MetLife, Enbridge tap high-grade primary; light volume forecast; credit spreads ease

By Cristal Cody

Eureka Springs, Ark., Dec. 12 – Investment-grade pricing action on Monday included bond deals from MetLife Global Funding I and Enbridge Inc.

MetLife Global Funding I brought $2 billion of notes in three parts during the session.

The company priced $500 million of two-year floating-rate notes at Libor plus 43 basis points, $500 million of 1.75% two-year notes at a spread of 65 bps over Treasuries and $1 billion of 3.45% 10-year notes at a spread of 97 bps over Treasuries.

Deutsche Bank Securities Inc. Barclays, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

Enbridge priced an upsized $750 million of 6% fixed-to-floating-rate subordinated notes due Jan. 15, 2077 at par.

Also, details emerged on a $3 billion two-tranche notes sale from Goldman Sachs Group Inc.

About $5 billion to $10 billion of deal volume is expected over the week, with action to slow mid-week due to attention on the Federal Reserve’s policy meeting that ends on Wednesday, according to market sources.

The Markit CDX North American Investment Grade index eased 1 basis point to close at a spread of 68 bps on Monday.

In the secondary market, Roper Technologies Inc.’s 3.8% senior notes due 2026 priced on Thursday traded better than issuance.

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