Strong high-grade volume eyed for week ahead; Fiserv eyes deal; HCA, Home Depot firm

By Cristal Cody

Tupelo, Miss., June 7 – The investment-grade bond market remained mostly quiet on Friday after a week of strong issuance that beat market forecasts.

Stericycle, Inc. priced a $600 million split-rated offering of 5.375% senior notes due July 15, 2024 (BBB-/BB+) at par during the session.

More than $24 billion of high-grade bonds have priced week to date, compared to about $10 billion to $15 billion of issuance expected.

Fiserv, Inc. will hold a roadshow in Europe in the upcoming week after conducting U.S. fixed income investor calls for a potential multi-currency, multi-tranche bond offering.

The last issuer to bring a multi-currency deal was Fidelity National Information Services, Inc., which priced $1 billion of 10-year senior notes, a €5 billion six-part offering of euro-denominated notes and a £1.25 billion two-tranche offering of sterling-denominated notes on May 14.

In the secondary market, new issues were ending the week mostly tighter, a source said.

HCA Inc.’s $5 billion three-tranche offering of senior secured notes (Baa3/BBB-/BB+) that priced on Wednesday tightened about 6 bps to 12 bps in the secondary market.

Also, Home Depot Inc.’s $1.4 billion of senior notes (A2/A) that priced in new issue and reopened tranches on Monday firmed about 8 bps to 9 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.