Berkshire, Western Gas, Commonwealth Edison, Ralph Lauren, Hyatt among issuers

By Cristal Cody

Tupelo, Miss., Aug. 7 – High-grade issuers priced nearly $5 billion of bonds during Tuesday’s session as new deal activity continued Monday’s vigorous pace.

Berkshire Hathaway Finance Corp. tapped the primary market with a $2.35 billion sale of 30-year senior notes.

Western Gas Partners, LP brought $750 million of split-rated senior notes in two tranches.

Commonwealth Edison Co. sold $550 million of 10-year first mortgage bonds.

Ralph Lauren Corp. was in the deal market on Tuesday and sold $400 million of seven-year senior notes.

Hyatt Hotels Corp. also sold $400 million of 10-year senior notes.

In addition on Tuesday, Arizona Public Service Co. priced $300 million of 30-year notes.

More than $10 billion of investment-grade bonds priced on Monday from issuers including American Water Capital Corp., Ford Motor Credit Co. LLC, Bank of New York Mellon Corp., Ventas Realty, LP, Duke Energy Progress, LLC, Indiana Michigan Power Co., Intercontinental Exchange, Inc., American Water Capital Corp., NextEra Energy Capital Holdings, Inc., Paccar Financial Corp., Discover Bank and Associated Bank, NA.

High-grade deal volume was expected to climb this week to about $20 billion to $25 billion from about $8 billion last week, according to market sources.

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