> Finance & Stock Exchange > Bonds
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-16 21:51:00]
May 15 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
ACE INA Holdings $450 mln 7-yr A3/A-/A CITI/JPM/WB 5/12
*AIG $4.0 bln 60-yr Aa3/A/A+ CITI/JPM 5/13
BJ Services $250 mln 10-yr Baa1/BBB+/NA CITI/ML 5/14
Canadian Pac Rail $400 mln 5-yr Baa3/BBB/NA MS/RBC 5/14
Canadian Pac Rail $300 mln 10-yr Baa3/BBB/NA MS/RBC 5/14
Centerpoint Engy $300 mln 10-yr Baa3/BBB/BBB BARC/CS/LEH 5/12
Deutsche Bk (Lon) $2.5 bln 5-yr Aa1/AA/NA 5/15
Eaton Corp $300 mln 5-yr A2/A/A CITI/JPM/MS 5/15
Eaton Corp $450 mln 10-yr A2/A/A CITI/JPM/MS 5/15
*Entergy Gulf $375 mln 10-yr Baa3/BBB+/BBB MS/RBS/MIZ 5/12
*Harley David Fnd $1.0 bln 10-yr A1/A/A+ CITI/JPM 5/15
*HBOs Plc $2.0 bln 10-yr Aa3/A+/AA GS/LEH/MS 5/15
Istar Financial $750 mln 5-yr Baa2/BBB/BBB BAS/CITI/JPM 5/16
JP Morgan $2.5 bln 30-yr Aa2/AA-/AA- JPM 5/16
NiSource Finance $TBA 5-yr Baa3/BBB-/BBB- BAS/JPM/WB 5/15
NiSource Finance $TBA 10-yr Baa3/BBB-/BBB- BAS/JPM/WB 5/15
Parker-Hannifin $450 mln 10-yr A2/A/A BAS/GS/MS 5/13
Parker-Hannifin $325 mln 20-yr A2/A/A BAS/GS/MS 5/13
Petro Canada $600 mln 10-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Petro Canada $900 mln 30-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Philip Morris $2.0 bln 5-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $2.5 bln 10-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $1.5 bln 30-yr A2/A/A+ CS/DB/LEH 4/13
Simon Property $700 mln 5-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Simon Property $800 mln 10-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Sovereign Bank $500 mln 10-yr Baa1/BBB/BBB- LEH 5/13
Tampa Electric $150 mln 10-yr Baa2/BBB-/BBB+ BNP/MS 5/13
United Tech. $1.0 bln 30-yr A2/A/A+ BAS/CITI 5/13
Wells Fargo Cap $2.5 bln perpetuals Aa3/AA-/NA JPM/ML/MS/UBS 5/12
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Alabama Power $300 mln 30-yr A2/A/A+ CITI/LEH 5/8
AT&T $750 mln 5-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.0 bln 10-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.25 bln 30-yr A2/A/A BAS/DB/MS/UBS 5/8
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Berkshire Hath $1.0 bln 5-yr Aaa/AAA/AAA GS 5/6
Berkshire Hath $1.0 bln 10-yr Aaa/AAA/AAA GS 5/6
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
Citigroup $550 mln 10-yr frn Aa3/AA-/AA- CITI 5/6
Citigroup $2.0 bln perpetuals A2/A/A+ CITI 5/6
Coca-Cola Ent. $275 mln 3-yr frn A3/A/A DB/JPM 5/7
Colgate-Palmolive $250 mln 5-yr Aa3/AA-/AA- GS/CITI/MS 5/7
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH 5/6
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM 5/6
*GTL Trade Fin $500 mln 10-yr NR/BBB-/BBB- ABN/HSBC/JPM 5/9
Hartford Fin Svs $500 mln 10.5-yr A2/A/A+ DB/GS/ML 5/7
Keycorp $750 mln 5-yr A2/A-/A CITI/CS/KEY/UBS 5/7
Korea Railrod $300 mln 5-yr A2/A/NA CITI/HSBC/MS 5/8
Merrill Lynch $1.75 bln 30-yr A2/A/A ML 5/7
Merrill Lynch $1.2 bln 2-yr frn A1/A+/A ML 5/7
Morgan Stanley $2.0 bln 2-yr frn Aa3/AA-/AA- MS 5/9
Morgan Stanley $2.0 bln 7-yr Aa3/AA-/AA- MS 5/9
JP Mgn Chase Cap $1.6 bln 70-yr Aa3/A/A+ JPM 5/7
Regions Bank $400 mln 10-yr A2/A/A GS/JPM/LEH/ML 5/9
*SMFG Pref Cap $1.8 bln perpetuals A2/BBB+/NA DAIWA/GS/JPM/UBS 5/7
Transalta Corp $500 mln 10-yr Baa2/BBB/NA CITI/HSBC 5/6
Travelers $500 mln 10-yr A3/A-/A CITI/LEH 5/8
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
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PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Atlas Energy $150 mln 10-yr B3/B/NA JPM/WACH 5/6
*DIRECTV Hldgs/LLC$1.35 bln 8-yr Ba3/BB/NA JPM/BAS/CS 5/7
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
UPDATE 2-FDIC sees new wave of U.S. credit stress coming
Reuters: [2008-05-16 18:11:00]
(Adds Bair comment on banks, foreclosure plan)
By John Poirier
WASHINGTON, May 16 (Reuters) - The head of the Federal Deposit Insurance Corp said on Friday that another wave of U.S. credit stress was coming, involving non-mortgage loans.
Sheila Bair, in remarks prepared for a Brookings Institution event, said delinquency rates were rising for construction and development lending as well as for commercial and consumer debt.
However, she said, U.S. banks are still healthy and in a much stronger position to weather the storm than they were during the savings and loan crisis of the 1980s.
"Data show there could be a second wave of the more traditional credit stress you see in an economic slowdown," Bair said. "The slowdown we've seen in the U.S. economy since late last year appears to be directly linked to the housing crisis and the self-reinforcing cycle of defaults and foreclosures, putting more downward pressure on the housing market and leading to yet more defaults and foreclosures."
Speaking to reporters after her speech, Bair said regulators are urging banks to raise capital and increase their loan loss reserves in the event construction and other loans turn sour.
Bair lauded efforts by Democrats and some Republicans in Congress to draft a bill offering federal mortgage assistance, but said "more proactive intervention" is needed to prevent home foreclosures.
She said low-cost government loans should be used to help borrowers pay down unaffordable mortgages, a plan she put forward last month as a way to help about 1 million homeowners.
Her plan, which is voluntary for the mortgage servicers, would be administered by the Treasury Department and require approval by Congress. It would apply to mortgages originated between January 1, 2003, and June 30, 2007.
"Over the past year, federal and state governments, and consumer groups have worked with some success to encourage the industry to modify loans," Bair said. "But it's just not happening fast enough. Given the scale of the problem, this cannot go on loan-by-loan as it has."
The FDIC insures deposits at more than 8,000 U.S. banks and thrifts and oversees the soundness of the institutions.
Earlier on Friday, the Commerce Department reported construction starts on new U.S. homes rose by a surprisingly strong 8.2 percent in April and applications for new building permits turned up for the first time in five months. New-home building has been hit hard by a wave of foreclosures for existing homes and big inventories of unsold homes.
Democrats and Republicans on the Senate Banking Committee on Thursday reached a deal for a broad housing rescue plan that would offer $300 billion in refinancing for distressed mortgages, according to housing industry sources. (Editing by Jonathan Oatis and Leslie Adler) ((john.poirier@thomsonreuters.com; +1 202 898 8399; Reuters Messaging: john.poirier.reuters.com@reuters.net)) Keywords: USA HOUSING/FDIC
EURO GOVT-Bonds gain as US sentiment data fuel growth fears
Reuters: [2008-05-16 18:02:00]
(Recasts with US data, strategists' comments, background)
By Emelia Sithole-Matarise
LONDON, May 16 (Reuters) - Euro zone government bonds rallied on Friday after a key U.S. consumer sentiment index tumbled to its lowest in 28 years, reigniting fears weak consumer spending may erode growth, boosting bids for quality fixed income.
Bunds gained despite competition from European stocks for investors' cash as buyers picked up paper at cheaper levels after a three-day sell-off, pushing two-year yields back below the psychologically key 4.00 percent level.
Sentiment was further bolstered after the Reuters/University of Michigan Survey of Consumers said its preliminary index of confidence fell to 59.5 in May, its lowest since June 1980. In April it was 62.6 and economists' median forecasts in a Reuters poll were for a May reading of 62.0.
This helped offset data showing a surprisingly strong rise in U.S. housing starts in April, which had eroded gains in government debt markets earlier in the session.
"The market turned around triggered apparently by the Michigan sentiment figure but I think most likely it's stopping the trend of the last couple of days," said Kornelius Purps, fixed income strategist at UniCredit.
"We had an extremely bearish week which is behind us and the tide is turning a little bit to close out the week," he said.
At 1640 GMT, June Bund futures <FGBLM8> were 43 ticks up at 113.61.
Two-year bond yields <EU2YT=RR> dipped back below 4.0 percent and were last at 3.988 percent, while 10-year yields <EU10YT=RR> were 3.2 basis points lower at 4.174 percent, flattening the yield curve.
Bunds had sold off this week as concerns over rising inflation, particularly in the UK, caused markets to scale back rate cut expectations, while a larger-than-expected increase in German first quarter GDP accelerated the slide on Thursday.
However, signs of softness in U.S. manufacturing and the job market reminded investors the economy there remained weak, giving a boost to Treasuries overnight which in turn pulled Bunds higher early in Friday's session.
"We remain of the belief that the lows for the market in the near term have already been seen and the building blocks are in place for a move higher," said Sean Maloney, a strategist at Nomura in London.
"This may take some time to gain traction however, with sensitivity to the central bank talk we have been seeing still high after the latest inflation run."
Purps at UniCredit however said the bearish trend in fixed income markets was likely to resume as the earnings season draws to a closer without any hard knocks for stock markets and as investor attention turns to a stream of euro zone data due next week, key among them Germany's Ifo business sentiment index.
"There is a risk of further yield increases in the euro area. Certainly the IFO index is key, whether we'll see an increase or another big drop, both are possible and might have a remarkable impact on ECB expectations and the direction of the curve," Purps said.
Euribor rate futures <0#FEI:> showed some signs of stabilising across the 2009 strip, which was the hardest hit by recent selling as investors pushed out rate cut expectations with some even seeing an outside risk of the ECB hiking interest rates this year in the face of rising global pricing pressures.
The central bank faces a tough task as inflation in the single currency bloc is only just below March's 3.6 percent, while growth is expected to slow in response to credit market turmoil, U.S. weakness, high oil and commodity prices and a strong euro.
ECB President Jean-Claude Trichet said on Friday a surplus of capital chasing too few investment opportunities in past years was now partly to blame for the record oil and commodity prices bedevilling the ECB's efforts to control inflation.
His colleague, Governing Council member Axel Weber said in a newspaper interview released late on Thursday that raising interest rates remains an option for the bank. He said updated ECB staff economic projections, to be released at the June rate meeting, would provide a good basis to discuss medium-term interest rate options. [ID:nL15738852].
In the swaps market, the 2/10 year swap curve remained inverted with 2-year swap rates <EURAB6E2Y=> at 4.66 percent and 10-year rates <EURAB6E10Y=> at 4.605 percent. (Editing by David Christian-Edwards)
((Reuters Messaging: emelia.sithole.reuters.com@reuters.net, Email: emelia.sithole@reuters.com; +44 20 7542 6752))
Keywords: MARKETS BONDS EURO
--------------MARKET SNAPSHOT AT 1547 GMT ------------------
Futures continuous contract basis
FUTURES CASH YIELD
THREE MONTH EURO 95.175 (+0.025) 3.955 (-0.018)
TWO-YEAR SCHATZ 103.43 (+0.05) 3.982 (-0.022)
10-YEAR BUND 113.62 (+0.44) 4.174 (-0.032)
30-YEAR BUND 4.655 (-0.032)
Current levels versus prior European close
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EURO CORP-Spreads tighter but fade on poor U.S. sentiment
Reuters: [2008-05-16 17:22:00]
By Richard Barley
LONDON, May 16 (Reuters) - European credit spreads tightened on Friday, buoyed by European equities, although they pared some of the move after U.S. consumer sentiment data from the University of Michigan came in weaker than expected.
The benchmark iTraxx indexes have been moving tighter throughout the week, reversing the widening seen last week, as the focus has moved more to new corporate bond sales that have been broadly well received, bringing support to the market.
By 1515 GMT, the Markit iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was at 413 basis points, according to data from Markit, 7 basis points tighter versus late on Thursday.
The investment-grade Markit iTraxx Europe index <ITRAC5EA=GFI> was at 68 basis points, 2 basis points tighter.
The indexes had earlier been indicated as low as 404 basis points and 65.5 basis points, respectively, but weakened late in the session after U.S. consumer confidence tumbled to its lowest in 28 years this month. [ID:nN16404511]
Traders said there was little activity in the market on Friday, with investors perhaps focused on digesting the heavy flow of supply this week, including sizeable deals from BMW <BMWG.DE>, France Telecom <FTE.PA> and Daimler <DAIGn.DE>.
"The new issue window, largely shut in Q1, exploded in April and May as investors sensed stability was returning to the markets," strategists at BNP Paribas said in a note to clients. "Stable market conditions will keep the primary pipeline busy, given the large backlog of financing required due to M&A activity."
"The good news is that investment-grade markets are still open."
BA, ICELANDIC BANK CDS RALLY
Among single names, CDS on British Airways <BAY.L> fell 20 basis points to 301 basis points after it released results that pushed its shares up nearly 4.5 percent.
BA said profits rose 45 percent, allowing it to pay its first dividend since 2001, but warned that the year could be turbulent with fuel costs set to rise 1 billion pounds.
The cost of insuring Icelandic banks' debt against default fell sharply on Friday after the Swedish, Danish and Norwegian central banks agreed a swap facility with Iceland.
Five-year credit default swaps on the banks fell by some 40-50 basis points, with Kaupthing <KAUP.IC> indicated around 425 basis points, Glitnir <GLB.IC> around 380 basis points and Landsbanki <LAIS.IC> around 220 basis points.
The Swedish central bank said the facility was aimed at supporting the Icelandic central bank in its task of safeguarding economic and financial stability.
In the cash bond market, the FTSE Euro Corporate Bond Index <EUCRAVSPG=> showed investment-grade corporate bonds in euros yielding an average 111.8 basis points more than similarly dated government bonds, 0.6 basis points more on the day. (Reporting by Richard Barley; editing by Sue Thomas)
((richard.barley@thomsonreuters.com; +44 20 7542 7770; Reuters Messaging rm://richard.barley.reuters.com@reuters.net))
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Keywords: MARKETS BONDS EUROCORP
Keywords: MARKETS BONDS EUROCORP = 2
EURO CORP-Spreads tighter but fade on poor U.S. sentiment
Reuters: [2008-05-16 17:22:00]
By Richard Barley
LONDON, May 16 (Reuters) - European credit spreads tightened on Friday, buoyed by European equities, although they pared some of the move after U.S. consumer sentiment data from the University of Michigan came in weaker than expected.
The benchmark iTraxx indexes have been moving tighter throughout the week, reversing the widening seen last week, as the focus has moved more to new corporate bond sales that have been broadly well received, bringing support to the market.
By 1515 GMT, the Markit iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was at 413 basis points, according to data from Markit, 7 basis points tighter versus late on Thursday.
The investment-grade Markit iTraxx Europe index <ITRAC5EA=GFI> was at 68 basis points, 2 basis points tighter.
The indexes had earlier been indicated as low as 404 basis points and 65.5 basis points, respectively, but weakened late in the session after U.S. consumer confidence tumbled to its lowest in 28 years this month. [ID:nN16404511]
Traders said there was little activity in the market on Friday, with investors perhaps focused on digesting the heavy flow of supply this week, including sizeable deals from BMW <BMWG.DE>, France Telecom <FTE.PA> and Daimler <DAIGn.DE>.
"The new issue window, largely shut in Q1, exploded in April and May as investors sensed stability was returning to the markets," strategists at BNP Paribas said in a note to clients. "Stable market conditions will keep the primary pipeline busy, given the large backlog of financing required due to M&A activity."
"The good news is that investment-grade markets are still open."
BA, ICELANDIC BANK CDS RALLY
Among single names, CDS on British Airways <BAY.L> fell 20 basis points to 301 basis points after it released results that pushed its shares up nearly 4.5 percent.
BA said profits rose 45 percent, allowing it to pay its first dividend since 2001, but warned that the year could be turbulent with fuel costs set to rise 1 billion pounds.
The cost of insuring Icelandic banks' debt against default fell sharply on Friday after the Swedish, Danish and Norwegian central banks agreed a swap facility with Iceland.
Five-year credit default swaps on the banks fell by some 40-50 basis points, with Kaupthing <KAUP.IC> indicated around 425 basis points, Glitnir <GLB.IC> around 380 basis points and Landsbanki <LAIS.IC> around 220 basis points.
The Swedish central bank said the facility was aimed at supporting the Icelandic central bank in its task of safeguarding economic and financial stability.
In the cash bond market, the FTSE Euro Corporate Bond Index <EUCRAVSPG=> showed investment-grade corporate bonds in euros yielding an average 111.8 basis points more than similarly dated government bonds, 0.6 basis points more on the day. (Reporting by Richard Barley; editing by Sue Thomas)
((richard.barley@thomsonreuters.com; +44 20 7542 7770; Reuters Messaging rm://richard.barley.reuters.com@reuters.net))
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Keywords: MARKETS BONDS EUROCORP
Keywords: MARKETS BONDS EUROCORP = 2
Next: EURO GOVT-Bunds add to gains after US sentiment data