High-grade supply robust; BNP, Kinder Morgan, American Express, Deutsche among issuers

By Cristal Cody

Tupelo, Miss., Feb. 22 – Investment-grade issuers priced more than $11 billion of new bonds on Thursday.

BNP Paribas SA (Aa3/A/A+) tapped the primary market with a $2.75 billion two-tranche offering of notes.

Kinder Morgan, Inc. sold $2 billion of senior notes in two parts.

American Express Co. raised $2 billion in a two-tranche note deal.

Deutsche Bank AG, New York Branch sold $1.4 billion of notes in two tranches on Thursday.

Boston Scientific Corp. came with $1 billion of 10-year senior notes.

PPG Industries, Inc. raised $1 billion in a two-part fixed-rate bond deal.

In other issuance, BNZ International Funding Ltd. sold $500 million of five-year notes.

Paccar Financial Corp. priced $400 million of three-year notes.

Also, Highwoods Realty LP placed $350 million of 10-year notes.

Deal action also was strong on Wednesday and included issuance from MasterCard Inc., Boeing Co., Motorola Solutions, Inc., Western Gas Partners, LP, Ryder System, Inc. and Bank Nederlandse Gemeenten NV.

The Markit CDX North American Investment Grade 29 index softened about 2 basis points to end the day at a spread of 58 bps.

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