Motorola prices add-on; Comcast eyes major deal; heavy supply forecast; new bonds mixed

By Cristal Cody

Tupelo, Miss., Sept. 28 – Motorola Solutions, Inc. priced a $200 million reopening of its 4.6% senior notes due Feb. 23, 2028 on Friday, capping off a light week that missed supply estimates.

High-grade issuers priced nearly $12 billion of bonds during the week, coming in lower than market forecasts for about $15 billion to as much as $25 billion of supply.

The week ahead, though, is expected to ramp up significantly.

Comcast Corp. plans to hold fixed-income investor calls on Monday for a possible bond offering that could total as much as $27 billion.

About $40 billion to $45 billion of supply is forecast for the week ahead, according to market sources.

The Markit CDX North American Investment Grade 31 index closed mostly unchanged at a spread of 59 basis points.

In the secondary market, new issues priced this week were mixed.

Motorola’s notes firmed modestly.

Tyson Foods, Inc.’s senior notes (Baa2/BBB/BBB) priced on Tuesday were mostly flat to about 1 bp softer on Friday but remained about 3 bps to 8 bps tighter than issuance.

Royal Bank of Scotland Group plc’s $1.75 billion of 5.076% fixed-to-floating-rate senior notes due Jan. 27, 2030 were flat from issuance.

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