FedEx, Dell, MetLife price; high-grade supply sets record

By Cristal Cody

Tupelo, Miss., April 3 – High-grade issuers rounded out the week with more than $6 billion of bonds priced on Friday.

FedEx Corp. sold $3 billion of senior notes in three tranches.

Dell Technologies Inc. subsidiaries Dell International LLC and EMC Corp. priced $2.25 billion of guaranteed first-lien senior secured notes in three tranches.

Also, Metropolitan Life Global Funding I sold $1 billion of 10-year notes.

More than $117 billion of investment-grade bonds were priced over the week, outpacing last week’s record volume of about $109 billion.

Looking ahead to next week, primary action is expected to be slower with the early market close on Thursday and full day closure on April 10 for the Good Friday holiday.

Still, steady supply is predicted ahead of earnings-related blackout periods with about $30 billion to $50 billion of issuance forecast for the week, sources said.

High-grade issuance has been extremely heavy in the wake of the coronavirus pandemic and federal stimulus measures that includes corporate bond purchases.

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