Black & Decker, TD Ameritrade, Corning, Eastman Chemical, Ryder price; deal pipeline fills

By Cristal Cody

Tupelo, Miss., Oct. 30 – Investment-grade issuers brought more than $5 billion of bonds to the primary market on Tuesday.

Stanley Black & Decker, Inc. priced $1 billion of notes in two tranches.

TD Ameritrade Holding Corp. sold $1 billion of senior notes in two parts.

Corning Inc. came with $900 million of notes in three tranches, including a tap of bonds first sold in 2012.

Eastman Chemical Co. priced $800 million of senior notes in two tranches on the tight side of guidance.

Ryder System, Inc. priced $300 million of five-year medium-term notes.

Cleveland Electric Illuminating Co. sold $300 million of 12-year senior notes.

Also on Tuesday, Fannie Mae priced $2 billion of two-year Benchmark Notes.

Oesterreichische Kontrollbank AG priced $1 billion of five-year global notes.

Municipality Finance plc also placed a $75 million add-on to its $500 million of senior floating-rate notes due Oct. 26, 2020 (Aa1/AA+/) that were originally priced on Oct. 18.

In other activity on Tuesday, Whirlpool Corp. held fixed-income investor calls during the session for a possible deal, a source said. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Wells Fargo Securities LLC are the arrangers.

Coming up on Wednesday, Duke Energy Carolinas LLC (Aa2/A/) will hold a roadshow and fixed-income investor calls for a benchmark-sized dollar-denominated offering of green first and refunding mortgage bonds, according to a market source.

BofA Merrill Lynch, BNP Paribas Securities Corp., MUFG, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the arrangers.

In pricing action expected on Wednesday, Swedish Export Credit Corp. plans to sell $1 billion of three-year dollar-denominated global notes.

In addition, Bank Nederlandse Gemeenten NV (Aaa/AAA/AA+) is expected to tap the primary market on Wednesday with a Rule 144A and Regulation S offering of three-year sustainable bonds, a source said.

The $500 million no-grow offering of bonds was initially talked to price in the mid-swaps plus 6 basis points area.

BNP Paribas Securities Corp., Citigroup Global Markets and TD Securities are the bookrunners.

On Monday, more than $4 billion of high-grade bonds priced.

About $15 billion to $20 billion of deal volume is expected by market sources for the week.

The Markit CDX North American Investment Grade 31 index firmed about 1 bp to end the day at a spread of 70 bps.

Black & Decker prices

Stanley Black & Decker priced $1 billion of notes (Baa1/A/A-) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The $500 million of 4.25% 10-year notes priced at 99.926 to yield 4.259%, or a spread of 115 bps plus Treasuries. Price guidance on the notes was in the Treasuries plus 110 bps to 115 bps area with initial price talk in the Treasuries plus 125 bps area.

A $500 million tranche of 4.85% 30-year notes priced at 99.888 to yield 4.857%. The bonds priced with a Treasuries plus 150 bps spread.

The 30-year notes were initially talked to price in the Treasuries plus 160 bps area with guidance later firmed to the Treasuries plus 150 bps area, plus or minus 2 bps.

Barclays, J.P. Morgan Securities, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.

Stanley Black & Decker is a New Britain, Conn.-based maker of hand tools, power tools and accessories.

TD Ameritrade sells notes

TD Ameritrade Holding sold $1 billion of senior notes (A3/A/) in two parts tighter than initial talk on Tuesday, according to a market source.

The company priced $600 million of three-year floating-rate notes at Libor plus 43 bps.

A $400 million tranche of 3.75% notes due April 1, 2024 priced at a spread of 85 bps over Treasuries.

Barclays, Citigroup Global Markets and TD Securities were the bookrunners.

TD Ameritrade is an Omaha-based securities brokerage firm.

Corning brings deal

Corning priced $900 million of notes (Baa1/BBB+) in three tranches on Tuesday, according to a market source.

The company sold a $50 million reopening of its 4.7% notes due March 15, 2037 at 95.51. The bonds originally priced on Feb. 15, 2012 in a $250 million offering at 99.864 to yield 4.709%, or a spread of 165 bps over Treasuries. The total outstanding is now $300 million.

Corning priced $550 million of new 5.35% 30-year bonds at a 200 bps over Treasuries spread.

A $300 million tranche of 5.85% new 50-year bonds priced with a Treasuries plus 250 bps spread.

Citigroup Global Markets Inc., Morgan Stanley, Wells Fargo Securities and BofA Merrill Lynch were the bookrunners.

Corning, N.Y.-based Corning is a technology manufacturing company.

Eastman Chemical prints

Eastman Chemical priced $800 million of senior notes (Baa2/BBB/BBB) in two tranches on the tight side of guidance, according to a market source and an FWP filing with the SEC.

A $300 million tranche of 3.5% notes due Dec. 1, 2021 priced at 99.727 to yield 3.594%. The notes were sold at a spread of 70 bps over Treasuries.

The company priced $500 million of 4.5% 10-year notes at a spread of Treasuries plus 150 bps, or 99.126 to yield 4.609%.

Citigroup Global Markets, J.P. Morgan Securities and BofA Merrill Lynch were the bookrunners.

Eastman Chemical is a specialty chemical company based in Kingsport, Tenn.

Ryder sells notes

Ryder System priced $300 million of 3.875% five-year medium-term notes (Baa1/BBB+/A-) during the session at a spread of 95 bps over Treasuries, according to a market source.

The notes were initially talked to price in the Treasuries plus 100 bps area.

BNP Paribas Securities Corp., BofA Merrill Lynch, Mizuho Securities USA Inc. and RBC Capital Markets LLC were the bookrunners.

Ryder System is a Miami-based truck rental and fleet management company.

Cleveland Electric prices

Cleveland Electric Illuminating priced $300 million of 4.55% senior notes due Nov. 15, 2030 (Baa3/BBB/BBB+) on Tuesday at a spread of 145 bps over Treasuries, according to a market source.

The notes were initially talked to price in the Treasuries plus 155 bps area.

BofA Merrill Lynch, Barclays and PNC Capital Markets LLC were the bookrunners.

Cleveland Electric Illuminating is an Akron, Ohio-based energy company and subsidiary of FirstEnergy Corp.

Fannie Mae brings $2 billion

In other issuance, Fannie Mae sold $2 billion of 2.875% two-year Benchmark Notes on Tuesday at 99.942 to yield 2.905%, according to a news release.

The notes priced with a spread of 7.5 bps over Treasuries.

Barclays, J.P. Morgan Securities, TD Securities and Williams Capital Group, LP were the bookrunners.

Fannie Mae is a mortgage credit provider based in Washington, D.C.

OeKB raises $1 billion

Also on Tuesday, Oesterreichische Kontrollbank (Aa1/AA+/) priced $1 billion of 3.125% five-year global notes at 99.793, according to a market source and an FWP filing with the SEC.

The notes priced at a spread of mid-swaps plus 8 bps, or Treasuries plus 23.55 bps. The issue was initially talked to price in the mid-swaps plus 9 bps area.

Citigroup Global Markets, Goldman Sachs International, and HSBC Bank plc and Merrill Lynch International were the underwriters.

The notes are guaranteed by the Republic of Austria.

The Vienna-based company provides financial and information services to Austria’s export industry and the capital market.

Swedish Export plans deal

Looking ahead to Wednesday, Swedish Export Credit (Aa1/AA+/) plans to price $1 billion of three-year dollar-denominated global notes, according to a market source.

The notes due Nov. 8, 2021 were initially talked to price in the mid-swaps plus 6 bps area.

BofA Merrill Lynch, Barclays, Credit Agricole Securities (USA) Inc. and Deutsche Bank Securities Inc. are the bookrunners.

Swedish Export Credit is a Stockholm-based state-owned financial services company for the Swedish export industry.

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