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Baker Hughes sells $3.95 billion notes; Martin Marietta, RPM price; BMO to offer notes
By Cristal Cody
Tupelo, Miss., Dec. 6 – Baker Hughes, a GE Co. LLC led deal action in the high-grade bond market on Wednesday with a $3.95 billion three-tranche Rule 144A and Regulation S offering of notes.
Baker Hughes priced $1.25 billion of 2.773% five-year notes, $1.35 billion of 3.337% 10-year notes and $1.35 billion of 4.08% 30-year notes.
Also in the primary market, Martin Marietta Materials Inc. sold $1.4 billion of senior notes in three tranches. The company priced $300 million of floating-rate notes due Dec. 20, 2019 at Libor plus 50 bps, $500 million of 3.5% 10-year notes and $600 million of 4.25% 30-year notes.
RPM International Inc. came with $300 million of 30-year notes.
In addition, International Bank for Reconstruction and Development, also known as World Bank, priced an upsized $1 billion of four-year global notes.
In other market action, Bank of Montreal held fixed-income investor calls on Wednesday for an offering of dollar-denominated fixed-to-floating rate subordinated notes due 2032, according to a market source and an 424B5 filed with the Securities and Exchange Commission.
The Markit CDX North American Investment Grade 29 index was slightly softer on the day at a spread of 52 basis points.
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