Primary volume surges; Intel, Sherwin-Williams, American Express bring deals; CDX firms

By Cristal Cody

Tupelo, Miss., July 28 – Investment-grade issuers hit the primary market in force on Tuesday with new deals priced from companies including Intel Corp., Sherwin-Williams Co., American Express Credit Corp., Citizens Financial Group, Inc., Janus Capital Group Inc. and Spirit Airlines, Inc.

Intel sold $1,007,000,000 of 4.9% 30-year senior notes at par.

Sherwin-Williams brought an upsized $800 million two-part offering of 10-year and 30-year senior notes.

American Express Credit sold $500 million of three-year senior medium-term floating-rate notes at par.

Janus Capital Group priced $300 million of 4.875% 10-year senior notes over the session.

Citizens Financial Group sold $250 million of 4.35% subordinated notes due Aug. 1, 2025 at par.

Spirit Airlines priced $576,581,000 of pass-through certificates on Tuesday in two parts.

Unilever Capital Corp. and Bank of Montreal also were expected to tap the market.

In the secondary market earlier in the day, long bonds from Intel and CVS Health Corp. traded 1 basis point to 2 bps weaker.

Credit spreads improved over the session. The Markit CDX North American Investment Grade index firmed 2 bps to a spread of 71 bps.

The CDX has ranged from a low of 60.4 bps to a high spread of 76.4 bps over the past 12 months, according to a Barclays Bank plc report on Tuesday.

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