Vodafone prices $11.5 billion; Microchip, Santander, Equifax sell notes; pipeline builds

By Cristal Cody

Tupelo, Miss., May 23 – Investment-grade supply picked up substantially Wednesday with more than $17 billion of bonds priced over the session.

The bulk of issuance came from Vodafone Group plc’s $11.5 billion six-tranche sale of senior notes.

Vodafone’s deal saw an order book of $36 billion, a source said.

Also on Wednesday, Microchip Technology Inc. priced $2 billion of senior secured notes in two parts.

Santander UK plc sold $1.75 billion of senior notes in two tranches.

Equifax Inc. priced an upsized $1 billion of senior notes in three tranches.

In addition, Harris Corp. priced $850 million of 10-year senior notes.

The volume comes on the heels of two sessions that saw less than $3 billion of bonds print.

About $25 billion of supply is forecast for the week.

In other deal action on Wednesday, TMX Group Ltd. priced C$200 million of 10-year senior debentures.

In addition, Canadian Imperial Bank of Commerce priced a Canadian dollar-denominated seven-year deposit note during the session, according to a market source.

Coming up in the U.S. primary market on Thursday, the Tokyo Metropolitan Government plans to price dollar-denominated five-year notes.

Elsewhere, Petrofac Ltd.’s offering of $300 million of five-year notes (Ba1/BBB-/BBB-) expected to price in the previous week in a Rule 144A and Regulation S transaction has not been seen in marketing, according to sources.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.