Freeport, Penske, USAA Capital price; Toyota holds calls; Municipality Finance on deck

By Cristal Cody

Tupelo, Miss., June 26 – Corporate activity picked up in the high-grade bond market on Tuesday with new reported issues and other deals being marketed.

Crown Castle International Corp. priced $1 billion of senior secured tower revenue notes.

Freeport LNG sold $600 million of notes following the company’s roadshow held at the start of the month.

Penske Truck Leasing Co., LP and PTL Finance Corp. sold $500 million of five-year senior notes. USAA Capital Corp. placed $400 million of two-year senior notes.

Also on Tuesday, Toyota Motor Credit Corp. held fixed income investor calls in the United States, Europe and Asia for a three-part offering of senior notes registered with the Securities and Exchange Commission, a source said.

The bookrunners are J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc.

Coming up on Wednesday, Municipality Finance PLC plans to price a $1 billion “no grow” Rule 144A and Regulation S offering of three-year notes. The notes were initially talked to price in the mid-swaps plus 5 basis points area, a source said.

About $15 billion to $20 billion of supply is expected by market sources for the week.

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

Bayer AG’s notes traded mostly flat to softer on Tuesday.

Walmart Inc.’s notes were flat to better.

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