High-grade primary active; Con Edison, Dominion, Moody’s, Sempra price; McDonald’s mixed

By Cristal Cody

Tupelo, Miss., Nov. 12 – High-grade bond issuers flowed into the primary market on Thursday following the Veterans Day holiday.

Companies including Consolidated Edison Co. of New York, Inc., Commonwealth Edison Co., Dominion Gas Holdings, LLC, Moody’s Corp. and Sempra Energy priced nearly $3 billion of bonds over the session.

In addition, Southern Power Co., Banco Santander, SA, Sunoco Logistics Partners Operations LP and BankUnited, Inc. were expected to tap the market.

Details also emerged on Procter & Gamble Co.’s $132,764,000 offering of floating-rate notes due Nov. 13, 2065, which priced at par.

In the secondary market, McDonald’s Corp.’s senior notes (A3/BBB+/BBB+) were flat to 2 basis points softer after Fitch Ratings revised the company’s outlook to negative from stable. Standard & Poor’s dropped the company’s rating by one notch on Tuesday because of a shareholder capital return plan.

Charter Communications Inc.’s bonds widened 3 bps to 6 bps in secondary trading on Thursday.

Charter Communications’ 4.908% notes due 2025 headed out 6 bps weaker at 244 bps bid in the secondary market, a source said.

Charter Communications’ 6.484% notes due 2045 eased 3 bps in secondary trading to 312 bps bid.

The provider of cable, internet and phone services is based in Stamford, Conn.

The Markit CDX North American Investment Grade 25 index ended the day wider at a spread of 83 bps. The index closed on Tuesday flat at 81 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.