Supply heavy; Kellogg, ConEd, Paccar, Clorox, Amcor price; General Dynamics eyes deal

By Cristal Cody

Tupelo, Miss., May 7 – High-grade issuers kicked the week with more than $5 billion of new bond issuance on Monday.

Kellogg Co., Consolidated Edison Co. of New York, Inc., Enable Midstream Partners LP, Paccar Financial Corp., Clorox Co., Amcor Finance (USA), Inc., Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp. and Mid-America Apartments, LP priced notes during the session.

In addition, slit-rated issuer Gaming and Leisure Properties, Inc. sold $1 billion of notes in two tranches and Bank of America Corp. priced $1.2 billion of $25-par preferreds.

Coming up on Tuesday, General Dynamics Corp. is expected to tap the primary market with a seven-tranche offering of notes.

About $30 billion to $35 billion of deal volume is forecast by syndicate sources for the week.

Supply may climb to as much as $50 billion for the week, a source said.

The Markit CDX North American Investment Grade 30 index closed modestly softer at a spread of 62 basis points.

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