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GlaxoSmithKline, Toyota, PPL, Entergy, Edison price; investment-grade credit spreads firm
By Cristal Cody
Tupelo, Miss., Sept. 28 – Several reported investment-grade issuers priced bonds on Monday in what is expected to be a lighter volume week as September and the third quarter close.
GlaxoSmithKline Capital plc priced $1.25 billion of three-year guaranteed notes (A2/A/) during the session.
Toyota Motor Credit Corp. sold $1.14 billion of floating-rate medium-term notes due Oct. 1, 2021 (A1/A+/A+).
Entergy Texas Inc. tapped the primary with $600 million of first mortgage bonds due March 15, 2031 (Baa1/A/).
Southern California Edison Co. priced $350 million of first and refunding mortgage bonds due Feb. 1, 2026 (A3/A-/BBB+).
PPL Electric Utilities Corp. sold $250 million of floating-rate first mortgage bonds due Sept. 28, 2023 (A1/A/) on Monday.
In addition, National Rural Utilities Cooperative Finance Corp. offered fixed-rate green collateral trust bonds.
The Markit CDX North American Investment Grade 35 index closed nearly 2 bps tighter from Friday at a spread of 57.28 bps.
The iShares iBoxx Investment Grade Corporate Bond ETF rose 0.51% to 134.90 on the day.
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