Enterprise, American Tower, NextEra Energy issue bonds; bank paper mixed in secondary

By Aleesia Forni and Cristal Cody

Virginia Beach, May 4 – Issuers raced to the primary market on Monday, bringing $5.3 billion of new investment-grade paper to market during the session.

In the day’s largest new issue, Enterprise Products Operating LLC attracted around $8.5 billion of orders for its new $2.5 billion three-part senior notes offering.

American Tower Corp. priced a $1.5 billion sale of senior notes in two tranches, both at the tight end of price talk.

Also on Monday, NextEra Energy Capital Holdings Inc. brought to market a $600 million remarketing of senior debentures due June 1, 2017.

Ryder System Inc. sold $300 million of senior notes 10 basis points tight of initial talk, while Delmarva Power & Light Co. priced $200 million first mortgage bonds in line with guidance.

In other primary happenings, Principal Financial Group, Inc. sold a $400 million 10-year senior note, along with a $400 million junior subordinated note due 2055.

A busy week is predicted for the primary market, with sources calling for around $35 billion to $40 billion of issuance for the first full week of May.

Bank and financial paper was mixed in secondary trading over the session.

The Markit CDX North American Investment Grade series 23 index was mostly unchanged at a spread of 63 bps.

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