Rogers, Kimco, Lazard, Southwest Airlines, Ryder, RBC price; CDX eases; Honeywell flat

By Cristal Cody

Eureka Springs, Ark., Nov. 1 – High-grade primary action remained active over the session on Tuesday in the last week before the U.S. presidential election.

Rogers Communications Inc. priced a $500 million offering of 2.9% 10-year senior notes with a spread of 125 basis points over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+/BBB+) priced at 98.354 to yield 3.092%.

BMO Capital Markets, J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to repay some advances under the company's bank credit facilities and borrowings under the securitization program and for general corporate purposes.

Kimco Realty Corp. brought a $750 million two-part offering of notes.

EQT Midstream Partners, LP sold $500 million of 10-year senior bonds.

Lazard Group LLC priced $300 million of senior notes due 2027.

Southwest Airlines Co. came to the market with a $300 million offering of 10-year notes.

Ryder System, Inc. raised $300 million in an offering of five-year medium-term notes.

Also, details emerged about Royal Bank of Canada’s $120 million of two-year senior floating-rate notes priced on Friday and Monday.

The Markit CDX North American Investment Grade index softened about 1 bp to close at a spread of 80 bps.

In the secondary market, Honeywell International Inc.’s new 2.5% notes due 2026 were quoted flat but softer than issuance.

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