Eli Lilly, Texas Instruments, Fairfax price; Biogen, Delta Air on tap

By Cristal Cody

Tupelo, Miss., April 24 – Eli Lilly & Co. sold $1 billion of 2.25% 30-year senior notes on Friday with the lowest coupon for a 30-year corporate bond on record, a source said.

The session also saw additional supply.

Texas Instruments Inc. priced $750 million of 10-year notes.

Fairfax Financial Holdings Ltd. sold $650 million of 10-year senior notes.

First Financial Bancorp priced $150 million of 10-year fixed-to-floating rate subordinated notes.

The deals bring week to date high-grade corporate issuance to more than $36 billion.

Supply is expected to ramp up next week with syndicate sources forecasting about $40 billion to $50 billion of new issuance.

Biogen Inc. is expected to tap the primary market with a new issue following fixed-income investor calls held Friday.

The company was last in the high-grade primary market on Sept. 10, 2015 when it sold $6 billion of senior notes in four tranches.

In addition, Delta Air Lines, Inc. is expected in the primary market with a $1.5 billion split-rated offering of five-year senior secured first-lien bullet notes (Baa3/BB) talked at the 7% area.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.