MPLX prices $5.5 billion deal; Rogers Communications prints notes; deal pipeline builds

By Cristal Cody

Tupelo, Miss., Feb. 5 – MPLX LP led deal action in the high-grade bond market on Monday with a $5.5 billion five-tranche offering of senior notes.

Rogers Communications Inc. also tapped the primary market with $750 million of 30-year senior notes.

Deal action is expected to remain strong over the week, though stocks continued to slide and investment-grade credit spreads softened on Monday.

The Markit CDX North American Investment Grade 29 index closed on Monday 4 basis points wider at a spread of 54 bps.

About $25 billion of total corporate issuance is expected by market sources for the week.

Coming up, several issuers, including the Council of Europe Development Bank, European Investment Bank and the Province of Ontario, are expected to price new bonds.

The Council of Europe Development Bank (Aa1/AA+/AA+) plans to price $1 billion of five-year senior global notes on Tuesday, according to a market source.

The European Investment Bank (Aaa/AAA/AAA) intends to price a new benchmark-sized offering of long three-year global notes on Tuesday, according to a market source.

The Province of Ontario (Aa2/AA-/) is expected to price a U.S. dollar-denominated offering of three-year global notes on Wednesday, a market source said.

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