Prologis, Black & Decker, KeyCorp, Citizens tap high-grade primary

By Cristal Cody

Tupelo, Miss., Feb. 3 – Several issuers tapped the high-grade primary market on Monday, led by a $2.2 billion three-part offering from Prologis, LP to help finance its merger with Liberty Property LP.

Stanley Black & Decker, Inc. priced $1.5 billion of notes in two tranches.

The Federation des caisses Desjardins du Quebec brought $1 billion of five-year notes following a roadshow in January.

KeyCorp sold $800 million of seven-year senior medium-term notes.

Discover Bank priced $500 million of 10-year senior notes.

Also, Citizens Financial Group, Inc. sold $300 million of 10-year senior notes.

About $15 billion to $20 billion of new investment-grade issuance is expected this week, according to syndicate sources.

Deal volume for the month is expected to total about $90 billion to $100 billion.

The Markit CDX North American Investment Grade 33 index improved more than 1 basis point to end Monday at a spread of 49.4 bps.

In the secondary market, Union Pacific Corp.’s 2.4% senior notes due Feb. 5, 2030 priced last week were mostly unchanged but improved from Friday.

Energy bonds priced earlier in January from Energy Transfer Operating LP and Western Midstream Operating, LP traded modestly better on the day.

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