> Finance & Stock Exchange > Bonds
US CREDIT-Kraft bonds risk weakness on restructuring
Reuters: [2008-05-19 22:16:00]
By Karen Brettell
NEW YORK, May 19 (Reuters) - Kraft Foods Inc's <KFT.N>
credit profile risks further deterioration as the food company
restructures its business, which may include making additional
acquisitions that are funded by debt.
Kraft, the largest North American food maker, on Monday
sold $2 billion in bonds, around $1.5 billion of which is
expected to be used to repay a credit facility that was used to
fund its purchase of Groupe Danone's <DANO.PA> global cookie
business.
The acquisition raised Kraft's leverage, a measure of debt
to earnings before interest, taxes, depreciation and
amortization, to a higher level than similarly rated peers, a
factor reflected in its comparatively wider credit spreads,
analysts said.
"We think there are more downside risks than upside
potential," said CreditSights analyst Edward Mui.
The cost to insure its debt with credit default swaps rose
to around 77 basis points on Monday, or $77,000 per year to
insure $10 million in debt, from 74.34 basis points at Friday's
close, according to Markit Intraday.
Kraft is in the midst of a restructuring in which it has
been making changes to its portfolio, including the Danone
purchase and separately agreeing to sell its Post Cereals
business to Ralcorp Holdings Inc <RAH.N>.
Billionaire investors Nelson Peltz, Carl Icahn and Warren
Buffett have all taken equity stakes in Kraft, and agitations
from them to improve its stock price may come at the expense of
debt holders, analysts said.
Kraft "has been very aggressive on share buybacks and we
don't have any reason to believe they won't continue to do
that," said Gimme Credit analyst Craig Hutson.
Also, "with the Danone deal they were willing to take on a
pretty sizable new company and if this management team sees a
strategic opportunity they couldn't pass up they would probably
do it, and they would probably finance it predominately with
debt," he said.
COMMODITY PRESSURES
Kraft is also under pressure to pass on rising costs of
commodities to the consumer without hurting sales.
"The rest of the industry is facing commodity cost
pressure, but we think Kraft is a little bit more vulnerable
because it has cheese products and other products that are more
commodity-like in nature," said CreditSights' Mui.
"You have the consumer trading down, they will look for
cheaper alternatives, and private products like Kraft cheese
will suffer," he added.
Kraft last month posted a drop in first quarter profit
compared to the previous year, though it beat expectations as
price increases and new products lifted sales even as costs for
oil and ingredients such as wheat continued to soar.
"The first quarter was arguably better than they've been
able to show they could do in the past," said Gimme Credit's
Hutson.
"They need to show that they can in fact offset input cost
inflation and that consumers aren't going to be scared away
from higher price increases," he said.
(Editing by Clive McKeef)
((karen.brettell@thomsonreuters.com; +1 646 223 6274; Reuters
Messaging: karen.brettell.reuters.com@reuters.net ))
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Keywords: MARKETS CREDIT/
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-19 22:14:00]
May 19 (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 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*ArcelorMittal $1.5 bln 5-yr Baa2/BBB+/BBB GS/JPM/HSBC
*ArcelorMittal $1.5 bln 10-yr Baa2/BBB+/BBB GS/JPM/HSBC
Baxter Int'l $500 mln 10-yr A3/A+/A GS/JPM 5/19
Conn Pwr & Light $300 mln 10-yr A3/BBB+/A- BARC/CITI/WB 5/19
Genworth Fin $600 mln 10-yr A2/A/A+ MS/DB/UBS 5/19
HSBC Hldgs Plc $1.5 bln 30-yr Aa3/A+/AA- HSBC 5/19
Kraft Foods $1.25 bln 10-yr Baa2/BBB+/BBB GS/CS/HSBC 5/19
Kraft Foods $750 mln 30-yr Baa2/BBB+/BBB GS/CS/HSBC 5/19
Lexmark Int'l $350 mln 5-yr Baa2/BBB/NA CITI/JPM 5/19
Lexmark Int'l $350 mln 10-yr Baa2/BBB/NA CITI/JPM 5/19
Northwest Pipe $250 mln 10-yr Baa2/BBB-/BBB BAS/BNP/RBGSC 5/19
Pepsico $1.75 bln 10-yr Aa2/A+/AA- JPM/ML/MS 5/19
Public Svc of NH $110 mln 10-yr Baa1/BBB+/BBB+ BARC/BKNY 5/19
*Transcont Gas $250 mln 10-yr Baa2/BBB-/BBB BAS/JPM/RBSGC 5/19
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/19/2008
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
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
------------------------------------------------------------------------------
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: [2008-05-19 21:59:00]
May 19 (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 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*ArcelorMittal $1.5 bln 5-yr Baa2/BBB+/BBB GS/JPM/HSBC
*ArcelorMittal $1.5 bln 10-yr Baa2/BBB+/BBB GS/JPM/HSBC
Baxter Int'l $500 mln 10-yr A3/A+/A GS/JPM 5/19
Conn Pwr & Light $300 mln 10-yr A3/BBB+/A- BARC/CITI/WB 5/19
Genworth Fin $600 mln 10-yr A2/A/A+ MS/DB/UBS 5/19
HSBC Hldgs Plc $1.5 bln 30-yr Aa3/A+/AA- HSBC 5/19
Kraft Foods $1.25 bln 10-yr Baa2/BBB+/BBB GS/CS/HSBC 5/19
Kraft Foods $750 mln 30-yr Baa2/BBB+/BBB GS/CS/HSBC 5/19
Lexmark Int'l $350 mln 5-yr Baa2/BBB/NA CITI/JPM 5/19
Lexmark Int'l $350 mln 10-yr Baa2/BBB/NA CITI/JPM 5/19
Northwest Pipe $250 mln 10-yr Baa2/BBB-/BBB BAS/BNP/RBGSC 5/19
Pepsico $1.75 bln 10-yr Aa2/A+/AA- JPM/ML/MS
Public Svc of NH $110 mln 10-yr Baa1/BBB+/BBB+ BARC/BKNY 5/19
*Transcont Gas $250 mln 10-yr Baa2/BBB-/BBB BAS/JPM/RBSGC 5/19
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/19/2008
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
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
------------------------------------------------------------------------------
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: [2008-05-19 20:19:00]
May 19 (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 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*ArcelorMittal $TBA 5-yr Baa2/BBB+/BBB GS/JPM/HSBC
*ArcelorMittal $TBA 10-yr Baa2/BBB+/BBB GS/JPM/HSBC
Baxter Int'l $500 mln 10-yr A3/A+/A GS/JPM 5/19
Conn Pwr & Light $300 mln 10-yr A3/BBB+/A- BARC/CITI/WB 5/19
Genworth Fin $600 mln 10-yr A2/A/A+ MS/DB/UBS 5/19
HSBC Hldgs Plc $TBA 30-yr Aa3/A+/AA- HSBC
Kraft Foods $1.25 bln 10-yr Baa2/BBB+/BBB GS/CS/HSBC
Kraft Foods $750 mln 30-yr Baa2/BBB+/BBB GS/CS/HSBC
Lexmark Int'l $TBA 5-yr Baa2/BBB/NA CITI/JPM
Lexmark Int'l $TBA 10-yr Baa2/BBB/NA CITI/JPM
Northwest Pipe $250 mln 10-yr Baa2/BBB-/BBB BAS/BNP/RBGSC 5/19
Pepsico $1.75 bln 10-yr Aa2/A+/AA- JPM/ML/MS
Public Svc of NH $110 mln 10-yr Baa1/BBB+/BBB+ BARC/BKNY 5/19
*Transcont Gas $250 mln 10-yr Baa2/BBB-/BBB BAS/JPM/RBSGC
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/19/2008
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
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
------------------------------------------------------------------------------
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: [2008-05-19 19:59:00]
May 19 (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 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*ArcelorMittal $TBA 5-yr Baa2/BBB+/BBB GS/JPM/HSBC
*ArcelorMittal $TBA 10-yr Baa2/BBB+/BBB GS/JPM/HSBC
Baxter Int'l $500 mln 10-yr A3/A+/A GS/JPM
Conn Pwr & Light $300 mln 10-yr A3/BBB+/A- BARC/CITI/WB 5/19
Genworth Fin $600 mln 10-yr A2/A/A+ MS/DB/UBS 5/19
HSBC Hldgs Plc $TBA 30-yr Aa3/A+/AA- HSBC
Kraft Foods $1.25 bln 10-yr Baa2/BBB+/BBB GS/CS/HSBC
Kraft Foods $750 mln 30-yr Baa2/BBB+/BBB GS/CS/HSBC
Lexmark Int'l $TBA 5-yr Baa2/BBB/NA CITI/JPM
Lexmark Int'l $TBA 10-yr Baa2/BBB/NA CITI/JPM
Northwest Pipe $250 mln 10-yr Baa2/BBB-/BBB BAS/BNP/RBGSC 5/19
Pepsico $1.75 bln 10-yr Aa2/A+/AA- JPM/ML/MS
Public Svc of NH $110 mln 10-yr Baa1/BBB+/BBB+ BARC/BKNY 5/19
*Transcont Gas $250 mln 10-yr Baa2/BBB-/BBB BAS/JPM/RBSGC
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SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/19/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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PREVIOUS HIGH-GRADE BOND SALES
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
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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
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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
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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
Next: Forward Calendar - U.S. corporate bond new issues