Banco Santander, Pacific Life, Hospitality Properties price notes; Boral starts roadshow

By Cristal Cody

Tupelo, Miss., Oct. 17 – Banco Santander, SA tapped the high-grade bond market on Tuesday with a $2.5 billion three-tranche offering of notes.

Banco Santander priced $500 million of floating-rate notes due Feb. 23, 2023 at Libor plus 109 basis points; $1 billion of 3.125% notes due Feb. 23, 2023 at a spread of 120 bps over Treasuries; and $1 billion of 3.8% notes due Feb. 23, 2028 with a Treasuries plus 155 bps spread.

Also, Pacific Life Insurance Co. came with $750 million of 50-year fixed-to-floating-rate surplus notes.

The 4.3% notes convert to a floating rate of Libor plus 179.6 bps after an initial period.

In other corporate issuance, Hospitality Properties Trust priced $400 million of long 10-year senior notes.

Elsewhere on Tuesday, Boral Ltd. (Baa2/BBB/) started a roadshow for a dollar-denominated Rule 144A and Regulation S offering of notes.

Coming up on Wednesday, the Federation des caisses Desjardins du Quebec (Aa2/A+/AA-) plans to start a three-day roadshow for a dollar-denominated Rule 144A and Regulation S notes offering. Barclays is the bookrunner.

The Markit CDX North American Investment Grade 29 index ended slightly better on Tuesday at a spread of 54 bps.

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