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Heineken prices $1.75 billion; Caterpillar, MassMutual tap primary market; Verizon softens
By Cristal Cody
Tupelo, Miss., March 20 – A handful of corporate issuers tapped the investment-grade bond market on Monday with deals, including one issuer that upsized its offering.
Heineken NV came to the primary market with a $1.75 billion two-part offering of notes.
Caterpillar Financial Services Corp. brought $900 million of two-year medium-term notes in fixed- and floating-rate tranches.
Massachusetts Mutual Life Insurance Co. upsized its offering of 60-year surplus notes on Monday to $475 million.
About $20 billion to $25 billion of investment-grade bond volume is expected by market participants over the week.
The Markit CDX North American Investment Grade index rolled to a new series on Monday and closed 7 basis points wider at a spread of 68 bps.
The three-month Libor yield set the highest yield since April 2009 on Monday at 1.1562%, according to a market source.
In the secondary market, Verizon Communications Inc.’s 4.125% notes due March 16, 2027 priced a week ago softened over the day but remain better than issuance.
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