CVS prices $2 billion; Morgan Stanley, Nasdaq, CIBC, KeyBank, Societe Generale in primary

By Cristal Cody

Tupelo, Miss., Dec. 7 – Corporate issuers including CVS Health Corp., Morgan Stanley and Nasdaq, Inc. tapped the high-grade primary market on Monday.

CVS Health sold $2 billion of new and reopened senior notes (Baa2/BBB/) in two tranches.

Morgan Stanley (A2/BBB+/A) brought $2.5 billion of global medium-term senior fixed-to-floating-rate notes due Dec. 10, 2026 to the market on Monday.

Nasdaq priced $1.9 billion of senior notes (Baa2/BBB/) in three tranches.

System Energy Resources, Inc. also came by with $200 million of five-year first mortgage bonds (Baa1/A/) on Monday.

Washington Gas Light Co. priced a $100 million reopening of its 3.65% medium-term notes due Sept. 14, 2049 (A3/A-/A) during the session, bringing the total outstanding issue to $400 million.

In addition, Canadian Imperial Bank of Commerce offered three-year fixed- and floating-rate senior notes (A2/BBB+/AA-) in two tranches.

KeyBank NA marketed two tranches of senior notes.

Societe Generale SA (A1/A/A-) offered dollar-denominated fixed-to-floating-rate notes due Dec. 14, 2026 that are talked at the Treasuries plus 135 bps to 140 bps area.

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