Kinder Morgan meets demand; Perrigo, Raytheon price; Perrigo, Raytheon notes firm

By Aleesia Forni and Cristal Cody

Virginia Beach, Nov. 24 – Kinder Morgan Energy Partners LP, Perrigo Finance plc, Raytheon Co. and Seagate HDD Cayman priced new deals to kick off the Thanksgiving holiday-shortened week.

Kinder Morgan sold $6 billion of notes in five tranches, while Perrigo Finance priced $1.6 billion of senior notes in three tranches.

Raytheon sold $600 million of senior notes in tranches due 2024 and 2044.

Meanwhile, Seagate HDD Cayman priced an upsized $500 million of 20-year senior notes.

El Paso Electric Co. priced its new $150 million 30-year issue of senior notes.

The session also saw Export Development Canada announce price talk for a planned $1 billion five-year offering.

Around $9.15 billion of new issuance sold during the session. Sources had called for around $10 billion to $15 billion of new issuance for the shortened week.

High-grade bonds ended the session mostly better, market sources said.

The Markit CDX North American Investment Grade series 23 index firmed 2 basis points to a spread of 62 bps.

Perrigo’s notes tightened 4 bps on the short end of the offering and 2 bps on the long end, according to a bond trader.

Raytheon’s two tranches of notes firmed 1 bp to 3 bps in the secondary market, a trader said.

No late aftermarket trading was seen in the new bonds from El Paso Electric or Kinder Morgan, a trader said.

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