NiSource, Ontario, Toyota, Verizon, Citigroup, United Parcel Service price; Verizon tightens

By Cristal Cody

Tupelo, Miss., May 11 – Nearly $10 billion of high-grade bonds priced over Thursday’s session from issuers that included Verizon Communications Inc., Toyota Motor Credit Corp. and United Parcel Service, Inc.

The largest corporate deal on Thursday was priced by NiSource, Inc. subsidiary NiSource Finance Corp., which sold a $2 billion two-tranche offering of guaranteed fixed-rate notes.

The Province of Ontario also brought $2 billion of 2.25% five-year global notes on Thursday at mid-swaps plus 29 basis points, in line with guidance in the mid-swaps plus high 20 bps area.

In other corporate issuance, Verizon Communications priced $1.5 billion of three-year floating-rate notes.

Citigroup Inc. came with $1.5 billion of seven-year floating-rate notes.

Toyota Motor Credit sold $1.25 billion of one-year floating-rate notes on Thursday.

UPS brought $1 billion of five-year notes in two tranches to the primary market.

Willis North America Inc. priced $650 million of seven-year guaranteed senior notes.

The Markit CDX North American Investment Grade index closed the day mostly unchanged at a spread of 62 bps.

In the secondary market, Verizon’s 4.124% notes due March 16, 2027 that priced in March traded 4 bps better.

In its deal, NiSource Finance sold $2 billion of guaranteed fixed-rate notes (Baa2/BBB+/BBB) in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The issuer sold $1 billion each of 10-year and 30-year notes.

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