Primary heats up; BMO, UniCredit, Vulcan, Fifth Third, Masco price bonds; pipeline fills

By Cristal Cody

Tupelo, Miss., June 12 – High-grade issuers kicked off the week on a strong note and priced nearly $7 billion of bonds over Monday’s session.

Bank of Montreal sold $2 billion of senior medium-term notes in two tranches.

UniCredit SpA placed $1 billion of 15-year split-rated subordinated notes.

Vulcan Materials Co. priced $1 billion of senior notes in three tranches on Monday.

Fifth Third Bancorp sold $700 million of five-year senior notes during the session.

Masco Corp. priced $600 million of split-rated senior notes in two parts.

Enbridge Inc. came with a $500 million offering of three-year senior floating-rate notes.

Also on Monday, Public Service Co. of Colorado sold $400 million of 30-year first mortgage bonds.

AvalonBay Communities, Inc. priced $300 million of 30-year medium-term notes.

Kemper Corp. priced a $200 million reopening of its 4.35% senior notes due Feb. 15, 2025.

At least two issuers plan to tap the investment-grade bond market on Tuesday.

Kommunalbanken AS is marketing a Rule 144A and Regulation S offering of dollar notes due Sept. 15, 2020.

Inter-American Development Bank plans to price three-year global floating-rate notes.

The Markit CDX North American Investment Grade index closed less than 1 basis point tighter at a spread of 60 bps.

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