Baxalta, Energy Transfer, JPMorgan price following dovish Fed statement; Time Warner mixed

By Aleesia Forni and Cristal Cody

Virginia Beach, June 18 – Baxalta Inc., Energy Transfer Partners LP, Occidental Petroleum Corp. and JPMorgan Chase & Co. came to market during an active Thursday for investment-grade bonds.

The unsurprisingly busy session and positive tone came on the heels of a dovish statement from the Federal Reserve following its two-day policy meeting on Wednesday.

Baxalta priced a $5 billion six-tranche offering to fund a dividend payment to Baxter International Inc. in conjuncture with its spinoff from the company.

Also on Thursday, Energy Transfer Partners sold $3 billion of senior notes in new and reopened tranches.

JPMorgan Chase priced a $2.25 billion offering of senior holding company notes, while Occidental Petroleum issued both tranches of its $1.5 billion offering at the tight end of price talk.

The session also hosted Digital Realty Inc., which sold an upsized $500 million issue of senior notes.

In total, $12.25 billion of new issuance priced on Thursday, bringing the week’s total supply to more than $21 billion.

Investment-grade bonds traded mostly better over the day.

The Markit CDX North American Investment Grade series 23 index firmed 2 basis points to a spread of 68 bps.

Marathon Oil Corp.’s senior notes (Baa1/BBB/) were flat to 2 bps tighter.

Time Warner Inc.’s bonds (Baa2/BBB) were mixed in secondary trading.

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