AerCap prices $1 billion; Smithfield taps primary; RenaissanceRe, Vodafone market deals

By Cristal Cody

Tupelo, Miss., March 27 – Deal volume slowed on Wednesday with $1.4 billion of bonds priced in the high-grade primary market.

AerCap Ireland Capital DAC and AerCap Global Aviation Trust sold $1 billion of guaranteed senior notes in new and reopened tranches.

Smithfield Foods, Inc. priced $400 million of 10-year split-rated senior notes.

In other market activity during the session, RenaissanceRe Holdings Ltd. held fixed-income investor calls for an offering of 10-year senior notes.

A deal also is expected soon from Vodafone Group plc, which held fixed-income investor calls for a dollar-denominated offering of 60-year notes.

High-grade issuers have sold more than $12 billion of bonds week to date. Supply so far has been led by Mars Inc.’s $5 billion eight-part offering of senior notes that priced on Tuesday.

About $20 billion of investment-grade issuance was expected by syndicate sources for the week.

The Markit CDX North American Investment Grade 32 index was mostly unchanged on the day at a spread of 68 basis points.

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