Paccar Financial, Pacific Premier Bancorp price; heavy volume eyed; Starbucks softens

By Cristal Cody

Tupelo, Miss., May 3 – Two investment-grade issuers tapped the primary market on Friday.

Paccar Financial Corp. brought $500 million of three-year medium-term notes on the tight side of guidance.

Pacific Premier Bancorp, Inc. sold $125 million of 10-year fixed-to-floating rate subordinated notes.

High-grade issuers priced more than $23 billion of bonds over the week, beating market forecasts of about $15 billion to $20 billion of supply.

Volume is expected to climb in the week ahead to the $40 billion to $45 billion range with a hefty deal from Bristol-Myers Squibb Co. on tap, according to market sources.

Bristol-Myers Squibb wrapped a two-day round of fixed income investor calls on Friday for an eight-tranche Rule 144A and Regulation S offering of dollar-denominated notes. Market sources look for the deal to hit the primary market early in the week ahead.

In the secondary market, new issues priced this week were mostly softer on the week, sources report.

Paccar’s notes improved 1 bp in aftermarket trading on Friday, a source said.

Starbucks Corp.’s $2 billion of senior notes (Baa1/BBB+/BBB+) priced in two tranches on Thursday traded about 1 bp to 2 bps wider than issuance on the bid side.

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