Roper, KKR, Athene, Retail Properties, Globe Life, KfW, SEK price; SSA deal pipeline active

By Cristal Cody

Tupelo, Miss., Aug. 18 – High-grade deal volume remained strong on Tuesday with over $9 billion of issuance in both the corporate primary market and sovereign, supranational and agency space.

Roper Technologies, Inc. priced $2.7 billion of senior notes (Baa2/BBB+/) in four tranches to fund its acquisition of Vertafore, Inc.

KKR & Co. Inc. subsidiary KKR Group Finance Co. VIII LLC priced $750 million of 30-year guaranteed senior notes (/A/A) in a deal upsized from $500 million following fixed income investor calls on Monday.

Athene Global Funding priced $550 million of seven-year funding agreements-backed senior secured notes (/A/A) during the session.

Retail Properties of America, Inc. priced $400 million of 10-year senior notes (Baa3/BBB-) in an offering upsized from $350 million.

Globe Life Inc. also priced $350 million of 10-year senior notes (Baa1/A/BBB+) in an offering increased from $300 million.

In other corporate supply, Prudential Financial, Inc. priced $1.4 billion of notes (Baa1/BBB+/) in two tranches, including $800 million of 30-year fixed-to-fixed reset rate junior subordinated notes due Oct.1, 2050 and $500 million of $25-par stock.

Tuesday’s session also saw new sovereign, supranational and agency issuance.

KfW (Aaa/AAA/Scope: AAA) priced $2 billion of 10-year green global notes in an offering upsized from $1 billion.

Swedish Export Credit Corp. priced $1 billion of five-year global notes (Aa1/AA+/) on Tuesday.

Development Bank, IBRD offer notes

Coming up on Wednesday, the Development Bank of Japan Inc. plans to price a $1.7 billion Rule 144A and Regulation S two-part offering of fixed-rate senior notes (A1/A+), including five- and 10-year notes.

In addition, the International Bank for Reconstruction and Development, or World Bank, is marketing dollar-denominated 10-year global notes (Aaa/AAA/AAA) to price on Wednesday.

Investment-grade deal volume totals more than $30 billion week to date following over $21 billion of supply on Monday.

About $30 billion to $40 billion of issuance is expected by market participants this week.

The Markit CDX North American Investment Grade 33 index closed modestly tighter on the day at a spread of 66.3 basis points.

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