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Fannie, Spectra Energy, Tanger in primary; credit spreads, PepsiCo, GM Financial improve
By Cristal Cody
Eureka Springs, Ark., Oct. 5 – New high-grade bond issuance on Wednesday included deals from Fannie Mae, Spectra Energy Partners LP and Tanger Properties LP.
Fannie Mae priced $3.5 billion of 1.375% five-year Benchmark Notes on Wednesday at 99.832 to yield 1.41%, according to a news release.
The notes priced with an 18.5 basis points spread over Treasuries.
Goldman Sachs & Co., J.P. Morgan Securities LLC and TD Securities (USA) LLC were the lead managers.
Spectra Energy Partners sold $600 million of 3.375% notes due Oct. 15, 2026 at 99.865 to yield 3.391% and a spread of 167 bps over Treasuries and a $200 million add-on to its 4.5% notes due March 15, 2045 at 100.663 to yield 4.458%. The latter priced with a 202 bps spread over Treasuries.
The company originally sold $500 million of the 4.5% notes on March 12, 2015. The total outstanding now is $700 million.
Tanger Properties reopened its 3.125% senior notes due Sept. 1, 2026 in a $100 million add-on.
The Markit CDX North American Investment Grade index closed the day about 1 basis point tighter at a spread of 75 bps.
PepsiCo Inc.’s senior notes (A1/A) brought to market on Monday traded about 1 bp to 3 bps better than issuance earlier on Wednesday.
General Motors Financial Co. Inc.’s 4% senior notes due 2026 improved about 3 bps from where the notes priced on Monday.
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