Hershey, Santander, Macquarie, CCL, BNG tap primary; Yara in deal pipeline

By Cristal Cody

Tupelo, Miss., May 27 – High-grade supply thinned on Wednesday to just over $6 billion with issuance expected to decline substantially in the second half of the year.

Hershey Co. brought $1 billion of senior notes in three tranches to the primary market.

Santander Holdings USA, Inc. sold $1 billion of five-year senior notes.

Macquarie Bank Ltd. priced $750 million of 10-year subordinated notes.

CCL Industries Inc. placed $600 million of 10-year senior notes following fixed income investor calls in the previous session.

Also, a couple of issuers priced preferred stock.

Truist Financial Corp. sold $1 billion of 4.95% fixed-rate reset non-cumulative perpetual preferreds (Baa2/BBB-/BBB) tighter than talk in the 5.25% area.

Huntington Bancshares Inc. priced $500 million of 5.625% perpetual preferred stock (Baa3/BB+/BB+) better than initial talk in the 6% area.

In the sovereign, supranational and agency space, BNG Bank NV priced a $1.25 billion Rule 144A and Regulation S offering of 10-year senior notes.

In other activity on Wednesday, Yara International ASA (Baa2/BBB/) held fixed income investor calls for a dollar-denominated offering of senior notes.

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