Realty Income, AmerisourceBergen, AXIS, UDR, Yamana tap high-grade primary, ‘good tone’

By Cristal Cody

Tupelo, Miss., Nov. 29 – High-grade supply remained active on Wednesday with several issuers in the primary market.

Realty Income Corp. priced $1.3 billion of notes in three tranches.

AmerisourceBergen Corp. sold $1.25 billion of senior notes in two parts.

James Hardie International Finance DAC priced $800 million of split-rated senior notes in two tranches.

AXIS Specialty Finance plc priced $350 million of 10-year senior notes.

UDR, Inc. priced a $300 million offering of long 10-year medium-term notes.

Canadian issuers also were in the U.S. and Canada primary markets on Wednesday with issuance expected to continue into mid-December.

Canadian gold producer Yamana Gold Inc. placed $300 million of split-rated 10-year senior notes.

“People are going to take advantage of the good tone, low coupon before the Dec. 13 cut-off date,” a source said.

In other activity on Wednesday, Bank Nederlandse Gemeenten NV held a round of fixed income investor calls for an offering of three-year notes.

D.R. Horton, Inc. also was offering three-year senior notes following a round of fixed-income investor calls on Tuesday.

The Markit CDX North American Investment Grade 29 index eased about 1 basis point to a spread of 53 bps.

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