Issuers storm high-grade bond market following holiday; Citigroup firms; Goldman mixed

By Aleesia Forni and Cristal Cody

New York, Nov. 30 – Solvay Finance America LLC, Thermo Fisher Scientific Inc. and Whole Foods Market Inc. were among the flood of names entering Monday’s investment-grade primary market.

Issuers piled into the market during November’s final trading day, pricing more than $9.3 billion of paper ahead of Friday’s all-important non-farm payrolls report.

Whole Foods doubled the size of its new 10-year offering, ultimately pricing a $1 billion issue of senior notes.

Thermo Fisher was also in the market with an upsized $800 million deal on Monday.

Also of note, Solvay priced both tranches of its $1.6 billion offering 37.5 basis points tight of the mid-point of initial price thoughts. The company entered the primary to help finance the acquisition of Cytec Industries Inc.

“Great start to the week,” one market source noted.

Sources continue to expect a rush of issuance leading up to the start of the Federal Reserve’s policy meeting on Dec. 15, after which, primary activity should be mostly quiet heading into the late-year holidays.

Around $20 billion is predicted to price this week.

Bank and financial paper was mixed in the secondary market on Monday.

Citigroup Inc.’s 4.4% subordinated notes due 2027 firmed 2 bps.

Goldman Sachs Group Inc.’s bonds traded flat to 3 bps tighter.

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