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Baltimore Gas, Brixmor, American Financial, Oncor price notes; CDX firms; bonds mixed
By Cristal Cody
Eureka Springs, Ark., Aug. 15 – Baltimore Gas and Electric Co., Brixmor Operating Partnership LP and American Financial Group, Inc. tapped the high-grade primary market on Monday.
Issuance is expected to slow over the week with about $15 billion to $20 billion of supply forecast.
Baltimore Gas and Electric sold $350 million of 2.4% 10-year notes at 99.70 to yield 2.434% and $500 million of 3.5% 30-year bonds at 99.908 to yield 3.505%.
The 10-year priced with a spread of 88 basis points over Treasuries, and the 30-year bonds priced with a spread of 125 bps over Treasuries.
BofA Merrill Lynch, MUFG, Wells Fargo Securities, LLC, PNC Capital Markets LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
Brixmor Operating Partnership priced $500 million of seven-year senior notes.
American Financial Group brought a $300 million offering of 10-year senior notes.
Also on Monday, Oncor Electric Delivery Co. LLC priced a $175 million add-on to its 3.75% senior notes due 2045.
The Markit CDX North American Investment Grade index firmed about 1 basis point to close at a spread of 71 bps.
In the secondary market, Fidelity National Information Services, Inc.’s senior notes (Baa3/BBB/BBB) priced on Thursday were mostly unchanged.
Westpac Banking Corp.’s new fixed- and floating-rate notes (Aa2/AA-/AA-) were softer in early secondary trading.
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