Total, Sumitomo Mitsui, TD Bank, Alexandria, FS KKR price; Panasonic on deck

By Cristal Cody

Tupelo, Miss., July 8 – Investment-grade issuers flooded into the primary market on Monday with nearly $12 billion of new issue supply after the first week of July stayed quiet.

Total Capital International priced a $4 billion four-part offering of guaranteed notes.

Sumitomo Mitsui Financial Group Inc. brought $4 billion of senior notes in two tranches.

Toronto-Dominion Bank priced $1.75 billion of three-year covered bonds.

Alexandria Real Estate Equities, Inc. sold $1.25 billion of guaranteed senior notes in two tranches.

Virginia Electric and Power Co. placed $500 million of 10-year senior notes.

Also, FS KKR Capital Corp. priced an upsized $400 million of five-year notes.

Investment-grade supply was expected to ramp up to about $15 billion to $20 billion or higher this week, according to syndicate sources.

Corporate issuers were quiet over the first week of July with the markets closed on Thursday for the Independence Day holiday.

A deal is being eyed in the near future from Panasonic Corp., which started a global roadshow on Friday in the U.S., Europe and Asia markets for a Rule 144A and Regulation S dollar-denominated note offering.

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