Mid-America, NextEra tap primary market; EPR eyes market; high-grade credit spreads widen

By Cristal Cody

Tupelo, Miss., Aug. 5 – Two high-grade issuers tapped the primary market on Monday in an otherwise quiet session as credit spreads widened over the day amid global trade tensions.

The Markit CDX North American Investment Grade 32 index closed the day 5 basis points wider at a spread of 62 basis points from where it ended Friday.

In the primary market, NextEra Energy Capital Holdings Inc. priced a $1.5 billion remarketing of two-year debentures.

Mid-America Apartments, LP placed a $250 million add-on to its 3.95% senior notes due March 15, 2029.

Also on Monday, real estate investment trust EPR Properties (Baa2/BBB-/BBB-) held fixed income investor calls for a possible deal, a market source said.

BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and RBC Capital Markets, LLC were the arrangers.

About $25 billion to $30 billion of supply is expected by syndicate sources this week with some predicting as much as $40 billion of issuance on the potential of a couple of mergers-and-acquisitions related bond funding deals.

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