Exelon, Union Pacific, Amphenol bring corporate supply; Sweden prices; Exelon, Verizon flat

By Cristal Cody

Tupelo, Miss., March 29 – Corporate supply in the high-grade bond market on Wednesday included deals from Hyundai Capital America, Exelon Corp., Union Pacific Corp., Amphenol Corp. and Northwest Pipeline LLC.

Hyundai Capital America priced $1.1 billion of notes in three parts.

Exelon sold $1.15 billion of five-year junior subordinated notes in a remarketing of its 2.5% notes due 2024 that garnered $4.5 billion of demand, a source said.

Union Pacific priced $1 billion of senior notes in two parts during the session.

Amphenol brought a $750 million two-part offering of senior notes to the market.

Northwest Pipeline priced $250 million of 10-year senior notes.

In sovereign action, the Kingdom of Sweden priced $2 billion of 1.625% three-year benchmark notes at mid-swaps minus 6 basis points on Wednesday.

The bid volume exceeded $3.4 billion with 56 investors in the mix.

“It was positive to see such strong demand considering our six months' absence from the dollar market,” Maria Norstrom, head of funding at the Swedish National Debt Office, said in a press release.

The Markit CDX North American Investment Grade index closed about 1 bp softer at a spread of 68 bps.

In the secondary market, Exelon subsidiary Exelon Generation Co., LLC’s 3.4% senior notes due March 15, 2022 priced earlier in March were unchanged but better than issuance.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 were stable over the day.

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