Enterprise Products, FedEx, Highwoods price; Truist offers notes; high-grade inflows increase

By Cristal Cody

Tupelo, Miss., July 30 – High-grade supply picked up on Thursday with the financial markets modestly softer on the day despite dismal economic data.

Enterprise Products Operating LLC sold $1.25 billion of guaranteed fixed-rate senior notes (Baa1/BBB+/BBB+) in two tranches that included an add-on to its 2.8% notes due Jan. 31, 2030 and a new $1 billion issue of 3.2% notes due Feb. 15, 2052.

Federal Express Corp. priced an upsized $970 million of 1.875% class AA pass-through enhanced equipment trust certificates (Aa3/AA-/) following fixed income investor calls on Wednesday. The deal was upsized from $690 million to finance additional aircraft.

Highwoods Realty LP came by the primary market with $400 million of 2.6% notes due Feb. 1, 2031 (Baa2/BBB/) to in part fund a cash tender offer for the company’s 3.2% notes due 2021.

Also on Thursday, Truist Financial Corp. offered seven-year senior medium-term notes (A3/A-/A+) and $25-par perpetual preferred stock.

Inflows remained strong for high-grade corporate funds for the past week ended Wednesday, according to Refinitiv Lipper US Fund Flows.

Inflows rose to $7.9 billion from $7.75 billion in the previous week and $4.53 billion in the week prior.

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