Supply surges ahead of Fed; Boeing, Las Vegas Sands, Ford, Union Pacific; others price notes

By Cristal Cody

Tupelo, Miss., July 29 – Deal volume surged in the high-grade primary market on Monday, led by a $5.5 billion six-tranche offering of senior notes from Boeing Co.

Las Vegas Sands Corp. also tapped the market on Monday with a $3.5 billion three-part offering of senior notes.

Ford Motor Credit Co. LLC sold $2 billion of fixed-rate senior notes in two tranches and dropped a floating-rate tranche.

National Australia Bank Ltd. priced $1.5 billion of 15-year subordinated notes.

Union Pacific Corp. brought $1 billion of fixed-rate senior notes in two parts to the primary market.

Republic Services, Inc. sold $900 million of five-year notes.

Owens Corning came with $450 million of 10-year green senior notes.

In addition, Essex Portfolio, LP sold $400 million of long 10-year guaranteed senior notes.

Supply was expected to be front-loaded this week ahead of the Federal Reserve’s monetary policy decision on Wednesday, according to market sources.

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