Magellan Midstream, Consumers Energy, Freddie Mac tap primary

By Cristal Cody

Tupelo, Miss., Dec. 2 – Investment-grade deal volume slowed Wednesday with just a handful of reported issuers, while others are gauging the primary market with fixed income investor calls, sources report.

Magellan Midstream Partners, LP priced a $300 million reopening of its 3.95% senior notes due March 1, 2050 (Baa1/BBB+) at a spread of 170 basis points over Treasuries, 2 bps tighter than where the notes first priced in a $500 million offering on Aug. 8, 2019.

Consumers Energy Co. sold $300 million of three-year first mortgage bonds due June 1, 2023 (Aa3/A/A+) at a spread of Treasuries plus 20 bps on Wednesday.

In other pricing action, Selective Insurance Group, Inc. (Baa2/BBB/A-) sold $200 million of $25-par perpetual non-cumulative preferred stock (Ba1/BB+/BBB-) following fixed income investor calls on Tuesday.

Also on Wednesday, Freddie Mac priced $3 billion of new three-year Reference Notes at a spread of 6.5 bps over Treasuries, 0.5 bp tighter than where the issuer priced its Reference Notes due Oct. 16, 2023 on Nov. 3.

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