Daimler sells seven tranches; Ford, Texas Instruments print; two issuers price on soft side

By Cristal Cody

Tupelo, Miss., April 30 – Investment-grade supply ramped up on Monday with new pricing action led by a $4 billion seven-tranche note deal from Daimler Finance North America LLC.

Ford Motor Credit Co. LLC brought $1.5 billion of notes in two tranches on the tight side of guidance on Monday.

Texas Instruments Inc. tapped the primary market with $1.3 billion of 30-year notes.

Indiana Michigan Power Co. sold $350 million of 10-year senior notes on the wide side of price guidance.

DTE Electric Co. placed $525 million of 30-year general and refunding mortgage bonds on the tight side of guidance during the session.

Kansas City Southern’s $500 million of 30-year guaranteed senior notes priced on the wide side of guidance.

About $25 billion to $30 billion of total supply is expected by market sources for the week, with heavy deal volume forecast for May.

About $130 billion to as much as $160 billion of issuance is expected by syndicate sources for the month ahead.

The Markit CDX North American Investment Grade 30 index eased about 1 basis point during the session to close at a spread of 61 bps.

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