JPMorgan, RBS, Scentre, AutoNation, Entergy, SSA issuers price; credit spreads steady

By Cristal Cody

Tupelo, Miss., May 19 – Corporate and sovereign, supranational and agency issuers priced more than $15 billion of high-grade bonds on Tuesday with several deals upsized.

JPMorgan Chase & Co. sold $3.5 billion of fixed-to-floating-rate notes (A3/BBB+/BBB+) in two tranches.

Royal Bank of Scotland Group plc (Baa2/BBB/A) priced an upsized $1.6 billion of senior callable fixed-to-fixed reset rate notes, including a green tranche.

Scentre Management Ltd. came by with $1.5 billion of notes (A2/A/) in two parts.

Five Corners Funding Trust II priced $1.5 billion of precapitalized trust securities (A3/A/) during the session.

Arizona Public Service Co. brought $600 million of 30-year senior notes (A2/A-/A) to the primary market.

Kentucky Utilities Co. priced an upsized $500 million of 30-year first mortgage bonds (A1/A/) on Tuesday.

AutoNation Inc. placed an upsized $500 million of 10-year senior notes (Baa3/BBB-/BBB-).

National Fuel Gas Co. sold an upsized $500 million of notes due Jan. 15, 2026 (Baa3/BBB-/BBB) during the session.

In other issuance, Entergy Mississippi, Inc. tapped the primary market with $170 million of first mortgage bonds due June 1, 2051 (A2/A/).

Also, Truist Financial Corp. priced an upsized $500 million of 25-par perpetual non-cumulative preferred stock (Baa2/BBB-/BBB) on Tuesday.

In other corporate market activity on Tuesday, Banco Santander, SA (Baa1/A-/A-) completed a two-day round of fixed income investor calls for a dollar-denominated offering of senior notes.

SSA volume

Looking at SSA primary action, Landwirtschaftliche Rentenbank (Aaa/AAA/AAA) priced $2 billion of five-year senior notes on Tuesday.

The Kingdom of Belgium (Aa3/AA/AA-) brought an upsized $1.5 billion offering of 10-year notes to the primary market.

Also, the Province of Quebec (Aa2/AA-/AA-) priced an upsized $1.5 billion of 10-year global notes.

High-grade deal volume week to date totals about $28 billion.

About $30 billion to $40 billion of investment-grade volume is expected for the holiday-shortened week.

The Markit CDX North American Investment Grade 33 index was modestly tighter on the day at a spread of 89.83 basis points.

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