Time Warner, Rentenbank, Arch Capital, L-3, Avnet, Ameren Illinois price; AT&T softens

By Cristal Cody

Eureka Springs, Ark., Nov. 29 – Investment-grade issuers priced more than $5 billion of bonds during Tuesday’s session.

Time Warner Inc. came with $1.5 billion of 3.8% notes due Feb. 15, 2027 with a spread of 155 basis points over Treasuries, according to a market source.

The notes priced on the tight side of guidance of 160 bps area plus Treasuries, plus or minus 5 bps.

Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the bookrunners.

Landwirtschaftliche Rentenbank sold $1.5 billion of five-year senior notes.

Arch Capital Finance LLC raised $950 million in a two-tranche offering.

L-3 Communications Corp. priced $550 million of 10-year senior notes.

Avnet, Inc. raised $300 million in a five-year notes sale.

Ameren Illinois Co. brought a $240 million add-on to its 4.15% 30-year notes.

Also, Northwest Natural Gas Co. sold $150 million of notes in three tranches on Tuesday.

The Markit CDX North American Investment Grade index closed mostly unchanged at a spread of 74 bps.

Time Warner’s existing 10-year notes were flat in secondary trading.

Bonds from AT&T Inc., which announced plans to acquire Time Warner in October, were weaker.

Xcel Energy Inc.’s new 3.35% senior notes due 2026 were seen about 6 bps better earlier in the day.

Bank of America Corp.’s 4.183% medium-term subordinated notes due 2027, which priced last week, traded wrapped around issuance.

© 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.