BB&T, National Fuel, Corporate Office price; Marathon Oil, ConocoPhillips flat to tighter

By Aleesia Forni and Cristal Cody

Virginia Beach, June 22 – BB&T Corp., National Fuel Gas Co., Corporate Office Properties LP and Northern States Power Co. brought roughly $1.76 billion of investment-grade paper to market on Monday.

“It was fairly quiet today,” one market source said, though he added that the market’s tone remained positive.

Sources are calling for around $25 billion of new issuance this week.

BB&T priced the day’s largest high-grade offering, issuing $1 billion of five-year notes.

National Fuel Gas and Corporate Office Properties each sold upsized new bond offerings.

Meantime, Northern States Power was in the market with a $100 million add-on to its existing first mortgage bonds due 2024.

CoBiz Financial Inc. also sold a new offering on Monday, pricing $60 million of fixed-to-floating-rate subordinated notes due 2030.

Bonds traded mostly flat to modestly better over the day, while credit spreads tightened.

The Markit CDX North American Investment Grade series 23 index firmed 3 bps to a spread of 65 bps.

In the secondary market, Shell International Finance BV’s 2.125% notes due 2020 tightened 3 bps.

Marathon Oil Corp.’s senior notes (Baa1/BBB/) traded flat to about 1 bp tighter.

ConocoPhillips Co.’s senior notes (A1/A/) were seen unchanged to 2 bps better.

Southwestern Energy Co.’s 4.95% senior notes due 2025 headed out 4 bps softer in secondary trading but remain nearly 70 bps better than issuance.

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