Hanover, Florida Power, Japan Development Bank, IBRD in primary; Royalty Pharma, IFC on tap

By Cristal Cody

Tupelo, Miss., Aug. 19 – A handful of issuers offered bonds in the corporate and sovereign, supranational and agency primary markets over Wednesday’s session.

Hanover Insurance Group Inc. priced $300 million of 10-year notes (Baa2/BBB/) 40 basis points tighter than talk.

Florida Power & Light Co. sold $145.1 million of floating-rate notes due Aug. 24, 2070.

Meanwhile, International Bank for Reconstruction and Development, or World Bank, priced a $3 billion offering of 10-year global sustainable development notes (Aaa/AAA/AAA) during the session.

Also, Development Bank of Japan Inc. priced a $1.7 billion Rule 144A and Regulation S two-part offering of fixed-rate senior notes (A1/A+) on Wednesday.

The deal included $700 million of five-year notes and a $1 billion tranche of 10-year notes.

In other activity, International Finance Corp. (Aaa/AAA/) is expected to bring $1 billion of 10-year global notes to the primary market on Thursday.

Also, Royalty Pharma plc held fixed income investor calls over the day for a Rule 144A and Regulation S dollar-denominated offering of senior notes (Baa3/BBB-/BBB-) expected to price in multiple tranches.

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