Norfolk, Lear, Celanese, AEP, Fannie Mae among high-grade issuers; Bristol-Myers eyed

By Cristal Cody

Tupelo, Miss., April 29 – High-grade issuers kicked the week off with strong deal activity on Monday.

Norfolk Southern Corp. priced $800 million of senior notes in three tranches.

Lear Corp. priced a $700 million two-part offering of senior notes.

Celanese US Holdings LLC sold $500 million of five-year senior notes.

AEP Texas Inc. priced $300 million of 30-year senior notes during the session.

Philip Morris International Inc. also was offering two tranches of fixed-rate notes.

In addition, Fannie Mae sold $2.5 billion of 18-month floating-rate notes based on the Secured Overnight Financing Rate in its fourth SOFR-linked deal.

About $15 billion to $20 billion of investment-grade issuance is expected by market sources this week, compared to more than $6 billion of bonds priced last week.

For May, syndicate sources said they expect about $125 billion of new supply.

A deal from Bristol-Myers Squibb Co. (A2/A+/A-) to help fund its acquisition of Celgene Corp. is being eyed to hit the market in May, one source said.

The offering is being targeted in the $10 billion to $15 billion area and may include dollar- and euro-denominated notes.

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