DowDuPont prices $12.7 billion; Kilroy, World Bank sell green notes; bank paper widens

By Cristal Cody

Tupelo, Miss., Nov. 14 – DowDuPont Inc. led pricing action in the high-grade market on Wednesday with a $12.7 billion eight-part offering of senior notes.

Kilroy Realty, LP also sold $400 million of 10-year guaranteed green senior notes.

In addition, the International Bank for Reconstruction and Development, or World Bank, priced $1.3 billion equivalent of dollar- and euro-denominated green notes.

Looking ahead to Thursday, the Federal Home Loan Bank System is expected to price a new 10-year global note.

Market sources also are looking for a potential dollar-denominated offering from Takeda Pharmaceutical Co., Ltd., which is holding a European roadshow that ended on Wednesday for an estimated $14 billion deal.

High-grade issuers have priced more than $17 billion of bonds week to date.

In the secondary market, bank and financial paper softened about 2 bps to 15 bps during the session, according to a market source.

Royal Bank of Scotland Group plc’s $1.75 billion of 5.076% fixed-to-floating-rate senior notes due Jan. 27, 2030 priced in September widened about 9 bps to 219 bps bid.

Svenska Handelsbanken AB’s $1.4 billion of 3.9% notes due Nov. 20, 2023 (Aa2/AA-/AA) traded about 2 bps better than where the notes priced on Tuesday.

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