Onslaught of new deals hits primary; Wells Fargo mostly flat; Florida Power & Light eases

By Aleesia Forni and Cristal Cody

Virginia Beach, Sept. 2 – The investment-grade primary saw an onslaught of supply on Tuesday, kicking off what is expected to be a busy month of September.

Financial names including Wells Fargo Bank, NA, Bank of Tokyo-Mitsubishi UFJ, NRW.Bank, Lloyds Bank plc and Capital One led the charge of new deals pricing following the Labor Day holiday.

The session also saw Marathon Petroleum Corp. price a $1.95 billion offering during the session.

Meanwhile, Plains All American Pipeline, LP and PAA Finance Corp. sold an upsized $750 million of senior notes.

The session also saw smaller-sized deals price from Florida Power & Light, Packaging Corp. of America and Alleghany Corp.

American Airlines, Inc. joined the forward calendar on Tuesday, announcing price talk for a planned $957 million offering of class A and class B pass-through certificates.

In other news on Tuesday, a pair of new deals hit the primary preferred stock market on Tuesday, both of which came from Bank of America Corp.

Florida Power & Light’s 4.05% bonds due 2044 eased 2 basis points on the bid side in the secondary market, according to a trader.

In other new issue trading, Wells Fargo’s notes due 2024 traded flat to 1 bp tighter, according to traders.

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