CVS, NiSource, Marriott, Agree, Eversource sell high-grade notes; Kommuninvest on tap

By Cristal Cody

Tupelo, Miss., Aug. 12 – Investment-grade issuers kept primary action steady on Wednesday with more than $8 billion of bonds priced.

Week to date, deal volume already has beaten syndicate forecasts for the entire week.

Heading up the day’s supply, CVS Health Corp. priced $4 billion of senior notes (Baa2/BBB) in three tranches to fund tender offers for outstanding bonds.

NiSource Inc. also sold $2 billion of senior notes (Baa2/BBB+/BBB) in two tranches to fund tender offers for outstanding notes.

Meanwhile, Public Service Enterprise Group Inc. brought $1.1 billion of senior notes (Baa1/BBB) in two tranches to the primary market.

Marriott International Inc. tapped the market with $1 billion of senior notes due Oct. 15, 2032 (Baa3/BBB-) on Wednesday.

Agree LP came by with a $350 million offering of 10-year guaranteed senior notes (Baa2/BBB) that was upsized from $300 million.

In addition, Public Service Co. of New Hampshire, doing business as Eversource Energy, priced $150 million of 30-year first mortgage bonds (A1/A+/A+) during the session.

Deal volume totals about $40 billion week to date, beating market forecasts.

Coming up on Thursday, the Federal Home Loan Bank System and Kommuninvest i Sverige AB plan to tap the market.

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