Diageo, American Tower, Global Atlantic tap primary market; VEON holds deal roadshow

By Cristal Cody

Tupelo, Miss., Sept. 30 – Investment-grade corporate issuers priced $3.45 billion of bonds on Monday in what is expected to be a lighter deal volume week.

Diageo Capital plc sold $1.6 billion of guaranteed notes in two tranches.

American Tower Corp. priced $1.35 billion of senior notes in two parts.

Also, Global Atlantic (Fin) Co. priced an upsized $500 million of 10-year senior notes.

Meanwhile, a deal is expected from VEON Holdings BV, which is holding a roadshow for a $1 billion offering of split-rated senior notes.

Investment-grade supply is expected to remain slow this week with several factors, including the U.S. presidential impeachment process, quarterly earnings blackout reporting periods and a week-long holiday in Asia, affecting the primary market.

Syndicate sources forecast about $10 billion to $15 billion of deal volume for the week. October is projected to post about $80 billion to $90 billion of total bond issuance, sources report.

The Markit CDX North American Investment Grade 33 index closed Monday at a spread of 59.9 basis points.

Elsewhere, Lipper US Fund Flows reported corporate investment-grade funds had inflows of $1.07 billion for the past week ended Wednesday.

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