Rogers, Georgia Power, Expedia do upsized deals; Southwestern Energy firms; Duke mixed

By Aleesia Forni and Cristal Cody

New York, Dec. 1 – The new deal frenzy in the high-grade bond market continued on Tuesday, with nine issuers bringing more than $7 billion of paper to market.

A number of the day’s new deals, including those from Rogers Communications Inc., Georgia Power Co. and Expedia, Inc., were increased from initial size thoughts.

December’s opening session pushes the week’s total supply to $16.3 billion, closing in on what was predicted to be a $20 billion week.

And the rest of the week’s pace is expected to remain active, with one source calling for “more of the same” amount of issuance to price on Wednesday.

Investment-grade bonds and credit spreads remained mostly strong on Tuesday.

The Markit CDX North American Investment Grade 25 index opened the session about 1 bp tighter and closed the day 3 bps better at a spread of 81 bps.

In the secondary market, energy names were trading stronger over the session but mostly remain weaker than issuance.

Southwestern Energy Co.’s senior notes (Baa3/BBB-) traded 1 bp to 8 bps better.

Duke Energy Progress Inc.’s first mortgage bonds (Aa2/A/A+) traded 6 bps tighter on the short end to 1 bp softer on the longer end.

ConocoPhillips Co.’s senior notes (A1/A) were flat to tighter in the secondary market.

Marathon Oil Corp.’s senior notes (Baa1/BBB) were mixed over the session.

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