Tennessee Valley eyes $1 billion bonds; Toronto-Dominion sells C$350 million preferreds

By Devika Patel

Knoxville, Tenn., March 5 – Primary activity in the investment-grade bond market on Monday saw one new deal brought to market and two deals pricing.

Knoxville, Tenn., electricity providing agency Tennessee Valley Authority announced that it plans to sell $1 billion of global power bonds.

The bonds, which are due on March 15, 2020, will be non-callable.

Barclays, BofA Merrill Lynch, Morgan Stanley & Co. LLC and TD Securities (USA) LLC are the joint bookrunners.

Toronto-based bank and financial services company Toronto-Dominion Bank priced C$350 million of C$25-par term non-cumulative five-year rate reset preferred shares, series 18, in a Canadian offering. The deal priced for C$250 million on Monday and was increased a few hours later.

TD Bank sold 14 million preferreds at C$25.00 per share. There is a C$50 million greenshoe of 2 million preferreds.

Jackson, Mich., parent company to electric and gas utilities CMS Energy Corp. priced $200 million of 5.625% $25-par junior subordinated notes due March 15, 2078.

BofA Merrill Lynch, RBC Capital Markets Corp. and Wells Fargo Securities LLC were the joint bookrunners for the offering. Citigroup Global Markets Inc., Comerica Securities, Fifth Third Securities Inc. and U.S. Bancorp Investments Inc. were the co-managers.

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