Corporate Bond Pipeline

January 9th, 2017 6:57 am | by John Jansen |

Via Bob Elson at Bloomberg:

IG CREDIT PIPELINE: TD to Price, IADB, KOMINS Mandates Added
2017-01-09 10:39:10.53 GMT

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

* Toronto-Dominion Bank (TD) Aaa/AAA, to price $benchmark
144a/Reg-S 5Y Covered Bond, via managers BMO/BNP/GS/HSBC/TD;
IPT MS +Low-60s

* Added today:
* Kommuninvest (KOMINS) Aaa/AAA, mandates BNP/BAML/Nom/TD
to manage a forthcoming $benchmark 144a/Reg-S 3Y
* Inter-American Development Bank (IADB) Aaa/AAA, mandates
BMO/BAML/HSBC/JPM to lead manage $benchmark Global 5Y
deal

* M&A deals expected in 2017

* Recent updates:
* Empresa de Transporte de Pasajeros Metro S.A. (Metro de
Santiago) (BMETR) na/A+/A, mandates BAML/JPM for
investor calls; 144a/Reg-S 30Y expected to follow
* Fibria Celulose S.A. na/BBB-/BBB-, mandates
BNP/BAML/C/HSBC/JPM for investor meetings from Jan. 6;
10Y Green Bond may follow
* Raizen Fuels Finance na/BBB-/BBB, to hold investor
meeting from Jan.9, via BAML/Bradesco/C/JPM/SANTAN
144a/Reg-S intermediate offering may follow
* PG&E Corp (PCG) Baa1/BBB, filed $350m mixed shelf; last
issued at this level in Feb. 2014
* Republic of Korea (KOREA) Aa2/AA, mandates
BAML/C/GS/HSBC/KDB/Samsung for investor meetings Jan.
9-11; USD deal may follow
* Has not priced a new USD issue since June 2014
* 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
* 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

* Mercury General (MCY) files debt shelf; last seen in 2001
* 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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