WestRock, Tyson, CenterPoint Energy, Baltimore Gas tap primary; credit spreads mostly flat

By Cristal Cody

Tupelo, Miss., Aug. 21 – High-grade corporate issuers found a window during the eclipse-driven session to price new bonds.

WestRock Co. came with a $1 billion Rule 144A and Regulation S two-part offering of senior notes.

WestRock priced $500 million of 3% notes due 2024 and $500 million of 3.375% notes due 2027.

Hyundai Capital Services Inc. planned to price a benchmark Rule 144A and Regulation S offering of fixed-rate senior notes in five- and 10-year tranches on Monday. The deal attracted more than $1 billion of demand. Pricing terms were not immediately available.

In other issuance on Monday, Tyson Foods, Inc. sold $900 million of senior notes in two parts.

Tyson priced $400 million of three-year floating-rate notes at par to yield Libor plus 45 basis points and $500 million of 2.25% four-year fixed-rate notes at 99.814 to yield 2.299%, or a spread of Treasuries plus 85 bps.

CenterPoint Energy Resources Corp. placed $300 million of 30-year senior notes in a no-grow offering.

Also, Baltimore Gas & Electric Co. priced $300 million of 30-year notes during the session.

About $5 billion to $10 billion of supply is forecast for the week with issuance expected to stay light for the rest of the month, according to a market source.

The Markit CDX North American Investment Grade index was modestly tighter on the day at a spread of 62 bps.

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