Home Depot, UniCredit, IBM, WestRock, ConEd, NWB price; Dow Chemical on investor calls

By Cristal Cody

Tupelo, Miss., Nov. 27 – Investment-grade issuers priced more than $11 billion of bonds over Tuesday’s session.

Home Depot Inc. sold $3.5 billion of senior notes in four tranches.

Italian banking and financial services company UniCredit SpA placed $3 billion of five-year senior notes.

IBM Credit LLC sold $2 billion of senior notes in three tranches.

WestRock Co. subsidiary WRKCo Inc. priced $1.5 billion of senior notes in two parts.

Consolidated Edison Co. of New York, Inc. brought $1.1 billion of debentures in two tranches.

Also, Nederlandse Waterschapsbank NV sold $500 million of four-year senior notes on top of guidance.

In other action on Tuesday, Dow Chemical Co. held fixed income investor calls, a market source said. BofA Merrill Lynch, Citigroup Global Markets Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc. were the arrangers.

On Nov. 14, Dow Chemical holding company DowDuPont Inc. priced a $12.7 billion eight-part offering of notes (Baa1/A-/BBB+) ahead of a spinoff in 2019 of Dow Chemical and Corteva Inc.

Week to date, more than $15 billion of high-grade bonds have priced.

The Markit CDX North American Investment Grade 31 index closed mostly unchanged at a spread of 79 basis points.

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