Meiji Yasuda, CSX, Dollar General see demand; bank, financial paper mostly flat

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 15 – Meiji Yasuda Life Insurance Co., CSX Corp. and Dollar General Corp. entered the high-grade primary on Thursday, offering $3.1 billion of bonds during a slower session for the market.

One source had noted the possibility of a new issue from a large financial institution pricing on Thursday following the slew of third-quarter earnings announcements this week, though no deal from the sector ultimately came to market.

The three new corporate deals that did enter Thursday’s primary were met with a strong reception from investors, with each pricing tight of initial talk and posting oversubscribed order books.

Meiji Yasuda Life Insurance garnered more than $9 billion of orders for its new $2 billion 30-year subordinated notes offering and transportation company CSX Corp. sold $600 million of bonds at the tight end of talk.

Dollar General sold a $500 million of 10-year issue of notes around 40 basis points tight of the mid-point of talk following the raising of its credit rating to BBB from BBB- by Standard & Poor’s earlier during the day.

In the secondary, investment-grade bank and financial paper traded mostly unchanged on Thursday following mixed earnings results.

JPMorgan Chase & Co.’s 3.9% senior holding company notes due 2025 were flat after the company announced weaker than expected third quarter earnings.

Goldman Sachs Group Inc.’s 3.5% notes due 2025 headed out unchanged after the company announced a third quarter profit miss.

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