L3Harris, Rexford, Verizon, Standard Chartered, Allianz in primary; credit spreads ease

By Cristal Cody

Tupelo, Miss., Nov. 10 – Strong pricing action continued in the high-grade primary market on Tuesday with deals from issuers including Verizon Communications Inc., Standard Chartered plc and L3Harris Technologies, Inc.

L3Harris Technologies priced $650 million of long 10-year senior notes (Baa2/BBB/BBB).

Rexford Industrial Realty, Inc. sold $400 million of 10-year guaranteed senior notes (Baa3/BBB/BBB) in a deal upsized from $300 million.

Verizon Communications offered five tranches of fixed-rate senior notes (Baa1/BBB+/A-).

Standard Chartered also offered dollar-denominated subordinated notes due Feb. 18, 2036 (Baa2/BBB-/BBB+) with price talk in the Treasuries plus 260 bps spread area.

In other issuance, Brighthouse Financial Inc. priced $500 million of split-rated $25-par preferred stock (Ba2/BBB-/BB+) in a deal upsized from $200 million on Tuesday.

Meanwhile, Allianz SE offered $1.25 billion of perpetual subordinated notes (A2/AA-/A) that were guided at the 3.875% area in a Rule 144A and Regulation S offering.

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