Tennessee Valley Authority, EIB, Citigroup, MPLX price; Estee Lauder notes better

By Cristal Cody

Tupelo, Miss., Feb. 7 – Issuance held strong over Tuesday’s session in the investment-grade market with sources reporting more than $9 billion of bonds sold.

Tennessee Valley Authority priced $1 billion of 10-year global power bonds on Tuesday at 2.875% with a 2.884% yield, the second lowest for TVA financings of the same maturity, according to the release.

The Tennessee Valley Authority last issued bonds with a 10-year maturity in 2014.

The offering drew demand from money managers, central banks, insurance companies and other investors in the United States and overseas, TVA said.

“Having the global market for TVA bonds is beneficial to us and our investor base,” TVA treasurer and chief risk officer Tammy Wilson said in the release.

In other supply on Tuesday, the European Investment Bank sold $3 billion of three-year notes.

KfW tapped the primary market with a $1 billion offering of 19-month global notes.

Also, Dexia Credit Local SA priced $500 million of two-year floating-rate notes.

In corporate issuance, MPLX LP priced a $2.25 two-part offering of fixed-rate senior notes.

Symantec Corp. brought a $1.1 billion split-rated offering of eight-year senior notes.

Citigroup, Inc. priced a $750 million reopening of its 4.75% 30-year subordinated notes.

The Markit CDX North American Investment Grade index eased about 1 basis point to close at a spread of 66 bps.

Estee Lauder Cos. Inc.’s $1.5 billion of new senior notes (A2/A+/) improved in secondary trading on Tuesday.

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