Securian upsizes deal; Salesforce.com to offer notes; Banco Santander preps for roadshow

By Cristal Cody

Tupelo, Miss., April 2 – Securian Financial Group, Inc. tapped the high-grade primary market on Monday with an upsized $500 million of 30-year senior notes as the sole reported issuer.

Securian Financial Group priced the 4.8% senior notes (A3/A-/A) at a spread of 185 bps over Treasuries, according to a market source.

The notes priced on the tight side of guidance in the Treasuries plus 190 bps area.

The deal was upsized from $400 million.

Activity was expected to be fairly quiet during the session with an early morning northeast snowstorm and a majority of European markets shut for Easter Monday following the U.S. holiday closure on Friday.

Salesforce.com, Inc. was marketing two tranches of senior notes and plans to hold fixed-income investor calls starting on Tuesday.

Also on Tuesday, Banco Santander, SA is scheduled to begin the company’s previously reported roadshow in the U.S. and Canadian markets for a benchmark-sized dollar-denominated note offering.

Syndicate sources forecast about $20 billion to $25 billion of high-grade supply for the week.

The Markit CDX North American Investment Grade 30 index ended the session about 3 basis points wider at a spread of 68 bps.

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