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Siemens sells $7.75 billion, joins Westpac, McDonald’s in primary; bank paper mixed
By Aleesia Forni and Cristal Cody
Virginia Beach, May 18 – Issuers stormed the primary market on Monday, pricing $17 billion of new investment-grade paper.
Siemens AG led the charge during the busy session, issuing a $7.75 billion six-tranche offering, while Westpac Banking Corp. sold $2.5 billion of bonds in three parts.
McDonald’s Corp. and Credit Suisse Group Funding (Guernsey) Ltd. were each in the market with $2 billion new issues, respectively.
Also on Monday, Scripps Networks Interactive Inc. sold $1.5 billion of notes in three tranches, Emerson Electric Co. priced a $1 billion issue in two parts, and Entergy Texas Inc. offered $250 million of first mortgage bonds.
Sources are expecting the week’s issuance to be front-loaded ahead of the extended Memorial Day-holiday weekend, with around $25 billion of supply predicted to price.
Investment-grade bonds were mixed in trading over the day.
Bank of America Corp.’s 4% notes due 2025 traded nearly 10 basis points better from Friday.
Citigroup Inc.’s 3.3% senior notes due 2025 traded about 1 bp softer.
Goldman Sachs Group Inc.’s 3.5% notes due 2025 traded flat to 1 bp weaker.
JPMorgan Chase & Co.’s 3.125% notes due 2025 eased 4 bps during the session.
In other trading, AT&T Inc.’s notes (/BBB+/A-) were mostly unchanged.
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