Heavy high-grade supply continues; Anheuser-Busch, Equinor, Shell price

By Cristal Cody

Tupelo, Miss., April 1 – Investment-grade supply remained heavy on Wednesday with the Federal Reserve now buying corporate bonds, sources report.

Equinor ASA priced $5 billion of guaranteed notes on Wednesday in five tranches.

Also on Wednesday, NextEra Energy Capital Holdings Inc. priced $1.25 billion of five-year guaranteed debentures.

Southern Co. sold $1 billion of 10-year senior notes.

PPL Capital Funding Inc. priced $1 billion of 10-year senior notes.

In addition, Anheuser-Busch InBev Worldwide Inc. was offering notes (Baa1/A-/) that includes 10-, 20-, 30- and 40-year tranches.

The 10-year notes are talked to price at the Treasuries plus 330 basis points area, the 20-year notes are talked at the 350 bps area, the 30-year issue is talked at the 360 bps area and the 40-year notes are talked to print at the 380 bps spread area.

Shell International Finance BV also offered three tranches of guaranteed senior notes (Aa2/AA-) on Wednesday. A tranche of five- and 30-year notes are initially talked to price with a spread in the 250 bps over Treasuries area, while the 10-year notes are talked at the 260 bps spread area.

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