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Northrop Grumman, ConAgra, Phillips, Broadcom price; EIB sets talk; deal pipeline builds
By Cristal Cody
Tupelo, Miss., Oct. 10 – Deal action stayed strong on Tuesday with new issuance from Northrop Grumman Corp., ConAgra Brands, Inc., Phillips 66 Partners LP, Sempra Energy, Farmers Insurance Exchange and Broadcom Ltd. subsidiaries Broadcom Corp. and Broadcom Cayman Finance Ltd., according to market sources.
About $15 billion to $20 billion of deal volume is expected by syndicate sources for the week.
Coming up on Wednesday, the European Investment Bank intends to tap the high-grade primary market with a five-year bond deal.
The new deal pipeline also is building.
The Federation des caisses Desjardins du Quebec is expected to hold a roadshow in the week ahead for a transaction.
Later this week, Banco Santander, SA intends to hold a roadshow from Wednesday through Friday for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-).
The Markit CDX North American Investment Grade 29 index ended mostly unchanged on Tuesday at a spread of 54 basis points.
EIB offers notes
The European Investment Bank (Aaa/AAA/AAA) plans to price an offering of five-year global notes on Wednesday, according to a market source.
The notes were talked to price in the mid-swaps plus 10 bps area.
Barclays, J.P. Morgan Securities LLC and TD Securities (USA) LLC are the lead managers.
The European Investment Bank is a lending institution based in Luxembourg.
Desjardins du Quebec roadshow
The Federation des caisses Desjardins du Quebec (Aa2/A+/AA-) plans to hold a roadshow in the upcoming week for a dollar-denominated Rule 144A and Regulation S notes offering, according to a market source.
The roadshow will be held Oct. 18 to Oct. 20.
Barclays is the bookrunner.
The Federation is a Montreal-based organization that supports the Desjardins caisses.
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