Kilroy, W.R. Berkley upsize; Symetra also prices; Verizon flat; Bank of America mixed

By Aleesia Forni and Cristal Cody

Virginia Beach, July 30 – A trio of issuers made their way to the primary market on Wednesday, pricing $1 billion of new investment-grade paper.

Market activity was mostly quiet during the session as the Federal Reserve’s Federal Open Market Committee wrapped up its two-day meeting.

Kilroy Realty LP sold the day’s largest offering, bringing to market $400 million of 15-year senior notes.

The deal priced at the tight end of talk and garnered an orderbook that was more than two times oversubscribed.

Meanwhile, W.R. Berkley Corp. priced $350 million of 30-year bonds, while Symetra Financial Corp. sold a $250 million 10-year offering.

The day’s new issues from Kilroy and W.R. Berkley were met with solid investor demand, both upsizing their offerings by $100 million.

So far this week, around $6.2 billion of supply has hit the investment-grade primary market.

With Friday’s nonfarm payroll data, issuance is expected to remain light going forward this week.

Investment-grade bond spreads remained stable over the day, a market source said.

The Markit CDX North American Investment Grade series 22 index was unchanged at a spread of 60 basis points.

In the secondary market, Verizon Communications Inc.’s 4.15% senior notes due 2024 headed out flat, according to a market source.

Bank of America Corp.’s notes (Baa2/A-/A) traded unchanged to tighter over the session, a source said.

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