High-grade supply heavy; JPMorgan, Dow Chemical, Archer-Daniels-Midland, Santander price

By Cristal Cody

Tupelo, Miss., Nov. 28 – JPMorgan Chase & Co. led heavy investment-grade deal volume on Wednesday with a $5 billion two-part offering of notes that priced on the tight side of guidance.

Dow Chemical Co. also came by the primary market to sell $2 billion of senior notes in three parts following fixed-income investor calls held in the previous session.

Archer-Daniels-Midland Co. sold $1 billion of senior notes in two tranches.

American Electric Power Co., Inc. priced a $1 billion two-part offering of senior notes.

Santander Holdings USA, Inc. sold $1 billion of three-year fixed-rate notes and dropped a planned floating-rate tranche.

Aviation Capital Group LLC placed $800 million of senior notes in two tranches during the session.

ERP Operating LP priced an upsized $400 million of 10-year green notes.

Tyco Electronics Group SA sold $350 million of floating-rate notes due 2020.

Also, McKesson Corp. and State Street Corp. were offering notes.

In SSA supply, the European Investment Bank priced $1 billion of three-year global floating-rate notes.

High-grade issuers have priced nearly $30 billion of bonds week to date, compared to market expectations of about $10 billion to $20 billion of deal volume.

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