Procter & Gamble, Illinois Tool Works, Wabtec, CMS among issuers; credit spreads soften

By Cristal Cody

Eureka Springs, Ark., Oct. 31 – Procter & Gamble Co., Illinois Tool Works, Inc., CMS Energy Corp., Wabtec Corp. and CMS Energy Corp. tapped the high-grade primary market on Monday.

Procter & Gamble priced $875 million of 1.7% five-year notes at 99.795 to yield 1.743%, or a spread of Treasuries plus 43 basis points, and $875 million of 2.45% 10-year notes at 99.859 to yield 2.466%, or Treasures plus 63 bps.

Both tranches priced on the tight side of guidance.

Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners.

Wabtec brought a $750 million Rule 144A and Regulation S offering of 10-year senior notes.

CMS Energy sold $275 million of long 10-year senior notes during the session.

The Markit CDX North American Investment Grade index eased about 1 basis point over the day to close at a spread of 79 bps.

United Technologies Corp.’s new 3.75% senior notes due 2046 traded about 1 bp softer early on Monday from where they were quoted on Friday afternoon.

Wells Fargo & Co.’s 3% notes due 2026 were unchanged.

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