;
utilities often follow the close of the big industry
conference
* General Electric Co (GE) A1/AA-, to combine oil and gas
business with Baker Hughes (BHI) Baa1/A; GE to borrow $7.4b
of incremental leverage to fund the deal, co. said in
conference call
* Dow Chemical (DOW) Baa2/BBB, filed debt shelf; last issued
in Sept. 2014
* Qualcomm (QCOM) A1/A+; ~$47b NXP Semiconductor (NXPI)
Ba2/BBB-, acq
* Sees funding deal with cash, $11b new debt (Oct. 27)
* Rockwell Collins (COL) A3/A-, to buy B/E Aerospace (BEAV)
Ba2/BB+, for $8.3b in cash, stock, assumption of debt
* COL sees financing cash portion of deal with debt
financing; plans to pay down $1.5b of new debt by end of
its FY19
* Moody’s and S&P said COL’s rating may be cut to the mid-
BBB range following completion of the BEAV acquisition
* AT&T (T) Baa1/BBB+ to buy Time Warner (TWX) Baa2/BBB for
$85b in cash, stock deal; cash portion will be financed with
new debt, cash on hand
* $40b bridge loan in place
* T may be cut by Moody’s; any potential downgrade would
be limited to one notch
* European Stability Mechanism (ESM) Aa1/na/AAA, mandates
Barc/C/DB/JPM to advise on its USD issuance program
* First ESM USD transaction scheduled for 2H 2017, subject
to market conditions
* ConAgra (CAG) Baa2/BBB-, could borrow up to $2.5b for
acquisitions
* Province of Nova Scotia (NS Gov) Aa2/A+ , filed Friday a
$1.25b debt shelf; last issued in USD in 2010, has $500m
maturing January
* Korea Hydro & Nuclear Power (KOHNPW) Aa2/AA, mandates BNP/C
for investor meetings Oct. 18-20
* Hyundai Capital Services (HYUCAP) Baa1/A-, to hold investor
meetings from Oct.17, via C/HSBC/Nom
* Darden Restaurants (DRI) Baa3/BBB, filed debt shelf, last
seen in 2012
* Darden announced a new $500m share buyback program in
its 1Q earnings release
* Yes Bank (YESIN) Baa3/na, plans to raise $500m by year’s end
* Republic of Namibia (REPNAM) Baa3/BBB-, to hold non-deal
investor meetings Oct. 7-13, via Barc/JPM/StanBk
* Asciano (AIOAU) Baa3/BBB-, names ANZ/BNP/Miz for investor
meetings Oct. 10-28; it is a non-deal roadshow; last priced
a USD deal in 2011
* Western Union (WU) Baa2/BBB, filed debt shelf; last issued
Nov. 2013 following Oct. 2013 filing
* 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)

MANDATES/MEETINGS

* 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

M&A-RELATED

* Bayer (BAYNGR) A3/A-; ~$66b Monsanto acq
* Hybrid bond sales, approx. EU5b convertible bond
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)
* 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)
* 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)

OTHER

* 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)

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