Credit Pipeline

March 27th, 2017 5:44 am | by John Jansen |

Via Bloomberg:

IG CREDIT PIPELINE: KEB to Price, Solid Issuance Week Expected
2017-03-27 09:33:48.225 GMT

By Robert Elson
(Bloomberg) — 84% of dealers and clients in a Bloomberg
News poll expect IG issuance to total at least $20b this week.
50% think it will be over $25b; 16% over $30b. At least 2
industrial deals were held back last week and may come forward
as soon as today. Stocks, however, may be a drag as futures are
currently -133.

Expected to price today:

* KEB Hana Bank (KEBHNB) A1/A+, to price $benchmark 144a/Reg-S
3Y FRN, via managers BAML/BNP/Cmmrzbk/HSBC/ING/KEB/SG: IPT
3ML +90 area

Recent updates:

* CMPC (CMPCCI) Baa3/BBB-, to hold investor meetings March
27-29 via BofAML/JPM/Santander; USD-denominated,
intermediate maturity deal may follow
* It priced a $500m 144a/Reg-S 10Y in 2014 at +225
* Airbus (AIRFP) A2/A+, mandated C/GS/JPM/MS for investor
meetings March 28-30.
* Benchmark USD 144A/RegS sr unsecured notes offering
targeting intermediate and/or long tenors may follow
* Its last USD issuance was a 10Y in 2013 at +98
* Amphenol (APH) Baa1/BBB+, filed senior debt shelf
* Has not issued since 2014; has $375m maturing in Sept.
* Mitsubishi UFJ Lease & Finance (MUFJLF) A3/A, to hold
investor meetings March 13-14, via MS
* Woori Bank (WOORIB) A2/A, mandates BNP/C/HSBC/JPM/Nom to
hold investor meetings March 6-9
* 3M (MMM) A1/AA-; filed mixed shelf
* Plans up to $2.8b debt in 2017, suggesting another yr of
incrementally higher leverage, BI says (Dec. 14)
* Texas Instruments (TXN) A1/A+, has history of March, April
issuance
* Mosaic (MOS) Baa2/BBB-, filed automatic mixed shelf; has not
issued since 2013
* $2.5b deal for Vale fertilizer ops; to fund purchase via
$1.25b cash and debt issuance
* Allergan (AGN) Baa3/BBB, exits blackout; last issued in 2015
* Has $1b maturing March 1
* General Motors Company Files Shelf; Parent Last Issued Feb.
2016
* CNA Financial (CNAFNL) Baa2/BBB, Exits Blackout, Has History
of Feb. 10Y Issuance
* Exxon Mobil (XOM) Aaa/AA+, has a history of Q1 issuance
* Feb. 29, 2016: $12b in 8-tranches
* March 3, 2015: $8b in 7-tranches
* March 17, 2014: $5.5b in 5 parts
* Has $2.25b maturing March 15
* Filed debt shelf March 10

* M&A deals expected in 2017, updated
* List grows with the addition of RBLN, BATSLN, FOXA
* MARS, the privately help candy behemoth of M&M fame has
a $5b loan outstanding for its VCA purchase; a private
place or debut bond sale to support the acquisition is
possible

SHELF FILINGS

* Panama; debt shelf amended to offer up to $3b debt, warrants
(Jan. 9)
* PG&E Corp (PCG) Baa1/BBB; $350m mixed shelf; Feb. 2014 was
last issuance at this level (Jan. 4)

OTHER

* United Technologies (UTX) A3/A-; plans to tap debt markets
in early 2017 to complete share buyback (Dec. 14)
* European Stability Mechanism (ESM) Aa1/–; mandates for
advisement on inaugural USD issuance (Oct. 21)
* Conagra Brands (CAG) Baa2/BBB; could add up to $2.5b debt
for M&A, BI said
* CAG was raised to BBB by S&P in Nov. on the expectation
co. will maintain debt leverage ~3x and below

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