John Deere sells $1.5 billion of notes; Toyota, Duke Energy Ohio detail recent issuance

By Devika Patel

Knoxville, Tenn., Jan. 4 – John Deere Capital Corp. was the lone reported issuer in the investment-grade bond market on Friday, while two other issuers reported deals that concluded a day earlier.

John Deere, the financing arm of Moline, Ill.-based farm equipment supplier Deere & Co., sold $1.5 billion of notes (A2/A/A) in three parts.

Meanwhile, Charlotte, N.C.-based Duke Energy Ohio, Inc. said it priced $800 million of first mortgage bonds (A2/A) in two tranches late Thursday.

Also, Torrance, Calif.-based Toyota Motor Credit Corp. sold $2 billion of series B medium-term notes (Aa3/AA-) in four parts on Thursday.

In its deal, John Deere priced $1.5 billion of fixed- and floating-rate notes in three tranches on Friday.

The company sold $500 million of floating-rate notes due July 10, 2020 at par to yield Libor plus 42 basis points.

John Deere also sold $600 million of 3.2% three-year notes at 99.904 to yield 3.234%, or 77 bps over Treasuries.

There was $400 million of 3.45% five-year notes priced at 99.991 to yield 3.452%, or 97 bps over Treasuries.

Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and MUFG were the bookrunners.

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