Progressive, Cimarex Energy, MetLife, Essex, Eaton Vance price; Duke Energy stable

By Cristal Cody

Tupelo, Miss., April 3 – Several high-grade bond issuers tapped the primary market on Monday.

Progressive Corp. brought $850 million of 30-year guaranteed senior notes.

Cimarex Energy Co. placed $750 million of 10-year senior notes.

MetLife Global Funding I came with a $500 million offering of five-year notes.

Essex Portfolio, LP raised $350 million in a 10-year guaranteed senior notes deal.

Eaton Vance Corp. also priced $300 million of 10-year notes on Monday.

About $20 billion to $25 billion of supply is expected over the week by syndicate sources.

The Markit CDX North American Investment Grade index was modestly wider on Monday at a spread of 67 basis points.

In the secondary market, Duke Energy Ohio, Inc.’s 3.7% first mortgage bonds due June 15, 2046 priced in March were flat but remain better than issuance.

The bonds were unchanged in secondary trading on Monday at 106 bps bid, according to a market source.

The bonds priced in a $100 million reopening on March 22 at 93.462 to yield 4.085% and a spread of 107 bps over Treasuries. The company originally sold $250 million of the bonds at 99.301 to yield 3.739%, or 125 bps over Treasuries, on June 20, 2016.

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