Darden, McKesson, Lincoln, Kirby price; Sweden prints better than talk; BNG sells notes

By Cristal Cody

Tupelo, Miss., Feb. 7 – Several investment-grade issuers tapped the primary market on Wednesday after light supply came in the first two days of the week.

Lincoln National Corp. priced a $1.1 billion three-tranche offering of senior notes.

McKesson Corp. sold $600 million of 10-year notes.

Kirby Corp. priced $500 million of 10-year senior notes.

Darden Restaurants, Inc. brought $300 million of 30-year senior notes to the primary market.

In SSA issuance, Sweden sold $3 billion of three-year notes tighter than talk in an offering that attracted more than 40 bidders.

Also on Wednesday, Bank Nederlandse Gemeenten NV sold $1.5 billion of three-year notes on top of guidance.

Elsewhere, Canadian high-grade deal action has remained quiet so far in the week on volatility in the U.S. stock and bond markets, but near-term supply is expected, a syndicate source said.

In U.S. supply expected on Thursday, the Federal Home Loan Bank System plans to price two-year global notes.

Deal action was thin on Monday and Tuesday with heavy volatility in stocks and Treasuries.

Credit spreads widened to start the week before improving late Tuesday but softened again on Wednesday.

The Markit CDX North American Investment Grade 29 index closed about 1.5 basis points wider at a spread of 54.5 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.