High-grade busy; Ford, Honda, Fortune, Southern California Gas, Interstate Power price

By Cristal Cody

Tupelo, Miss., Sept. 19 – Supply in the high-grade market remained strong on Wednesday.

Ford Motor Credit Co. LLC priced $750 million of two-year floating-rate notes, while American Honda Finance Corp. sold $300 million of floating-rate medium-term notes due May 22, 2020.

Fortune Brands Home & Security, Inc. tapped the primary market with a $600 million offering of five-year senior notes.

Southern California Gas Co. sold $550 million of long 30-year first mortgage bonds.

Interstate Power and Light Co. brought $500 million of 10-year senior debentures to the primary market.

In other corporate issuance, Sysco Canada, Inc. sold C$500 million of 3.65% senior guaranteed notes due April 25, 2025 (A3/BBB+/) on Wednesday at 99.962 to yield 3.656%, or a spread of 129 basis points over the interpolated Government of Canada bond curve.

Also on Wednesday, Japan Finance Organization for Municipalities was offering $1 billion of five-year senior notes with the spread set at mid-swaps plus 41 bps, tighter than guidance in the mid-swaps plus 43 bps area.

The investment-grade market is showing no signs of fatigue when it comes to digesting more than $100 billion of supply month to date, according to market 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.