AIG, Unilever, Macquarie, Connecticut Light price; Kommunalbanken eyes $1 billion deal

By Cristal Cody

Tupelo, Miss., March 19 – Several issuers priced new bonds on Monday in the high-grade market.

American International Group, Inc. sold $2.5 billion of senior notes in two tranches and fixed-to-floating rate junior subordinated debentures in one tranche.

Unilever Capital Corp. priced $2.1 billion of guaranteed senior notes in four tranches on the tight side of guidance.

Macquarie Group Ltd. brought $1.75 billion of senior notes in three tranches to the primary market.

Connecticut Light and Power Co., doing business as Eversource Energy, sold $500 million of 30-year first and refunding mortgage bonds.

HSBC Holdings plc also was marketing securities.

Coming up, Kommunalbanken AS plans to tap the primary market on Tuesday with a $1 billion offering of two-year notes.

Deal supply is expected to be light over the week due in part to the Federal Reserve’s two-day monetary policy meeting that ends on Wednesday.

A rate hike of 25 basis points is widely expected, according to market sources.

Syndicate sources forecast about $20 billion of bond supply for the week with volume expected to top out in the $30 billion range.

Investment-grade issuance was light in the previous week with less than $22 billion of supply.

The Markit CDX North American Investment Grade 29 index closed the day about 1 bp softer at a spread of 55 bps.

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