Tampa Electric prices senior notes; ConocoPhillips modestly better; Apple, AT&T tighten

By Aleesia Forni and Cristal Cody

Virginia Beach, May 15 – Tampa Electric Co. sold $250 million of 30-year bonds on Friday, capping off a week that hosted more than $43 billion of new investment-grade paper and pushing the total supply for May to more than $92 billion.

The notes sold around 13 basis points tighter than initial price thoughts and attracted an order book that was more than three times oversubscribed.

Meantime, Lipper reported $958 million of inflows into corporate investment-grade funds for the week ended May 13.

The market’s tone remains constructive even with the staggering amount of new paper the primary has seen in recent weeks, and sources are predicting another bout of issuance for next week.

Around $25 billion of paper is expected to price ahead of the extended Memorial Day-holiday weekend.

New investment-grade bonds headed out mostly better on Friday, while credit spreads improved.

ConocoPhillips Co.’s senior notes (A1/A/) that priced on Wednesday traded about 1 bp better.

Shell International Finance BV’s 2.125% notes due 2020 were unchanged in the secondary market.

Apple Inc.’s bonds (Aa1/AA+/) priced in the previous week traded 3 bps to 5 bps tighter over the day.

Oracle Corp.’s senior notes (A1/AA-/A+) brought in late April were mixed.

AT&T Inc.’s new notes (/BBB+/A-) traded about 1 bp to 3 bps tighter.

The Markit CDX North American Investment Grade series 23 index firmed 1 bp to a spread of 63 bps on Friday.

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