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Vodafone prices $11.5 billion; Microchip, Santander, Equifax sell notes; pipeline builds
By Cristal Cody
Tupelo, Miss., May 23 – Investment-grade supply picked up substantially Wednesday with more than $17 billion of bonds priced over the session.
The bulk of issuance came from Vodafone Group plc’s $11.5 billion six-tranche sale of senior notes.
Vodafone’s deal saw an order book of $36 billion, a source said.
Also on Wednesday, Microchip Technology Inc. priced $2 billion of senior secured notes in two parts.
Santander UK plc sold $1.75 billion of senior notes in two tranches.
Equifax Inc. priced an upsized $1 billion of senior notes in three tranches.
In addition, Harris Corp. priced $850 million of 10-year senior notes.
The volume comes on the heels of two sessions that saw less than $3 billion of bonds print.
About $25 billion of supply is forecast for the week.
In other deal action on Wednesday, TMX Group Ltd. priced C$200 million of 10-year senior debentures.
In addition, Canadian Imperial Bank of Commerce priced a Canadian dollar-denominated seven-year deposit note during the session, according to a market source.
Coming up in the U.S. primary market on Thursday, the Tokyo Metropolitan Government plans to price dollar-denominated five-year notes.
Elsewhere, Petrofac Ltd.’s offering of $300 million of five-year notes (Ba1/BBB-/BBB-) expected to price in the previous week in a Rule 144A and Regulation S transaction has not been seen in marketing, according to sources.
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