Nordic Investment Bank offers $1 billion; Nstar, Fidelity, Avangrid eyed

By Cristal Cody

Tupelo, Miss., May 13 – Investment-grade issuers stayed to the sidelines on Monday following the year’s two biggest deals pricing in back-to-back sessions last week and as a trade war with China ratcheted up.

About $25 billion to $35 billion of investment-grade issuance is expected this week by market sources, though it could be as little as $5 billion depending on market tone.

More than $45 billion of high-grade bonds priced last week, including Bristol-Myers Squibb Co.’s $19 billion of senior notes and International Business Machines Corp.’s $20 billion of notes.

Meanwhile, issuance is expected on Tuesday from Nordic Investment Bank, which plans to price a $1 billion dollar-denominated offering of five-year global notes.

On Monday, Nstar Electric Co., doing business as Eversource Energy, held fixed-income investor calls for a dollar-denominated green bond offering, according to a market source.

Supply also is expected this week from Fidelity National Information Services, Inc., which finished a weeklong roadshow on Friday for a multicurrency bond deal to help finance its acquisition of Worldpay Inc.

In addition, a possible green bond offering from New Haven, Conn., electric and gas utility Avangrid, Inc. is being marketed with the company holding fixed-income investor calls on Friday, a source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.