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Regeneron sells $2 billion notes; steady supply expected; fund, ETF inflows rise
By Cristal Cody
Tupelo, Miss., Aug. 7 – The high-grade primary market stayed active on Friday with a two-part offering from Regeneron Pharmaceuticals, Inc.
Regeneron Pharmaceuticals sold $2 billion of fixed-rate senior notes (Baa3/BBB+) with both tranches pricing 20 basis points tighter than initial guidance.
Also on Friday, Standard Industries Inc. priced a $1.1 billion split-rated offering of senior notes due Jan. 15, 2031 (Ba2/BBB-) in a Rule 144A and Regulation S deal.
Deal volume is expected to remain steady in the week ahead with syndicate forecasts of about $25 billion to $30 billion of supply anticipated.
Meanwhile, overall investment-grade bond fund and ETF inflows rose to $10.14 billion for the past week ended Wednesday from $9.03 billion in the prior week, according to a BofA Securities, Inc. research note released Friday.
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