BMO, Alimentation Couche-Tard, Duke Energy, Federal Realty, United Insurance sell notes

By Cristal Cody

Tupelo, Miss., Dec. 7 – High-grade deal action continues to remain strong into the year-end with several issuers in the primary market on Thursday.

Bank of Montreal came with $1.25 billion of fixed-to-floating rate subordinated notes. The notes priced with a spread of Treasuries plus 145 bps, or the 10-year mid-swap rate plus 143.2 bps. The rate on the notes will reset Dec. 15, 2027 to 143.2 bps above the five-year mid-swap rate.

Alimentation Couche-Tard Inc. sold $900 million of senior notes in two parts. The company sold $300 million of floating-rate notes due Dec. 13, 2019 at Libor plus 50 bps and $600 million of 2.35% two-year notes at a spread of Treasuries plus 55 bps.

Duke Energy Florida, LLC priced $400 million of two-year amortizing senior notes.

Federal Realty Investment Trust reopened its 3.25% notes due July 15, 2027 in a $175 million tap on Thursday.

Also, United Insurance Holdings Corp. priced $150 million of 10-year senior notes.

In other market activity, details emerged for JPMorgan Chase & Co.’s $250 million reopening of its 3.964% fixed-to-floating-rate notes due Nov. 15, 2048 that priced on Tuesday.

The three-month Libor yield was up 1 basis point to 1.52% on Thursday, a source said.

The Markit CDX North American Investment Grade 29 index tightened nearly 1 bp to a spread of 51.6 bps.

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