Royal Bank of Scotland, Ingersoll-Rand, Nutrien, Essex price; Florida Power in pipeline

By Cristal Cody

Tupelo, Miss., March 19 – High-grade issuers including Royal Bank of Scotland Group plc, Ingersoll-Rand Luxembourg Finance SA, Nutrien Ltd. and Essex Portfolio, LP tapped the primary market on Tuesday.

Royal Bank of Scotland priced $2 billion of fixed-to-floating-rate senior notes due 2025.

Ingersoll-Rand Luxembourg Finance brought $1.5 billion of fixed-rate senior notes in three tranches.

Nutrien priced a $1.5 billion two-part offering of fixed-rate senior notes.

Essex Portfolio priced a $150 million add-on to its 4% guaranteed senior notes due March 1, 2029 on Tuesday 7.5 basis points tighter than where the issue originally priced in February.

In other activity, Florida Power & Light Co. was offering 50-year floating-rate notes.

High-grade issuers priced more than $6 billion of bonds on Monday, led by GlaxoSmithKline Capital plc’s $3.5 billion three-tranche offering of notes.

Market sources predict about $20 billion to as much as $30 billion of deal volume this week.

The reverse Yankee market continues to remain active with Nasdaq, Inc. holding fixed-income investor meetings in Europe this week, according to a market source. Other recent issuers that have priced reverse Yankee bonds include Marsh & McLennan Cos., Inc., PepsiCo, Inc., Medtronic plc and Coca-Cola Co.

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