High-grade supply heavy; Broadcom prices $13.55 billion; GM Financial, Export Canada price

By Cristal Cody

Eureka Springs, Ark., Jan. 11 – High-grade deal volume remains heavy with more than $85 billion of bonds priced through the second week of January, which is more than half of the month’s $160 billion total top-end forecasted volume.

On Wednesday, Broadcom Ltd. priced a $13.55 billion four-part offering of senior notes through subsidiaries Broadcom Corp. and Broadcom Cayman Finance Ltd.

The issuers priced $2.75 billion of 2.375% three-year notes at a spread of Treasuries plus 100 basis points, $3.5 billion of 3% five-year notes at 120 bps over Treasuries, $2.5 billion of 3.625% seven-year notes with a spread of 145 bps over Treasuries and $4.8 billion of 3.875% 10-year notes at Treasuries plus 155 bps.

BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the lead managers.

General Motors Financial Co. Inc. brought $2.5 billion of senior notes in three tranches to strong demand.

Energy Transfer Partners, LP priced $1.5 billion of senior notes in two tranches during the session.

Export Development Canada priced $1.25 billion of three-year bonds.

Also, Municipality Finance plc sold $500 million of three-year floating-rate notes on Wednesday.

The Markit CDX North American Investment Grade index ended mostly unchanged at a spread of 66 basis points.

In secondary trading, Jefferies Group LLC’s 4.85% senior notes due 2027 priced on Monday were stronger.

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