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Lowe’s, RBC, Fannie Mae open week; Occidental Petroleum, ConocoPhillips tightens
By Aleesia Forni and Cristal Cody
New York, April 11 – Lowe’s Cos. Inc., Royal Bank of Canada and Fannie Mae took advantage of supportive market conditions to bring new deals to market on Monday.
Lowe’s offered $3.3 billion of notes in four parts to help fund its planned acquisition of RONA Inc., a Canadian distributor and retailer of hardware, home improvement and gardening products.
The acquisition is valued at $2.3 billion.
Other proceeds from the sale will be used to repay debt and for general corporate purposes.
Elsewhere in the primary, Royal Bank of Canada offered $1.75 billion of three-year notes in fixed- and floating-rate tranches.
And Fannie Mae announced it auctioned a $1 billion reopening of its existing three-year notes on Monday.
Looking ahead, sources are anticipating around $15 billion of supply this week as earnings season gets underway.
Investment-grade energy bonds traded mostly better on Monday.
Occidental Petroleum Corp.’s 3.4% senior notes due 2026 firmed 6 bps over the day.
ConocoPhillips Co.’s 4.95% notes due 2026 headed out 8 bps better in the secondary market.
Exxon Mobil Corp.’s 3.043% notes due 2026 tightened 2 bps during the session.
Duke Energy Carolinas LLC’s 2.5% first and refunding mortgage bonds due 2023 were unchanged on Monday.
The Markit CDX North American Investment Grade index ended 1 bp tighter at a spread of 81 bps.
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