Primary active to open week; Credit Suisse, United price; Tyco firms; eBay, Verizon softer

By Cristal Cody and Aleesia Forni

Virginia Beach, July 28 – The high-grade primary bond market kicked off the week on Monday with more than $4 billion of new investment-grade paper pricing.

Credit Suisse AG, New York Branch priced Monday’s largest deal, $1.5 billion of add-ons to its existing notes due 2017 and 2019.

United Airlines, Inc. brought to market $1.06 billion of pass-through certificates in two parts, while Tyco Electronics Group SA sold $1 billion of senior notes in 18-month, five-year and 10-year tranches.

Air Products & Chemicals Inc. priced $400 million of notes due 2024.

EQT Midstream Partners LP was also in the primary market on Monday, though details of the sale were unavailable at press time.

Primary activity is likely to be less active as the week moves forward, with the Federal Open Market Committee meeting on Tuesday and Wednesday, coupled with Friday’s jobs data.

Sources are expecting around $15 billion of new paper to price this week.

Tyco’s two tranches of fixed-rate notes tightened 2 basis points going out, according to a trader.

In other trading, eBay Inc.’s 3.45% senior notes due 2024 sold on Wednesday widened about 5 bps, a market source said.

Verizon Communications Inc.’s 4.15% senior notes due 2024 have softened in secondary trading over the past month, a market source said.

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