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CBA, Union Pacific, NIKE among issuers; Duke Energy mixed; Xerox soft; AT&T firms
By Aleesia Forni and Cristal Cody
Virginia Beach, Oct. 26 – Commonwealth Bank of Australia, Union Pacific Corp., NIKE Inc., Stryker Corp. and Capital One Financial Corp. were among an array of issuers entering Monday’s high-grade primary market, nearly all of them receiving a strong reception and pricing at the tight end of talk or tighter.
Australia’s CBA, which sold the day’s largest deal, priced all three tranches of its $2.25 billion trade at the tight end of talk.
Capital One’s offering sold around 27 basis points tight of guidance, while NIKE’s new $1 billion issue came around 17 bps inside initial price thoughts.
The session also saw Allied World Assurance Co. Holdings, Ltd. price a single $500 million 10-year tranche of notes after the company scrapped plans for an additional 30-year piece in the only deal priced during the session to face some pushback from investors.
Still, one source noted that the market’s tone continued to show signs of improvement on Monday, leading him to believe that the session ahead could host another heavy bout of issuance.
In the secondary, Duke Energy Progress Inc.’s first mortgage bonds (Aa2/A/A+) headed out flat to 4 bps tighter in the secondary market after parent company Duke Energy Corp. announced it will acquire Piedmont Natural Gas Co., Inc. for $4.9 billion in cash and the assumption of $1.8 billion of debt.
In other secondary trading, Xerox Corp.’s 3.5% senior notes due 2020 edged 1 bp wider after the company reported a third quarter loss and weaker-than-expected revenue results.
AT&T Inc.’s bonds (/BBB+/A-) traded 5 bps to 6 bps better over the day.
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