RBS, International Flavors, New York Life price; Vodafone eyes deal; deal volume thins

By Cristal Cody

Tupelo, Miss., Sept. 24 – High-grade issuers priced more than $4 billion of bonds on Monday.

Royal Bank of Scotland Group plc sold $1.75 billion of fixed-to-floating-rate senior notes due Jan. 27, 2030.

International Flavors & Fragrances Inc. sold $1.5 billion of senior notes in three tranches on the tight side of guidance following a roadshow that ended Friday.

Also, New York Life Global Funding priced $800 million of FA-backed two-year floating-rate notes.

In other activity during the session, Vodafone Group plc kicked off a two-day round of fixed-income investor calls for a multiple currency notes offering.

Lighter investment-grade deal volume is expected this week after issuers priced more than $34 billion of bonds last week, sources report.

About $20 billion to $25 billion of high-grade issuance is predicted for the week, with some expecting as little as about $15 billion, according to syndicate sources.

Issuance likely will be front-loaded over the week with the Federal Reserve’s monetary policy meeting and press conference scheduled for Wednesday, according to market sources.

Otherwise, activity was somewhat quiet over the day with a focus on political news and several financial markets, including in Japan, China, Taiwan and Korea, closed for a holiday.

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