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AerCap, CNH, Arch, Niagara Mohawk, UniCredit in primary; credit spreads firm
By Cristal Cody
Tupelo, Miss., June 23 – Investment-grade primary action ramped up on Tuesday following light supply at the start of the week.
AerCap Ireland Capital DAC and AerCap Global Aviation Trust returned to the primary market with $1.25 billion of guaranteed senior notes due Sept. 15, 2023 (Baa3/BBB/BBB-) that priced tighter than talk.
Arch Capital Group Ltd. priced $1 billion of 30-year senior notes (Baa1/A-/BBB+) better than talk on Tuesday, dropping a 10-year tranche from the final offering.
CNH Industrial Capital LLC sold $600 million of three-year senior notes (Baa3/BBB/BBB-) in a deal upsized from $500 million.
Niagara Mohawk Power Corp. offered two tranches of senior notes (A3/A-), including 10-year notes initially talked to print in the Treasuries plus 150 basis points to 155 bps area and 30-year notes talked at the 185 bps to 190 bps spread area.
UniCredit SpA (Baa1/BBB/BBB-) offered 15-year notes on Tuesday. Initial price talk is in the Treasuries plus 510 bps area.
High-grade credit spreads tightened more than 2 bps on Tuesday after firming nearly 2 bps in the prior session.
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