United Technologies, Japan Bank for International Cooperation, Buckeye Partners price

By Cristal Cody

Eureka Springs, Ark., Oct. 27 – About $8 billion of bonds priced in the investment-grade primary market on Thursday.

United Technologies Corp. brought a $4 billion five-part offering of senior notes.

Japan Bank for International Cooperation raised $2.8 billion in a two-tranche sale of senior guaranteed bonds.

Buckeye Partners, LP was in the primary market with $600 million of 10-year senior notes.

Also, Oesterreichische Kontrollbank AG sold $600 million of three-year floating-rate notes.

The Markit CDX North American Investment Grade index softened about 1 basis point to close at a spread of 76 bps.

United Technologies priced $4 billion of senior notes in five tranches on Thursday, according to a market source.

The company sold $350 million of three-year floating-rate notes at Libor plus 35 bps.

A $650 million 1.5% three-year fixed-rate tranche priced at a spread of 50 bps over Treasuries.

The company sold $750 million of 1.95% five-year notes at Treasuries plus 65 bps.

A planned five-year floating-rate note tranche was dropped.

United Technologies brought $1.15 billion of 2.65% 10-year notes to market at a spread of 83 bps over Treasuries.

In the final tranche, the company priced $1.1 billion of 3.75% 30-year notes at 118 bps over Treasuries.

The fixed-rate notes priced on the tight side of guidance.

BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.