Spectra Energy prices; strong supply forecast for upcoming week; UBS tightens; eBay mixed

By Cristal Cody

Tupelo, Miss., June 2 – Spectra Energy Partners LP tapped the investment-grade primary market early on Friday with a $400 million offering of three-year floating-rate notes as the lone issuer of the day.

Primary action is expected to be strong in the week ahead with about $25 billion to $30 billion of volume forecast, according to market sources on Friday.

Coming up on Monday, UniCredit SpA (Baa1/BBB-/) intends to hold roadshows in the United States, Canada and Asia for a Rule 144A/Regulation S offering of dollar-denominated subordinated notes.

BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC, J.P. Morgan Securities LLC, Societe Generale CIB and UniCredit Capital Markets LLC are the arrangers.

The Markit CDX North American Investment Grade index closed the day about 1 basis point tighter at a spread of 60 bps.

In the secondary market, UBS AG, London Branch’s $5 billion of notes (A1/A+/) sold in three tranches on Thursday traded about 2 bps better on Friday.

eBay Inc.’s senior notes (Baa1/BBB+/BBB) brought to the primary market in a $2.5 billion four-tranche offering on Tuesday were mixed.

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