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Santander, Packaging, NextEra price bonds; deal pipeline thins; credit spreads improve
By Cristal Cody
Tupelo, Miss., Dec. 11 – Santander Holdings USA, Inc. tapped the high-grade bond market on Monday with $1.25 billion of senior notes in two tranches.
The company sold $1 billion of 3.4% five-year notes at a spread of Treasuries plus 130 basis points and a $250 million add-on to its 4.4% notes due July 13, 2027 with a Treasuries plus 170 bps spread.
Packaging Corp. of America also priced $1 billion of senior notes in two parts.
The company sold $500 million of 2.45% three-year notes at 99.893 to yield 2.487%, or a spread of Treasuries plus 55 bps, and $500 million of 3.4% 10-year notes came at 99.672 to yield 3.439%, or a spread of 105 bps over Treasuries.
In addition, NextEra Energy Capital Holdings Inc. sold $500 million of five-year debentures.
Light deal action is forecast over the week with about $10 billion of total supply expected by market sources.
Volume is expected to be front-loaded for the week with an anticipated mid-week rate hike by the Federal Reserve following its two-day meeting on Wednesday, a source said. The Federal Reserve is forecast to raise rates by 25 bps, a source said.
The Markit CDX North American Investment Grade 29 index closed about 1 bp tighter at a spread of 50 bps.
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