Raymond James upsizes add-on; Apple firms slightly; Sherwin-Williams, Barclays tighten

By Cristal Cody

Tupelo, Miss., May 5 – Raymond James Financial Inc. finished the week’s primary action with an upsized $500 million add-on to its 4.95% senior notes due July 15, 2046 on Friday.

Raymond James Financial priced the add-on at 102.701 to yield 4.777%, according to a market source and an FWP filing with the Securities and Exchange Commission.

The deal was upsized from $250 million.

High-grade deal volume is expected to stay strong with about $30 billion to $35 billion of supply in the upcoming week, depending on any fallout from the French presidential election on Sunday, a market source said.

New bonds priced over the week traded mostly better in the secondary market on Friday.

Apple Inc.’s $7 billion of notes (Aa1/AA+) priced in six tranches on Thursday improved about 1 basis point to 2 bps.

Sherwin-Williams Co.’s $6 billion of senior notes (Baa3/BBB/BBB) brought to market in five tranches on Tuesday tightened about 5 bps to 8 bps in secondary trading.

Barclays Bank plc’s $2 billion offering of 4.836% subordinated notes due May 9, 2028 sold on Tuesday traded more than 10 bps better in the secondary market.

The Markit CDX North American Investment Grade index ended the day about 1 bp tighter at a spread of 62 bps.

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