Broadcom prints $11 billion; Vinci, AXA on deck; NextEra, Barclays firm; inflows steady

By Cristal Cody

Tupelo, Miss., March 29 – Broadcom Inc. sold $11 billion of senior notes in five tranches in one of the largest Friday prints in the high-grade primary market.

Telus Corp. also sold C$1 billion of 10-year senior notes during the session.

Both Vinci SA and AXA Equitable Holdings Inc. will hold fixed income investor calls on Monday.

In the secondary market, new issues traded mostly tighter, according to market sources.

NextEra Energy Capital Holdings Inc.’s $2.7 billion of debentures (Baa1/BBB+/A-) priced in four tranches on Thursday tightened about 4 basis points to 7 bps in aftermarket trading.

A $500 million tranche of 3.5% bonds due April 1, 2029 improved about 4 bps.

Barclays plc’s fixed-to-floating-rate senior notes due Feb. 15, 2023, reopened on Thursday, firmed about 12 bps from where the issue priced.

Barclays sold $750 million of the notes (Baa3/BBB/A) at a spread of 170 bps over Treasuries.

Barclays originally sold $1.75 billion of the notes on Nov. 7, 2018 at a spread of 160 bps plus Treasuries. The notes will convert Feb. 15, 2022 to a floating rate of Libor plus 140 bps. In other activity, U.S. high-grade bond fund and ETF inflows “remained stable” at $3.71 billion for the week ended March 27, compared to $3.78 billion in the previous week, said BofA Merrill Lynch credit strategist Yunyi Zhang in a research note released on Friday.

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