Occidental Petroleum, Public Service eye primary; Boeing mixed; American Airlines firms

By Cristal Cody

Tupelo, Miss., Aug. 2 – Activity in the high-grade primary market quieted on Friday with a couple of issuers considering new bond deals.

Occidental Petroleum Corp. held fixed income investor calls for a second day for an offering of up to nine tranches of senior notes to fund its acquisition of Anadarko Petroleum Corp.

BofA Securities, Inc. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Also on Friday, Public Service Co. of Colorado held fixed income investor calls for a possible offering of first mortgage bonds (A1/A-/A+), according to a market source.

Barclays, Citigroup Global Markets, PNC Capital Markets LLC and TD Securities (USA) LLC are the arrangers.

Investment-grade companies priced more than $23 billion of bonds over the week, in line with market forecasts of about $20 billion to $25 billion of volume for the week.

In the secondary market, new issues priced this week were mixed.

Boeing Co.’s $5.5 billion six-tranche offering of senior notes (A2/A/) brought to the market on Monday were mostly softer Friday.

American Airlines, Inc.’s $1.1 billion of series 2019-1 pass-through certificates sold in three tranches on Thursday firmed about 3 basis points to more than 10 bps.

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