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Fortive, United Airlines, PSEG price; AT&T softens; high-grade credit spreads improve
By Cristal Cody
Eureka Springs, Ark., June 6 – Investment-grade issuers including Fortive Corp., United Airlines, Inc. and PSEG Power LLC tapped the market on Monday.
Public Service Co. of Colorado also brought an offering of 30-year first mortgage bonds.
Fortive sold $2.3 billion of senior notes in four tranches on Monday, according to a market source and a company release.
The notes were sold in connection with Fortive’s spinoff from Danaher Corp., which will guarantee the notes until the spinoff occurs.
Fortive priced $300 million of 1.8% notes due June 15, 2019 at Treasuries plus 90 bps.
In the second tranche, the company sold $750 million of 2.35% notes due June 15, 2021 at Treasuries plus 110 bps.
Fortive brought $900 million of 3.15% 10-year notes at Treasuries plus 145 bps.
In the final tranche, the company sold $350 million of 4.3% notes due June 15, 2046 at 175 bps over Treasuries.
Market sources expect volume to be lighter over the week with forecasts of $20 billion to $25 billion of supply.
The Markit CDX North American Investment Grade index opened the session 2 basis points tighter and firmed another 2 bps over the session to close at a spread of 74 bps.
In the secondary market, AT&T Inc.’s 4.125% senior notes due 2026 traded 4 bps wider on the day.
Aetna Inc.’s senior notes (Baa2/A/A-) were mostly unchanged earlier in the session.
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