Philip Morris, Mitsubishi, Comcast tap investment-grade primary market; Boeing notes mixed

By Cristal Cody

Tupelo, Miss., Feb. 15 – Investment-grade issuers priced more than $7 billion of bonds over Wednesday’s session, according to market sources.

Philip Morris International Inc. brought $2.8 billion of notes to the primary market.

Mitsubishi UFJ Financial Group, Inc. came with a $2.5 billion three-part offering of senior notes.

Comcast Corp. also sold $1,005,000,000 of 30-year notes.

Consumers Energy Co. placed $350 million of 30-year first mortgage bonds on Wednesday.

Snap-on Inc. sold $300 million of 10-year senior notes.

Also, Oesterreichische Kontrollbank AG priced a $100 million add-on to its floating-rate notes due Nov. 4, 2019.

The Markit CDX North American Investment Grade index closed mostly unchanged at a spread of 63 basis points.

In the secondary market on Wednesday, Boeing Co.’s $900 million three-part offering of senior notes (A2/A/A) sold on Tuesday were mixed.

Boeing’s 2.125% notes due 2022 traded softer on the day at 98.61, weaker than where the notes were seen at the start of the day at 98.70, according to a market source. The 2.8% notes due March 1, 2027 headed out slightly better at 97.63, compared to early morning at 97.35. The 3.65% notes due March 1, 2047 continued to soften over the day going out at 94.60, weaker than in the morning at 94.94.

Secondary trading volume was heavy on Tuesday with $23.7 billion of investment-grade bonds traded, compared to $16.6 billion on Monday, according to Trace.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.