Mylan, Pfizer, JPMorgan, Norfolk, Southern California Gas price; Anheuser Busch firms

By Cristal Cody

Eureka Springs, Ark., May 31 – Investment-grade corporate bond issuance stayed strong on Tuesday to finish May out as the highest volume month with nearly $180 billion brought to market, sources reported.

Tuesday’s session saw new deals from Mylan NV, Pfizer Inc., JPMorgan Chase & Co., Norfolk Southern Corp. and Southern California Gas Co.

Mylan brought a $6.5 billion four-part private placement offering of senior notes.

Pfizer sold $5.6 billion of notes in five parts.

JPMorgan Chase priced a $4 billion three-part offering of senior global notes.

Norfolk Southern raised $600 million in an offering of 10-year senior notes.

Southern California Gas sold $500 million of 10-year first mortgage bonds.

The Markit CDX North American Investment Grade index headed out about 1 basis point softer on the day at a spread of 77 bps.

In the secondary market, Pfizer’s existing notes were mixed.

Anheuser Busch InBev Finance Inc.’s 3.65% notes due 2026 were active in secondary trading over the session and traded about 1 bp better going out.

Walgreens Boots Alliance Inc.’s $6 billion of notes (Baa2/BBB/BBB) priced in five tranches on Thursday traded about 4 bps to 12 bps tighter early in the session.

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