Lowe’s, General Motors Financial, IHS Markit, Vinci, Rockies Express Pipeline price notes

By Cristal Cody

Tupelo, Miss., April 3 – High-grade supply increased over Wednesday’s session with issuers including Lowe's Cos., Inc., General Motors Financial Co. Inc., IHS Markit Ltd. and Vinci SA in the primary market.

Lowe's priced $3 billion of notes in two tranches.

General Motors Financial sold $1.25 billion of long three-year senior notes and dropped a floating-rate tranche.

IHS Markit brought $1 billion of senior notes in two tranches.

Vinci priced $1 billion of 10-year notes in a debut bond offering.

Also on Wednesday, Rockies Express Pipeline LLC sold $550 million of split-rated 10-year senior notes.

More than $13 billion of investment-grade bonds have priced week to date.

About $20 billion of new supply was forecast by market sources for the week.

The Markit CDX North American Investment Grade 32 index was modestly tighter to flat on the day at a spread of 62 basis points.

Lowe's prices $3 billion

Lowe's priced $3 billion of notes (Baa1/BBB+/) in two parts on Wednesday, according to a market source.

A $1.5 billion tranche of 3.65% 10-year notes came at a spread of Treasuries plus 115 bps., on the tight side of guidance in the Treasuries plus 120 bps area, plus or minus 5 bps.

The company sold $1.5 billion of 4.55% 30-year bonds with a spread of Treasuries plus 165 bps. Price guidance was in the Treasuries plus 170 bps area, plus or minus 5 bps.

Barclays, Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

The home improvement company is based in Mooresville, N.C.

GM Financial prints

General Motors Financial (Baa3/BBB/BBB) priced $1.25 billion of 3.55% long three-year senior notes on Wednesday at 99.937 to yield 3.572%, or a spread of 128 bps over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced on the tight side of guidance.

A tranche of floating-rate notes due 2022 was dropped from the deal.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerz Markets LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC were the bookrunners.

General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.

IHS sells two tranches

IHS Markit (Ba1/BBB-/BBB) priced $1 billion of senior notes in two tranches on Wednesday on the tight side of guidance, according to a market source.

The company sold $400 million of 3.625% five-year notes at a spread of Treasuries plus 137 bps.

A $600 million tranche of 4.25% 10-year notes priced with a Treasuries plus 180 bps spread.

Citigroup Global Markets, Morgan Stanley & Co. LLC, RBC Capital Markets Corp., Barclays and BNP Paribas Securities were the bookrunners.

IHS Markit is a London-based business information and analytics company.

Vinci prices $1 billion

Vinci (A3/A-) priced $1 billion of 3.75% 10-year notes in a debut Rule 144A and Regulation S offering on Wednesday at a spread of Treasuries plus 127 bps, according to a market source.

Price guidance was in the Treasuries plus 130 bps area, plus or minus 3 bps with initial talk in the 150 bps spread area.

HSBC Securities (USA) Inc. and Morgan Stanley were the bookrunners.

The Paris-based construction company held fixed income investor calls on Monday.

Rockies Express sells notes

Rockies Express Pipeline (Ba1/BBB-/BBB-) priced $550 million of 4.95% senior notes due July 15, 2029 on Wednesday at a spread of 245 bps over Treasuries, according to a market source.

Price guidance was in the Treasuries plus 250 bps area, plus or minus 5 bps.

Barclays, MUFG and RBC Capital Markets were the bookrunners.

The company held fixed income investor calls on Tuesday.

Rockies Express Pipeline is a Leawood, Kansas-based natural gas pipeline system owned by Tallgrass Energy Partners LP and Phillips 66.

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