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Investment-grade supply heavy; Pfizer, John Deere, MUFG, TD Bank, utilities among issuers
By Cristal Cody
Tupelo, Miss., March 4 – High-grade issuers flooded the primary market on Monday, led by Pfizer Inc.’s $5 billion five-part offering of senior notes.
John Deere Capital Corp. priced $1.5 billion of senior medium-term notes in three tranches.
MUFG Union Bank, NA brought $1.3 billion of senior notes in two parts to the market.
Toronto-Dominion Bank priced $1.25 billion of five-year senior medium-term notes.
Duke Energy Progress Inc. sold $600 million of 10-year green first mortgage bonds.
Leggett & Platt, Inc. priced $500 million of 10-year senior notes after the company held fixed income investor calls on Friday.
Union Electric Co. placed $450 million of 10-year first mortgage bonds during the session.
Appalachian Power Co. sold $400 million of 30-year senior notes on Monday.
WEC Energy Group, Inc. also priced $350 million of three-year senior notes.
About $25 billion to $30 billion of issuance is forecast by market sources this week.
Investment-grade issuers priced more than $24 billion of bonds last week.
Volume this month is expected to total in the $100 billion to $120 billion area, according to market sources.
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