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ING, Medtronic, BlackRock sell investment-grade bonds; Genpact upsizes; credit spreads soften
By Cristal Cody
Tupelo, Miss., March 21 – High-grade issuers turned out on Tuesday and priced more than $8 billion of bonds during the session.
ING Groep NV tapped the primary market with a $4 billion three-part offering of senior notes.
Medtronic plc priced $2 billion of senior notes in three fixed-rate tranches. The company dropped a planned floating-rate tranche.
BlackRock Inc. priced $700 million of 10-year senior notes.
Southern California Edison Co. sold $700 million of 30-year first and refunding mortgage bonds.
Genpact Ltd. subsidiary Genpact Luxembourg Sarl brought an upsized $350 million of five-year senior notes to market.
International Finance Corp. priced a $500 million offering of three-year notes.
In the Canadian high-grade primary market on Tuesday, John Deere Canada Funding Inc. sold C$250 million of 1.85% four-year senior notes at 99.992 to yield 1.852%, or a spread of 77 basis points versus the interpolated Government of Canada bond curve.
Also, 407 International Inc. priced C$250 million of 3.43% senior notes due June 1, 2033 at 99.917 to yield 3.437%. The series 17-A1 notes priced with a spread of 122 bps over the Government of Canada benchmark.
The Markit CDX North American Investment Grade index eased about 1 bp to close on Tuesday at a spread of 69 bps.
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