Stryker, Applied Materials, Microchip, Kellogg, Interstate Power price; spreads firm

By Cristal Cody

Tupelo, Miss., May 26 – The investment-grade primary market filled up quickly on Tuesday following the long Memorial Day holiday weekend with more than a handful of issuers offering bonds.

Stryker Corp. priced $2.3 billion of notes in three tranches.

Applied Materials, Inc. sold $1.5 billion of senior notes in two tranches.

Microchip Technology Inc. priced $1 billion of long three-year senior secured notes (Baa3/existing BB+/BBB-) and launched $1.2 billion of long five-year senior unsecured notes (Ba2//BB+) on Tuesday.

Kellogg Co. sold $500 million of 10-year senior notes.

Interstate Power and Light Co. priced $400 million of 10-year senior debentures.

Bank holding company Hancock Whitney Corp. sold $150 million of $25-par 6.25% 40-year notes in a deal upsized from $100 million and priced on the tight side of talk in the 6.25% to 6.375% area.

Also, Pembina Pipeline Corp. kept Canadian supply active with C$500 million of senior medium-term notes (BBB//DBRS: BBB) priced in two tranches on Tuesday.

Additional deals were marketed over the day with final pricing terms not available by press time.

Citigroup Inc. offered 11-year fixed-to-floating rate senior notes (A3/BBB+/A) with initial price talk in the Treasuries plus 215 basis points area.

About $25 billion to $30 billion of deal volume is expected by market participants this week.

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