Bond supply strong; Synchrony, Delta, Life Storage, Pinnacle price; AXIS, BNG eye deals

By Cristal Cody

Tupelo, Miss., Nov. 28 – Several issuers tapped the high-grade primary bond market on Tuesday, while others held investor calls in preparation for deals.

Synchrony Financial priced $1 billion of 10-year senior notes.

Also, Deutsche Bank AG sold $1 billion of split-rated fixed-to-fixed rate reset subordinated tier 2 notes.

Delta Air Lines Inc. came with $450 million of split-rated three-year notes on Tuesday.

Life Storage LP sold $450 million of 10-year senior notes during the session.

Physicians Realty LP priced $350 million of 10-year senior notes.

Pinnacle West Capital Corp. placed $300 million of three-year senior notes.

In other action, AXIS Specialty Finance plc held fixed-income investor calls on Tuesday for a dollar-denominated offering of 10-year senior notes.

Coming up on Wednesday, Bank Nederlandse Gemeenten NV plans to hold fixed-income investor calls for an offering of three-year notes.

Deal supply for the week is expected in the $30 billion area by market sources.

The Markit CDX North American Investment Grade 29 index tightened about 1 basis point to end at a spread of 52 bps.

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