Microsoft, Synchrony, Consumers Energy, Tanger price; Microsoft, Procter & Gamble ease

By Cristal Cody

Eureka Springs, Ark., Aug. 1 – August high-grade deal action kicked off with a bang on Monday with several issuers in the primary market, including Microsoft Corp.

Microsoft priced $19.75 billion of notes in seven parts to in part help fund its acquisition of LinkedIn Corp.

Also in the primary market on Monday, Synchrony Financial brought $500 million of 10-year senior notes.

Consumers Energy Co. priced $450 million of 30-year first mortgage bonds.

Tanger Properties LP sold $250 million of 10-year senior notes.

About $25 billion to $30 billion of volume is forecast for the week.

Investment-grade bonds were mostly weaker in the secondary market on Monday.

Microsoft’s existing bonds priced in a $13 billion offering last year softened over the day.

Procter & Gamble Co.’s 2.7% notes due 2026 traded 3 basis points weaker on Monday in front of the release of the company’s quarterly earnings before the market opens on Tuesday.

Verizon Communications Inc.’s 2.625% senior notes due 2026 eased about 2 bps to 3 bps weaker earlier in the day.

Teva Pharmaceutical Finance Netherlands III BV’s 3.15% senior notes due 2026 traded about 2 bps weaker early Monday.

The Markit CDX North American Investment Grade index closed the day more than 2 bps wider at a spread of 75 bps.

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