Securian upsizes deal; Salesforce.com to offer notes; Banco Santander preps for roadshow

By Cristal Cody

Tupelo, Miss., April 2 – Securian Financial Group, Inc. tapped the high-grade primary market on Monday with an upsized $500 million of 30-year senior notes as the sole reported issuer.

Activity was expected to be fairly quiet during the session with an early morning northeast snowstorm and a majority of European markets shut for Easter Monday following the U.S. holiday closure on Friday.

Salesforce.com, Inc. was marketing two tranches of senior notes and plans to hold fixed-income investor calls starting on Tuesday.

Also on Tuesday, Banco Santander, SA is scheduled to begin the company’s previously reported roadshow in the U.S. and Canadian markets for a benchmark-sized dollar-denominated note offering.

Syndicate sources forecast about $20 billion to $25 billion of high-grade supply for the week.

The Markit CDX North American Investment Grade 30 index ended the session about 3 basis points wider at a spread of 68 bps.

Securian prices $500 million

Securian Financial Group priced an upsized $500 million of 4.8% 30-year senior notes (A3/A-/A) on Monday at a spread of 185 bps over Treasuries, according to a market source.

The notes priced on the tight side of guidance in the Treasuries plus 190 bps area.

The deal was upsized from $400 million.

Goldman Sachs & Co. LLC and Keefe, Bruyette & Woods, Inc. were the active bookrunners.

Securian Financial Group is a Saint Paul-based mutual holding financial services company.

Salesforce.com plans calls

Salesforce.com plans to hold fixed-income investor calls for a two-tranche offering of senior notes (A3/A-/) on Tuesday and Wednesday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the arrangers.

Salesforce is a San Francisco-based cloud computing company.

Santander prepares roadshow

Banco Santander (Baa1/A-/A-) filed a preliminary prospectus supplement on Monday providing additional details of an expected benchmark dollar-denominated deal ahead of the company’s roadshow.

The company plans to price senior non-preferred debt securities, according to the 424B5 filing.

BofA Merrill Lynch, Citigroup Global Markets, J.P. Morgan Securities and Santander Investment Securities Inc. are the arrangers.

Banco Santander is scheduled to hold a roadshow in the U.S. and Canadian markets beginning Tuesday for the offering, according to a market source.

The banking services company is based in Madrid.

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