Enbridge, General Mills price bonds; market action light; Banco Santander plans roadshow

By Cristal Cody

Tupelo, Miss., Oct. 4 – Deal action in the high-grade bond market on Wednesday included offerings from Enbridge Inc. and General Mills, Inc.

Enbridge sold $700 million of long two-year floating-rate notes.

General Mills priced $500 million of five-year senior notes.

Also, Braskem Netherlands Finance BV was expected to price guaranteed senior notes in two tranches late in the afternoon, a source said. Final pricing details were not available by press time.

Deal volume was expected by market participants to be lighter in the first week of October with about $20 billion of total supply forecast.

Looking ahead to new issuance, Banco Santander, SA plans to hold a roadshow in the upcoming week for a dollar-denominated offering of senior notes.

The Markit CDX North American Investment Grade 29 index was less than half a basis point softer on Wednesday at a spread of 54 bps.

Enbridge brings floaters

Enbridge (Baa2/BBB+/BBB+) priced $700 million of senior floating-rate notes due Jan. 10, 2020 on Wednesday with a coupon of Libor plus 40 bps, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.888 for a discount margin of Libor plus 45 bps.

BofA Merrill Lynch was the bookrunner.

Enbridge is a Calgary, Alta.-based natural gas distribution company.

General Mills sells notes

General Mills sold $500 million of 2.6% five-year senior notes (A3/BBB+/) on Wednesday at a spread of 68 bps over Treasuries, according to an FWP filed with the SEC.

The notes priced at 99.986 to yield 2.603%.

Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

The maker of consumer food products is based in Minneapolis.

Santander eyes deal

Banco Santander is scheduled to hold a roadshow in the week ahead for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-), according to a market source on Wednesday.

The company will hold meetings Oct. 11 to Oct. 13 in New York, New Jersey, Philadelphia, Chicago and Boston.

Citigroup Global Markets Inc., J.P. Morgan Securities, Morgan Stanley and Santander Investment Securities Inc. are the arrangers.

Madrid-based Banco Santander provides bank services.

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