GM Financial, Charter, FedEx, CPPIB tap primary market; heavy supply eyed; PG&E slides

By Cristal Cody

Tupelo, Miss., Jan. 14 – Investment-grade issuers priced $7 billion of bonds on Monday, including $5 billion of corporate issuance.

General Motors Financial Co. Inc. brought $2.5 billion of senior notes in three tranches to the primary market. The company dropped an offering of floating-rate notes due 2024 from the final deal.

Charter Communications, Inc. subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. sold $2 billion of senior secured notes in two tranches.

FedEx Corp. raised $500 million in a sale of three-year guaranteed senior notes on Monday. The company also tapped the euro-denominated market with a €640 million sale of long three-year notes.

In other issuance, CPPIB Capital Inc. priced $2 billion of long two-year notes.

Supply is expected to be heavy this week and could hit $40 billion or more, according to market sources.

In the secondary market, Pacific Gas & Electric Co.’s notes softened further following the company’s announcement that it plans to file for Chapter 11 bankruptcy protection.

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