Northrop Grumman, ConAgra, Phillips, Broadcom price; EIB sets talk; deal pipeline builds

By Cristal Cody

Tupelo, Miss., Oct. 10 – Deal action stayed strong on Tuesday with new issuance from Northrop Grumman Corp., ConAgra Brands, Inc., Phillips 66 Partners LP, Sempra Energy, Farmers Insurance Exchange and Broadcom Ltd. subsidiaries Broadcom Corp. and Broadcom Cayman Finance Ltd., according to market sources.

About $15 billion to $20 billion of deal volume is expected by syndicate sources for the week.

Coming up on Wednesday, the European Investment Bank intends to tap the high-grade primary market with a five-year bond deal.

The notes were talked to price in the mid-swaps plus 10 basis points area.

Barclays, J.P. Morgan Securities LLC and TD Securities (USA) LLC are the lead managers.

The new deal pipeline also is building.

The Federation des caisses Desjardins du Quebec is expected to hold a roadshow in the week ahead for a dollar-denominated Rule 144A and Regulation S notes offering.

The roadshow will be held Oct. 18 to Oct. 20.

Barclays is the bookrunner.

Later this week, Banco Santander, SA intends to hold a roadshow from Wednesday through Friday for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-).

The Markit CDX North American Investment Grade 29 index ended mostly unchanged on Tuesday at a spread of 54 basis points.

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