ServiceNow, Prologis, Pioneer tap high-grade primary; inflows decline

By Cristal Cody

Tupelo, Miss., Aug. 6 – High-grade issuers priced more than $4 billion of bonds on Thursday, pushing week-to-date deal volume to about $34 billion.

ServiceNow, Inc. (Baa1/BBB+/) sold $1.5 billion of 10-year senior notes after receiving its first issuer rating from Moody’s Investors Service on Thursday and a rating from S&P on Wednesday.

Prologis, LP priced $1.25 billion of fixed-rate notes (A3/A-A-) in two tranches, including a 10-year green bond.

Also, Pioneer Natural Resources Co. sold $1.1 billion of 10-year senior notes (Baa2/BBB/BBB) on Thursday.

In other primary action, Equitable Holdings, Inc. priced $500 million of perpetual preferred stock (Ba1/BBB-) in a deal upsized from $300 million.

About $25 billion to $35 billion of issuance was expected by market participants for the week.

High-grade corporate funds inflows declined slightly over the past week to end Wednesday with $7.21 billion down from $7.9 billion in the prior week, according to Refinitiv Lipper US Fund Flows.

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