NextEra prices $500 million; primary thins; Old Republic tightens; credit spreads flat

By Cristal Cody

Eureka Springs, Ark., Aug. 25 – NextEra Energy Capital Holdings, Inc. tapped the high-grade primary market on Thursday as the lone reported U.S. corporate issuer.

NextEra Energy Capital Holdings sold $500 million in a remarketing of its series G debentures due Sept. 1, 2018.

Primary action remains light with desks thinning due to end-of-summer vacations and market focus on Federal Reserve chairman Janet Yellen’s Jackson Hole, Wyoming, speech on Friday.

The Markit CDX North American Investment Grade index closed less than ½ of a basis point tighter at a spread of 72 bps.

Old Republic International Corp.’s 3.875% senior notes due 2026 that priced on Tuesday traded more than 25 bps better than issuance in the secondary market earlier on Thursday.

Amgen Inc.’s 2.6% senior notes due 2026 eased 3 bps to trade wrapped around issuance.

NextEra Energy Capital Holdings sold $500 million of 1.649% series G debentures due Sept. 1, 2018 in a remarketing on Thursday at 100.25 to yield 1.522%, according to an FWP filing with the Securities and Exchange Commission.

The debentures (Baa1/BBB+/A-) priced with a spread of 75 bps over Treasuries.

Citigroup Global Markets Inc. (lead), Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC were the remarketing agents.

The bonds are guaranteed by NextEra Energy Capital Holdings’ parent company, NextEra Energy, Inc.

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