Mizuho, Bristol-Myers, Paccar, Spire tap high-grade primary market; LyondellBasell improves

By Cristal Cody

Tupelo, Miss., Feb. 22 – Investment-grade corporate issuers priced more than $5.7 billion of bonds over Wednesday’s session.

Mizuho Financial Group, Inc. placed a $3.25 billion three-part offering of senior fixed- and floating-rate notes.

Bristol-Myers Squibb Co. tapped the primary market with a $1.5 billion two-tranche sale of senior notes.

Alexandria Real Estate Equities, Inc. sold an upsized $425 million of 11-year notes.

Paccar Financial Corp. brought $400 million of three-year medium-term notes.

In addition, Spire Inc. priced a $150 million offering of seven-year senior notes.

The deal volume on Wednesday brings week to date supply to more than $8 billion.

About $15 billion to $25 billion of high-grade supply was forecast for the week.

The Markit CDX North American Investment Grade index closed mostly unchanged on Wednesday at a spread of 63 basis points.

In the secondary market, the $1 billion offering of 3.5% notes due March 2, 2027 priced on Tuesday by LyondellBasell Industries NV subsidiary LYB International Finance II BV improved.

LYB International Finance II’s 3.5% notes due 2027 rose to 99.22 in secondary trading on Wednesday, according to a market source.

The notes were seen earlier in the secondary market at 117 bps offered.

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