High-grade supply heavy; Apple, Starbucks, Amgen, Marsh in primary

By Cristal Cody

Tupelo, Miss., May 4 – The high-grade primary market kicked into high gear at the start of the week with issuers including Apple Inc., Starbucks Corp., Altria Group Inc. and Amgen Inc. marketing bonds on Monday.

Kraft Heinz Foods Co. priced $3.5 billion of senior notes (Baa3/BB+/BB+) in three tranches in an offering upsized from $1.5 billion.

Marsh & McLennan Cos., Inc. sold $750 million of long 10-year senior notes in a deal upsized from $600 million.

Apple offered four tranches of notes (Aa1/AA+/) that includes three-year notes with initial talk in the Treasuries plus 95 basis points area, five-year notes talked at the 110 bps spread area, 20-year notes talked at the 130 bps spread area and 30-year notes talked at the 170 bps over Treasuries area.

Starbucks marketed three tranches of senior notes (Baa1/BBB+/BBB+) on Monday.

Altria also marketed three tranches of senior notes (A3/BBB/).

Amgen planned to price new and reopened senior notes in four parts.

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