Lloyds prints $1 billion; Omega Healthcare, Western Gas price; credit spreads tighten

By Cristal Cody

Eureka Springs, Ark., June 30 – Lloyds Banking Group plc, Omega Healthcare Investors Inc. and Western Gas Partners LP all tapped the investment-grade primary bond market on Thursday.

Lloyds Banking Group sold $1 billion of five-year senior notes.

Omega Healthcare Investors came to the market with a $700 million offering of seven-year senior notes.

Western Gas Partners priced $500 million of 10-year senior notes.

High-grade credit spreads tightened over the session. The Markit CDX North American Investment Grade index ended the day 4 basis points better at a spread of 77 bps.

New investment-grade bonds were mixed in secondary trading earlier in the day.

Oracle Corp.’s $14 billion of senior notes (A1/AA-) that priced in five parts on Wednesday traded about 6 bps to 20 bps tighter in the secondary market.

Molson Coors Brewing Co.’s senior notes (Baa3/BBB-) were mostly unchanged.

Lloyds Banking Group sold $1 billion of 3.1% five-year senior notes on Thursday at 99.926 to yield 3.116%, according to an FWP filing with the Securities and Exchange Commission.

The notes (Baa1/BBB+/A+) priced with a spread of 210 bps over Treasuries.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Lloyds Securities and Morgan Stanley & Co. LLC were the bookrunners.

A planned tranche of floating-rate notes was dropped from the sale.

The London-based bank plans to use the proceeds for general corporate purposes.

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