Mischler Financial Group -As Best Said by Coca-Cola, “Everything is Better When We’re Open!”

Below is excerpted from the September 14, 2020, edition of Quigley’s Corner, Mischler Financial Group’s daily debt market coverage and commentary distributed to Fortune 500 treasury teams, leading institutional investors, and the sell-side’s most recognized fixed income syndicate desks.

Investment Grade New Issues – Vaccine by End of October?

According to Pfizer’s CEO, Albert Boule, a Covid-19 vaccine will “likely” be available to the public prior to the end of 2020. Boule spoke on CBS’ “Face the Nation” on Sunday. All depends on approvals from the FDA. Boule said Pfizer is “preparing for it!” Certainly, a nice way to start a week. Risk was on, treasuries sold off and the new issue machine continued rolling out deals. As expected, this week should be a front-loaded one given the FOMC post-meeting conference on Wednesday.  Today did not disappoint as the IG Corporate dollar DCM hosted 13 issuers across 19 tranches totaling $12.50b.

Among those new issues, Mischler Financial Group, Inc., our nation’s oldest diversity-certified investment bank that is owned and operated by Service-Disabled Veterans is honored to announce that it served as a Co-Manager on today’s €2.6b Euro-denominated 3-part Coca-Cola Company comprised of 8.5- 12.5 and 19.5-year tranches. Mischler thanks The Treasury/Funding team at The Coca Cola Company for our inclusion.

Here is a recap of the Investment Grade New Issues Priced today:

Issuer Ratings Coupon Maturity Size IPTs GUIDANCE LAUNCH PRICED LEADS
Brookfield Infrastructure Partners L.P.
Green Issuance
BBB-/NR 5.125% PerpNC5 200 5.25% 5.125% # 5.125% $25 par Pfd
Series “13”
MS (phys) BofA/JPM/RBC/WFS
Chubb INA Holdings A3/A 1.375% 9/15/2030 1,000 +100a +75a (+/-2) +73 +73 CITI/JPM
Coca-Cola Company A1/A+ 1.00% 3/15/2028 1,300 +85a +60a +55 +55 BofA/BARC/CITI/JPM/SANT
Coca-Cola Company A1/A+ 1.375% 3/15/2031 1,300 +95a +75a +70 +70 BofA/BARC/CITI/JPM/SANT
Coca-Cola Company A1/A+ 2.50% 3/15/2051 1,500 +135a +115a +110 +110 BofA/BARC/CITI/JPM/SANT
Empower Finance 2020
Guar: Great-West Lifeco Inc.
A+/A- 1.357% 9/17/2027 400 +125a +95a (+/-5) +90 +90 GS/RBC/SCOT/WFS
Empower Finance 2020
Great-West Lifeco Inc.
A+/A- 1.776% 3/17/2031 400 +145a +115a (+/-5) +110 +110 GS/RBC/SCOT/WFS
Empower Finance 2020
Great-West Lifeco Inc.
A+/A- 3.075% 9/17/2051 700 +200a +170a (+/-5) +165 +165 GS/RBC/SCOT/WFS
Flowserve Corp. Baa3/BBB- 3.50% 10/01/2030 500 +325-337.5
+287.5 +287.5 +287.5 BofA/JPM/WFS (a) CACIB (p)
Healthcare Trust Baa2/BBB 2.00% 3/15/2031 800 +170a +145a (+/-3) +142 +142 JEFF/JPM/USB/WFS
HollyFrontier Corp. Baa3/BBB- 2.625% 10/01/2023 375 +287.5a +255a (+/-5) +250 +250 BofA/CITI/MUFG/TD
HollyFrontier Corp. Baa3/BBB- 4.50% 10/01/2030 375 +412.5a +390a (+/-5) +385 +385 BofA/CITI/MUFG/TD
OneAmerica Finc’l. Part. Inc. A-/BBB+ 4.25% 10/15/2050 400 +312.5a +287.5a +287.5 +287.5 GS/JPM
Protective Life Global Fdg.
A1/AA- 1.737% 9/21/2030 350 +125a +110a (+/-3) +107 +107 CITI/DB/JPM/USB
Southern California Gas Co. A2/A+ FRN 3nc6
300 3mL+60-65
3mL+37.5a (+/-2.5) 3mL+35 3mL+35 GS/RBC/SCOT/WFS
Sumitomo Mitsui Finc’l. Grp.
(tap) New Total: $2.35b
A1/A- 1.474% 7/08/2025 850 +100a +80a (+/-5) +75 +75 CITI/GS/JPM/SMBC
Sumitomo Mitsui Finc’l. Grp. A2/BBB+ 2.142% 9/23/2030 850 REV. IPTS: +175a
IPTs: +185a
+150a (+/-3) +147 +147 CITI/GS/JPM/SMBC
UMB Financial Corp. BBB+/A- 3.70% 10nc5
200 4.00%a 3.75%a (+/-5) 3.70% $100.00
WEC Energy Group Inc. Baa1/BBB+ 0.55% 9/15/2023 700 +60a +45a (+/-5) +40 +40 BofA/BARC/JPM/WFS

Above is the opening extract from Quigley’s Corner aka “QC” 09-14-20 edition distributed via email to institutional investment managers, lead underwriter syndicate desks and Fortune Treasury clients of Mischler Financial Group, the investment industry’s oldest diversity-certified broker-dealer owned and operated by Service-Disabled Veterans. 

The QC is a daily synopsis of everything Syndicate and Secondary as seen from the perch of Mischler’s primary debt capital markets desk. Commentary includes a comprehensive “deep dive” with optics on the day’s investment-grade corporate debt new issuance and secondary market data encompassing among other items, comparables, investment-grade credit spreads, new issue activity, secondary market most active issues, and upcoming deal pipeline.To receive Quigley’s Corner, please email: rquigley@mischlerfinancial.com or via phone 203.276.6646