Charter, Credit Agricole, New York Life price; Finnvera, IBRD on tap; LeasePlan markets notes

By Cristal Cody

Tupelo, Miss., Oct. 15 – A handful of issuers tapped the high-grade primary market Tuesday following the long Columbus Day holiday weekend.

Charter Communications, Inc. sold $1.5 billion of split-rated registered senior secured notes due March 1, 2050.

Credit Agricole SA (London Branch) priced $1.5 billion of senior notes due Jan. 22, 2025.

New York Life Global Funding sold $750 million of floating-rate notes due Jan. 21, 2022.

In other activity during the session, LeasePlan Corp. NV (Baa1/BBB-/BBB+/) started the U.S. leg of its global roadshow that kicked off in London on Monday, a source said. The roadshow for a dollar-denominated offering of five-year notes is expected to be held through Thursday.

A couple of issues are expected to print on Wednesday. The International Bank for Reconstruction and Development is marketing a dollar-denominated offering of 10-year global notes.

Finnvera plc also intends to tap the primary market with a $1 billion offering of five-year notes on Wednesday.

About $10 billion to $15 billion of investment-grade supply is expected by market sources this week as the focus shifts to earnings reports.

JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. released third quarter results before the market opened on Tuesday. Bank of America Corp. will release its quarterly profit report on Wednesday followed by Morgan Stanley on Thursday.

The Markit CDX North American Investment Grade 33 index closed Tuesday about 1 basis point tighter from Friday at a spread of 56 bps.

Charter prices $1.5 billion

Charter Communications sold $1.5 billion of 4.8% senior secured notes due March 1, 2050 (Ba1/BBB-/BBB-) on Tuesday at a spread of Treasuries plus 260 bps, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.436 to yield 4.836%.

Initial price talk was in the Treasuries plus 275 bps area.

The deal was placed via subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp.

Bookrunners were Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG, RBC Capital Markets, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC.

The bonds are guaranteed by all of the issuers’ subsidiaries that guarantee the obligations of Charter Communications Operating, LLC under the company’s credit agreement.

Charter Communications also was in the junk bond market with a $500 million tap of its 4¾% senior notes due March 1, 2030 on Tuesday.

Charter is a Stamford, Conn.-based broadband communications company.

Credit Agricole sells notes

Credit Agricole (London Branch) sold $1.5 billion of 2.375% senior notes due Jan. 22, 2025 (Aa3/A+/A+) on Tuesday at a spread of Treasuries plus 85 bps, according to a market source.

The notes priced on the tight side of guidance in the 85 bps to 90 bps spread area.

Initial price talk was in the Treasuries plus 100 bps area.

Citigroup, J.P. Morgan, RBC and Wells Fargo were the active bookrunners.

The London-based bank is a subsidiary of Credit Agricole SA.

New York Life prints floaters

New York Life Global Funding sold $750 million of floating-rate notes due Jan. 21, 2022 (Aaa/AA+/AAA) backed by funding agreements at Libor plus 28 bps on Tuesday, according to a market source.

Initial price talk was in the Libor plus mid-to-high 30 bps area.

BofA Securities, Deutsche and Goldman Sachs were the bookrunners.

New York Life Global is a unit of New York-based mutual insurance company New York Life Insurance Co.

Finnvera eyes $1 billion issue

Finnvera (Aa1/AA+/) plans to price $1 billion of notes due Oct. 23, 2024 in a Rule 144A and Regulation S offering on Wednesday, according to a market source.

The notes are initially talked to price in the mid-swaps plus 19 bps area.

Citigroup, Goldman Sachs, HSBC Securities (USA) Inc and TD Securities are the bookrunners.

Finnvera is a government-owned financing company based in Kuopio, Finland.

IBRD offers dollar notes

IBRD, or World Bank, plans to price a dollar-denominated offering of global notes due Oct. 23, 2029 (Aaa/AAA/AAA) on Wednesday, according to a market source.

Initial price talk is in the mid-swaps plus 20 bps area.

BofA Securities, Citigroup, J.P. Morgan and RBC are the bookrunners.

The global development financing cooperative is based in Washington, D.C.

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