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PepsiCo, Kohl’s, Santander Holdings do deals; PepsiCo soft; McDonald’s firms
By Aleesia Forni and Cristal Cody
Virginia Beach, July 14 – PepsiCo Inc. led a flood of issuance for the high-grade market on Tuesday, pricing $3.25 billion of notes.
Sumitomo Mitsui Banking Corp. sold a $3 billion four-part issue, and JPMorgan Chase & Co. priced a $2.5 billion 10-year senior holding company note.
Meantime, Kohl’s Corp. and Santander Holdings USA Inc. were each in the primary with $1.1 billion offerings.
The session also hosted new deals from Export Development Canada, European Investment Bank, the Canadian Imperial Bank of Commerce and Nationwide Building Society.
In total, the investment-grade primary market hosted $17.4 billion of new issuance on Tuesday, bringing the week’s supply so far to $32.4 billion in only two sessions.
TransCanada Pipelines Ltd. tapped the market on Tuesday with a C$750 million offering of 3.3% 10-year medium-term note debentures.
In the secondary market, PepsiCo’s existing 2.75% senior notes due 2025 were weaker than where they came in April.
In other trading, McDonald’s Corp.’s senior notes (A3/A-BBB+) traded about 1 basis point better over the day but wider than issuance.
The Markit CDX North American Investment Grade series 23 index firmed 1 bp to a spread of 67 bps on Tuesday.
The CDX index has ranged from a low spread of 60.4 bps to a high spread of 76.4 bps over the past 12 months, according to a Barclays Bank plc report.
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