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United Technologies, Japan Bank for International Cooperation, Buckeye Partners price
By Cristal Cody
Eureka Springs, Ark., Oct. 27 – About $8 billion of bonds priced in the investment-grade primary market on Thursday.
United Technologies Corp. brought a $4 billion five-part offering of senior notes.
Japan Bank for International Cooperation raised $2.8 billion in a two-tranche sale of senior guaranteed bonds.
Buckeye Partners, LP was in the primary market with $600 million of 10-year senior notes.
Also, Oesterreichische Kontrollbank AG sold $600 million of three-year floating-rate notes.
The Markit CDX North American Investment Grade index softened about 1 basis point to close at a spread of 76 bps.
United Technologies priced $4 billion of senior notes in five tranches on Thursday, according to a market source.
The company sold $350 million of three-year floating-rate notes at Libor plus 35 bps.
A $650 million 1.5% three-year fixed-rate tranche priced at a spread of 50 bps over Treasuries.
The company sold $750 million of 1.95% five-year notes at Treasuries plus 65 bps.
A planned five-year floating-rate note tranche was dropped.
United Technologies brought $1.15 billion of 2.65% 10-year notes to market at a spread of 83 bps over Treasuries.
In the final tranche, the company priced $1.1 billion of 3.75% 30-year notes at 118 bps over Treasuries.
The fixed-rate notes priced on the tight side of guidance.
BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.
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