Hanover Insurance, Mizuho do deals; Kinder Morgan tightens; Apple, Procter & Gamble firm

By Aleesia Forni and Cristal Cody

New York, April 5 – The Hanover Insurance Group Inc. and Mizuho Financial issued bonds on Tuesday.

The primary’s pace slowed during the session, following the more than $12 billion of deals that entered the market at the start of the week.

Details of Mizuho’s bond were unavailable at press time.

Hanover Insurance, meantime, sold its $375 million issue of 10-year bonds via three bookrunners.

The Canadian primary market saw two energy issuers bring deals over the first two sessions of the week.

FortisBC Energy Inc. sold C$300 million of medium-term notes (A3//DBRS: A) in two tranches on Tuesday.

The company priced C$150 million of 2.58% 10-year notes at a spread of 134 bps over the interpolated Government of Canada bond curve and C$150 million of 3.67% 30-year notes at 174 bps over the Government of Canada benchmark.

On Monday, AltaGas Ltd. (/BBB/DBRS: BBB) sold C$350 million of 4.12% 10-year senior notes at 280 bps over the interpolated Government of Canada bond curve.

“These aren’t big deals, but we’re starting to see a variety of issuers, particularly energy infrastructure issuers,” a source said.

The Markit CDX North American Investment Grade index closed the day 3 bps wider at a spread of 79 bps.

In the secondary market, Kinder Morgan Inc.’s 5.05% notes due 2046 traded 12 bps tighter on Tuesday.

Apple Inc.’s 3.25% notes due 2026 tightened 1 bp on the day.

Procter & Gamble Co.’s 2.7% notes due 2026 ended 1 bp better.

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