Honeywell, Raytheon, Boston Scientific, Manulife, Antares price; high-grade inflows down

By Cristal Cody

Tupelo, Miss., May 14 – High-grade corporate and sovereign, supranational and agency issuers tapped the primary market on Thursday, pushing the week’s volume to date to more than $60 billion.

Honeywell International Inc. priced $3 billion of senior notes (A2/A/A) in three tranches 30 basis points to 35 bps tighter than talk.

Raytheon Technologies Corp. priced a $2 billion two-part offering of notes (Baa1/A-) during the session.

Boston Scientific Corp. brought $1.7 billion of senior notes (Baa2/BBB-/BBB) in two tranches to the primary market.

Bank of America Corp. sold $1 billion of four-year medium-term fixed-to-floating-rate senior notes.

NatWest Markets plc placed $1 billion of three-year senior notes 10 bps better than talk.

Puget Energy, Inc. priced $650 million of 10-year senior notes 25 bps better than initial guidance.

Manulife Financial Corp. sold $500 million of seven-year senior notes (A/A-) 30 bps better than talk.

PPG Industries, Inc. priced $300 million of 10-year notes on top of talk. The company also planned to price a 30-year tranche that was talked to print at the 230 bps spread area but dropped the issue from the final offering.

Middle-market lender Antares Holdings LP priced $215 million of five-year senior notes (//BBB-) on top of talk in a deal upsized from $200 million.

In the SSA market, the Province of Ontario (Aa3/A+/AA-) priced $1.75 billion of seven-year global notes on top of talk.

Japan Finance Organization for Municipalities (A1/A+) priced a $1.5 billion offering of five-year senior notes on Thursday tighter than guidance.

About $75 billion of investment-grade supply was forecast for the week.

Investment-grade corporate funds inflows totaled $5.25 billion for the past week ended Wednesday, down slightly from $6.63 billion in the previous week, but above the $2.25 billion of inflows in the prior week, according to Refinitiv Lipper US Fund Flows.

The Markit CDX North American Investment Grade 33 index firmed modestly on the day to a spread of 96.39 bps.

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