Nutrition & Biosciences, TD, JPMorgan, Duke, Masco, O’Reilly price; deal pipeline active

By Cristal Cody

Tupelo, Miss., Sept. 9 – High-grade issuers flooded the primary market for a second straight session on Wednesday with week-to-date post-holiday volume totaling about $40 billion.

More than $21 billion of supply came on Tuesday.

Heading up Wednesday’s issuance, Nutrition & Biosciences, Inc. brought $6.25 billion of guaranteed senior notes (Baa3/BBB/BBB) in six tranches in a Rule 144A and Regulation S deal.

In financial supply, Toronto-Dominion Bank sold $2.25 billion of senior medium-term notes (Aa3/A) in two tranches.

Sumitomo Mitsui Trust Bank Ltd. priced $2 billion of senior notes (A1/A-) in two parts.

DNB Bank ASA brought $1 billion of six-year senior subordinated notes (A3/A) on Wednesday.

Also, JPMorgan Chase & Co. priced $1 billion of green fixed-to-floating-rate notes due Sept. 16, 2024 (A3/BBB+/BBB+) over the day.

In other volume, Duke Energy Corp. priced $1 billion of senior notes (Baa1/BBB+) in two tranches.

Caterpillar Financial Services Corp. sold $1.75 billion of senior medium-term notes (A3/A/A) in two parts.

O'Reilly Automotive, Inc. placed $500 million of senior notes due March 15, 2031 (Baa1/BBB) on Wednesday.

Masco Corp. priced $400 million of senior notes (Baa3/BBB/BBB-) in two tranches.

Schlumberger Finance Canada Ltd. sold $500 million of five-year notes (A2/A).

Air Canada tapped the primary market with $552,625,000 of pass-through enhanced equipment trust certificates in two parts.

Also, Life Storage LP sold $400 million of 10-year senior notes (Baa2/BBB) on Wednesday.

Meanwhile, Sempra Energy pulled a $600 million registered offering of fixed-to-fixed reset rate junior subordinated notes due Feb. 1, 2051 (Baa3/BBB-) that was announced on Tuesday, according to a market source and a Fitch Ratings notice. Initial price talk had the deal at the 4% area.

Fitch withdrew its BBB- rating “as the issuance was canceled by the issuer.”

The offering was postponed due to market conditions, a source said.

SSA volume

In other supply on Wednesday, the European Investment Bank (Aaa/AAA/AAA) priced $4 billion of global notes due Dec. 15, 2025.

Also, the Inter-American Development Bank (Aaa/AAA) came by with a $1.5 billion offering of global notes due Sept. 16, 2027.

Coming up on Thursday, Japan Bank for International Cooperation intends to price dollar-denominated three-year guaranteed senior notes.

In addition, Oesterreichische Kontrollbank AG (Aa1/AA+) is marketing a dollar-denominated offering of five-year global notes over the upcoming session.

About $50 billion to $60 billion of deal volume is expected in the primary market this week following the Labor Day holiday.

The Markit CDX North American Investment Grade 33 index firmed more than 2 basis points to head out a spread of 66.2 bps.

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