American Express, Thomson Reuters, CMS Energy, American Airlines price; Coach softens

By Cristal Cody

Eureka Springs, Ark., May 2 – New investment-grade deal volume on Monday included transactions from American Express Credit Corp., Thomson Reuters Corp. and CMS Energy Corp.

American Express Credit sold $1.75 billion of 2.25% five-year notes at 99.939 to yield 2.263% on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The series F notes (A2/A-/A) priced in line with guidance at a spread of 95 bps over Treasuries.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and BofA Merrill Lynch were the bookrunners.

Thomson Reuters priced $500 million of 3.35% 10-year notes (Baa2/BBB+/BBB+) at 99.57 to yield 3.401% on Monday.

CMS Energy brought $300 million of 10-year senior notes during the session.

In addition, American Airlines, Inc. sold $828.7 million of series 2016-2 pass-through certificates in two parts.

Union Pacific Railroad Co. priced a $150.73 million offering of pass-through certificates.

Market sources expect the week’s primary action to be strong with about $30 billion of volume.

The Markit CDX North American Investment Grade series 23 index eased 1 basis point over the day to a spread of 78 bps.

In the secondary market, Coach Inc.’s 4.25% notes due 2026 widened 3 bps. S&P revised the company’s outlook to stable from negative.

© 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.