Corporate Pipeline

December 28th, 2016 6:42 am | by John Jansen |

Via Bloomberg:

IG CREDIT PIPELINE: ACAFP Deal Among Those Expected Next Week
2016-12-28 10:11:37.628 GMT

By Robert Elson
(Bloomberg) — Credit Agricole S.A. (ACAFP) Baa2/BBB+, in
mandate, said it would launch in the near future a 5Y and/or 10Y
senior non-Pfd self-led transaction.

* Names That Historically Issue in First Days of January

* January Issuance Again Expected to Be Sizeable

* M&A deals expected in 2017

* Recent updates:
* Apple (AAPL) Aa1/AA+, added as possible early 2017
issuers based on history
* United Technologies (UTX) A3/A-, said in Dec. 14
guidance call it will tap the debt markets in early 2017
to complete its share buyback program
* Mosaic (MOS) Baa2/BBB; $2.5b purchase of Vale fertilizer
ops
* To fund purchase via $1.25b cash, plans debt
issuance
* Fairfax Financial (FFHCN) Baa3/BBB-; $4.9b Allied World
Assurance acq
* May fund $30/shr price via debt issuance, equity,
third party
* 3M (MMM) A1/AA-, plans to add up to $2.8b of debt in
2017, suggesting another yr of incrementally higher
leverage: BI

MANDATES/MEETINGS

* Scentre Group (SCGAU) A1/A; mtgs Dec. 5-8
* ACWA Power; mtgs from Nov. 23
* Adani Ports (ADSEZ) Baa3/BBB-; mtgs from Nov. 13
* Korea Hydro & Nuclear Power (KOHNPW) Aa2/AA; mtgs Oct. 18-20

SHELF FILINGS

* Puget Sound Energy (PSD) A2/A-; $800m debt shelf (Nov. 8)
* Dow Chemical (DOW) Baa2/BBB; debt shelf; last issued in
Sept. 2014 (Oct. 28)
* Darden Restaurants (DRI) Baa3/BBB; debt shelf, last seen in
2012 (Oct. 6)
* Western Union (WU) Baa2/BBB; debt shelf; last issued Nov.
2013 following Oct. 2013 filing (Oct. 3)

OTHER

* European Stability Mechanism (ESM) Aa1/–; mandates for
advisement on inaugural USD issuance (Oct. 21)
* ConAgra (CAG) Baa2/BBB-; could borrow up to $2.5b for
acquisitions, BI says (Oct. 19)

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