PSE&G, NextEra print notes; Amcor, European Bank in pipeline; Texas Instruments stable

By Cristal Cody

Tupelo, Miss., May 2 – Investment-grade deal volume on Wednesday included a $700 million two-tranche offering from Public Service Electric & Gas Co. and a $400 million sale of three-year floating-rate debentures from NextEra Energy Capital Holdings Inc.

Deal action has thinned over the past two sessions after more than $8 billion of bonds priced on Monday, but some corporate and agency supply is in the works.

Amcor Ltd. intends to price 10-year senior notes following a two-day round of fixed income investor calls.

Also, the European Bank for Reconstruction and Development is marketing $300 million of four-year global floating-rate notes to price on Thursday.

In addition, issuers including TransCanada Pipelines Ltd. and Oshkosh Corp. held fixed-income investor calls on Tuesday.

Market sources had expected $25 billion to $30 billion of volume for the week.

Holiday market closures in Europe on Tuesday as well as the Federal Reserve’s two-day monetary policy meeting that ended Wednesday may have impacted supply, sources said.

The Markit CDX North American Investment Grade 30 index closed less than 1 basis point tighter at a spread of 61 bps.

In the secondary market, Lloyds Banking Group plc’s 4.45% notes due May 8, 2025 priced Tuesday were quoted slightly better.

Texas Instruments Inc.’s 4.15% notes due May 25, 2048 brought to the primary market on Monday traded wrapped around issuance.

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