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Chevron, ANZ, Delphi among onslaught of issuers; energy bonds mixed; credit spreads widen
By Aleesia Forni and Cristal Cody
Virginia Beach, Nov. 9 – High-grade bond issuers piled into the primary on Monday, taking advantage of stellar market conditions following the better-than-expected jobs report released at the tail end of last week.
The strong employment data has led many participants to expect the Federal Reserve to increase interest rates following its mid-December policy meeting, its first in nearly a decade.
In light of the news, Chevron Corp., Wells Fargo, Australia and New Zealand Banking Group and MetLife Inc. were among the names kicking off what is expected to be a busy week for the primary, with issuers securing financing before the late-year holidays and a potential rate hike.
Chevron’s $5 billion deal was the largest priced on Monday, with all tranches of the six-part issue coming at the tightest side of guidance.
Also of note, Delphi Automotive plc sold $1.3 billion of notes in order to fund its acquisition of HellermannTyton Group plc, while Zoetis Inc. sold both tranches of its new $1.25 billion deal around 22 basis points tighter than talk.
Issuers also accessed the markets ahead of Wednesday’s market closure due to the Veterans Day holiday.
Marathon Oil Corp.’s senior notes (Baa1/BBB/) traded flat to tighter following the company’s announcement it plans to sell the majority of its Gulf of Mexico assets for $205 million.
Exxon Mobil Corp.’s 2.709% notes due 2025 were unchanged over the day.
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