Royalty Pharma, Glencore, Nordea, Entergy, Alabama Power, PPG price

By Cristal Cody

Tupelo, Miss., Aug. 24 – Royalty Pharma plc led high-grade bond supply on Monday with $6 billion of guaranteed senior notes (Baa3/BBB-/BBB-) priced in six tranches in a Rule 144A and Regulation S offering.

The notes all priced tighter than talk.

Also over the day, Glencore Funding LLC sold $2 billion of senior notes (Baa1/BBB+/) in two tranches.

Nordea Bank AB brought $1 billion of five-year senior notes (Aa3/AA-/AA) to the primary market.

Entergy Corp. priced $800 million of five-year senior notes (Baa2/BBB/).

Nationwide Building Society came by with $750 million of five-year senior notes (A1/A/A+).

Alabama Power Co. priced $600 million of 10-year senior notes in a deal upsized from $500 million.

Also, PPG Industries, Inc. priced a $100 million add-on to its 3.75% notes due March 15, 2028 (A3/BBB+/A-) that were first offered in 2018.

In the meantime, sovereign, supranational and agency supply is in the works for Tuesday.

Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) plans to price registered dollar-denominated 10-year senior notes. Initial price talk is in the mid-swaps plus 21 basis points area.

The Inter-American Development Bank (Aaa/AAA/) is marketing three-year global notes to price on Tuesday.

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