Lloyds, HCP, MetLife do deals; Vodafone scraps 30-year bonds; Pfizer trades mostly flat

By Aleesia Forni and Cristal Cody

New York, Nov. 23 – Lloyds Banking Group plc, HCP Inc., MetLife Global Funding I and Stifel Financial Corp. priced new high-grade bond deals to open the shortened week on Monday, while Vodafone Group plc scrapped plans for a new 30-year senior note issue.

Pushback from investors forced the London-based company to pull the planned benchmark deal following its announced price talk in the Treasuries plus 250 basis points area, a market source said, though other details were unavailable at press time.

Away from the pulled deal, HCP and Stifel Financial each sold upsized new issues tight of initial pricing thoughts, while Lloyds Banking saw more than $4 billion of orders for its tier 2 subordinated offering of notes.

Around $4.1 billion of supply entered Monday’s primary, already closing in on what sources had expected to be between $5 billion and $10 billion of new issuance this week.

Sources expect the bulk of that total to price at the front-end of the Thanksgiving holiday.

Investment-grade bonds were mixed in secondary trading over the session, while credit spreads softened.

Pfizer Inc.’s 3.4% senior notes due 2024 headed out mostly flat after the company announced an acquisition of Dublin-based Allergen plc in a record deal valued at $160 billion.

Hewlett Packard Enterprise Co.’s bonds traded 3 bps to 4 bps better on Monday.

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