Deal volume strong; John Deere, Kraft, Goldman Sachs Bank price; Japan Agency offers notes

By Cristal Cody

Tupelo, Miss., June 4 – High-grade issuers brought nearly $10 billion of bonds to the primary market on Monday.

Kraft Heinz Foods Co. priced $3 billion of guaranteed senior notes in three tranches.

John Deere Capital Corp. sold $1.35 billion of senior medium-term notes in three parts.

Hyundai Capital America priced $1.3 billion of notes in three tranches following the end of the company’s roadshow on Friday.

Goldman Sachs Bank USA came with an inaugural $1 billion offering of two-year senior notes.

Other issuers during the session included PSEG Power LLC, Tampa Electric Co., Kennametal Inc. and Fifth Third Bancorp.

Coming up on Tuesday, Japan International Cooperation Agency is marketing a no-grow $500 million offering of 10-year bonds.

Syndicate sources expect about $25 billion to as much as $35 billion of deal volume for the week, following thin supply in the previous week.

Issuance is expected to remain elevated in June with sources forecasting about $80 billion to as much as $100 billion of supply over the month.

High-grade corporate volume has averaged nearly $91 billion in June over the past three years, a source said.

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