Altria prices $11.5 billion; 3M, JPMorgan, Bank of New Zealand, PNC, Bank of England print

By Cristal Cody

Tupelo, Miss., Feb. 12 – Altria Group Inc. led deal volume in the high-grade bond market on Tuesday with an $11.5 billion seven-tranche offering of senior notes.

The issuance came a day after Altria priced a €4.25 billion four-part offering of reverse Yankee bonds.

Volume was heavy during the session and included a $2.25 billion four-tranche offering of medium-term notes from 3M Co.

In addition, JPMorgan Chase Bank, NA priced $1.5 billion of two-year senior floating-rate notes.

Bank of New Zealand priced $750 million of five-year notes during the session.

Also, PNC Financial Services Group, Inc. priced an upsized $300 million add-on to its 3.5% senior notes due Jan. 23, 2024.

In sovereign, supranational and agency volume, the Bank of England priced $2 billion of three-year notes tighter than initial talk.

BNG Bank NV brought an upsized $300 million add-on to its senior floating-rate notes due March 11, 2022 in line with guidance.

Week to date, more than $26 billion of high-grade bonds have priced.

Syndicate sources expected about $25 billion to $30 billion of total supply for the week.

The Markit CDX North American Investment Grade 31 index firmed more than 2 basis points over the session to a spread of 66 bps.

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