Daimler, Lloyds, Verisk price during frenzied primary session; Shell, Apple notes stronger

By Aleesia Forni and Cristal Cody

Virginia Beach, May 11 – Daimler Finance North America LLC, Lloyds Bank plc and Verisk Analytics Inc. priced new deals on Monday during a flooded primary session.

More than $10.67 billion of new high-grade bond issuance priced during the trading day, kicking off what is predicted to be around a $35 billion week for the investment-grade market.

In the day’s two largest new issues, Daimler priced $3 billion of bonds in four tranches, while Lloyds Bank sold $2.9 billion of notes in three parts.

Verisk Analytics plans to use proceeds from a new $1.25 billion offering to fund its planned acquisition of H&F Nugent 1 Ltd.

Meanwhile, Virginia Electric & Power Co. sold $700 million of senior notes in two parts, both around 20 basis points tighter than initial price thoughts.

Also on Monday, Seagate Technology plc upsized its new deal to $700 million from initial size thoughts of $400 million. The deal ultimately priced around 22.5 bps tighter than initial talk.

New high-grade bonds traded mostly better, while credit spreads weakened over the session.

Shell International Finance BV’s 3.25% senior notes due 2025 brought in the previous week remained tight in secondary trading.

Apple Inc.’s 3.2% senior notes due 2025 that priced on Wednesday were quoted nearly 30 bps better than issuance but saw few major trades over the day.

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