Energy Transfer, Abbott, John Deere price; supply tops $60 billion; Coach, Microsoft firm

By Aleesia Forni and Cristal Cody

Virginia Beach, March 5 – Energy Transfer Partners LP, Abbott Laboratories, John Deere Capital Corp., Lam Research Corp. and Quest Diagnostics Inc. braved the winter storm that pummeled the East Coast to price bonds ahead of Friday’s nonfarm payrolls data.

Abbott sold $2.5 billion of senior notes in three parts during the session, while Energy Transfer Partners priced a $2.5 billion two-part offering.

Quest Diagnostics attracted more than $9 billion of orders for its new $1.2 billion issue of senior notes, which sold in three tranches.

John Deere Capital offered $1 billion of senior notes in two tranches, and Lam Research upsized its new two-tranche issue to $1 billion.

Newfield Exploration Co. was also in the market on Thursday with an upsized $700 million of split-rated notes.

The session also saw new deals from Alabama Power Co. and Retail Properties of America Inc.

In total, $64.22 billion of new issuance has hit the high-grade primary market this week, helped largely by Tuesday’s $21 billion trade from Actavis plc.

Bonds were mixed in secondary trading over the day, while credit spreads improved.

Coach Inc.’s 4.25% senior notes due 2025 firmed 5 basis points.

Microsoft Corp.’s 4% senior notes due 2055 traded about 1 bp tighter.

The Markit CDX North American Investment Grade index tightened 2 bps to a spread of 60 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.