MassMutual, Horace Mann price as market focuses on Fed minutes; Time Warner bonds mixed

By Aleesia Forni

New York, Nov. 18 – MassMutual Global Funding II and Horace Mann Educators Corp. were among the issuers during a slower session as the high-grade bond market calmed for the release of the Federal Reserve’s October meeting minutes.

A source noted that at its largest, the order book for MassMutual’s new $650 million offering was more than two times oversubscribed.

Bookrunners were Goldman Sachs & Co. and Morgan Stanley & Co. LLC.

The primary also hosted a $250 million 10-year offering from Horace Mann that sold at the tight side of initial price thoughts.

Bookrunners are J.P. Morgan Securities LLC and Keefe, Bruyette & Woods.

Meanwhile, spreads in the secondary market were improved over the course of Wednesday’s trading.

The Markit CDX North American Investment Grade 25 index was 2 basis points tighter at a spread of 81 bps.

Time Warner Inc.’s bonds were mixed following its upsized $900 million sale that priced in new and reopened tranches on Tuesday.

And bank and financial names were around 1 bp to 2 bps tighter on the day overall, though Barclays plc’ 5.25% notes due 2045 were again weaker on Wednesday, trading around 8 bps wide of levels seen late Tuesday.

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