Gaming and Leisure, Kimco, Assurant tap primary; high-grade inflows rise

By Cristal Cody

Tupelo, Miss., Aug. 15 – Three issuers tapped the investment-grade bond market on Thursday.

Gaming and Leisure Properties, Inc. priced $1.1 billion of senior notes in two tranches.

Kimco Realty Corp. sold $350 million of 30-year notes.

Assurant Inc. placed $350 million of long 10-year senior notes.

The deals bring week-to-date high-grade bond volume to about $23 billion.

Lipper US Fund Flows reported that corporate investment-grade fund inflows jumped to $4.03 billion for the past week ended Wednesday from $2.8 billion in the previous week.

The Markit CDX North American Investment Grade 32 index closed the day about 1 basis point tighter at a spread of 62 bps.

Supply this week has been led by Exxon Mobil Corp.’s $7 billion seven-tranche offering of notes that priced on Tuesday.

Exxon Mobil’s notes traded flat to about 4 bps wider than issuance in the secondary market, a source said.

The company’s $1.25 billion of 2.44% notes due Aug. 16, 2029 eased 3 bps in secondary trading. The notes priced at par to yield a spread of 75 bps plus Treasuries.

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