Hasbro prices; strong high-grade supply forecast; Hasbro, Anglo American notes firm

By Cristal Cody

Tupelo, Miss., Sept. 8 – Hasbro, Inc. tapped the high-grade primary market on Friday with a $500 million offering of 10-year notes, capping off a short week that saw nearly $50 billion of total deal volume.

Primary action is expected to stay strong in the coming week with about $30 billion to $35 billion of supply forecast, barring any geopolitical events, according to market sources.

Syngenta AG (Ba2/BBB-/BBB) plans to hold a roadshow starting on Monday for a multi-tranche benchmark-sized dollar-denominated Rule 144A and Regulation S offering of senior notes.

Also, Australian property company Goodman Group (Baa1/BBB+/) intends to hold roadshows beginning on Monday for a multi-tranche dollar- and euro-denominated notes offering.

Credit spreads softened on Friday. The Markit CDX North American Investment Grade index closed about 1 point weaker at a spread of 60 bps.

In the secondary market, Hasbro’s notes traded about 1 bp tighter on the bid side.

Anglo American plc’s $1.3 billion of notes (Baa3/BBB-/BBB-) priced in two tranches on Wednesday in the company’s first offering as an investment-grade rated issuer traded about 3 bps to 7 bps better.

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