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Bond New Issues: Week Ending January 27, 2017

Posted by Michael Manna on Jan 30, 2017 2:52:09 PM
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North American Investment Grade debt was more than triple the amount of that issued in high yield this week, with investment grade debt totaling $24.85 billion and high yield debt totaling $8.26 billion. JPMorgan Chase & Co. (NYSE: JPM) and The Goldman Sachs Group Inc (NYSE: GS) led investment grade deals with JPMorgan having one issue of senior unsecured notes totalling $2.75 billion and Goldman Sachs with three new issues of senior unsecured notes totalling $5.0 billion. This represented 31.2% of total investment grade debt issued this week. Other stocks in the financial sector also had a big week as Capital One Financial Corporation (NYSE: COF) had two new issues of senior unsecured notes totaling $2.0 billion, BB&T Corporation (NYSE: BBT) with three new issues of senior unsecured notes totaling $2.6 billion, Royal Bank of Canada (NYSE: RY) with two new issues of senior unsecured notes totaling $1.75 billion, and SunTrust Banks Inc (NYSE: STI) with two new issues of senior unsecured notes totalling $1.3 billion. International Business Machines Corporation (NYSE: IBM) also had a busy week with four new issues of senior unsecured notes totalling $2.75 billion.

Click to enlarge - Amount Issued for week of January 27, 2017

Vedanta Resources PLC and Smithfield Foods Inc led high yield deals this week with Vedanta having one issue of senior unsecured notes (144A / Reg S) totaling $1 billion, and Smithfield Foods having one issue of senior unsecured notes (144A / Reg S) totalling $600 million, about 19.4% of total high yield debt issued this week.

High Yield New Issuance - Largest Deals this Week (USD):

  • Vedanta Resources PLC (USD) 6.375% 7/30/2022 (144A / Reg S) - 1,000 MM
  • Smithfield Foods Inc. (USD) 4.25% 2/1/2027 (144A / Reg S) - 600 MM
  • Rusal Capital Dac (USD) 5.125% 2/2/2022 (144A / Reg S) - 600 MM
  • Airxcel Inc. (USD) 8.5% 2/15/2022 (144A / Reg S) - 500 MM
  • Nielsen Company (Luxembourg) Sarl (USD) 5% 2/1/2025 (144A / Reg S) - 500 MM

Investment Grade New Issuance - Largest Deals this Week (USD):

  • JPMorgan Chase & Co. (USD) VAR% 2/1/2028 - 2,750 MM
  • Goldman Sachs Group Inc. (USD) 3% 4/26/2022 - 2,250 MM
  • Goldman Sachs Group Inc. (USD) 3.85% 1/26/2027 - 1,750 MM
  • Capital One NA (USD) 2.35% 1/31/2020 - 1,500 MM
  • Nordic Investment Bank (USD) 2.125% 2/1/2022 - 1,250 MM

 


For access to all High Yield and Investment Grade new issues, request a free trial of AdvantageData today.


 

Topics: New Issues, High Yield, Investment Grade

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