Orange prices $1.25 billion; Lennox, Goldman, National Rural print; AT&T, Time Warner firm

By Cristal Cody

Eureka Springs, Ark., Oct. 25 – High-grade bond action on Tuesday included deals from Orange SA, Goldman Sachs Group Inc., Lennox International Inc. and National Rural Utilities Cooperative Finance Corp.

French telecommunications company Orange priced $1.25 billion of 1.625% three-year notes with a negative 0.15% interest rate after hedging, according to a company release.

“The group takes advantage of favorable market conditions to optimize its average cost of debt and intends to pursue its opportunistic refinancing policy,” Orange said in the release.

Goldman Sachs Group priced $1 billion of floating-rate notes in a TLAC deal on Tuesday.

In the other pricing activity, Lennox International sold $350 million of seven-year senior notes.

National Rural Utilities Cooperative Finance priced $300 million of senior medium-term three-year notes.

Bonds from AT&T Inc. and Time Warner Inc. improved in the secondary market on Tuesday after widening about 10 basis points to 20 bps during the previous session in response to AT&T’s plans to acquire Time Warner in an $85.4 billion cash-and-stock deal.

Verizon Communications Inc.’s 2.625% notes due 2026 softened about 1 bp during the session.

Honeywell International Inc.’s 2.5% notes due 2026 priced on Monday traded 2 bps softer earlier in the day.

The Markit CDX North American Investment Grade index eased about 1 bp to close at a spread of 75 bps.

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