IG primary packed; Nissan, Deutsche, Shell, BBVA, Cox, Dominion price; inflows strong

By Cristal Cody

Tupelo, Miss., Sept. 10 – Investment-grade issuers priced more than $22 billion of corporate bonds on Thursday in a third consecutive session of strong supply.

Nissan Motor Co. Ltd. brought $8 billion of senior notes (Baa3/BBB-) in four tranches in a Rule 144A and Regulation S offering to the primary market.

Deutsche Bank AG, New York Branch (Baa3/BBB/BBB) sold $3.25 billion of fixed-to-floating-rate eligible liabilities senior notes in two tranches.

Shell International Finance BV priced $2.5 billion of guaranteed senior notes (Aa2/AA-) in three parts, including two reopenings.

Banco Bilbao Vizcaya Argentaria SA sold $2 billion of senior preferred notes (A3/A-/) in two parts.

Cox Communications Inc. priced $1.5 billion of senior notes (Baa2/BBB/BBB+) in two tranches.

Dominion Energy, Inc. came by with $1 billion of floating-rate senior notes due Sept. 15, 2023 (Baa2/BBB/BBB+).

Universal Health Services, Inc. sold $800 million of 10-year senior secured notes (B1/BBB-/BBB-).

Pacific LifeCorp priced $750 million of 30-year senior notes (Baa1/A-/A-).

Suzano Austria GmbH sold $750 million of guaranteed global notes due Jan. 15, 2031.

Fidelity National Financial, Inc. tapped the primary with $600 million of senior notes due March 15, 2031 (Baa2/BBB) on Thursday.

Smithfield Foods, Inc. sold $500 million of 10-year senior notes (Ba1/BBB-/BBB-).

Corporate Office Properties, LP placed $400 million of guaranteed senior notes due March 15, 2026 (Baa3/BBB-/BBB-).

In other supply on Thursday, the Federal Home Loan Bank System sold $1 billion of five-year Global notes.

Japan Bank for International Cooperation priced $1.5 billion of three-year guaranteed senior bonds (A1/A+).

Also, Oesterreichische Kontrollbank AG (Aa1/AA+) sold $1.5 billion of five-year global notes.

Coming up on Friday, the International Bank for Reconstruction and Development, or World Bank, plans to price dollar-denominated five-year global sustainable development floating-rate notes (Aaa/AAA/AAA).

Investment-grade corporate issuers have sold more than $62 billion of bonds week to date.

About $50 billion to $60 billion of deal volume was expected following the Labor Day holiday.

Elsewhere, high-grade corporate fund inflows remained strong at $6.54 billion for the past week ended Wednesday, compared to $10.73 billion in the previous week and $6.03 billion in the week prior, according to Refinitiv Lipper US Fund Flows.

The Markit CDX North American Investment Grade 33 index eased more than 2 basis points on Thursday to a spread of 68.74 bps.

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