SoCal Edison, Berkshire Hathaway, John Deere price; bank, financial paper mostly soft

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 13 – Southern California Edison Co., Berkshire Hathaway Finance Corp., John Deere Capital Corp. and Brixmor Operating Partnership LP brought new issues to the investment-grade bond market on Tuesday.

Southern California Edison sold $1.3 billion of notes in three parts during the session, attracting an orderbook that was nearly four times oversubscribed.

Also on Tuesday, Berkshire Hathaway Finance priced a $1 billion offering of senior notes in two tranches, while John Deere Capital priced $750 million of notes due 2018 in two parts.

Brixmor Operating Partnership and HCP Inc. were each in the market with new upsized bond offerings.

The session also saw KfW sell $3 billion of three-year notes and Toronto-Dominion Bank issue a $100 million add-on.

So far, this week has seen around $14.5 billion of new issuance, less than half of what was expected to be a $30 billion week.

High-grade bonds were mostly flat to weaker in secondary trading, according to market sources.

Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 traded unchanged on the day.

Bank of America Corp.’s 4% notes due 2024 headed out more than 5 basis points weaker from Monday.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 eased 4 bps over the session.

JPMorgan Chase & Co.’s 3.625% senior notes due 2024 were quoted 10 bps wider.

© 2015 Prospect News.
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