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High-grade primary action includes deals from Wal-Mart, Sumitomo Mitsui, EIB; Kroger softens
By Cristal Cody
Tupelo, Miss., Oct. 11 – Investment-grade supply stayed strong on Wednesday with more than $15 billion of bonds priced from several issuers, including Wal-Mart Stores Inc., Sumitomo Mitsui Financial Group, Inc., European Investment Bank and MDC Holdings Inc., sources reported.
Market sources had expected only about $15 billion to $20 billion of deal volume for the holiday-shortened week.
In other activity, Banco Santander, SA kicked off a roadshow that will continue through Friday for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-), a source said.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Santander Investment Securities Inc. are the arrangers.
The Markit CDX North American Investment Grade 29 index closed less than 1 basis point softer at a spread of 54.6 bps.
In the secondary market, Kroger Co.’s senior notes (Baa1/BBB/BBB) were mixed following the announcement the company is considering selling its chain of convenience stores. Kroger’s 3.7% notes due 2027 softened 5 basis points.
The retail grocery industry has been widely affected since Amazon.com, Inc. closed in August on its $13.7 billion acquisition of Whole Foods Markets Inc.
Amazon.com’s 3.15% notes due Aug. 22, 2027 priced in August traded 1 bp better on the day.
Kroger eases
Kroger’s 3.7% notes due 2027 softened 5 bps in secondary trading on Wednesday to head out at 147 bps bid, a market source said.
The company sold $600 million of the notes (Baa1/BBB/BBB) on July 17 at a Treasuries plus 140 bps spread.
Kroger is a Cincinnati-based grocery retailer.
Amazon.com firms
Amazon.com’s 3.15% notes due Aug. 22, 2027 tightened 1 bp to 73 bps bid during the session, according to a market source.
Amazon.com sold $3.5 billion of the notes (Baa1/AA-/) on Aug. 15 at a spread of Treasuries plus 90 bps.
The online commerce company is based in Seattle.
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