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Delta markets two-part notes; Bank of Montreal, IADB price notes
By Devika Patel
Knoxville, Tenn., Oct. 21 – Primary activity in the investment-grade bond market was quiet on Monday with Prospect News reporting one deal announced and two deals pricing.
Atlanta-based airline Delta Air Lines Inc. said it will offer notes in two tranches to finance its acquisition of some of Latam Airlines Group SA’s common stock.
Also, Montreal-based bank Bank of Montreal priced $100 million of 2.3% five-year series 198 global notes on Oct. 18 and Washington, D.C.-based Inter-American Development Bank, a development financing provider, sold $100 million more of its 2.5% global notes due Jan. 18, 2023 in a deal that priced on Oct. 16.
Delta sells two-part notes
Delta Air Lines expects to sell fixed-rate senior notes in two parts.
The notes feature a make-whole call and then a par call.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SMBC Nikko and U.S. Bancorp Investments Inc. are the bookrunners. BNP Paribas Securities Corp., Fifth Third Securities Inc., ICBC Standard Bank and Wells Fargo Securities LLC are the co-managers.
Proceeds will be used to acquire up to 20% of the common shares of Latam Airlines Group SA.
Bank of Montreal sells notes
Bank of Montreal sold $100 million of 2.3% five-year series 198 global notes on Oct. 18 at par.
The deal is slated to settle on Oct. 23.
IADB taps 2.5% notes
Inter-American Development Bank priced a $100 million add-on to its 2.5% global notes due Jan. 18, 2023 in a third tranche at 103.114 on Oct. 16. The notes settled on Oct. 18.
The notes were originally priced Jan. 10, 2018 in a $3.75 billion offering at a Treasuries plus 15.7 basis points spread. The company sold another $100 million offering at 99.753 on March 15. The total outstanding is $3.95 billion.
Deutsche Bank AG, London branch was the dealer.
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