Simon Property, Westpac, 21st Century Fox, Plains All American price; credit spreads firm

By Cristal Cody

Eureka Springs, Ark., Nov. 15 – Investment-grade supply on Tuesday included offerings from Simon Property Group, LP, Westpac Banking Corp., 21st Century Fox America, Inc. and Plains All American Pipeline, LP/PAA Finance Corp.

Simon Property Group priced $1.85 billion of notes in three tranches.

Westpac Banking sold $1.5 billion of subordinated notes in a deal first announced on Monday.

21st Century Fox America came with $850 million of senior notes in two parts.

Plains All American Pipeline brought $750 million of 10-year senior notes.

Credit spreads tightened over the day. The Markit CDX North American Investment Grade index closed 3 basis points better at a spread of 74 bps.

Canadian investment-grade supply also has picked up following a light pipeline in October and early November.

Morguard Corp. sold C$200 million of 4.013% four-year senior debentures at par to yield a spread of 315 bps over the interpolated Government of Canada bond curve on Tuesday.

Hydro One Inc. priced C$950 million of medium-term notes in two tranches.

Also, Toronto-based CHIP Mortgage Trust closed on an offering of C$175 million of 2.981% five-year senior medium-term notes (DBRS: AAA), according to a company release on Tuesday.

In the secondary market, Goldman Sachs Group Inc.’s 3.5% notes due 2026 traded about 1½ bps better than where the notes priced on Thursday.

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