Deal action heavy; Boeing, Western Gas, MasterCard, Motorola, National Rural, Ryder price

By Cristal Cody

Tupelo, Miss., Feb. 21 – Deal action picked up considerably on Wednesday ahead of the release of the Federal Reserve’s January policy meeting minutes, according to market sources.

Boeing Co. priced $1.4 billion of senior notes in four tranches.

Western Gas Partners, LP came with $1.1 billion of senior notes in two parts.

MasterCard Inc. brought a $1 billion two-tranche offering of notes.

Motorola Solutions, Inc. priced $500 million of 10-year senior notes.

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

Ryder System, Inc. sold $450 million of five-year medium-term notes.

Also, N.V. Bank Nederlandse Gemeenten priced $2.5 billion of two-year notes.

In other deal activity, the Bank of England announced a benchmark-sized U.S. dollar-denominated offering of three-year notes.

A year ago on Feb. 27, 2017, the Bank of England priced $2 billion of 1.75% notes due March 6, 2020 at a spread of 34 basis points over Treasuries.

Light U.S. high-grade supply was forecast for the week with some market sources predicting as little as $10 billion of volume and others up to about $20 billion of bond issuance.

On Tuesday, three corporate issuers tapped the high-grade bond market.

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