Daimler Finance, CSX price multi-tranche deals; PECO in primary; new energy bonds firm

By Cristal Cody

Tupelo, Miss., Feb. 15 – Investment-grade supply picked up on Thursday with three reported issuers during the session.

Daimler Finance North America LLC came with $2.25 billion of senior notes in four tranches.

CSX Corp. priced a $2 billion three-part offering of fixed-rate notes.

PECO Energy Co. sold $325 million of 30-year first and refunding mortgage bonds.

Peco Energy is the second Exelon Corp. subsidiary to price over the week.

Commonwealth Edison Co.’s $800 million of 4% first mortgage bonds due March 1, 2048 (A2/A-/A) priced on Monday traded 2 basis points better on Thursday at 83 bps bid, a source said.

Commonwealth Edison, a unit of Chicago-based energy provider Exelon, priced the series 124 first mortgage bonds with a spread of 85 bps over Treasuries.

Peco Energy’s new 3.9% first and refunding mortgage bonds due March 1, 2048 were trading 1 bp tighter than issuance in the secondary market, a source said.

High-grade credit and bond spreads mostly tightened over the session, sources reported.

The Markit CDX North American Investment Grade 29 index firmed more than 3 bps to a spread of 54 bps.

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