Marsh & McLennan taps dollar notes; Webster prices $300 million; BNG Bank plans reopening

By Cristal Cody

Tupelo, Miss., March 20 – Marsh & McLennan Cos., Inc. priced a $250 million add-on to its 4.375% senior notes due March 15, 2029 on Wednesday, 40 basis points tighter than where the issue first priced in January.

The deal comes a week after the company priced €1.1 billion of reverse Yankee bonds in two tranches.

Proceeds, along with proceeds from the company’s $5 billion six-part senor note sale in January and its €1.1 billion of reverse Yankee bonds priced in two tranches on March 14, will be used in part to fund an acquisition of Jardine Lloyd Thompson Group plc.

The acquisition is expected to close in the spring, though the notes have a special mandatory call at 101 if the merger is not completed on or before Dec. 31, 2019.

In other primary action on Wednesday, Webster Financial Corp. sold $300 million of 10-year senior notes on the tight side of guidance.

High-grade issuers have priced more than $13 billion of bonds week to date.

About $20 billion to $25 billion of supply was expected by syndicate sources for the week.

On Thursday, BNG Bank NV intends to price a $250 million tap of its senior floating-rate notes due March 11, 2022.

Market focus over the session centered on the Federal Reserve’s two-day monetary policy meeting that ended Wednesday. The Federal Reserve kept the federal funds rate unchanged.

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