British Telecom, BNY Mellon, BB&T, Avery Dennison, Aon price; CVS, Dollar Tree mixed

By Cristal Cody

Tupelo, Miss., Nov. 29 – Thursday’s trading session hosted several high-grade deals, including dollar-denominated bond issuance from seldom-seen issuers.

British Telecommunications plc priced $1.38 billion of senior notes in two parts.

Bank of New York Mellon sold $1 billion of two-year senior floating-rate notes.

BB&T Corp. priced $1 billion of five-year senior medium-term notes.

Avery Dennison Corp. priced an upsized $500 million of 10-year senior notes in its first offering in the dollar-denominated market since April 3, 2013.

Niagara Mohawk Power Corp. also brought $500 million of 10-year senior notes to the primary market on Thursday.

Aon Corp. sold $350 million of 10-year guaranteed senior notes.

More than $30 billion of high-grade notes have priced week to date, higher than market forecasts of about $10 billion to $20 billion of issuance.

CVS Health Corp.’s senior notes (Baa2/BBB+) were mixed in secondary trading after the bonds were downgraded a notch on Wednesday by Moody’s Investors Service. Moody’s dropped the ratings based on factors including that CVS Health’s $69 billion cash and stock acquisition of Aetna, Inc. is being financed with a large amount of debt.

Dollar Tree Inc.’s senior notes (Baa3/BBB-) traded mostly weaker on Thursday after the company missed third-quarter revenue expectations and lowered its guidance for fiscal 2018.

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