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EOG, EBC, Rabobank do deals; Ecolab upsizes; Time Warner widens; Comcast, Charter firm
By Aleesia Forni and Cristal Cody
New York, Jan. 11 – EOG Resources Inc., Rabobank, New York branch and Royal Bank of Canada priced bonds on Monday amid a more positive market tone following last week’s turbulent conditions.
The day’s deals fared well to open the week, even as oil prices continued to fall following a plunge in Chinese stocks.
RBC attracted around $1.75 billion of orders for its new deal, a market source noted.
Ecolab Inc. was also in the market with an upsized $800 million offering of senior notes in two parts.
Both tranches came at the tight side of guidance.
Around $25 billion to $30 billion of issuance is expected this week, though one market participant noted the possibility of a large acquisition financing later this week, which could push that figure above expectations.
Time Warner Inc.’s bonds remained weak in the secondary market on Monday and widened about 10 bps to 20 bps.
Comcast Corp.’s 4.6% senior notes due 2045 traded 1 bp tighter.
Charter Communications Inc.’s bonds (Ba1/BBB-) firmed 2 bps to 5 bps during the day.
In other trading, Coca-Cola Co.’s 2.875% senior notes due 2025 softened 2 bps.
PepsiCo Inc.’s 2.75% senior notes due 2025 were flat.
The Markit CDX North American Investment Grade 25 index firmed 1 bp to end at a spread of 98 bps on Monday.
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