Ford, International Paper, Tyco among issuers; KfW, Nederlandse Waterschapsbank in pipeline

By Cristal Cody

Tupelo, Miss., July 31 – Deal action stayed busy on Monday with eight reported corporate issuers pricing investment-grade securities.

Ford Motor Credit Co. LLC placed $1.5 billion of senior notes in two tranches.

International Paper Co. sold $1 billion of fixed-rate notes due 2048 and dropped a planned offering of floating-rate notes due 2020.

American Airlines, Inc. priced an upsized $796,898,000 offering of class AA and class A pass-through certificates.

ERP Operating LP tapped the primary market with a $700 million two-tranche sale of fixed-rate notes.

Also in the primary market on Monday, Tyco Electronics Group SA sold $500 million of guaranteed senior notes in two parts.

Boston Gas Co. came with $500 million of 10-year senior notes.

Hubbell Inc. priced $300 million of 10-year senior notes.

DTE Electric Co. sold $440 million of 30-year general and refunding mortgage bonds.

About $25 billion of new issue volume is expected by market sources over the week.

Coming up on Tuesday, KfW plans to offer $1 billion of senior fixed-rate unsecured notes due Sept. 15, 2021, according to a market source. Initial price thoughts on the notes were mid-swaps plus 5 basis points.

Also in the deal pipeline, Nederlandse Waterschapsbank NV (Aaa/AAA/) plans a dollar-denominated offering of 18-month floating-rate notes, according to a market source.

The Markit CDX North American Investment Grade index closed slightly tighter at a spread of 57 bps.

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