Coca-Cola, PepsiCo, Southwest, Philip Morris, NXP price; market awaits Fed buys

By Cristal Cody

Tupelo, Miss., April 29 – Coca-Cola Co. led deal volume in the high-grade bond market on Wednesday with a $6.5 billion five-part offering of senior notes.

PepsiCo Inc. priced $2 billion of senior notes in two tranches after selling $6.5 billion of bonds in six tranches.

Southwest Airlines Co. priced $2 billion of notes in two tranches a day after pricing $2 billion of five-year convertible notes and $1.99 billion of common stock.

Philip Morris International Inc. sold $2.25 billion of notes in three parts.

Co-issuers NXP BV, NXP Funding LLC and NXP USA, Inc. came with $2 billion of senior notes in three tranches.

Canadian National Railway Co. priced an upsized $600 million of 30-year senior notes.

Consumers Energy Co. brought $525 million of 40-year first mortgage bonds to the primary market.

Also, ONE Gas, Inc. priced $300 million of 10-year senior notes.

The Federal Reserve said in a statement following its monetary policy meeting on Wednesday that it is committed to using its full range of tools to support the U.S. economy during the coronavirus pandemic and will continue to purchase Treasuries and agency residential and commercial mortgage-backed securities to support smooth market functioning.

The Fed also is expected to purchase corporate bonds in the primary and secondary markets.

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