Tupelo, Miss., Aug. 12 – Investment-grade issuers brought more than $7 billion of bonds to the primary market in eight registered deals over Monday’s session.
Syndicate sources expect strong supply this week to total in the $25 billion to $30 billion or higher area.
High-grade issuers priced more than $36 billion of bonds last week, beating market forecasts of about $25 billion to $30 billion of volume.
Owens Corning notes that it is the first U.S. industrial company to issue a green bond.
“No company can make the world a better place by itself,” Frank O’Brien-Bernini, chief sustainability officer at Owens Corning, said in the release. “This bond was an invitation to investors to support Owens Corning’s contributions to a vitally important, global collaboration to build a sustainable world for the future.”
In conjunction with the bond, the company has committed to spend $445 million on eligible sustainability projects, according to the news release.
The Markit CDX North American Investment Grade 32 index softened about 3 bps from Friday to close at a spread of 62 bps on Monday.
Oneok priced $2 billion of guaranteed senior notes (Baa3/BBB/) in three tranches on Monday, according to a news release.
A $500 million tranche of five-year notes priced with a 2.75% coupon.
The company also sold $750 million of 3.4% 10-year notes and $750 million of 4.45% 30-year notes.
| J.P. Morgan Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs | & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Mizuho Securities | USA | LLC, Morgan Stanley & Co. LLC, MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
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| The bonds are guaranteed by Oneok Partners LP and Oneok Partners Intermediate LP.
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| Oneok is a midstream service provider and natural gas company based in Tulsa, Okla.
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Sherwin-Williams prices
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| Sherwin-Williams priced a $1.35 billion two-tranche offering of senior notes (Baa3/BBB/BBB) on Monday, according to an FWP filing with the Securities and Exchange Commission.
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| The company sold $800 million of 2.95% 10-year notes at 99.667 to yield 2.989%. The notes priced with a spread of Treasuries plus 135 bps.
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| A $550 million tranche of 3.8% 30-year notes were priced at 99.717 to yield 3.816%, or a 170 bps over Treasuries spread.
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| BofA Securities, Citigroup Global Markets, J.P. Morgan Securities and Wells Fargo Securities were the bookrunners.
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| Sherwin-Williams is a Cleveland-based developer, manufacturer and distributor of paints and related products.
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CenterPoint Energy prints
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| CenterPoint Energy priced $1.2 billion of senior notes (Baa2/BBB/BBB) in three tranches on Monday, according to an FWP filing with the SEC.
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| A $500 million tranche of 2.5% five-year notes priced at 99.83 to yield 2.536%, or a Treasuries 105 bps spread.
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| CenterPoint sold $400 million of 2.95% notes due March 1, 2030 at 99.603 to yield 2.994% and a spread of 135 bps over Treasuries.
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| A $300 million tranche of 3.7% 30-year notes priced at 99.155 to yield 3.747%. The notes priced with a spread of 162.5 bps over Treasuries.
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| Bookrunners were BofA Securities, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, Wells Fargo Securities, Barclays, Citigroup Global Markets, Credit Suisse Securities, Deutsche Bank Securities, MUFG and RBC Capital Markets, LLC.
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| CenterPoint Energy is a Houston-based public utility holding company.
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Duke Energy sells two tranches
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| Duke Energy Carolinas priced $800 million of first and refunding mortgage bonds (Aa2/A/) in two tranches on Monday, according to an FWP filing with the SEC.
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| The company sold $450 million of 2.45% bonds due Aug. 15, 2029 at 99.877 to yield 2.464%, or a spread of 82 bps over Treasuries.
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| A $350 million tranche of 3.2% bonds due Aug. 15, 2049 priced at 99.732 to yield 3.214%. The bonds priced with a Treasuries plus 110 bps spread.
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| Barclays, BNP Paribas Securities Corp., PNC Capital Markets LLC and SunTrust Robinson Humphrey, Inc. were the bookrunners.
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| The Charlotte, N.C.-based company generates, transmits, distributes and sells electricity.
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Ventas Realty brings $650 million
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| Ventas Realty sold $650 million of 3% guaranteed senior notes due Jan. 15, 2030 (Baa1/BBB+/BBB+) on Monday at a spread of 140 bps over Treasuries, according to an FWP filing with the SEC.
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| The notes priced at 99.506 to yield 3.056%.
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| J.P. Morgan Securities, Credit Agricole Securities (USA) Inc., MUFG and Wells Fargo Securities were the bookrunners.
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| Ventas, Inc. will fully and unconditionally guarantee the notes.
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| The real estate investment trust for housing and health care properties is based in Chicago.
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Lincoln National in primary
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| Lincoln National priced $500 million of 3.05% senior notes due Jan. 15, 2030 on Monday at a spread of 142 bps over Treasuries, according to an FWP filing with the SEC.
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| The notes (Baa1/A-/BBB+) priced at 99.896 to yield 3.062%.
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| J.P. Morgan Securities, Wells Fargo Securities, BNP Paribas Securities, HSBC Securities (USA) Inc. and BofA Securities were the bookrunners.
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| Lincoln National is a Radnor, Pa.-based holding company for insurance and retirement subsidiaries.
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Westar Energy sells bonds
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| Westar Energy priced $300 million of 3.25% 30-year first mortgage bonds on Monday at 99.126 to yield 3.296%, according to an FWP filing with the SEC.
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| The bonds (A2/A/) priced with a Treasuries plus 117 bps spread.
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| Barclays, TD Securities (USA) LLC and U.S. Bancorp Investments were the bookrunners.
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| Westar is a Topeka, Kan.-based electric utility.
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Arizona Public Service prints
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| Arizona Public Service sold $300 million of 2.6% 10-year senior notes on Monday at a spread of 98 basis points over Treasuries, according to an FWP filing with the SEC.
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| The notes (A2/A-/A) priced at 99.869 to yield 2.615%.
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| BNP Paribas Securities, J.P. Morgan Securities, MUFG and U.S. Bancorp Investments were the bookrunners.
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| Phoenix-based Arizona Public Service is an electric utility and subsidiary of Pinnacle West Capital Corp.
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