Disney, PayPal, Fiserv, Nutrien, Suncor, ITC, Regency, Quest price; EBRD, Cades on deck

By Cristal Cody

Tupelo, Miss., May 11 – Investment-grade corporate issuers including Walt Disney Co. and PayPal Holdings Inc. priced more than $23 billion of bonds on Monday as supply remained strong in the primary market.

Walt Disney led volume with an $11 billion six-part offering of senior notes (A2/A-/A) that attracted book orders of more than $30 billion.

PayPal Holdings priced $4 billion of notes (A3/BBB+/BBB+) in four tranches on Monday better than talk.

Fiserv, Inc. sold $2 billion of senior notes (Baa2/BBB/) in two tranches tighter than initial guidance.

Nutrien Ltd. priced $1.5 billion of fixed-rate senior notes (Baa2/BBB/) in three tranches better than talk.

Also on Monday, Becton, Dickinson and Co. brought $1.5 billion of split-rated senior notes (Ba1/BBB/BBB-) in two tranches to the market 27.5 basis points tighter than talk.

Suncor Energy Inc. sold $1 billion of senior medium-term notes (Baa1/BBB+/DBRS: A) in two parts tighter than guidance.

ITC Holdings Corp. (Baa2/BBB+/) priced an upsized $700 million Rule 144A and Regulation S offering of 10-year senior notes 25 bps better than initial guidance.

Regency Centers LP was in the primary market on Monday with $600 million of 10-year guaranteed senior notes (Baa1/BBB+/) that came 25 bps better than initial talk.

Quest Diagnostics Inc. sold $550 million of senior notes due June 30, 2031 (Baa2/BBB+/BBB) 40 bps better than initial price talk.

In addition on Monday, Southwestern Public Service Co. priced $350 million of 30-year green first mortgage bonds (A3/A/A-) 15 bps tighter than guidance.

Coming up on Tuesday, the European Bank for Reconstruction and Development (Aaa/AAA/AAA) intends to price a dollar-denominated offering of five-year global notes that are initially talked to price in the mid-swaps plus 20 bps area.

Caisse d'Amortissement de la Dette Sociale also plans to price dollar-denominated notes due May 19, 2023 (Aa2/AA/) in a Rule 144A and Regulation S offering on Tuesday.

The notes are initially talked to print in the mid-swaps plus 30 bps area.

About $75 billion of investment-grade deal volume to as much as $100 billion is expected by market participants this week.

Investment-grade issuers priced more than $93 billion of bonds last week.

The Markit CDX North American Investment Grade 33 index ended modestly weaker on Monday at a spread of 92.29 bps.

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