Enel, SL Green price; Walt Disney sells C$1.25 billion maple bonds; credit spreads firm

By Cristal Cody

Tupelo, Miss., Oct. 3 – Enel Finance International NV brought $3 billion of senior notes in three parts to the high-grade primary market on Tuesday.

Enel Finance sold $1.25 billion of 2.75% notes due April 6, 2023 at a spread of Treasuries plus 90 bps; $1.25 billion of 3.5% notes due April 6, 2028 at a Treasuries plus 132 bps spread; and a $500 million add-on to its 4.75% bonds due May 25, 2047 at a spread of Treasuries plus 147 bps.

In other corporate issuance, SL Green Operating Partnership, LP sold an upsized $500 million of five-year guaranteed senior notes on the tight side of guidance.

Also on Tuesday, Walt Disney Co. priced C$1.25 billion of 2.758% seven-year senior notes at par in a Canadian private placement deal.

Several U.S. issuers including PepsiCo Inc. and Apple Inc. have tapped the Canadian primary market in 2017 with new maple bonds. Most recently, McDonald’s Corp. priced C$1 billion of senior notes on Sept. 25.

“Public maples are very popular among investors who don’t have access to these names,” a market source said.

The Markit CDX North American Investment Grade 29 index tightened about 1 basis point on Tuesday to a spread of 54 bps.

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