Exelon prices bonds for Pepco merge; Fortune, Dun & Bradstreet do deals; Apple firms

By Aleesia Forni and Cristal Cody

Virginia Beach, June 8 – Exelon Corp., Fortune Brands Home & Security, Inc., Dun & Bradstreet Corp. and Fulton Financial Corp. came to the high-grade primary bond market with new bonds on Monday.

Exelon’s $4.2 billion acquisition financing highlighted the session, with all tranches selling between 15 basis points to 20 bps tight of initial price thoughts.

Fortune Brands, meanwhile, sold an upsized $900 million two-part issue of notes at the tight end of guidance.

Also on Monday, Dun & Bradstreet offered a $300 million five-year issue of senior notes, while Fulton Financial tapped the market for a $150 million add-on to its existing tier 2 subordinated notes 2024.

The session also saw KfW, Inter-American Development Bank and Cantor Fitzgerald LP announce new deal plans.

Investment-grade bonds headed out mixed and credit spreads weakened on Monday, according to market sources.

The Markit CDX North American Investment Grade series 23 index widened 1 bp to a spread of 68 bps.

Apple Inc.’s bonds (Aa1/AA+/) traded about 1 bp to 2 bps tighter over the day.

In other trading, McDonald’s Corp.’s senior notes (A3/A-/BBB+) priced in May traded flat to 4 bps wider after the company reported May sales.

PepsiCo Inc.’s 2.75% senior notes due 2025 traded 3 bps softer over the day.

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