Walgreens brings megadeal; week’s supply tops $43 billion; EnLink, Thermo Fisher tighten

By Aleesia Forni and Cristal Cody

Virginia Beach, Nov. 6 – Walgreens Co. helped to continue what has been a frenzied week for an investment-grade primary that has seen roughly $43 billion of supply.

The $8 billion offering from Walgreens was the highlight of another active primary session, with around $12.5 billion of new issuance.

The drugstore chain will use the deal’s proceeds to help fund its acquisition of Alliance Boots GmbH.

ConocoPhillips Co. was also in Thursday’s primary market, pricing $3 billion of senior notes in four parts.

The primary market also saw Thermo Fisher Scientific Inc., EnLink Midstream Partners LP and PPG Industries Inc. issue bonds ahead of Friday’s payrolls data.

Investment-grade credit spreads were mostly unchanged on the day, sources said.

The Markit CDX North American Investment Grade series 23 index closed unchanged on Wednesday at a spread of 65 basis points.

In aftermarket trading, Thermo Fisher’s 3.3% notes due 2022 firmed 2 bps, a trader said.

EnLink’s add-on to its 4.4% notes due 2024 tightened 7 bps in the secondary market, while its tranche of new 5.05% notes due 2045 firmed 3 bps, a trader said.

PPG’s new 2.3% notes due 2019 traded about 4 bps tighter, according to a trader.

Walgreens’ tranches of notes were not immediately seen in aftermarket trading.

ConocoPhillips’ notes traded about 1 bp better in the secondary market as the session closed, a trader said.

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