BNP, Credit Suisse, East Ohio Gas, Truist, Nordea, Infor price; Service Properties on tap

By Cristal Cody

Tupelo, Miss., June 2 – Investment-grade supply totals more than $31 billion week to date following over $13 billion of supply on Tuesday and more than $18 billion of issuance on Monday.

Bank and energy issuers brought the bulk of supply over Tuesday.

BNP Paribas SA (Baa1/A+/A+) priced $2 billion of six-year fixed-to-floating-rate notes.

Credit Suisse AG, New York Branch sold $2 billion of three-year senior notes (A1/A+), while Credit Suisse Group AG priced $1.5 billion of six-year fixed-to-floating-rate notes (Baa2/BBB+/A-) on Tuesday.

Truist Financial Corp. came by with $1.5 billion of senior notes (A3/A-/A+) in two parts.

Nordea Bank Abp sold $1 billion of 1% three-year notes (Aa3/AA-/AA-).

SVB Financial Group priced an upsized $500 million of 10-year senior notes (A3/BBB/).

In the energy space, East Ohio Gas Co., doing business as Dominion Energy Ohio, brought $1.8 billion of senior notes (A2/BBB+/A-) in three tranches to the market.

CenterPoint Energy Houston Electric, LLC sold $300 million of 30-year general mortgage bonds (A2/A/A).

Baltimore Gas and Electric Co. priced $400 million of 30-year senior notes (A3/A/A).

In other issuance on Tuesday, Infor Inc. sold $1 billion of senior notes (expected ratings Baa2/BBB/) in two tranches.

Protective Life Global Funding priced an upsized $500 million of three-year funding agreement-backed notes (A1/AA-/A+).

Apollo Management Holdings LP priced an upsized $500 million Rule 144A and Regulation S offering of 10-year guaranteed senior notes (/A-/A) during the session.

Affiliated Managers Group Inc. also priced an upsized $350 million of 10-year senior notes (A3/BBB+/BBB+).

In addition on Tuesday, the European Investment Bank (Aaa/AAA/AAA) priced a $5 billion offering of global notes due Sept. 15, 2023.

Primary action is expected to continue on Wednesday.

Service Properties Trust is marketing $500 million of split-rated registered guaranteed senior notes due Sept. 1, 2025 (Baa3/BB+/) set to price in the upcoming session.

About $30 billion to as much as $50 billion of investment-grade bonds are anticipated to price over the week.

Deal volume so far has been led by a $10 billion six-tranche offering of notes from Amazon.com, Inc. (A2/AA-/A+) that priced on Monday.

The Markit CDX North American Investment Grade 33 index firmed more than 2 basis points on the day to a spread of 76.23 bps.

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