Brighthouse Financial prices $3 billion; supply thins; Suntory deal ahead; energy bonds mixed

By Cristal Cody

Tupelo, Miss., June 15 – Brighthouse Financial Inc. priced a $3 billion two-part offering of senior notes on Thursday as the sole issuer in the investment-grade primary market.

Issuance has been light over the week and no volume was seen on Wednesday with the day’s focus on the Federal Reserve’s monetary policy announcement.

In other activity, FirstEnergy Corp. concluded a second day of investor calls on Thursday for an expected offering of notes.

Looking ahead to the upcoming week, Suntory Holdings Ltd. is preparing to hold investors calls and meetings for a Rule 144A and Regulation S deal.

In secondary market activity, Chevron Corp.’s senior notes (Aa2/AA-/) traded flat to modestly softer on Thursday.

Chevron’s 2.498% notes due March 3, 2022 eased 2 bps in secondary trading to 47 bps bid, according to a market source. Chevron sold $700 million of the five-year notes on Feb. 28 at a Treasuries plus 60 bps spread.

Chevron’s 2.895% notes due March 3, 2024 were flat on the day at 66 bps bid. The company priced $1 billion of the notes in the Feb. 28 offering at a spread of 70 bps over Treasuries.

Duke Energy Ohio, Inc.’s 3.7% first mortgage bonds due June 15, 2046 eased 3 basis points.

The Markit CDX North American Investment Grade index closed about 1 bp softer at a spread of 60 bps.

© 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.