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Ford prices split-rated tap; Westpac offers dollar notes; heavy high-grade volume in pipeline
By Cristal Cody
Tupelo, Miss., Nov. 12 – New issuance in the high-grade primary market on Tuesday included a $237 million reopening of Ford Motor Credit Co. LLC’s 5.113% notes due May 3, 2029.
The split-rated notes priced nearly 60 basis points wider than where the issue came in April.
Westpac Banking Corp. also offered new registered fixed-rate notes during the session.
Heavy investment-grade supply is expected this week with a looming deal of as much as $30 billion from AbbVie Inc., sources report.
About $45 billion to $50 billion of high-grade bond bonds are forecast to price this week, sources said.
Market sources anticipate AbbVie in the primary market early this week. AbbVie plans to bring a Rule 144A and Regulation S private offering of senior notes (Baa2/A-/) with proceeds slated to fund its acquisition of Allergan plc.
BofA Securities, Inc., Barclays and Morgan Stanley & Co. LLC are the lead managers.
A bond deal also is anticipated early this week from toy and game maker Hasbro, Inc. (Baa1/BBB+/BBB-) as part of funding requirements for a $4 billion all-cash acquisition of Entertainment One Ltd., a source said.
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