By John Balassi

NEW YORK, March 23 (IFR) – Three Yankee deals are already out this morning in the high-grade market, a welcome sign of life after one of the slowest non-holiday weeks of the year. But Greece is weighing on sentiment, oil prices are down again and syndicate desks are expecting relatively light issuance this week – somewhere in the US$ 20bn to US$ 25bn range.

Indigestion started to set in last week, which ended with concessions close to double digits, and that should influence both demand and pricing leverage in the days ahead. Meanwhile HSBC Holdings (HKSE: 0005.HK – news) , BOC Aviation and Hyundai Capital Services are all looking to print deals today.

On the domestic front today we have the Chicago Fed national activity and existing home sales for February. Wednesday will see durable goods orders, followed by new home sales and manufacturing PMI, initial jobless claims and the preliminary March services and composite PMIs on Thursday. The week in data wraps on Friday with the fourth-quarter GDP revision (consensus for at +2.4%) as well as the University of Michigan consumer sentiment reading for March. Dow Futures: -9, S&P Futures: -1.25, Nasdaq Futures: -0.75 CDX IG23: 0.25bp wider, CDX HY23: 0.0625 point lower 10-yr UST yield: 1.911%, -1.9bp; 30-yr UST yield: 2.495%, -0.9bp

USD HIGH-GRADE PIPELINE

HSBC Holdings plc, rated Baa3/Nr/BBB(exp), announced a USD benchmark SEC-Reg perpetual nc10 (3/30/25) subordinated contingent convertible securities via sole-bookrunner HSBC. Joint-lead managers are BBVA/BNP (Paris: FR0000131104 – news) /Scotiabank/Bank of Communications/CCB International/CIBC/ Citi/Commerzbank (Xetra: CBK100 – news) / Lloyds/Morgan Stanley (Xetra: 885836 – news) /Natixis (LSE: 0IHK.L – news) /SocGen (Paris: FR0000130809 – news) /UBS (NYSEArca: FBGX – news) /Unicredit (Milan: UCG.MI – news) . UOP: Issuer will use the net proceeds from the sale of the Securities for general corporate purposes and to further strengthen our capital base pursuant to requirements under CRD IV. Expected to price later today. Settlement date 3/30/15. IPT: 6.625% area.

BOC Aviation, rated A-/A-, has given initial guidance for a yield of in the area of Treasuries plus 190bp for a 144A/Reg S USD 5-year benchmark bond offering. BOCI, Citigroup (NYSE: C – news) , HSBC and JP Morgan (Other OTC: MGHL – news) are managing the issue, which is expected to be today’s business. This will be BOC Aviation’s first drawdown from its newly established global MTN program.

Hyundai Capital Services, Baa1/A-, has announced final guidance to yield around 130bp over US Treasuries for a US dollar-denominated 5.5-year benchmark. The 144A/Reg S senior unsecured bonds, which will price as early as today. ANZ, Bank of America Merrill Lynch, Citigroup and Deutsche Bank (LSE: 0H7D.L – news) are the joint bookrunners on the offering.

XLIT Ltd, Baa3/BBB, mandated Goldman Sachs (NYSE: GS-PB – news) and Morgan Stanley as active joint book runners to arrange fixed income investor calls. MS is coordinating the logistics. The roadshow is preparation for a possible subordinated Notes transaction that could soon follow its conclusion.

Telstra Corp, A2/A, asked Barclays (LSE: BARC.L – news) , Citigroup and J.P. Morgan to arrange investor meetings scheduled to commence this week.

Healthcare Realty Trust Inc., Baa3/BBB, asked Barclays and J.P. Morgan to arrange fixed income investor meetings slated to begin in the Tri-state area and Boston. JPM will coordinate NYC and Barclays will handle Boston.

Shinhan Bank, A1/A, mandated bank of America/Merrill Lynch and J.P. Morgan to arrange U.S. fixed income investor meetings. A 144A/REGS transaction could soon follow its conclusion.

Halliburton Co, A2/A, filed an S-3ASR automatic debt securities shelf registration. Proceeds were flagged for general corporate purposes including but not limited to repayment or refinancing of debt, financing of acquisitions, working capital, CAPEX and repurchases and redemptions of securities.

OVERNIGHT IFR/REUTERS HEADLINES

Greece worries leave Europe subdued, Asia makes gains

Caution about Greece ahead of a meeting between its prime minister and Germany’s Angela Merkel prompted a nervy start to the week for European markets on Monday.

Greek PM wrote to Merkel warning of “impossible” debt obligation

Greek Prime Minister Alexis Tsipras wrote to German Chancellor Angela Merkel last week warning that it would be “impossible” for Greece to make debt payments over the next few weeks without more financial help, his government confirmed on Monday.

Fed’s Bullard says dollar near fair value but path unclear

The dollar index is not far from fair value but it is unclear how much more the U.S. currency will strengthen against the euro, St Louis Federal Reserve President James Bullard said on Monday.

ChemChina to buy Italian tyre maker Pirelli in $ 7.7 bln deal

China National Chemical Corp (ChemChina) is to buy Pirelli, the world’s fifth-largest tyre maker, in a 7.1 billion euro ($ 7.7 billion) deal that will place one of the symbols of Italy’s manufacturing industry in Chinese hands.

Tenet forms JV to create largest US ambulatory surgery provider

Tenet Healthcare Corp (NYSE: THC – news) and United Surgical Partners International (USPI) will combine their ambulatory and short-stay surgery centers in a deal that will give Tenet the option to buy USPI over the next five years.

GLOBAL MACRO * Markets open risk on on weaker Dollar * Greece PM Tsipras warns German Chancellor Merkel of impossible debt obligations – Rts * UK leaving the EU to cost economy 2.2% of GDP says Open Europe – Rts * Brent holds below $ 55 as Saudi Arabia refuses to cut production * IFR COMMENT: When does the money run out for Greece

US DATA * 08:30 Chicago Fed National Activity Index (Feb) (prev 0.13) * 10:00 Existing Home Sales (Feb) (mkt 4.95 mln SAAR, prev 4.82 mln SAAR)

EVENTS * 04:40 FRB Cleveland’s Mester (non-voter, hawk) on post-crisis monetary policy; Paris * 06:00 FRB Cleveland’s Mester (non-voter, hawk) on Bloomberg TV * 11:30 Federal Reserve Vice Chair Fischer (voter, dovish) addresses Economic Club of New York; NYC * 22:00 FRB San Francisco’s Williams (voter, dovish) on the economic outlook; Sydney (Reporting by John Balassi; Editing by Marc Carnegie)