High-grade supply heavy; Visa, Bank of Montreal, Anglo American price; deal pipeline fills

By Cristal Cody

Tupelo, Miss., Sept. 6 – High-grade issuance stayed strong for a second straight session on Wednesday.

Issuers including Visa Inc., Bank of Montreal, Woodside Finance Ltd., Northern States Power Co., PPL Capital Funding Inc., National Retail Properties, Inc., Caterpillar Financial Services Corp. and Arizona Public Service Co. priced bonds.

In addition, Anglo American plc sold $1.3 billion of notes (Baa3/BBB-/BBB-) in the company’s first offering as a high-grade rated issuer.

In other investment-grade issuance on Wednesday, the Carlyle Group priced $400 million of series A perpetual preferred units.

On Tuesday, more than $22 billion of high-grade bonds were sold.

The deal pipeline also is building.

Discovery Communications, LLC (Baa3/BBB-/BBB-) continued a second day of fixed income investor calls on Wednesday for an offering of new dollar-denominated and possible sterling-denominated notes.

Syngenta AG (Ba2/BBB-/BBB) plans to hold a roadshow in the week ahead for a multi-tranche benchmark-sized dollar-denominated Rule 144A and Regulation S offering of senior notes.

Also, Australian property company Goodman Group (Baa1/BBB+/) intends to hold roadshows beginning on Monday for a multi-tranche dollar- and euro-denominated notes offering.

The Markit CDX North American Investment Grade index ended less than 1 basis point tighter at a spread of 59 bps.

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