Primary action heavy; Siemens, Brookfield, Exelon, Harley-Davidson price; spreads ease

By Cristal Cody

Tupelo, Miss., March 7 – Investment-grade pricing action remained strong over Tuesday’s session.

Issuers including Brookfield Finance LLC, Pacific Gas & Electric Co., Exelon Generation Co., LLC and Enstar Group Ltd. tapped the primary market.

“I think it will stay busy,” one syndicate source said on Tuesday.

Also on Tuesday, Siemens Financieringsmaatschappij NV priced a $7.5 billion seven-tranche offering of notes.

The European Investment Bank sold $3 billion of five-year global notes.

Harley-Davidson Financial Services, Inc. brought $500 million of senior medium-term notes in two tranches to the primary market.

Kommuninvest I Sverige AB sold $500 million of 1½-year notes.

Southern Natural Gas tapped the market with a $400 million 30-year senior notes deal.

The Markit CDX North American Investment Grade index eased about 1 basis point to end at a spread of 62 bps.

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