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Dow Chemical, British Sky price; Amphenol firms; Dow mixed; spreads ease
By Aleesia Forni and Cristal Cody
Virginia Beach, Sept. 9 – The pace of issuance in the high-grade market continued on Tuesday, with more than $7.1 billion of supply pricing during the session.
Dow Chemical Co. and British Sky Broadcasting Group plc sold the day’s largest new issues, each pricing multi-tranche, $2 billion offerings.
Many of the deals priced during the session were upsized from initial thoughts, including those priced by Air Lease Corp., National Penn Bancshares Inc., Amphenol Corp. and Hospitality Properties Trust.
Meanwhile, Buckeye Partners, LP priced a $600 million offering of notes in two tranches, and Verizon Communications Inc. issued $870 million of 30-year bonds.
Nederlandse Waterschapsbank NV was also in Tuesday’s market, pricing an offering of three-year notes.
The week’s total new issuance sits at roughly $15 billion following two active days, nearly halfway to what sources had predicted to be a $30 billion week.
Investment-grade credit spreads headed out about 2 basis points to 3 bps wider on the day, sources said.
In the secondary market, Amphenol’s two-part offering firmed 2 bps after the notes were freed to trade, a trader said.
Dow Chemical’s three-part offering of notes was mixed at the end of the day, with the company’s long bonds quoted 4 bps wider, a trader said.
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