AT&T, Tyson, Goldman, Boeing, Welltower, Export Development Canada, EIB price notes

By Cristal Cody

Tupelo, Miss., Feb. 13 – Investment-grade issuers including AT&T Inc., Tyson Foods, Inc., Goldman Sachs Group Inc. and Boeing Co. priced nearly $12 billion of bonds over Wednesday’s session.

AT&T sold $5 billion of global senior notes in two tranches.

Tyson Foods priced $2.8 billion of senior notes in two new issues and one reopened tranche.

Goldman Sachs sold $1.5 billion of five-year senior notes.

Boeing tapped the primary market with four tranches of notes totaling $1.5 billion.

Also in corporate supply, Welltower Inc. sold $1.05 billion of senior notes in two parts.

In other issuance, the European Investment Bank priced $3 billion of three-year global notes tighter than guidance.

Export Development Canada sold $2 billion of five-year global notes in line with talk.

Week to date, more than $38 billion of high-grade bonds have priced.

Syndicate sources expected about $25 billion to $30 billion of total supply this week.

The Markit CDX North American Investment Grade 31 index improved on Wednesday to close nearly 2 basis points tighter at a spread of 64 bps.

AT&T sells $5 billion

AT&T priced $5 billion of global senior notes (Baa2/BBB/A-) in two tranches on Wednesday, according to a market source.

AT&T sold $3 billion of 4.35% 10-year notes in line with guidance at a spread of Treasuries plus 170 bps. The notes were initially talked to price in the Treasuries plus 187.5 bps area.

A $2 billion tranche of 4.85% 20-year notes priced on top of guidance at a Treasuries plus 220 bps spread. Initial talk was in the Treasuries plus 237.5 bps area.

BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.

AT&T is a Dallas-based telecommunications company.

Tyson Foods prices

Tyson Foods sold $2.8 billion of senior notes (Baa2/BBB/BBB) in three tranches on Wednesday on the tight side of guidance, according to a market source.

The company placed $800 million of 4% seven-year notes at a spread of Treasuries plus 145 bps.

A $1 billion tranche of 4.35% 10-year notes was priced with a Treasuries plus 165 bps spread.

Tyson also brought a $1 billion add-on to its 5.1% senior notes due Sept. 28, 2048 at a spread of 230 bps over Treasuries.

The notes originally priced Sept. 25, 2018 in a $500 million offering at 99.574 to yield 5.128% and a Treasuries plus 190 bps spread. The total outstanding is now $1.5 billion.

Morgan Stanley, BofA Merrill Lynch, Barclays and RBC Capital Markets, LLC were the bookrunners.

The meat and food production company is based in Springdale, Ark.

Goldman Sachs prints

Goldman Sachs Group (A3/BBB+/A) priced $1.5 billion of 3.625% five-year senior notes on the tight side of guidance at a spread of Treasuries plus 112.5 bps on Wednesday, according to a market source.

Price guidance was in the Treasuries plus 115 bps area, plus or minus 2.5 bps.

Goldman Sachs was the bookrunner.

The financial services company is based in New York City.

Boeing raises $1.5 billion

Boeing. sold $1.5 billion of senior notes (A2/A) in four tranches on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

Boeing sold $400 million of 2.8% five-year notes at 99.083 to yield 2.997%, or Treasuries plus 47 bps.

The company placed $400 million of 3.2% 10-year notes at 98.493 to yield 3.378%. The bonds priced with a spread of 67 bps over Treasuries.

A $400 million tranche of 3.5% 20-year notes priced at 95.83 to yield 3.799%, or Treasuries plus 77 bps.

In the final tranche, Boeing sold $300 million of 3.825% 40-year bonds at 95.577 to yield 4.049%, or 102 bps over Treasuries.

BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BBVA Securities Inc., Lloyds Securities Inc., Morgan Stanley and U.S. Bancorp Investments Inc. were the bookrunners for the 2024 notes.

BofA Merrill Lynch, Goldman Sachs, MUFG, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., SG Americas Securities LLC and SunTrust Robinson Humphrey Inc. were the bookrunners for the 2029 notes.

BofA Merrill Lynch, SMBC Nikko Securities America, Inc., Wells Fargo Securities, Barclays, BNP Paribas Securities, RBC Capital Markets and Santander Investment Securities Inc. were the bookrunners for the 2039 notes.

On the 40-year tranche, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., Barclays, BNP Paribas Securities, Deutsche Bank Securities Inc. and RBC Capital Markets were bookrunners.

Boeing is a Chicago-based aerospace company.

Welltower sells notes

Welltower sold $1.05 billion of senior notes (Baa1/BBB+/BBB+) in two tranches on Wednesday, according to an FWP filing.

The company priced $500 million of 3.625% five-year notes at 99.657 to yield 3.699%. The bonds came at a spread of Treasuries plus 117 bps.

Welltower sold $550 million of 4.125% 10-year notes at a spread of 147 bps over Treasuries. The notes priced at 99.555 to yield 4.179%.

Wells Fargo, BofA Merrill Lynch, MUFG, Barclays, Citigroup, Credit Agricole Securities (USA) Inc., Deutsche Bank, Goldman Sachs, JPMorgan, KeyBanc Capital Markets Inc., Morgan Stanley, RBC Capital Markets and UBS Securities LLC were the bookrunners.

Welltower is a senior housing and health care real estate investment trust based in Toledo, Ohio.

EIB sells $3 billion

The European Investment Bank (Aaa/AAA/AAA) priced a $3 billion offering of 2.625% long three-year global notes on Wednesday at mid-swaps plus 3 bps, or a Treasuries plus 11.35 bps spread, according to a market source.

The notes due May 20, 2022 were initially talked to price in the mid-swaps plus 5 bps area.

BNP Paribas, Citigroup and RBC Capital Markets were the lead managers.

The lender for the European Union is based in Kirchberg, Luxembourg.

Export Canada prices

Export Development Canada (Aaa/AAA) priced $2 billion of 2.625% five-year global notes on Wednesday at 99.74 to yield 2.681%, according to a market source and an FWP filing.

The bonds priced in line with talk at mid-swaps plus 9 bps, or a spread of Treasuries plus 16.9 bps.

BMO Capital Markets Corp., Credit Agricole CIB, BofA Merrill Lynch and TD Securities (USA) LLC were the bookrunners.

Ottawa-based Export Development Canada is a Canadian government-owned export credit agency.

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