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AbbVie prices $6 billion; Prudential, BNG sell notes; high-grade funds post inflows
By Cristal Cody
Tupelo, Miss., Sept. 13 – New corporate issuance on Thursday included $7 billion of investment-grade bonds priced over the session.
AbbVie Inc. sold $6 billion of fixed-rate senior notes in four tranches.
In its deal, AbbVie sold a $1.25 billion tranche of 3.375% three-year notes at 60 bps over Treasuries, $1.25 billion of 3.75% five-year notes at Treasuries plus 90 bps, $1.75 billion of 4.25% 10-year notes at 138 bps over Treasuries and $1.75 billion of 4.875% 30-year bonds at 183 bps over Treasuries.
Prudential Financial, Inc. priced a $1 billion offering of 30-year fixed-to-floating rate junior subordinated notes.
In other issuance, Bank Nederlandse Gemeenten NV (BNG Bank) sold $2.5 billion of five-year notes.
Also on Thursday, Nestle Holdings Inc. started a roadshow for a Rule 144A and Regulation S offering of dollar-denominated senior notes, a source said. BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.
More than $30 billion of high-grade bonds have priced week to date, in line with syndicate sources’ forecasts of about $25 billion to as much as $40 billion of supply.
Meanwhile, for the week ended Sept. 12, Lipper US Fund Flows reported inflows of $3.22 billion for corporate investment-grade funds.
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