Unilever, RBC, Capital One, Citizens, First Republic price; bonds mixed; Markit CDX eases

By Cristal Cody

Eureka Springs, Ark., July 25 – Investment-grade corporate issuers kicked the week off at a strong pace with more than $5 billion of bonds priced on Monday.

Unilever Capital Corp. sold $1.25 billion of senior notes in two parts during the session. The offering included $550 million of 1.375% five-year notes sold at 40 basis points plus Treasuries, on the tight side of guidance, and $700 million of 2% 10-year notes with a spread of 60 bps over Treasuries, tighter than talk.

Royal Bank of Canada priced a $1.8 billion two-tranche offering of medium-term notes.

Capital One Financial Corp. came with a $1.5 billion sale of 10-year subordinated notes on Monday.

Piedmont Natural Gas Co., Inc. brought $300 million of 30-year senior notes to market.

Citizens Financial Group, Inc. placed $350 million of five-year senior notes.

First Republic Bank sold $400 million of 30-year subordinated notes.

The Markit CDX North American Investment Grade index eased 2 bps to close at a 73 bps.

In the secondary market, Verizon Communications Inc.’s bonds traded mostly flat to about 4 bps tighter on the news the company will acquire Yahoo! Inc.’s operating business, according to a market source.

Discover Bank’s $1 billion offering of 3.45% notes due 2026 that priced on Thursday traded mostly unchanged on Monday but about 5 bps better than issuance.

JPMorgan Chase & Co.’s 2.95% senior notes due 2026 were flat.

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