Roche, Westpac Banking, PG&E do deals; Hewlett-Packard mixed; Charter flat to tighter

By Aleesia Forni and Cristal Cody

Virginia Beach, Nov. 2 – Roche Holdings Inc., Westpac Banking Corp., Pacific Gas & Electric Co. and Southwest Airlines Co. were among the names kicking off the new month on Monday, pricing more than $5.8 billion of investment-grade paper during the session.

As was expected, high-grade issuers stormed the primary to take advantage of excellent market conditions, beginning what many sources predict could be another $100 billion-plus month for November.

One source noted that the market “feels like it can handle the supply we’re expecting” ahead of the late-year holiday season.

Deals continued to see significant tightening and solid investor reception almost across the board.

Bonds from Mid-America Apartments LP, Unum Group and ERAC USA Finance LLC were upsized prior to pricing at the tight end of guidance.

Around $30 billion of new investment-grade supply is expected to price during the first week of November.

Investment-grade bonds were mixed in secondary trading over the day.

Hewlett Packard Enterprise Co.’s senior notes (Baa2/BBB/A-) traded 1 bp softer to 3 bps tighter in the first trading day following Hewlett-Packard Co.’s official split into HP Inc. and Hewlett Packard Enterprise.

Charter Communications Inc.’s bonds headed out flat to 4 bps tighter in the secondary market.

Dollar General Corp.’s 4.15% senior notes due 2025 eased 2 bps during the session.

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