Nuveen prices $1 billion; Ferguson, UDR, IADB tap primary; Municipality Finance eyes deal

By Cristal Cody

Tupelo, Miss., Oct. 17 – Nuveen, LLC led deal action in the high-grade bond market on Wednesday with a $1 billion Rule 144A and Regulation S offering of 10-year guaranteed senior notes.

Also in the primary market, Ferguson Finance plc sold $750 million of 10-year senior notes.

Meanwhile, UDR, Inc. came with a $300 million offering of long 10-year medium-term notes.

In other issuance, the Inter-American Development Bank priced $500 million of three-year global floating-rate notes.

Looking ahead to Thursday, Municipality Finance plc is expected to bring a SSA offering of two-year floating-rate notes.

Supply may come in short of market forecasts for the week with more than $14 billion of corporate issuance week to date.

About $25 billion to $35 billion of deal volume was forecast for the week following thin supply last week.

A couple of issuers may be in the primary market in the near future following fixed-income investor calls this week, a source said.

Constellation Brands, Inc. (Baa3/BBB-/) will hold investor calls on Thursday via BofA Merrill Lynch, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

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