Welltower prices add-on; Tokyo’s Meiji Yasuda Life sets roadshow; Kraft Heinz firms

By Aleesia Forni

Virginia Beach, Oct. 9 – Welltower Inc. sold a $500 million add-on of notes and Meiji Yasuda Life Insurance Co. announced new deal plans on Friday, closing out a busier-than-expected week for the primary.

The market hosted more than $27 billion of new issuance, blowing away earlier expectations of a $15 billion week.

Meantime, corporate investment-grade bond funds saw $941 million of outflows for the week ended Oct. 7, according to Lipper, following last week’s $3.17 billion of outflows, and bringing the year-to-date total inflows down to $12.5 billion.

Even with a murky outlook and earnings season underway, sources predict around $20 billion of supply to price next week following the extended Columbus Day-holiday weekend.

“We’re expecting a lot of that number to come from financials,” one market source said.

The week ahead is scheduled to see earnings from a number of large financial institutions including JPMorgan, Bank of America, Wells Fargo and Citigroup, all of which have the potential to bring new deals to market following their respective releases.

“Things went fairly well this week, so we should see some deals get done,” a market source added.

Secondary trading thinned ahead of the long holiday weekend with bonds mixed over the session, sources said.

Kraft Heinz Co.’s 3.95% notes due 2025 (Baa3/BBB-) tightened 7 basis points on Friday.

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