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BPCE, Target tap primary market; Cades offers notes; Pacific Life preps 50-year bonds
By Cristal Cody
Tupelo, Miss., Oct. 16 – BPCE SA and Target Corp. tapped the high-grade primary market on Monday.
BPCE priced $1.25 billion of 10-year notes, while Target came with $750 million of 30-year notes.
Also on Monday, Caisse d’Amortissement de la Dette Sociale, or Cades, marketed two-year dollar-denominated notes in a benchmark Rule 144A and Regulation S deal expected to price on Tuesday. The notes were initially talked to price in the mid-swaps plus 6 basis points area.
Pacific Life Insurance Co. held investor calls during the session for a Rule 144A and Regulation S offering of 50-year fixed-to-floating-rate surplus notes.
About $25 billion to $30 billion of supply is forecasted for the week, a market source said.
The Markit CDX North American Investment Grade 29 index was modestly tighter on the day at a spread of 54 bps.
BPCE prices $1.25 billion
BPCE priced $1.25 billion of 3.5% 10-year notes (Baa3/A/) on Monday at a spread of Treasuries plus 125 bps, according to a market source.
The notes were initially talked to price in the Treasuries plus 140 bps area.
BofA Merrill Lynch, Goldman, Sachs & Co., Mizuho Securities USA LLC, Natixis Securities Americas LLC and Wells Fargo Securities LLC were the lead managers.
The financial services company is based in Paris.
Target prices $750 million
Target sold $750 million of 3.9% 30-year notes (A2/A/A-) on Monday at a spread of Treasuries plus 110 bps, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.593 to yield 3.923%.
Deutsche Bank Securities Inc., Goldman Sachs, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including debt refinancing.
The discount merchandise chain is based in Minneapolis.
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