Intuit prices $2 billion notes; United upsizes; Takeda markets deal

By Cristal Cody

Tupelo, Miss., June 25 – Investment-grade supply on Thursday included $5.8 billion of bonds from Intuit Inc. and United Airlines, Inc.

Intuit priced a $2 billion registered offering of fixed-rate notes (A3/A-/) during the session 40 basis points tighter than initial talk across all four tranches.

The notes had an overall final book demand of more than $10 billion, a source said.

United Airlines sold $3.8 billion of seven-year guaranteed senior secured notes (Baa3//BBB-) via issuers Mileage Plus Holdings, LLC and Mileage Plus Intellectual Property Assets Ltd. in a Rule 144A and Regulation S deal upsized from $3 billion.

Meanwhile, Takeda Pharmaceutical Co., Ltd. (Baa2/BBB+/) is marketing four tranches of registered dollar-denominated senior notes, as well as euro-denominated bonds, on Thursday and Friday, a source said. The dollar notes include 10-, 20-, 30- and 40-year tranches.

A debut bond offering also is expected from Equitable Holdings, Inc. subsidiary Equitable Financial Life Insurance Co. (A2/A+) after the company held fixed income investor calls on Wednesday.

About $23 billion of investment-grade bonds have priced week to date, near the $25 billion range anticipated for the week.

Primary action is expected to slow to about $10 billion to $15 billion headed into the upcoming Independence Day holiday break, sources report.

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