High-grade primary packed; Chevron, Visa, S&P, Ecolab, Motorola, Air Lease, Essex price

By Cristal Cody

Tupelo, Miss., Aug. 10 – Nearly a dozen investment-grade issuers kept the primary market busy on Monday with more than $13 billion of bonds priced over the session.

Chevron U.S.A. Inc. tapped the primary market with $4 billion of senior notes (Aa2/AA/) in seven tranches.

Visa Inc. sold $3.25 billion of senior notes (Aa3/AA-/) in three tranches.

S&P Global Inc. priced $1.3 billion of guaranteed senior notes (A3//A-) in two tranches.

Ecolab Inc. brought $1.1 billion of senior notes (Baa1/A-/A-) in two parts to the market.

Motorola Solutions, Inc. came by with $900 million of long 10-year senior notes (Baa3/BBB-/BBB-) on Monday.

Air Lease Corp. priced $700 million of medium-term notes due Jan. 15, 2026 (/BBB/BBB/Kroll: A-) during the session.

Essex Portfolio, LP sold $600 million of guaranteed senior notes (Baa1/BBB+/BBB+) in two tranches.

Bunge Ltd. Finance Corp. priced $600 million of five-year guaranteed senior notes (Baa3/BBB/BBB-) in an offering upsized from $500 million.

Concho Resources Inc. placed $500 million of senior notes due Feb. 15, 2031 (Baa3/BBB-/BBB-) in a deal upsized from $400 million.

Also, Great-West Lifeco Inc. (A+/A) sold $500 million of five-year senior senior notes (A+/A/) in a Rule 144A and Regulation S offering.

In addition, Kimco Realty Corp. priced $400 million of notes due March 1, 2028 (Baa1/BBB+/) in a transaction upsized from $300 million.

Meanwhile, Bancorp, Inc. is marketing five-year senior notes with $98.3 million of net estimated proceeds slated for general corporate purposes.

About $25 billion to $30 billion of high-grade supply is expected this week following about $36 billion of issuance last week.

The Markit CDX North American Investment Grade 33 index closed about 1 basis point softer from Friday at a spread of 66.01 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.