Southwest Airlines, First Republic, Synovus, Hyundai, OKB in primary market

By Cristal Cody

Tupelo, Miss., Feb. 5 – The investment-grade primary market stayed busy Wednesday with new corporate and sovereign, supranational and agency supply.

Southwest Airlines Co. offered $500 million of notes due 2030 with initial talk at the Treasuries plus 125 basis points area, a source said.

First Republic Bank expected to price four-year senior fixed-to-floating-rate notes during the session. Initial price talk was in the Treasuries plus 65 bps area, a source said.

Synovus Financial Corp. also planned to price three-year fixed-to-floating-rate notes that are talked to print at a 105 bps to 110 bps spread over Treasuries.

Hyundai Capital America was offering three tranches of dollar-denominated notes in a Rule 144A and Regulation S deal.

Also Wednesday, Centene Corp. priced $2 billion of split-rated notes due Feb. 15, 2030 (Ba1/BBB-/BB+) in an offering run off the high-yield desk, a source said.

Meanwhile, the SSA market continued to see action on Wednesday after reopening in the previous session.

Oesterreichische Kontrollbank AG priced $1.5 billion of five-year global notes.

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