United Technologies, Japan Bank for International Cooperation, Buckeye Partners price

By Cristal Cody

Eureka Springs, Ark., Oct. 27 – About $8 billion of bonds priced in the investment-grade primary market on Thursday.

United Technologies Corp. brought a $4 billion five-part offering of senior notes.

Japan Bank for International Cooperation raised $2.8 billion in a two-tranche sale of senior guaranteed bonds.

Buckeye Partners, LP was in the primary market with $600 million of 10-year senior notes.

Also, Oesterreichische Kontrollbank AG sold $600 million of three-year floating-rate notes.

The Markit CDX North American Investment Grade index softened about 1 basis point to close at a spread of 76 bps.

United Technologies prices

United Technologies priced $4 billion of senior notes in five tranches on Thursday, according to a market source.

The company sold $350 million of three-year floating-rate notes at Libor plus 35 bps.

A $650 million 1.5% three-year fixed-rate tranche priced at a spread of 50 bps over Treasuries.

The company sold $750 million of 1.95% five-year notes at Treasuries plus 65 bps.

A planned five-year floating-rate note tranche was dropped.

United Technologies brought $1.15 billion of 2.65% 10-year notes to market at a spread of 83 bps over Treasuries.

In the final tranche, the company priced $1.1 billion of 3.75% 30-year notes at 118 bps over Treasuries.

The fixed-rate notes priced on the tight side of guidance.

BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.

Proceeds will be used to redeem the company’s $1 billion of 5.375% notes due 2017 and $1.25 billion of 6.125% notes due 2019, to repay commercial paper and for general corporate purposes, according to a 424B2 filing with the Securities and Exchange Commission.

United Technologies is a Hartford, Conn.-based company that provides technology products and services to the building and aerospace industries.

Japan Bank sells $2.8 billion

Japan Bank for International Cooperation sold $2.8 billion of senior guaranteed bonds in two parts on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The bank priced $1 billion of 2% five-year bonds at 99.995 to yield 2.001%. The five-year bonds priced with a spread of 65.4 bps over Treasuries.

Japan Bank sold $1.8 billion of 2.25% 10-year bonds at 99.149 to yield 2.346%, or 49.6 bps over Treasuries.

The notes are guaranteed by Japan.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities and Nomura International plc were the bookrunners.

Proceeds will be used for the bank’s financing operations.

The financial institution is based in Tokyo.

Buckeye brings $600 million

Buckeye Partners priced $600 million of 3.95% 10-year senior notes at 99.644 to yield 3.993% on Thursday, according to an FWP filing with the SEC.

The notes (Baa3/BBB-/BBB-) priced with a spread of 215 bps over Treasuries.

Barclays, JPMorgan, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., PNC Capital Markets LLC and SMBC Nikko Securities America, Inc. were the bookrunners.

Proceeds will be used to acquire 50% of the outstanding share capital of VIP Terminals Holding BV, owner of VTTI BV. If the acquisition is not completed by July 1, 2017, the notes will be redeemed at 101 plus interest.

The refined petroleum products pipeline system is based in Houston.

OeKB sells floaters

Oesterreichische Kontrollbank sold $600 million of three-year floating-rate notes at par to yield Libor plus 16 bps on Thursday, according to an FWP filing with the SEC.

The notes (Aa1/AA+) are due Nov. 4, 2019.

Goldman Sachs International and HSBC Bank plc were the bookrunners.

The notes are guaranteed by the Republic of Austria.

OeKB is a special purpose bank based in Wein, Austria.

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