United Technologies sells $4 billion; Kimberly-Clark prices; bank, financial paper better

By Cristal Cody

Tupelo, Miss., May 1 – United Technologies Corp. and Kimberly-Clark Corp. tapped the investment-grade primary market on Monday.

United Technologies sold $4 billion of fixed-rate senior notes in five tranches and dropped a floating-rate tranche from the final deal.

Kimberly-Clark came with $350 million of 30-year senior notes.

Also on Monday, PepsiCo Inc. priced C$750 million of seven-year senior notes in a deal that follows the company’s $3 billion dollar-denominated five-tranche notes sale on Thursday.

High-grade deal volume is expected to be strong on Tuesday, a market source said.

About $25 billion to $30 billion of U.S. bond volume is expected over the week.

The Markit CDX North American Investment Grade index ended the day less than 1 basis point tighter at a spread of 63 bps.

In secondary activity, bank and financial paper traded mostly better.

BB&T Corp.’s 2.75% senior medium-term notes due April 1, 2022 tightened about 5 bps.

Mitsubishi UFJ Financial Group, Inc.’s 3.677% senior notes due Feb. 22, 2027 firmed 2 bps.

Citigroup, Inc.’s 4.75% subordinated notes due May 18, 2046 traded 3 bps better.

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