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Norfolk Southern sells $1.5 billion; SoCal Edison upsizes deal; Ryder System prices
By Cristal Cody
Tupelo, Miss., July 30 – Norfolk Southern Corp., Southern California Edison Co. and Ryder System, Inc. tapped the investment-grade primary market on Monday.
Norfolk Southern priced a $1.5 billion four-tranche offering of senior notes that included a 100-year bond. The notes came on the tight side of guidance and better than initial talk.
Southern California Edison upsized its issuance of new and reopened first and refunding mortgage bonds to $850 million from $700 million, a source said.
Ryder System placed $300 million of three-year medium-term notes during the session.
About $15 billion to as much as $25 billion of new supply is expected this week, according to market sources. About $60 billion to $70 billion of volume is forecast for August.
Industrial supply is expected to pick up soon as companies exit blackout periods following earnings releases, according to a BofA Merrill Lynch note released on Monday.
The current week has seen an average of $23 billion of weekly issuance from 2011 through 2017, including an average of $16 billion of industrial bonds and $7 billion of financial paper, the note said.
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