Boeing, Phillips 66 see demand; Waste Management, PNC price; Philips 66 active

By Aleesia Forni and Cristal Cody

Virginia Beach, Feb. 18 – Boeing Co., Phillips 66 Partners LP, Waste Management, Inc. and PNC Bank NA issued bonds on Wednesday.

Investor demand was solid across the board for the day’s newly printed deals.

Boeing attracted a book that topped $5.5 billion of orders for its $750 million three-part offering.

The tranches sold around 20 basis points tight of initial price thoughts.

The orderbook for Phillip 66’s new $1.1 billion offering of senior notes was around 12 times oversubscribed.

Also on Wednesday, Waste Management sold $1.8 billion of notes in three parts, all tight of price guidance, while PNC Bank issued $1.75 billion of senior bank notes.

So far, the investment-grade bond market has seen $10.25 billion of new issuance this week, roughly halfway to what was predicted to be around $20 billion of supply for the holiday-shortened week.

Tone improved in the high-grade bond market on Wednesday following the release of minutes from the Federal Reserve’s January policy meeting.

The Markit CDX North American Investment Grade index firmed 1 bp to a spread of 64 bps.

Boeing’s bonds tightened 1 bp to 2 bps in aftermarket trading.

New bonds priced by Phillips 66 were active in the gray market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.