BNY Mellon, Flex, SoCal Gas, Entergy Mississippi, International Paper price; outflows climb

By Cristal Cody

Tupelo, Miss., May 30 – High-grade issuers priced more than $2 billion of notes on Thursday.

Bank of New York Mellon Corp. came with $1.25 billion of two-year floating-rate senior bank notes.

Flex Ltd. sold $450 million of 10-year senior notes.

Southern California Gas Co. priced $350 million of first mortgage bonds due 2050.

Entergy Mississippi, Inc. brought $300 million of 30-year first mortgage bonds to the primary market.

International Paper Co. placed $200 million of 10-year senior notes.

Investment-grade companies have priced nearly $6 billion of notes over the holiday-shortened market week.

About $10 billion to $15 billion of supply was expected this week, according to syndicate sources.

Lipper US Fund Flows reported outflows for corporate investment-grade funds jumped to $5.1 billion for the week ended May 29 from $756 million of outflows in the previous week. High-grade corporate funds have had two consecutive weeks of outflows.

The Markit CDX North American Investment Grade 32 index ended the day mostly unchanged at a spread of 67 basis points.

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