Carlyle prices; primary busiest since 2016; Cigna, Pfizer notes mixed; Nordea, Eni firm

By Cristal Cody

Tupelo, Miss., Sept. 7 – High-grade pricing activity continued on Friday from Carlyle Finance LLC with an upsized $350 million offering of 30-year senior notes.

The first week of September closed as the busiest week of primary action in more than two years, but new issues were being digested with market tone remaining strong, sources said.

The volume, lifted by Cigna Corp.’s $20 billion 10-part offering of senior notes on Thursday, made the week the busiest since January 2016, BofA Merrill Lynch analysts said in a note released Friday.

Other major offerings over the week included Pfizer Inc.’s $5 billion six-tranche sale of senior notes on Tuesday and HSBC Holdings plc’s $5.25 billion of senior notes priced in three tranches on Wednesday.

In the secondary market, new issues priced this week were mixed, sources said.

Cigna’s bonds traded about 1 basis point to 2 bps softer to as much as 5 bps tighter.

Pfizer’s notes were mostly flat to about 4 bps better than issuance across six tranches.

A $500 million offering of fixed-to-floating-rate notes due 2033 that Nordea Bank AB priced on Thursday headed out on Friday about 6 bps tighter at 169 bps bid, 166 bps offered, according to market sources.

Eni SpA’s $2 billion of senior notes priced on Wednesday traded about 7 bps to 11 bps better than issuance on Friday.

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