W.W. Grainger prices; strong volume forecast; Citrix, Otis notes firm; Omnicom, Amgen ease

By Cristal Cody

Tupelo, Miss., Feb. 21 – W.W. Grainger, Inc. tapped the high-grade primary market on Friday, capping off a week that posted more than $32 billion of bond issuance.

The company priced $500 million of five-year senior notes 5 basis points tighter than initial talk.

Looking ahead to next week, syndicate sources expect about $25 billion to $30 billion of new supply with a number of issuers holding fixed income investor calls for potential bond offerings.

High-grade issues were mixed in the secondary market on Friday.

Citrix Systems, Inc.’s 3.3% split-rated senior notes due March 1, 2030 priced on Thursday tightened 5 bps on the bid side.

Otis Worldwide Corp.’s $5.3 billion of senior notes (Baa2/BBB/) brought to the market in six tranches on Wednesday traded about 1 bp to 4 bps tighter on the fixed-rate tranches and about 8 bps tighter on the floating-rate notes.

Omnicom Group Inc.’s 2.45% senior notes due April 30, 2030 that came mid-week softened more than 5 bps on the bid side.

Amgen Inc.’s $5 billion of senior notes (Baa1/A-/) priced in five tranches on Tuesday traded flat to about 7 bps wider than issuance.

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