MPLX, CSX, Paccar Financial tap primary market; Volkswagen in high-grade deal pipeline

By Cristal Cody

Tupelo, Miss., Nov. 7 – Investment-grade supply climbed on Wednesday following the mid-term elections and light deal volume in the first two sessions.

MPLX LP priced $2.25 billion of fixed-rate senior notes in two tranches.

CSX Corp. sold $1 billion of senior notes in two parts.

Paccar Financial Corp. brought $150 million of two-year medium-term floating-rate notes to the market.

Mednax Inc. priced $500 million of split-rated senior notes due 2026 (Ba2/BBB-/) in an offering downsized from $750 million.

In addition, Shell International Finance BV, Florida Power & Light Co. and Santander UK Group Holdings plc were marketing notes.

In other action on Wednesday, Volkswagen Group of America Finance LLC resumed a second day of fixed income investor calls for a Rule 144A and Regulation S dollar-denominated multiple-tranche deal.

Just over $2 billion of investment-grade bonds priced on Tuesday following $1.5 billion of issuance on Monday.

About $15 billion to as much as $30 billion of supply is forecast by market sources for the week.

Credit spreads continued to improve on Wednesday. The Markit CDX North American Investment Grade 31 index closed about 1 basis point better at a spread of 63 bps.

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