Pacific Gas, Bank of America, Merck, Danske, BorgWarner, Perrigo price

By Cristal Cody

Tupelo, Miss., June 16 – Investment-grade supply revved up on Tuesday to more than $28 billion with volume led by deals from Pacific Gas and Electric Co., Bank of America Corp. and Merck & Co., Inc.

Pacific Gas and Electric priced $8,925,000,000 of first mortgage bonds (Baa3/BBB-/BBB-) in six tranches in a deal upsized from an expected $5,925,000,000 offering as part of its reorganization funding from Chapter 11 bankruptcy.

Bank of America brought $6 billion of senior notes (A2/A-/A+) in two tranches to the primary market.

Merck priced $4.5 billion of fixed-rate notes (A1/AA-/) in four tranches.

Ford Motor Credit Co. LLC sold $1.75 billion of five-year notes (expected ratings Ba2/BB+) in a high-yield deal executed off the investment-grade desk.

Danske Bank A/S priced $1.25 billion of four-year notes (A3/A+/) during the session.

BorgWarner Inc. sold $1.1 billion of seven-year senior notes (Baa1/BBB/BBB+) on Tuesday.

Standard Industries Inc. priced $1.1 billion of split-rated 10-year senior notes (Ba2/BBB-) in a Rule 144A and Regulation S deal upsized from $500 million.

Perrigo Finance Unlimited Co. priced $750 million of 10-year guaranteed senior notes (Baa3/BBB-/) following fixed income investor calls on Friday.

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