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Occidental Petroleum, Omnicom, NextEra Energy open week; Apple active; FedEx improves
By Aleesia Forni and Cristal Cody
New York, March 28 – Occidental Petroleum Corp., Omnicom Group Inc. and NextEra Energy Capital Holdings Inc. priced bond deals to open the week on Monday.
Issuers brought to market $4.65 billion during a quieter session. A number of markets, including Europe, were closed for Easter Monday.
Still, demand was strong for the trio of deals that did make their way to the primary during the trading day.
Occidental attracted nearly $11 billion of orders for its $2.75 billion three-part issue of notes. All three tranches priced 20 basis points to 25 bps inside initial price thoughts, according to an informed source.
And Omnicom tightened the spread on its $1.4 billion 10-year notes by around 25 bps compared to initial price thoughts.
There was also a $500 million three-year note priced by energy company NextEra to round out the day’s new deals, while Franklin Financial Network Inc. announced plans to sell an offering of fixed-to-floating-rate subordinated notes.
Sources are calling for around $15 billion to $20 billion of new investment-grade issuance this week.
Apple Inc.’s bonds priced in February were active in the secondary market on Monday and remain stronger than issuance.
FedEx Corp.’s 4.55% bonds due 2046 closed better on the day.
The Markit CDX North American Investment Grade index ended unchanged at a spread of 83 bps.
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