Mars prices $5 billion; NatWest, CIBC, Swiss Re print; RenaissanceRe, Vodafone offer notes

By Cristal Cody

Tupelo, Miss., March 26 – Mars Inc. led deal volume in the high-grade primary market on Tuesday with a $5 billion eight-part offering of senior notes that priced on the tight side of guidance.

NatWest Markets plc also brought $1.3 billion of senior notes in two tranches to the primary market.

In addition, Canadian Imperial Bank of Commerce sold $1 billion of five-year senior notes.

Swiss Re Finance (Luxembourg) SA priced a $1 billion Rule 144A and Regulation S offering of 30-year subordinated notes.

Meanwhile, RenaissanceRe Holdings Ltd. is holding fixed income investor calls for an offering of 10-year senior notes.

Also, Vodafone Group plc announced plans to price a dollar-denominated offering of 60-year capital securities.

High-grade issuers have priced more than $10 billion of bonds week to date.

About $20 billion of investment-grade supply is forecast for the week, according to market sources.

The Markit CDX North American Investment Grade 32 index firmed about 1 basis point on Tuesday to end at a spread of 68 bps.

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