Microsoft, MPLX, KeyBank tap market; Goldman Sachs, Bank of America paper tighten

By Cristal Cody

Tupelo, Miss., Feb. 9 – Investment-grade issuance stayed strong out of the gate on Monday with new deals brought by Microsoft Corp., MPLX LP and KeyBank NA, market sources said.

Microsoft priced a $10.75 billion six-part offering of notes.

MPLX sold $500 million of 4% 10-year senior notes at a spread of Treasuries plus 210 basis points.

KeyBank was in the primary market with a $1 billion five-year senior notes offering.

Credit spreads and high-grade bonds remained mostly firm on Monday, sources said.

The Markit CDX North American Investment Grade index ended unchanged at a spread of 66 bps.

The new deal from MPLX tightened 12 bps in aftermarket trading.

In other trading, Goldman Sachs Group Inc.’s 3.85% notes due 2024 improved from Friday, along with Bank of America Corp.’s 4% notes due 2024.

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