Honeywell, Huntington, IADB tap primary market; focus turns to Fed

By Cristal Cody

Tupelo, Miss., July 30 – Honeywell International Inc. and Huntington Bancshares Inc. priced $3.5 billion of notes in the high-grade bond market on Tuesday.

Honeywell International sold $2.7 billion of senior notes in four tranches.

Huntington Bancshares priced $800 million of five-year senior notes.

Also on Tuesday, the Inter-American Development Bank priced a $250 million reopening of its global floating-rate notes due March 15, 2022 on top of guidance.

High-grade volume week to date totals more than $18 billion, including more than $15 billion of notes priced on Monday.

About $20 billion to $25 billion of supply on average is expected by syndicate sources this week.

Issuance was predicted to be front-loaded ahead of a potential rate cut following the Federal Reserve’s monetary policy meeting on Wednesday, sources report.

Market sources are anticipating a cut of 25 basis points to as much as 50 bps.

The primary market is expected to be quiet on Wednesday, a source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.