General Mills prices $6.05 billion; Charter, Marriott among issuers; Aegon holds roadshow

By Cristal Cody

Tupelo, Miss., April 3 – General Mills, Inc. led pricing action in the high-grade market on Tuesday with a $6.05 billion eight-tranche offering of senior notes.

The deal was upsized from an initial six-tranche expected offering.

In other issuance, Charter Communications, Inc. subsidiaries priced $2.5 billion of senior secured notes in two parts.

Also, Welltower Inc., Marriott International Inc., Union Electric Co. and Freddie Mac priced notes.

Other investment-grade issuers were marketing bonds during the session.

Aegon NV held a roadshow for 30-year fixed-to-floating rate subordinated notes.

Banco Santander, SA kicked off the company’s roadshow in the U.S. and Canadian markets for a benchmark-sized dollar-denominated note offering on Tuesday, according to a market source.

Also, Salesforce.com, Inc. held the first of a two-day round of fixed-income investor calls on Tuesday for two tranches of senior notes, a source said.

In other activity during the session, Dollar Tree Inc. held fixed-income investor calls, a source said.

About $20 billion to $25 billion of high-grade bond issuance is expected by syndicate sources for the week.

On Monday, Securian Financial Group, Inc. was the sole investment-grade issuer with an upsized $500 million offering of 30-year senior notes.

The Markit CDX North American Investment Grade 30 index firmed more than 1 basis point to close at a spread of 66 bps.

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