Bunge, Expedia, Hyundai, Allegion, National Fuel price new notes; strong supply forecast

By Cristal Cody

Tupelo, Miss., Sept. 18 – The high-grade bond market kicked the week off with strong primary action on Monday.

Bunge Ltd. Finance Corp. brought $1 billion of senior guaranteed fixed-rate notes in two parts to the primary market. Bunge priced $400 million of 3% five-year notes and $600 million of 3.75% 10-year notes.

Expedia Inc. sold $1 billion of long 10-year split-rated senior notes.

Hyundai Capital Services Inc. came with $1 billion of notes in three tranches: $250 million of three-year floating-rate notes, $300 million of 2.75% three-year notes and $450 million of 3.25% five-year notes.

Allegion US Holding Co. Inc. placed $800 million of senior notes in two parts during the session. The company priced $400 million of 3.2% seven-year notes at 99.944 to yield 3.209% and $400 million of 3.55% 10-year notes at 99.758 to yield 3.579%.

National Fuel Gas Co. sold $300 million of 10-year notes.

Also, Georgia Power Co. priced $270 million of $25-par series 2017A junior subordinated notes.

Deal issuance is expected to stay busy over the week with about $25 billion to $30 billion of volume forecast, according to a market source.

The Markit CDX North American Investment Grade 28 index closed mostly unchanged at a spread of 56 bps.

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