Procter & Gamble, Crown price billion-plus deals; Visa stable; Ford Motor Credit eases

By Cristal Cody

Tupelo, Miss., Jan. 28 – Procter & Gamble Co. and Crown Castle International Corp. tapped the high-grade primary market on Thursday, while primary action remains mostly quiet on the week.

Procter & Gamble sold $1.2 billion of notes in two tranches.

The company sold $600 million of 1.85% five-year notes at 99.981 to yield 1.854%. The notes priced at a spread of Treasuries plus 45 bps.

Procter & Gamble priced $600 million of 2.7% 10-year notes at 99.635 to yield 2.742%. The notes priced with a spread of Treasuries plus 75 bps.

Crown Castle International brought a $1.5 billion two-part offering of split-rated senior notes (Ba1/BBB-/BBB-) on Thursday.

The Canadian primary market has seen little action over the week with one deal so far priced by North West Redwater Partnership and NWR Financing Co. Ltd. The transaction included C$850 million of senior secured bonds (A3/A-/) in two tranches.

“It’s been pretty quiet apart from that,” a source said. “The markets felt better today, so there’s a chance that somebody who has been doing watchful waiting decides that tomorrow is the day.”

Credit spreads tightened over the session, while high-grade bonds were mixed in secondary trading.

The Markit CDX North American Investment Grade 25 index firmed 3 basis points to a spread of 102 bps.

Visa Inc.’s 3.15% notes due 2025 were flat.

Ford Motor Credit Co. LLC’s 4.134% notes due 2025 eased 3 bps.

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