Bemis, Black Hills, SEK price; Pacific Gas sets deal calls; Ford Foundation in pipeline

By Cristal Cody

Tupelo, Miss., June 12 – Several high-grade bond deals priced on Friday as tone improved after nearly a dozen issuers stood down in the previous two sessions.

Bemis Co., Inc. sold $500 million of 10-year senior notes (Baa2/BBB).

Black Hills Corp. priced $400 million of 10-year senior notes (Baa2/BBB+/BBB+).

United Community Banks, Inc. came by with $100 million of 10-year fixed-to-floating-rate senior notes (Kroll: BBB+).

Also, Swedish Export Credit Corp. priced an upsized $600 million reopening of its 1.75% medium-term global notes due Dec. 12, 2023 (Aa1/AA+/) during the session.

Investment-grade issuers brought more than $27 billion of bonds to the primary market over the week.

Looking ahead to next week, about $30 billion to $40 billion of new supply is expected, syndicate sources said.

Pacific Gas and Electric Co. is set to hold global fixed income investor calls on Monday for an investment-grade registered benchmark offering of first mortgage bonds as part of its reorganization funding from Chapter 11 bankruptcy.

A $1 billion two-tranche offering of long-dated taxable social bonds (Aaa/AAA/) is expected from Ford Foundation on Thursday.

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