Block, AutoZone, New York Global, Moody’s, Paccar, PSE&G, Schlumberger price; primary active

By Cristal Cody

Tupelo, Miss., Aug. 4 – Investment-grade issuers priced about $4 billion of notes over Tuesday’s session following more than $17 billion of issuance at the start of the week.

Block Financial LLC priced $650 million of 10-year senior notes (Baa3/BBB/) that are guaranteed by H&R Block, Inc.

AutoZone, Inc. (Baa1/BBB/BBB) sold $600 million of senior notes due Jan. 15, 2031.

New York Life Global Funding priced $600 million of 10-year senior secured notes (Aaa/AA+/AAA) in an offering upsized from $400 million.

Moody’s Corp. tapped the primary market on Tuesday with $500 million of 40-year senior notes (/BBB+/BBB+).

Boardwalk Pipelines, LP also sold $500 million of senior notes due Feb. 15, 2031 (Baa3/BBB-/BBB-) over the session.

Paccar Financial Corp. (A1/A+/) priced $450 million of three-year medium-term notes in a deal upsized from $300 million following the release of its 10Q filing for the period ended June 30 on Monday.

Public Service Electric and Gas Co. brought $375 million of 30-year secured medium-term notes (Aa3/A/) to the primary market.

In addition, Schlumberger Investment SA priced a $350 million reopening of its 2.65% notes due June 26, 2030 (A2/A/) during the session.

High-grade supply totals more than $21 billion week to date, led by a $10 billion six-tranche offering of senior notes Aa2/AA+/) from Google owner Alphabet Inc. on Monday.

About $25 billion to $35 billion or more of issuance is expected by market participants this week with the month overall forecast to post about $60 billion to $70 billion of deal volume.

Meanwhile, several investment-grade companies including Aircastle Ltd. (Baa3/BBB-/BBB), Piedmont Office Realty Trust (Baa2/BBB) and Tucson Electric Power Co. (A3/A-/) held fixed income investor calls on Tuesday, an informed source said.

The Markit CDX North American Investment Grade 33 index improved modestly over the day to close at a spread of 67.11 basis points.

The PIMCO Investment Grade Corporate Bond index rose 0.72% to 118.00.

The iShares iBoxx Investment Grade Corporate Bond ETF closed up 0.37% at 138.75.

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