High-grade issuance strong; ICE, Honeywell, Dow, Cummins, Duke, Southern in primary

By Cristal Cody

Tupelo, Miss., Aug. 17 – The high-grade primary market opened the week to strong supply with issuers pricing more than $21 billion of bonds over the session.

Intercontinental Exchange Inc. sold $6.5 billion of senior notes in five tranches on Monday.

Honeywell International Inc. brought $3 billion of two-year senior notes in fixed- and floating-rate tranches to the primary market.

General Motors Financial Co., Inc. priced $2.5 billion of senior notes in three tranches, including an add-on to its 3.6% notes due June 21, 2030.

Dow Chemical Co. priced $2 billion of senior notes in two tranches.

Cummins Inc. sold $2 billion of senior notes in three tranches.

National Australia Bank Ltd. placed $1.5 billion of 10-year senior notes.

Duke Energy Progress Inc. priced $1.3 billion of securities, including floating-rate notes due Feb. 18, 2022 and 30-year first mortgage bonds.

Santander UK Group Holdings plc sold $1 billion of six-year fixed-rate resetting notes on Monday.

Southern Co. Gas Capital Corp. priced $500 million of guaranteed senior notes due Jan. 15, 2031 following fixed income investor calls on Thursday and Friday.

Oglethorpe Power Corp. priced $450 million of 30-year first mortgage bonds following the company’s fixed income investor calls held last week.

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