Reinsurance Group, Pernod, Yara, FLIR price; Dollar General flat; Norfolk Southern firms

By Cristal Cody

Eureka Springs, Ark., June 1 – Investment-grade primary action stayed strong on Wednesday with primary volume now forecasted in the $35 billion range for the week, according to market sources.

Reinsurance Group of America, Inc. sold $800 million in two tranches on Wednesday, including senior notes and subordinated debentures.

Pernod Ricard SA raised $600 million in an offering of 10-year notes.

Yara International ASA priced a $500 million sale of 10-year notes.

FLIR Systems, Inc. brought $425 million of five-year notes to market.

Alexandria Real Estate Equities, Inc. priced $350 million of 10-year notes.

Also, Kommunalbanken AS priced a $200 million add-on to five-year floating-rate notes on Wednesday.

In addition, the Canadian market saw two issuers tap the market on Wednesday.

TransCanada Pipelines Ltd. sold $1 billion in a reopening of its seven-year senior debentures and issuance of new 30-year senior debentures.

Toronto-Dominion Bank priced C$1.5 billion of five-year covered bonds.

In the secondary market, Dollar General Corp.’s 4.15% notes due 2025 traded flat on the day after Moody’s Investors Service raised the company’s senior rating to Baa2 from Baa3.

Norfolk Southern Corp.’s 2.9% notes due 2026 priced on Tuesday traded 2 basis points better than issuance earlier in the day.

Walgreens Boots Alliance Inc.’s 3.45% notes due 2026 were unchanged.

The Markit CDX North American Investment Grade index ended the day about 1 bp wider at a spread of 78 bps.

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