C.H. Robinson, Nevada Power, EPR sell notes; General Mills firms; credit spreads improve

By Cristal Cody

Tupelo, Miss., April 9 – High-grade corporate issuers including C.H. Robinson Worldwide Inc., Nevada Power Co. and EPR Properties tapped the primary market on Monday.

C.H. Robinson Worldwide priced $600 million of 10-year senior notes.

Nevada Power came with $575 million of two-year general and refunding mortgage notes.

EPR Properties sold $400 million of 10-year senior notes.

Overall deal volume for the week is expected to be light with market sources predicting less than $20 billion of total issuance. One syndicate source forecasts supply of $12 billion to $17 billion for the week.

In the meantime, several issuers are underway marketing bonds. On Monday, Syngenta AG (Ba2/BBB-/BBB) began a roadshow for a benchmark-sized dollar-denominated multi-tranche senior note offering and a euro-denominated fixed-rate senior note deal.

On Friday, Ausgrid Finance Pty Ltd. started a benchmark-sized note offering of five-year and/or 10-year senior notes.

Banco Santander, SA (Baa1/A-/A-) held a roadshow in the U.S. and Canadian markets in the previous week for a benchmark-sized dollar-denominated note offering.

Elsewhere, in the secondary market on Monday, General Mills, Inc.’s new senior notes that priced a week ago mostly improved. The company’s 4.2% notes due April 17, 2028 remain about 15 basis points better than issuance.

The Markit CDX North American Investment Grade 30 index closed the day about 1 bp tighter at a spread of 64 bps.

C.H. Robinson sells notes

C.H. Robinson Worldwide priced $600 million of 4.2% 10-year senior notes on Monday at a spread of 148 bps over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The notes (Baa2/BBB+/) priced at 99.402 to yield 4.274%.

J.P. Morgan Securities LLC, BofA Merrill Lynch, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners.

C.H. Robinson is a third-party logistics company based in Eden Prairie, Minn.

Nevada Power prints

Nevada Power priced $575 million of 2.75% series BB two-year general and refunding mortgage notes on Monday at 99.978 to yield 2.761%, according to an FWP filed with the SEC.

The notes (A2/A+/A-) priced with a spread of 47 bps over Treasuries.

Citigroup Global Markets Inc., J.P. Morgan Securities, TD Securities (USA) LLC, U.S. Bancorp Investments and PNC Capital Markets LLC were the bookrunners.

The electric utility is a subsidiary of Las Vegas-based NV Energy, Inc.

EPR raises $400 million

EPR Properties priced $400 million of 4.95% 10-year senior notes (Baa2/BBB-/BBB-) on Monday at 98.883 to yield 5.094%, or a spread of 230 bps over Treasuries, according to an FWP filing with the SEC.

Citigroup Global Markets, J.P. Morgan Securities and Barclays were the bookrunners.

The real estate investment trust for entertainment properties is based in Kansas City, Mo.

General Mills improves

In secondary trading during the session, General Mills’ 4.2% notes due April 17, 2028 headed out on Monday 2 bps better at 130 bps bid after softening 2 bps on Friday, according to a market source.

General Mills sold $1.4 billion of the 10-year notes (Baa2/BBB/) at a spread of 145 bps over Treasuries on Tuesday as part of a $6.05 billion eight-part deal.

The maker of consumer food products is based in Minneapolis.

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