High-grade issuers flood primary; Enterprise, Ford, BPCE, John Deere, GM, Kroger, Duke price

By Cristal Cody

Tupelo, Miss., Jan. 6 – The investment-grade primary market shifted into high gear on Monday with heavy volume at the start of the first full week of 2020.

Issuers during the session included Enterprise Products Operating LLC, Ford Motor Credit Co. LLC, BNP Paribas SA, Metropolitan Life Funding I, National Australia Bank Ltd., New York Branch, BPCE SA, John Deere Capital Corp., General Motors Financial Co. Inc., the Southern Co., Duke Energy Carolinas LLC, Kroger Co., Southern California Gas Co. and Southern California Edison Co.

Also, MDC Holdings, Inc. priced $300 million of split-rated 10-year notes.

In addition, Home Depot, Inc., Sumitomo Mitsui Financial Group, Inc. and Santander UK plc were selling investment-grade bonds on Monday.

Volume was expected to be strong in January after only about $20 billion of bonds priced in December, according to market sources.

January supply is forecast to total in the $115 billion to $125 billion area, syndicate sources said.

The Markit CDX North American Investment Grade 33 index ended the day mostly unchanged at a spread of 45.9 basis points.

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