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AT&T, Capital One, NiSource Finance, Macy's price deals; new issue window is open, source says
By Andrea Heisinger
Omaha, Aug. 28 - The pace picked up a bit Tuesday with AT&T Inc., Capital One Financial Corp., NiSource Finance Corp. and Macy's Retail Holdings, Inc. all pricing new issues.
AT&T had the largest one of the day, pricing a $2 billion offering that was upsized from $1 billion. The 30-year 6.5% global notes priced at a spread of Treasuries plus 167 basis points with a yield of 6.533% and price of 99.568.
Capital One issued $1.5 billion of 10-year 6.75% senior notes that priced at a spread of Treasuries plus 225 bps with a price of 99.716.
Another issue was upsized between talk and pricing. NiSource's $800 million in 101/2-year 6.4% notes was originally $500 million. The notes priced at a spread of Treasuries plus 187.5 bps with a price of 99.905 and yield of 4.537%.
The smallest new issue of the day was Macy's with $350 million in 51/2-year 5.875% notes that priced at a spread of Treasuries plus 165 bps. The notes had a price of 99.817 and yield of 5.917%.
The new issue calendar will continue to chug along for the next couple of days, a market source said.
"We haven't seen a lot, obviously, this week in the short end of the market," a source said.
Spreads have been wider this week on the couple of short issues there have been, the source said. They cited a three-year issue that priced at a spread of Libor plus 40 bps, which was 30 bps wider than normal, and a one-year issue that priced at Libor plus 15 bps.
"Two-and-a-half months ago that would have been at Libor flat," the source said of the one-year issue.
There may have been more new issues Tuesday, a source said, if the equity market weren't down 165 bps.
"Tomorrow the window is definitely open, and Thursday is definitely open for new issues," the source said.
There has been more than $5.75 billion in new issues so far this week.
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