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Occidental Petroleum prices $13 billion; UBS, Public Service, PPG Industries, UDR print
By Cristal Cody
Tupelo, Miss., Aug. 6 – Occidental Petroleum Corp. led primary action in the high-grade bond market on Tuesday with a $13 billion 10-tranche offering of senior notes that priced better than talk.
Also during the session, UBS Group AG sold $1.5 billion of fixed-to-floating-rate notes due Aug. 13, 2030.
Public Service Co. of Colorado priced $550 million of green first mortgage bonds due March 1, 2050 after holding fixed income investor calls on Friday.
PPG Industries, Inc. brought $600 million of fixed-rate notes in two parts to the primary market.
UDR, Inc. sold $400 million of guaranteed medium-term notes due Aug. 15, 2031.
In addition, Motorola Solutions, Inc. priced a $150 million add-on to its 4.6% senior notes due May 23, 2029.
Credit spreads recovered slightly over the session.
The Markit CDX North American Investment Grade 32 index firmed about 3 basis points to a spread of 59 bps after closing the previous session 5 bps wider.
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