Standard Chartered, Societe Generale, Entergy tap market; credit spreads ease; Fidelity flat

By Cristal Cody

Eureka Springs, Ark., Aug. 16 – Primary action ramped up on Tuesday with issuers pricing more than $5 billion of high-grade bonds.

Standard Chartered plc placed $3 billion of notes in three parts during the session.

Societe Generale SA sold $1 billion of 10-year tier 2 notes on Tuesday.

Entergy Corp. priced $750 million of 10-year notes.

UDR, Inc. brought $300 million of 10-year notes to market.

Also, Nederlandse Waterschapsbank NV priced a $250 million add-on to its 1.5% notes due April 16, 2018.

Looking to Wednesday’s deal activity, the European Bank for Reconstruction and Development is expected to price four-year dollar-denominated global benchmark notes.

The Markit CDX North American Investment Grade index eased about ½ of a basis point to close at 72 bps on Tuesday.

In the secondary market, Fidelity National Information Services, Inc.’s 3% notes due 2026 were unchanged earlier in the day.

Standard Chartered prices

Standard Chartered priced $3 billion of notes in three tranches on Tuesday, according to a market source.

Standard Chartered sold $750 million of three-year floating-rate notes at Libor plus 113 bps.

The company priced $1 billion of 2.1% three-year notes at a spread of Treasuries plus 130 bps.

The $1.25 billion tranche of 4.3% notes due Feb. 19, 2027 priced at Treasuries plus 280 bps.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Standard Chartered Bank were the lead managers.

Standard Chartered is a London-based banking and financial services company.

SocGen prices $1 billion

Societe Generale sold $1 billion of 4.25% 10-year tier 2 notes on Tuesday with a spread of 275 bps over Treasuries, according to a market source.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Societe Generale were the bookrunners.

Societe Generale is a Paris-based banking and financial services company.

Entergy prices $750 million

Entergy sold $750 million of 2.95% 10-year senior notes with a spread of 140 bps over Treasuries on Tuesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB/) priced at 99.775 to yield 2.976%.

Barclays, Citigroup, JPMorgan, Morgan Stanley, BNP Paribas, Mizuho Securities USA Inc., MUFG and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to repay $500 million principal amount of 4.7% notes due Jan. 15, 2017 and a portion of outstanding commercial paper and/or a portion of debt outstanding under the company’s $3.5 billion revolving credit facility.

Entergy is an energy company based in New Orleans.

UDR sells 10-year notes

UDR (Baa1/BBB/) priced $300 million of 2.95% 10-year series A medium-term notes at par on Tuesday, according to an FWP filing with the SEC.

The notes priced with a spread of 137.5 bps over Treasuries.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and Morgan Stanley were the bookrunners.

The notes are fully and unconditionally guaranteed by United Dominion Realty, LP.

Proceeds will be used to prepay about $158 million of 5.61% secured debt due May 2017, to repay a portion of debt with a 1.4% interest rate outstanding under the company’s $1.1 billion credit facility due Jan. 31, 2020 and for general corporate purposes.

UDR is a real estate investment trust that owns and operates apartment communities.

NWB prices add-on

Nederlandse Waterschapsbank priced a $250 million add-on to its 1.5% notes due April 16, 2018 at a spread of Treasuries plus 28.85 bps on Tuesday, according to a market source.

The bookrunners were BNP Paribas, Citigroup and RBS Securities Inc.

The notes originally priced on April 8, 2014 in a $750 million offering at mid-swaps plus 20 bps. The total outstanding is $1.5 billion.

The local government funding agency is based in the Hague, the Netherlands.

EBRD markets notes

The European Bank for Reconstruction and Development (Aaa/AAA/AAA) plans to price an offering of four-year dollar-denominated global benchmark notes on Wednesday, according to a market source.

The notes were initially talked to price in the mid-swaps plus 11 bps area.

BMO Capital Markets Corp., Morgan Stanley and TD Securities (USA) LLC are the lead managers.

EBRD is a London-based financial and investment institution.

Fidelity stable

Fidelity National Information Services’ 3% notes due 2026 were unchanged in secondary trading at 150 bps offered, a market source said early in the session.

Fidelity National Information sold $1.25 billion of the notes (Baa3/BBB/BBB) on Thursday at 155 bps over Treasuries.

The financial services technology company is based in Jacksonville, Fla.

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