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CVS, State Street, Entergy Louisiana price; Intel firms; PPL unchanged; credit spreads tighten
By Cristal Cody
Eureka Springs, Ark., May 16 – Investment-grade pricing action on Monday included new deals from CVS Health Corp. and State Street Corp.
CVS Health brought $3.5 billion in a two-part offering of senior notes during the session.
State Street sold $1.5 billion of senior notes in two parts.
Also in the primary market, San Diego Gas & Electric Co. priced $500 million of 2.5% first mortgage bonds at 99.675 to yield 2.537%.
Entergy Louisiana, LLC tapped the market on Monday with a $325 million sale of 3.05% collateral trust mortgage bonds due June 1, 2031.
In the secondary market earlier in the day, Intel Corp.’s new senior notes (A1/A+/A+) traded about 1 basis point to 5 bps tighter than issuance.
PPL Capital Funding Inc.’s 3.1% senior notes due 2026 (Baa2/BBB+/) were wrapped around issuance.
The Markit CDX North American Investment Grade index firmed 2 bps to close the day at a spread of 81 bps.
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