Post-holiday high-grade supply strong; Exxon, GE, Walgreens price

By Cristal Cody

Tupelo, Miss., April 13 – Investment-grade issuers priced more than $19 billion of bonds on Monday, led by a $9.5 billion five-part offering from Exxon Mobil Corp.

During the session, General Electric Co. priced $6 billion of senior notes in four tranches.

Walgreens Boots Alliance, Inc. sold $1.5 billion of senior notes in two tranches.

Essential Utilities, Inc. brought $1.1 billion of senior notes in two parts to the primary market.

McCormick & Co., Inc. priced $500 million of 10-year senior notes.

Advance Auto Parts, Inc. sold $500 million of 10-year senior notes.

In addition, Massachusetts Mutual Life Insurance Co. priced an upsized $700 million of 30-year surplus notes.

Strong supply of about $25 billion to as much as $50 billion is expected in the high-grade bond market over the week after the long Easter holiday weekend, sources report.

Also, market participants are keeping an eye on possible issuance following first quarter reports due this week from the major U.S. banks.

JPMorgan Chase & Co., Wells Fargo & Co. release earnings results before the market opens on Tuesday. Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc. and U.S. Bancorp are among the companies that are scheduled to release figures before the market opens Wednesday.

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