Below extract is courtesy of May 09 edition of daily debt capital market commentary and focus on investment grade corporate debt deals courtesy of boutique investment bank Mischler Financial Group, the financial industry’s oldest minority broker-dealer owned and operated by Service-Disabled Veterans. MarketsMuse editorial team adds: “Make no mistake, the phrase ‘service-disabled’ applies to members of the military injured in the line of duty and no longer certified for combat situations. The heroes who have earned “SDV certification” are highly-trained, uniquely capable and often, thanks to the skills learned while serving in the U.S. military, are more qualified than most to meet and exceed job requirements across every facet of any business setting.
Today makes it clear why I featured “The Most Interesting Man in the World” in last Friday’s “QC” saying, “EMBRACE NEXT WEEK’S IG ISSUANCE
AVALANCHE!” Just look at today’s numbers: 10 IG Corporate issuers priced 25 tranches between them totaling $25.10bn. SSA featured 1 issuer and 1 tranche for $500mm bringing today’s all-in IG day total to a monolithic 11 issuers, 26 tranches and $25.6bn.
Here’s where today stands:
The 7th highest IG dollar new issue volume day of all-time.
The 2nd busiest day of 2016 for the same.
The 3rd highest number of tranches priced in history.
New Issues Priced Today’s recap of visitors to our IG dollar Corporate and SSA DCM:For ratings I use the better two of Moody’s, S&P or Fitch.IG
| Issuer | Ratings | Coupon | Maturity | Size | IPTs | GUIDANCE | LAUNCH | PRICED | LEADS |
| AbbVie Inc. | Baa2/A- | 2.30% | 5/14/2021 | 1,800 | +135a | +120a (+/-5) | +115 | +115 | BAML/BARC/DB/JPM |
| AbbVie Inc. | Baa2/A- | 2.85% | 5/14/2023 | 1,000 | +150a | +140a (+/-5) | +135 | +135 | BAML/BARC/DB/JPM |
| AbbVie Inc. | Baa2/A- | 3.20% | 5/14/2026 | 2,000 | +165a | +155a (+/-5) | +150 | +150 | BAML/BARC/DB/JPM |
| AbbVie Inc. | Baa2/A- | 4.30% | 5/14/2036 | 1,000 | +195a | +180a (+/-5) | +175 | +175 | BAML/BARC/DB/JPM |
| AbbVie Inc. | Baa2/A- | 4.45% | 5/14/2046 | 2,000 | +210a | +195a (+/-5) | +190 | +190 | BAML/BARC/DB/JPM |
| Banco de Bogota | Ba2/BBB | 6.25% | 5/12/2026 | 600 | mid 6.00%a | 6.50%a (+/-12.5) | 6.50% | +474.8 | CS/JPM/HSBC |
| Burlington Northern Santa Fe, LLC | A3/A | 3.90% | 8/01/2046 | 750 | +155a | +135a (+/-2) | +133 | +133 | CITI/GS/JPM |
| Chevron Corp. | Aa2/AA- | FRN | 5/16/2018 | 850 | 3mL+50a | 3mL+50 the # | 3mL+50 | 3mL+50 | BAML/JPM/WFS |
| Chevron Corp. | Aa2/AA- | 1.561% | 5/16/2019 | 1,350 | +70a | +70 the # | +70 | +70 | BAML/JPM/WFS |
| Chevron Corp. | Aa2/AA- | FRN | 5/16/2021 | 250 | 3mL+equiv | 3mL+equiv | 3mL+95 | 3mL+95 | BAML/JPM/WFS |
| Chevron Corp. | Aa2/AA- | 2.10% | 5/16/2021 | 1,350 | +90a | +90 the # | +90 | +90 | BAML/JPM/WFS |
| Chevron Corp. | Aa2/AA- | 2.566% | 5/16/2023 | 750 | +105a | +105 the # | +105 | +105 | BAML/JPM/WFS |
| Chevron Corp. | Aa2/AA- | 2.954% | 5/16/2026 | 2,250 | +120a | +120 the # | +120 | +120 | BAML/JPM/WFS |
| Deutsche Bank | Baa1/BBB+ | FRN | 5/10/2019 | 500 | 3mL+equiv | 3mL+equiv | 3mL+191 | 3mL+191 | DB-sole |
| Deutsche Bank | Baa1/BBB+ | 2.85% | 5/10/2019 | 1,600 | +212.5a | +200 the # | +200 | +200 | DB-sole |
| Deutsche Bank | Baa1/BBB+ | 3.375% | 5/12/2021 | 1,500 | +237.5a | +225 the # | +225 | +225 | DB-sole |
| Duke Energy Indiana LLC | Aa3/A | 3.75% | 5/12/2046 | 500 | +130a | +115a (+/-3) | +115 | +115 | CS/GS/MIZ/USB |
| GATX Corp. | Baa2/BBB | 5.625% | 50NC5 | 150 | 5.75%a | RG: 5.625%a +5.75%a |
5.625% | $25 par | BAML/MS |
| Waste Management | Baa2/A- | 2.40% | 5/15/2023 | 500 | +110a | N/A | +90 | +90 | BAML/CITI/MIZ |
| Westpac Banking Corp. | Aa2/AA- | FRN | 5/13/2019 | 250 | 3mL+equiv | 3mL+equiv | 3mL+71 | 3mL+71 | BAML/CITI/GS/JPM |
| Westpac Banking Corp. | Aa2/AA- | 1.65% | 5/13/2019 | 750 | +95a | +85a (+/-5) | +80 | +80 | BAML/CITI/GS/JPM |
| Westpac Banking Corp. | Aa2/AA- | FRN | 5/13/2021 | 250 | 3mL+equiv | 3mL+equiv | 3mL+100 | 3mL+100 | BAML/CITI/GS/JPM |
| Westpac Banking Corp. | Aa2/AA- | 2.10% | 5/13/2021 | 1,250 | +110a | +100a (+/-5) | +95 | +95 | BAML/CITI/GS/JPM |
| Westpac Banking Corp. | Aa2/AA- | 2.85% | 5/13/2026 | 1,500 | +137.5 | +120a (+/-5) | +115 | +115 | BAML/CITI/GS/JPM |
| WW Grainger Inc. | A2/AA- | 3.75% | 5/16/2046 | 400 | +140a | +120a (+/-3) | +117 | +117 | HSBC/MS/WFS |
For the entire edition of Quigley’s Corner, including a full analysis of the day’s debt capital market activity, please click here
SSA
| Issuer | Ratings | Coupon | Maturity | Size | IPTs | GUIDANCE | LAUNCH | PRICED | LEADS |
| Mubadala Dev. Co. PJSC | Aa2/AA | 2.75% | 5/11/2023 | 500 | MS+170 | MS+150 | MS+150 | +133.8 | BAML/BNPP/FGB/JPM/MUFG/SG |