Enterprise Products, American Honda, Total Capital among issuers; AIB readies offering

By Cristal Cody

Tupelo, Miss., Oct. 3 – Enterprise Products Operating LLC led high-grade issuance on Wednesday with a $3 billion three-tranche offering of senior notes.

Also, American Honda Finance Corp. priced $1.75 billion of medium-term notes in three parts.

Total Capital tapped the primary market with a $1 billion offering of 10-year guaranteed notes.

Supply week to date has been heavy with more than $40 billion of high-grade issuance, including Comcast Corp.’s $27 billion 12-part offering of senior notes that priced on Tuesday.

About $40 billion to $45 billion of volume was expected for the week by market sources.

In other action, AIB Group plc is holding fixed income investor calls and meetings that started on Tuesday for a Rule 144A and Regulation S dollar-denominated offering of notes.

The Markit CDX North American Investment Grade 31 index was mostly unchanged on Wednesday at a spread of 59 basis points.

Enterprise Products Operating priced $3 billion of senior notes (Baa1/BBB+/BBB+) in three parts on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The company sold $750 million of 3.5% notes due Feb. 1, 2022 at 99.985 to yield 3.506%, or a spread of Treasuries plus 55 bps.

A $1 billion tranche of 4.15% 10-year notes priced at 99.764 to yield 4.179%. The notes priced with a Treasuries plus 100 bps spread.

Also, $1.25 billion of 4.8% notes due Feb. 1, 2049 priced at a spread of 150 bps over Treasuries, or 99.39 to yield 4.839%.

The notes are unconditionally guaranteed by Enterprise Products Partners LP.

Bookrunners were Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., Barclays, Mizuho Securities USA LLC, MUFG, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.

The midstream energy services provider is based in Houston.

American Honda taps market

American Honda Finance sold $1.75 billion of medium-term notes (A2/A+) in three tranches on Wednesday, according to FWP filings with the SEC.

The company sold $350 million of three-year floating-rate notes at par to yield Libor plus 29 bps.

A $700 million tranche of 3.375% three-year fixed-rate notes priced at a spread of Treasuries plus 45 bps. The notes priced at 99.952 to yield 3.392%.

American Honda also sold $700 million of 3.625% five-year notes at 99.918 to yield 3.643%, or a Treasuries plus 62 bps spread.

Barclays, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, BofA Merrill Lynch and MUFG were the bookrunners.

American Honda Finance is a Torrance, Calif.-based financing arm of American Honda Motor Co.

Total sells $1 billion

Total Capital sold $1 billion of 3.883% 10-year guaranteed notes at a spread of 73 bps over Treasuries on Wednesday, according to an FWP filing with the SEC.

The notes (Aa3/A+) priced at par.

Bookrunners were Citigroup, Goldman Sachs & Co. LLC, JPMorgan, Mizuho Securities, SMBC Nikko Securities and Societe Generale CIB.

The notes are unconditionally guaranteed by parent company Total SA.

Total Capital is a financing arm of the Courbevoie, France-based oil and gas company.

AIB holds roadshow

AIB Group (Baa3/BB+/BBB-) plans to price a Rule 144A and Regulation S dollar-denominated offering of notes with fixed income investor calls and meetings occurring this week, a source said.

BofA Merrill Lynch, Citigroup, Goldman Sachs and Morgan Stanley & Co. LLC are the arrangers.

AIB Group is a banking and financial services company based in Dublin.

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