Ryder prices $300 million; deal volume slows ahead of holiday; MUFG mixed; Goldman better

By Cristal Cody

Tupelo, Miss., Feb. 16 – The high-grade bond market saw one new reported bond deal price as primary action begins to slow ahead of the long Presidents’ Day holiday weekend.

Ryder System, Inc. brought a $300 million offering of five-year medium-term notes.

The bond markets will be closed on Monday for the holiday. An early market close is not scheduled for Friday’s session.

In other activity, Parker-Hannifin Corp. was expected to wrap its roadshow on Thursday for an offering of dollar-denominated senior notes and euro-denominated bonds.

Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC arranged the roadshow that started in the U.S. market on Monday and continued through Thursday in Europe.

Parker-Hannifin intends to offer $2.5 billion of fixed-rate senior notes (Baa1/A/A-) in private transactions, according to an 8-K filing with the Securities and Exchange Commission.

The Cleveland-based manufacturer of motion and control technologies plans to use proceeds from the deals to finance a portion of its acquisition of Clarcor Inc.

The Markit CDX North American Investment Grade index closed the day about 1 basis point softer a spread of 64 bps.

Mitsubishi UFJ Financial Group, Inc.’s senior notes (A1/A/A) priced on Wednesday were seen earlier flat to about 2 bps better than issuance in secondary trading.

Goldman Sachs Group Inc.’s notes (A3/A/) reopened on Monday were mixed.

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