AT&T, Huntington Bank, Protective Life, Willis Lease tap primary; AstraZeneca notes improve

By Cristal Cody

Tupelo, Miss., Aug. 16 – AT&T Inc. led high-grade deal volume on Thursday with a $3.75 billion offering of floating-rate notes.

Huntington National Bank also tapped the primary market with a $750 million issue of five-year senior notes.

Protective Life Corp. sold $400 million of 10-year senior notes.

In addition, Willis Lease Finance Corp. subsidiary Willis Engine Structured Trust IV priced $373.4 million of high-graded-rated notes in two tranches.

High-grade issuers have priced more than $29 billion of bonds over the past four sessions, coming in on the wide range of syndicate forecasts of about $25 billion to $30 billion of supply for the week.

AstraZeneca plc’s 4% notes due Jan. 17, 2029 priced on Tuesday were quoted modestly better in secondary trading on Thursday.

United Technologies Corp.’s senior notes (Baa1/BBB+) priced as part of an $11 billion offering on Monday were unchanged but remain about 4 basis points to 5 bps better than issuance, a source said.

McDonald’s Corp. senior medium-term notes (Baa1/BBB+/) priced in a $1.8 billion three-tranche deal on Monday also were flat on Thursday but headed out about 3 bps tighter than issuance, according to the market source.

The Markit CDX North American Investment Grade 30 index firmed about 1 bp to a spread of 62 bps.

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