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GM Financial, Xylem, PepsiCo bring new issues; credit spreads stable; Viacom mostly flat
By Cristal Cody
Eureka Springs, Ark., Oct. 3 – General Motors Financial Co., Inc. and Xylem Inc. tapped the primary market on Monday.
General Motors Financial priced $1.75 billion of senior notes in three parts, according to an FWP filing with the Securities and Exchange Commission.
The $250 million tranche of floating-rate notes due Oct. 4, 2019 priced at par to yield Libor plus 127 basis points.
The company also priced $750 million of 2.35% three-year notes at 99.971 to yield 2.36%, or Treasuries plus 145 bps, and $750 million of 4% 10-year notes at 99.861 to yield 4.017%, or Treasuries plus 240 bps.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Lloyds Securities Inc., BofA Merrill Lynch and Mizuho Securities USA Inc. were the bookrunners.
Xylem priced $900 million of senior notes (Baa2/BBB/) in two tranches.
The company sold $500 million of 3.25% 10-year notes at 99.794 to yield 3.274% and a spread of 165 bps over Treasuries and $400 million of 4.375% 30-year notes at 99.957 to yield 4.438%, or Treasuries plus 210 bps.
PepsiCo, Inc. also priced a new deal. Final details were not available by press time.
The Markit CDX North American Investment Grade index ended the session mostly unchanged at a spread of 75 basis points.
In the secondary market, Viacom Inc.’s new 3.45% senior notes due 2026 were quoted mostly flat earlier in the day.
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