> Finance & Stock Exchange > Bonds
US CORP BONDS-Market stronger, new debt sales continue
Reuters: [2008-05-15 22:57:00]
NEW YORK, May 15 (Reuters) - The U.S. corporate credit
markets rallied on Thursday, while companies including HBOS Plc
<HBOS.L> and NiSource Finance Corp tapped the new issue
market.
The benchmark investment grade credit derivative index
tightened around 5.5 basis points to 90 basis points, its
tightest level in more than a week.
The rally was in line with a higher stock market, which was
buoyed by a pullback in crude oil. Healthy demand for new bond
issues also supported the market.
"There are a lot of new deals out there," said Mirko
Mikelic, senior portfolio manager at Fifth Third Asset
Management in Grand Rapids, Michigan.
New debt sales have been pricing more favorably than in
previous months, indicating better demand for new debt, he
said. "A lot of people are putting cash to work, the cash
market has moderately improved,"
HBOS, Britain's biggest mortgage lender, on Thursday sold
$2.0 billion in debt in the 144a private placement market, said
market sources.
NiSource Finance, a unit of electric utility NiSource Inc
<NI.N>, also sold $700 million in debt.
In the high yield market, Oklahoma City-based oil and
natural gas company SandRidge Energy Inc <SD.N> sold $750
million of 10-year senior notes in the 144a private placement
market. The size of the deal was increased from the originally
planned $500 million.
Financials dominated secondary trading with JPMorgan Chase
& Co's <JPM.N> 7.9 percent bond due 2018 the most actively
traded, according to MarketAxess.
Residential Capital's 8.375 percent bond due 2010 slipped
in jumpy trade. ResCap is offering to exchange the debt for new
bonds with a later maturity. The deadline for the offer will
expire on Friday.
The bond fell to 49 cents on the dollar, from 49.5 cents at
Wednesday's close, according to MarketAxess.
(Reporting by Karen Brettell and Anastasija Johnson; Editing
by Leslie Adler)
((karen.brettell@thomsonreuters.com; +1 646 223 6274; Reuters
Messaging: karen.brettell.reuters.com@reuters.net ))
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U.S. CORPORATE BOND PRICE QUOTATIONS...<NASDBONDS>
U.S. CREDIT DEFAULT SWAP COLUMN........[CDV/]
U.S. CREDIT DEFAULT SWAP NEWS..........[CDV]
EUROPEAN CORPORATE BOND MARKET REPORT..[EUB/]
EUROPEAN CORPORATE BOND MARKET REPORT..[EUB/]
CREDIT DEFAULT SWAP GUIDE..............<CDSINDEX>
FIXED INCOME GUIDE.....................<BONDS>
U.S. SWAP SPREADS REPORT...............[SWP/]
U.S. TREASURY MARKET REPORT............[US/]
U.S. TREASURY OUTLOOK..................[US/0]
U.S. MUNICIPAL BOND MARKET REPORT......[MUNI/]
Keywords: MARKETS USCORPBONDS
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-15 22:34:00]
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
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
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
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
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
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-15 22:26:00]
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
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
*HBOs Plc $2.0 bln 10-yr Aa3/A+/AA GS/LEH/MS 5/15
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
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
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
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-15 19:56:00]
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
Eaton Corp $300 mln 5-yr A2/A/A CITI/JPM/MS
Eaton Corp $450 mln 10-yr A2/A/A CITI/JPM/MS
*Entergy Gulf $375 mln 10-yr Baa3/BBB+/BBB MS/RBS/MIZ 5/12
*Harley David Fnd $TBA 10-yr A1/A/A+ CITI/JPM
*HBOs Plc $2.0 bln 10-yr Aa3/A+/AA GS/LEH/MS
NiSource Finance $TBA 5-yr Baa3/BBB-/BBB- BAS/JPM/WB
NiSource Finance $TBA 10-yr Baa3/BBB-/BBB- BAS/JPM/WB
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
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
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
EURO CORP-Credit spreads tighten, DSGi CDS wider
Reuters: [2008-05-15 17:42:00]
By Natalie Harrison
LONDON, May 15 (Reuters) - The cost of insuring retailer DSG International's debt against default rose on Thursday on disappointment over its turnaround plans, while broader credit spreads edged tighter in thin newsflow.
Five-year credit default swaps on DSGi <DSGI.L> widened by 5 basis points to 335 basis points, a trader said, and was the main standout in the retail sector which was broadly tighter in line with with the rest of the market.
DSGi shares also fell more than 10 percent as analysts warned that efforts by the company -- Europe's biggest specialist electricals retailer -- to cut costs and lower its dividend would not be enough to bolster the group's fortunes [ID:nL1575275].
DSG is currently rated Baa3 by Moody's Investors Service and BBB- by Fitch Ratings, both the lowest notch of investment grade ratings.
"There was no silver bullet in the review, with a turnaround likely to take some time," said Rob Orman, a credit analyst at RBS.
"I think there is a strong chance that at least one agency will cut them to junk in the next couple of weeks."
The cost of insuring Tesco debt against default was resilient however, despite a report from Moody's which said it may cut the UK supermarket's group A1 rating. The rating action cited concerns about Tesco's "weaker than expected credit metrics" and its planned acquisition of 36 discount stores from South Korea's E-Land, announced on Wednesday, Moody's said.
Tesco five-year CDS were 2 basis points tighter at 28 basis points, the trader said.
INFLATION WORRIES
In the wider credit market, the Markit iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was at 419.5 basis points by 1512 GMT, according to data from Markit, 8.5 basis points tighter versus late on Wednesday.
The investment-grade Markit iTraxx Europe index <ITRAC5EA=GFI> was at 69.5 basis points, 2.5 basis points tighter.
Geraud Charpin, a credit strategist at UBS, said there was little news driving credit derivative indexes tighter.
"If nothing much is happening, we tend to grind tighter in credit. We're still seeing a trickle of short covering and there is no big negative news, so there is no momentum for people to reset shorts," Charpin said.
U.S. data on Thursday showed softer-than-expected U.S. industrial output for April, which followed a weak manufacturing report from the New York Federal Reserve. Jobless claims also rose slightly more than expected in the latest week.
In Europe, the economic position is still somewhat brighter, however, as strong business investment helped drive German growth. But there are clouds on the horizon, notably weak consumer demand as soaring commodity prices push up the cost of fuel, food and other essentials.
Data earlier this week also showed a shock jump in UK inflation. The Bank of England revised up its inflation forecasts, suggesting there was little scope for further rate cuts, despite predictions of sharply slowing growth or even a recession.
"The inflationary pressures we are seeing make it harder for both the U.S. and Europe to fight against slumping growth. That fear is delaying the economic recovery so it should be seen as a negative," said Charpin.
(Reporting by Natalie Harrison; Editing by Andrew Callus)
((natalie.harrison@reuters.com; +44 207 542 2687; Reuters Messaging: natalie.harrison.reuters.com@reuters.net))
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Keywords: MARKETS BONDS EUROCORP
Next: EURO CORP-Credit spreads tighten, DSGi CDS wider