Capital One, Kinder Morgan, Georgia Power price bonds; American Water Works holds roadshow

By Cristal Cody

Tupelo, Miss., Aug. 3 – Investment-grade deal action stayed steady on Thursday with more than $3 billion of bonds priced from Capital One, NA, Kinder Morgan, Inc. and Georgia Power Co.

Capital One tapped the primary market with a $1.3 billion two-tranche senior notes offering.

Kinder Morgan priced $1.25 billion of senior notes in two parts, adding a floating-rate tranche to the final sale.

Georgia Power priced $500 million of three-year notes in an offering that was upsized from $400 million.

Also on Thursday, Intel Corp. sold $640 million of 30-year senior notes.

In other activity, Voorhees, N.J.-based water and wastewater utility American Water Works Co., Inc. (A3/A/) kicked off a two-day roadshow for an upcoming deal, according to a market source.

Credit spreads widened during the session. The Markit CDX North American Investment Grade index softened more than 1 basis point on Thursday to close at a spread of 57 bps.

In the secondary market, Intel’s existing bonds were seen trading about 5 bps wider over the day, a market source said.

ConocoPhillips Co.’s 4.95% notes due 2026 (Baa1/A-/A-) firmed 3 bps to 96 bps bid in secondary trading on Thursday following Moody’s Investors Service credit ratings upgrade, according to a market source.

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