CIBC prices $1.25 billion; Apollo, FS KKR in primary; Reinsurance Group on investor calls

By Cristal Cody

Tupelo, Miss., Dec. 10 – Three reported corporate issuers tapped the high-grade primary market on Tuesday as issuance continues to slow before the year’s end.

Canadian Imperial Bank of Commerce sold $1.25 billion of floating-rate senior notes due March 17, 2023 on top of guidance.

Apollo Management Holdings LP priced $300 million of guaranteed resettable subordinated notes due Jan. 14, 2050 tighter than initial talk.

In addition, FS KKR Capital Corp. priced a $45 million add-on to its 4.125% notes due Feb. 1, 2025, bringing the outstanding issue size to $470 million.

Investment-grade issuers have sold more than $4.5 billion of bonds week to date, near the $5 billion to $10 billion range syndicate sources forecasted.

Heavier volume was anticipated in the first two sessions of the week ahead of the Federal Reserve’s monetary policy rate decision due on Wednesday, market sources report.

No changes are forecast in the Federal Reserve’s monetary policy following three rate cuts this year, a source said.

In other activity on Tuesday, Reinsurance Group of America, Inc. continued a second day of fixed income investor calls for a possible bond offering, a market source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.