Intel, Amgen price; Caterpillar sells add-on in reverse inquiry; utilities bring bonds

By Cristal Cody

Tupelo, Miss., May 8 – Intel Corp. led Monday’s deal action in the investment-grade bond market with a $6.5 billion seven-part offering of senior notes.

Pricing action was strong over the session with four other issuers in the primary market.

Amgen Inc. priced a $3.5 billion five-part offering of senior notes.

Appalachian Power Co. sold $325 million of 10-year senior notes.

PPL Electric Utilities Corp. brought $475 million of 30-year first mortgage bonds to the market.

Also, Caterpillar Financial Services Corp. placed a $200 million reopening of its 3.3% medium-term senior notes due June 9, 2024 in a reverse inquiry.

In other deal action, Anheuser-Busch InBev Finance, Inc. tapped the Canadian high-grade primary market with a C$2 billion two-tranche offering of notes.

“We had Pepsi last week and now this week Anheuser-Busch,” a source said.

PepsiCo Inc. priced C$750 million of 2.15% seven-year senior notes on May 1.

About $30 billion to $35 billion of U.S. supply is expected by syndicate sources for the week.

The Markit CDX North American Investment Grade index closed mostly unchanged at a spread of 62 basis points.

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