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Western Gas, RPM bring deals; lower volume forecast; Time Warner Cable bonds tighten 60 bps
By Cristal Cody
Tupelo, Miss., May 26 – A small number of U.S. investment-grade corporate issuers took to the market on Tuesday following the long holiday weekend.
Western Gas Partners, LP priced $500 million of 3.95% 10-year senior notes at 98.789 to yield 4.099%.
RPM International Inc. brought a $250 million offering of 5.25% 30-year senior notes.
Issuance over the last week of May is expected to drop by more than half from the nearly $52 billion of investment-grade bonds priced in the previous week, according to market sources.
“We’re thinking about $15 billion,” one syndicate source said. “Last week was busy. This week should be active but not as busy.”
In the secondary market, Time Warner Cable Inc.’s bonds tightened as much as 60 basis points on the day. Charter Communications, Inc. announced before the market opened that it will acquire Time Warner Cable in a cash and stock deal valued at $78.7 billion.
The Markit CDX North American Investment Grade series 23 index was less than 1 bp softer at a spread of 64 bps on Tuesday.
Investment-grade bank and brokerage CDS prices were mostly wider on Tuesday, according to a market source.
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