Entergy brings $650 million offering; Citigroup, Barclays paper soft; credit spreads flat

By Cristal Cody

Tupelo, Miss., June 25 – Entergy Corp. tapped the investment-grade bond market on Thursday with a $650 million offering of seven-year senior notes.

The company priced the 4% notes (Baa3/BBB-/) at 99.859 to yield 4.023%.

The notes priced at a spread of 190 bps plus Treasuries.

In the secondary market, bonds were mixed over the day.

Citigroup Inc.’s 3.3% senior notes due 2025 traded 3 basis points wider during the session.

Barclays plc’s 2.875% notes due 2020 eased 2 bps.

Earlier in the day, H.J. Heinz Co.’s senior notes (Baa3/BBB-/) were mixed.

The company’s 3.95% notes due 2025 were wrapped around issuance at 155 bps offered in the secondary market earlier on Thursday, a source said.

The company sold $2 billion of the notes on Tuesday at a spread of Treasuries plus 155 bps.

The 5% notes due 2035 were quoted better at 179 bps offered.

H.J. Heinz brought $1 billion of the 20-year notes on Tuesday at Treasuries plus 185 bps.

The company’s 5.2% long bonds due 2045 eased to 203 bps offered.

H.J. Heinz sold $2 billion of the bonds at 200 bps over Treasuries in the Tuesday sale.

The Markit CDX North American Investment Grade series 23 index headed out unchanged at a spread of 67 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.