High-grade primary active on deals from Exxon, PepsiCo, Progressive, Verizon

By Cristal Cody

Tupelo, Miss., March 17 – High-grade supply surged on Tuesday as the financial markets stabilized after more than a week of slides due to concerns over the coronavirus impact.

Bank of America Corp., Consumers Energy Co., Dominion Energy, Inc., Entergy Corp., Exxon Mobil Corp., Oncor Electric Delivery Co. LLC, PepsiCo. Inc., Progressive Corp., Union Electric Co. and Verizon Communications Inc. offered notes.

Progressive priced $1 billion of senior notes in two tranches.

Dominion Energy brought $750 million of senior notes in two parts to the primary market.

Consumers Energy priced an upsized $575 million of first mortgage bonds due Aug. 1, 2051.

Union Electric sold $465 million of 10-year first mortgage bonds.

Bank of America marketed notes due March 20, 2051.

Bank of America also offered Canadian dollar-denominated registered medium-term fixed-to-floating-rate senior notes during the session.

Entergy marketed a two-part offering of senior notes.

Exxon Mobil was on deck with five tranches of notes.

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