C.H. Robinson, Nevada Power, EPR sell notes; General Mills firms; credit spreads improve

By Cristal Cody

Tupelo, Miss., April 9 – High-grade corporate issuers including C.H. Robinson Worldwide Inc., Nevada Power Co. and EPR Properties tapped the primary market on Monday.

C.H. Robinson Worldwide priced $600 million of 10-year senior notes.

Nevada Power came with $575 million of two-year general and refunding mortgage notes.

EPR Properties sold $400 million of 10-year senior notes.

Overall deal volume for the week is expected to be light with market sources predicting less than $20 billion of total issuance. One syndicate source forecasts supply of $12 billion to $17 billion for the week.

In the meantime, several issuers are underway marketing bonds. On Monday, Syngenta AG (Ba2/BBB-/BBB) began a roadshow for a benchmark-sized dollar-denominated multi-tranche senior note offering and a euro-denominated fixed-rate senior note deal.

On Friday, Ausgrid Finance Pty Ltd. started a benchmark-sized note offering of five-year and/or 10-year senior notes.

Banco Santander, SA (Baa1/A-/A-) held a roadshow in the U.S. and Canadian markets in the previous week for a benchmark-sized dollar-denominated note offering.

Elsewhere, in the secondary market on Monday, General Mills, Inc.’s new senior notes that priced a week ago mostly improved. The company’s 4.2% notes due April 17, 2028 remain about 15 basis points better than issuance.

The Markit CDX North American Investment Grade 30 index closed the day about 1 bp tighter at a spread of 64 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.