Abbott, Canadian Resources, Duke Realty price; Arch Capital on tap

By Cristal Cody

Tupelo, Miss., June 22 – A handful of high-grade corporate issuers priced $2.75 billion of bonds in the primary market on Monday.

Abbott Laboratories sold $1.3 billion of senior notes (A3/A-/) in two tranches 30 basis points tighter than initial talk.

Canadian Natural Resources Ltd. (Baa2/BBB/) priced $1.1 billion of senior notes in two parts, also 30 bps better than initial talk.

Duke Realty LP sold $350 million of 10-year senior notes (Baa1/BBB+/) in an offering upsized from $300 million.

Meanwhile, Brookfield Infrastructure Partners, LP postponed $150 million of $25-par preferred limited partnership units (/BBB-/) due to market conditions on Monday, a source said. Initial guidance was in the 5.375% to 5.5% area.

Also on Monday, the Federal Home Loan Bank System announced it would skip issuing a Global note during the session with the next Global funding opportunity scheduled for July 15.

In other activity, several issuers are holding fixed income investor calls for likely bond deals, a source said.

Arch Capital Group Ltd. held investor calls over the day for a registered offering of senior notes (Baa1/A-/BBB+) expected to price in 10-year and 30-year tranches.

Deal volume is anticipated to slow this week to about $25 billion as summer vacations kick off.

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