Supply surges; Air Products, Biogen, Georgia-Pacific, Diageo, Emerson, BlackRock, IDEX price

By Cristal Cody

Tupelo, Miss., April 27 – High-grade companies priced about $25 billion of issues on Monday ahead of the Federal Reserve’s two-day meeting.

Air Products and Chemicals Inc. led the day’s deal volume with a $3.8 billion five-tranche offering of senior notes (A2/A).

Biogen Inc. priced $3 billion of senior notes (Baa1/A-/) in two tranches on Monday following fixed income investor calls held Friday.

Georgia-Pacific LLC sold $2.5 billion of notes (A3/A+/) in three tranches on the tight side of guidance.

Diageo Capital plc brought $2.5 billion of senior notes (A3/A-/) in three tranches to the primary market.

Emerson Electric Co. came with $1.5 billion of senior notes (A2/A/) in three tranches.

BlackRock Inc. priced $1.25 billion of senior notes due Jan. 28, 2031 (Aa3/AA-).

IDEX Corp. sold $500 million of 10-year senior notes (Baa2/BBB/).

Snap-on Inc. priced an upsized $500 million offering of 30-year senior notes (A2/A/).

Nationwide Mutual Insurance Co. priced $1.35 billion of 30-year notes (A3/A+/) a week after postponing a 40-year issue.

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