Pricing action heavy; KfW, JPMorgan, Tyson Foods, Activision, Canadian Resources print

By Cristal Cody

Tupelo, Miss., May 23 – The high-grade market saw strong issuance for a second straight session on Tuesday.

Issuers brought more than $13 billion of bonds to the primary market.

KfW priced $5 billion of 1.625% three-year global notes (Aaa/AAA/) at 99.849 and a spread of Treasuries plus 21.7 bps.

JPMorgan Chase & Co. sold $3 billion of notes (A3/A-/A+) in two tranches.

Canadian Natural Resources Ltd. (Baa3/BBB+/) sold $3 billion of notes in three tranches.

Tyson Foods Inc. brought $2.75 billion of senior notes (Baa2/BBB/BBB) in four tranches to the primary market.

Nordea Bank AB sold $1.75 billion of three-year fixed- and floating-rate notes.

Activision Blizzard, Inc. priced $1.25 billion of senior notes due 2022, 2027 and 2047 (Baa2/BBB/) tighter than guidance.

Great-West Lifeco Inc. subsidiary Great-West Lifeco Finance (Delaware) LP priced $700 million of 4.15% 30-year senior notes (A+/A/).

DDR Corp. sold an upsized $450 million of 4.7% 10-year notes (Baa2/BBB-/BBB-).

Ascension Health Alliance priced an upsized $225 million add-on to its 3.945% senior notes due Nov. 15, 2046 (Aa2/AA+).

Deal volume also was heavy on Monday, led by Becton, Dickinson and Co.’s $9,675,000,000 seven-part offering of senior notes.

Moody’s Investors Service gave most of the company’s notes high-yield ratings of Ba1 with the two-year tranche given a high-grade rating of Baa2.

The deal was rated investment grade by S&P and Fitch.

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