Berry Global prices; high-grade supply thin; credit spreads tighten; Nasdaq, Schwab mixed

By Cristal Cody

Tupelo, Miss., Dec. 15 – The high-grade primary market saw one deal price over Tuesday’s session as supply thins headed into the year-end.

Berry Global, Inc. priced $750 million of first priority senior secured notes due Jan. 15, 2026 (Ba2/BBB-/BBB-) in a Rule 144A and Regulation S deal on the tight side of guidance.

Issuance has been light week to date with two bond deals priced so far.

Up to about $10 billion of issuance is expected for the rest of the month, syndicate sources said.

Looking at the secondary market, new issues are mixed, a source said.

Nasdaq, Inc.’s $1.9 billion of senior notes (Baa2/BBB) that priced in three tranches on Dec. 7 were mixed in trading on Tuesday.

Charles Schwab Corp.’s $2 billion of senior notes (A2/A/A) that priced in two tranches on Dec. 8 also were mixed.

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