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BlackRock, Consumers Energy, EIB price; light supply forecast; Gilead, T-Mobile mixed
By Cristal Cody
Tupelo, Miss., Sept. 25 – Investment-grade supply continued on Friday with three corporate and sovereign, supranational and agency issuers in the primary market.
BlackRock TCP Capital Corp. priced a $50 million reopening of its 3.9% senior notes due Aug. 23, 2024 (Baa3//BBB-), bringing the issue to $250 million total outstanding.
Also, Consumers Energy Co. sold $126.5 million of 50-year floating-rate first mortgage bonds (Aa3/A/A+) during the session.
The European Investment Bank (Aaa/AAA/AAA) tapped the SSA market with a $500 million add-on to its floating-rate notes due March 5, 2024 on Friday.
In other market activity, Marathon Petroleum Corp. (Baa2/BBB/BBB) is holding a virtual roadshow and fixed income investor calls that began on Tuesday, a source said.
Early Friday, the company announced the redemption of all $650 million outstanding of its 3.4% senior notes due Dec. 15, 2020 and all $300 million outstanding of its 6.25% senior notes due Oct. 15, 2022.
Looking ahead to next week, deal volume is anticipated to slow to about $20 billion to $25 billion of supply, according to syndicate sources.
New issues were mixed in the secondary market, including recent issues from Gilead Sciences Inc. and T-Mobile U.S. Inc. subsidiary T-Mobile USA, Inc.
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