NextEra, Kaiser, European Bank for Reconstruction price; Apple firms; Comcast mostly better

By Cristal Cody

Tupelo, Miss., April 25 – High-grade issuers brought about $4.75 billion of bonds to the primary market on Tuesday in the corporate and SSA space following $2.6 billion of supply on Monday.

NextEra Energy Capital Holdings Inc. priced $1.25 billion of 10-year guaranteed debentures in line with guidance.

NextEra priced the 3.55% 10-year debentures (Baa1/BBB+/A-) at a spread of 125 bps over Treasuries, according to a market source.

Kaiser Permanente placed $2,075,000,000 of bonds in two tranches.

The issuer sold $575 million of 3.15% 10-year notes at a spread of 85 bps over Treasuries and $1.5 billion of 4.15% 30-year notes at a Treasuries plus 120 bps spread.

Both tranches priced on the tight side of guidance.

In the SSA primary market, the European Bank for Reconstruction and Development sold $1.5 billion of three-year notes.

Several more deals are expected with nearly 10 Yankee and SSA transactions in the works, a market source said.

About $15 billion to $20 billion of total supply is expected for the week.

The Markit CDX North American Investment Grade index firmed about 1 basis point over the day to close at a spread of 63 bps.

Looking at secondary action, Apple Inc.’s senior notes (Aa1/AA+/) tightened over the session.

Comcast Corp.’s senior notes (A3/A-/A-) traded flat to better.

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